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3. Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.) and PBF Energy Inc. (U.S.) are Leading Players in the North America Renewable Diesel Market

The North American Renewable diesel market size is projected to grow from USD 12.9 billion in 2022 to USD 49.1 billion by 2044, at a CAGR of 7.1% during the forecast year.

Renewable diesel is basically a biomass-derived transportation fuel that is made from fats, oils, and grease and has a similar chemical composition to petroleum diesel. It can be used as a drop-in fuel for existing engines. It also meets the D975 fuel quality standards. Different feedstocks can be used in its production, such as waste oils which include tallow, fish oil, used cooking oil, and vegetable oils, which include canola oil, soyabean oil, and sunflower oil. Renewable diesel can be used as drop-in fuel or can also be blended with petroleum and biodiesel as well.

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The major applications of renewable diesel include transportation and automobile fleet operations, industrial, and green mobility. Sustainable aviation fuel (SAF) is also made in the same infrastructure by applying a different technological process.

The demand for Renewable diesel is mainly furnished by players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of Renewable diesels are Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.), PBF Energy Inc. (U.S.), Valero Energy Corporation (U.S.), Gevo, Inc. (U.S.) and others are covered in the renewable diesels market. These companies, along with other regional companies, cater to the demand for Renewable diesels.

Neste OYJ (Finland) produces petroleum products and offers sustainable diesel. The company operates through the following divisions: Renewable Products, Oil Products, Marketing & Services, and Others. The Renewable Products segment manufactures, distributes, and retails renewable diesel, renewable jet fuels and solutions, renewable solvents, and renewable bioplastic raw materials. The oil products division offers diesel fuel, gasoline, aviation, and marine fuel, light and heavy fuel oils, base oils, gasoline additives, engine gasoline, solvents, liquid gases, and bitumen.

Chevron Renewable Energy Group (U.S.) is an energy and transportation company. The company is engaged in converting renewable resources into high-quality, sustainable fuels. The company's primary business is developing and manufacturing biofuels and renewable chemicals. It includes petroleum, renewable naphtha, glycerin, mixed fuels, REG-9000 biodiesel, bio-heat blended fuel, and renewable naphtha.

PBF Energy Inc. (U.S.) operates a petroleum refinery and provides heating oil, lubricants, petrochemical feedstocks, transportation fuels, and other petroleum products in the US. It functions through the following divisions: logistics and refining. Crude oil and other feedstocks are refined in the refining segment to create petroleum products. The logistics segment owns, leases, operates, develops, and buys terminals, pipelines, storage facilities, and logistics assets for crude oil and refined petroleum products.

Other companies have initiated the following developments:

• In November 2022, Neste acquired the used cooking oil collection and aggregation business from Crimson Renewable Energy to strengthen its renewable raw material sourcing platform.
• In November 2022, Shell acquired Asia-based Waste Oil Recycler to boost biofuel output.
• In March 2022, Neste established a joint venture to produce renewable fuels with Marathon Petroleum.
• In October 2021, Neste and Hesburger launched a significant circularity collaboration – used cooking oil collected from more than 300 restaurants to produce renewable diesel.
• In April 2020, Gevo and Farmers Edge partnered to verify sustainable fuels from low-carbon grain through verity tracking. This collaboration was expected to support the sustainable development & full carbon lifecycle tracking of carbon intensity (CI) score from low carbon grain through renewable fuel production.
• In May 2022, Phillips 66 made its final investment decision to convert the San Francisco Refinery to a renewable fuel facility.

Related Reports:

North America Renewable Diesel Market by feedstock (Waste oils, Vegetable oils), and Country (United States, Canada, Mexico) - Forecast to 2044

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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