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Global Hydroprocessed Esters and Fatty Acids Market Size study, by Source Type, by Application, by End-use and Regional Forecasts 2024-2032

Global Hydroprocessed Esters and Fatty Acids Market Size study, by...

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Global Hydroprocessed Esters and Fatty Acids Market Size study, by Source Type, by Application, by End-use and Regional Forecasts 2024-2032
Global Hydroprocessed Esters and Fatty...
Report Code
RO6/103/1353

Publish Date
13/Sep/2024

Pages
200
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The Global Hydroprocessed Esters and Fatty Acids (HEFA) Market was valued at approximately USD 13.3 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 16.0% over the forecast period 2024-2032. The rise in air traffic is significantly driving the HEFA market value. HEFA meets the increasing demand for renewable biofuels, largely driven by biofuel mandates and heightened customer demand for sustainable aviation fuels. The sector is also witnessing growth due to an increased focus on climate change, with HEFA fuels offering a viable alternative to petroleum counterparts by helping reduce dependence on fossil fuels and limiting CO2 emissions.

Hydroprocessed esters and fatty acids are renewable diesel fuels produced from various vegetable oils and fats. These fuels are widely used in vehicle fuels, aviation fuels, generators, and industrial applications, positioning them as leading alternatives to conventional jet fuels. The shift from fossil-based to bio-based fuels is gaining momentum, boosting the HEFA market. Jet biofuels, which share similar chemical compositions and performance characteristics with fossil jet fuels, are instrumental in reducing CO2 emissions in the aviation sector. Key players in the HEFA industry are focusing on the development of efficient production processes using renewable lipids derived from plants, animals, and microorganisms. The increasing shift to bio-based fuels is fostering market growth, supported by global air traffic expansion and government policies promoting sustainable development to mitigate climate change impacts.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The North American region is both the fastest-growing and dominating region in the Hydroprocessed Esters and Fatty Acids (HEFA) Market. This leadership is driven by several key factors. North America, particularly the United States, has been at the forefront of adopting renewable fuels, including HEFA, due to stringent government regulations and incentives aimed at reducing greenhouse gas emissions and promoting sustainable energy sources. The region's well-established infrastructure for biofuel production, along with substantial investments in advanced bio-refineries, contributes to its dominance in the market. Additionally, North America has access to abundant feedstocks, such as waste oils, animal fats, and vegetable oils, which are essential for producing HEFA. The growing demand for sustainable aviation fuel (SAF) and renewable diesel, driven by environmental concerns and regulatory requirements, further accelerates market growth in the region. Moreover, the presence of major industry players and ongoing research and development activities aimed at improving HEFA production processes solidify North America's leading and fastest-growing position in the global market

Major market players included in this report are:
Neste Corporation
TotalEnergies SE
Renewable Energy Group, Inc.
Eni S.p.A.
Chevron Corporation
BP p.l.c.
Marathon Petroleum Corporation
Honeywell UOP
SABIC (Saudi Basic Industries Corporation)
Axens
Galp Energia SGPS S.A.
Ecovia Renewables, Inc.
LanzaTech
Bunge Limited
Cargill, Inc.
The detailed segments and sub-segment of the market are explained below:
By Source Type:
Vegetable-sourced Oils
Animal-sourced Fats
By Application:
Vehicle Fuels
Aviation Fuels
Generators
Industrial
Others
By End-use:
Automotive
Banking & Finance
Construction
Military
Others
By Region:
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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