Waste Oil Market is Estimated to Grow at a CAGR of 4.5% from 2022 to 2028
As stated in our extensive report; the Global Waste Oil Market accounted for USD 44.1 Billion in year 2021.
The demand for Waste Oil is rising as a result of the introduction of strict rules intended to reduce dangerous carbon emissions. Many countries are providing financing and encouragement for the creation and implementation of cutting-edge technologies for the production of Waste Oil. The Waste Oil Market will advance in the upcoming years due to the extensive use of Waste Oil in the industrial and transportation sectors. In addition, the demand for Waste Oil is rising as a result of increased Re-refining activities and the development of other application sectors.
In addition, the sustainable use and recycling of Waste Oil during periods of high crude oil prices globally fuels the need to produce Waste Oil. However, the high installation costs of Waste Oil plants are likely to prevent small enterprises with limited capital investments from adopting Waste Oil because re-refining Waste Oil often necessitates adequate recycling and disposal processes.
Based on Type, the Waste Oil Market is segmented into, Transmission Oils, Engine Oils, Refrigeration & Compressor Oils, Metalworking Fluids & Oils, Lubricants, and Others. Based on Technology, the Waste Oil Market is segmented into, Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-film Evaporation, and Others. Based on Application, the Waste Oil Market is segmented into, Waste Oil Boilers, Biodiesel, Special Space Heaters, Steel Mills, Re-refiners, Asphalt Plants and Others. Region-wise, the Global Waste Oil Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Socioeconomic reasons like the rise in GDP in the European Community, the steady recovery of the local economy, and the rise in energy demand as a result of rising population levels globally are predicted to drive the Global Waste Oil industry. Equipment with cutting-edge technology is less common in emerging economies; thus, the sector has many potential growth opportunities. The auto sector recovered in 2017 as a result of the rising energy demand brought on by the expanding population, particularly in developed nations. This is due to the robust economic expansion in Europe and Asia. The favorable conditions in the United States last year were a result of expansion plans and an increase in re-refining demand. This is expected to continue for the entire planned duration.
With rising activities of high vehicle production and sales, the automotive industry is flourishing internationally, which is anticipated to impact the market’s growth throughout the projection period. For instance, the first half of 2021 saw a 25.2% growth in passenger car registrations in the European region, according to statistics from the European Automobile Manufacturers Association. As re-refining transforms wasted oil into fresh oil by removing heavy metals, dirt, and chemical contaminants, it is also becoming more and more popular because it significantly reduces environmental risks. The market is expected to develop over the forecast period due to the rising demand for re-refining applications. For instance, re-refining Waste Oil is a good choice in resource conservation and establishing a pollution-free environment, according to the 2022 publication by Science Direct. The biggest demand for vacuum distillation technology is anticipated during the forecasted period. However, the market’s expansion throughout the forecast period may be hampered by the stringent rules governing Waste Oil management.
Asia Pacific Region to Take Over the Market
During the forecast period, the Waste Oil Market in Asia Pacific is anticipated to develop at the quickest rate. In 2021, the Asia Pacific area accounted for up to 32% of the global market for Waste Oil. The flourishing automobile industry in the area is to blame for the increasing need for Waste Oil. Various industrial and manufacturing processes produce different Waste Oils, such as fuel oils, hydraulic oils, and transmission oils, which are then gathered and refined to create lubricants for use in automobiles, such as engine oils and lubricating greases.
During the forecast period, it is anticipated that the region’s need for Waste Oil will rise as a result of the developing automotive industry in the area and rising car production and sales. For instance, according to statistics provided by the China Association of Automobile Manufacturers, the country’s output of commercial vehicles increased by 35.5% month over month to 310000 units in September 2021. Similar to this, sales of passenger vehicles increased by 28.39% in the passenger vehicle segment, clocking 279,745 units in March 2021 versus 2, 17,879 units in March 2020. Therefore, the demand for Waste Oil is anticipated to increase during the projection period as a result of this enormous growth in the region’s automotive industry.
Increase in use of Waste Oil in automotive and industrial sector, will have a favorable impact on the overall Waste Oil Market.
Some of the key players in the Global Waste Oil Market include- Alexandria Petroleum Company (Egypt), All Waste Matters Ltd. (UK), Business Waste (UK), Enfields Chemicals (South Africa), Enva (UK), EWOR Group (Sweden), Falzon Group (Malta), Gecco Fuels (UK), Goins Waste Oil company Inc. (US), J.J. Richards and Sons Pty Ltd. (Australia), MIB Waste Services (South Africa), Oil Salvage Ltd. (UK), Omnia Group (South Africa), Safety-Kleen Systems Inc. (US), Slicker Recycling (UK), Solway Recycling Ltd. (UK), Valgrove (UK) and others.