[Latest] Global Waste Oil Market Size/Share Worth USD 67.1 Billion by 2030 at a 4.5% CAGR: Zion Market Research (Industrial Trends, Report, Analysis, Players, Outlook, Forecast, Growth, Value, Segmentation)

NEW YORK, United States, May 19, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled "Waste Oil Market By Type (Transmission Oils, Transformer Oils, Hydraulic Oils, Fuel Oils, Lubricating Oils, Metalworking Fluid Oils, Refrigerant Oils, And Others), By Technology (Vacuum Distillation, Hydrogen Treatment, Thin Film Evaporation, And Others), By End Use (Boiler, Road Oil, Biodiesel, Space Heater, Asphalt Plant, Re-Refiners, Steel Mills, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" in its research database.

"According to the latest research study, the demand of global Waste Oil Market size & share in terms of revenue was valued at USD 47.2 billion in 2022 and it is expected to surpass around USD 67.1 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.5% during the forecast period 2023 to 2030."

The waste oil industry report analyzes the global waste oil market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the waste oil market.

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What is Waste Oil? How big is the Waste Oil Industry?

Report Overview:

The term "waste oil" refers to refined oil that has already been delivered for use in a variety of applications. The impurities particles, and chemicals that are found in waste oil are many. The term "waste oil" refers to any synthetic or petroleum-based oil that has lost its purity and is no longer appropriate for the application for which it was designed. Wastes from the crankcase and lubrication are the primary ingredients in the production process. Additionally, it is utilized as a dust-controlling road oil, and on occasion, it is mixed with pure oil in order to be utilized in boilers that produce either electrical or heating energy.

Our Free Sample Report Consists of the Following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
• About 220+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research Methodology

Global Waste Oil Market:

Growth Factors

• Re-refining application boosts market growth.

Refining old oil reduces pollutants and restores its properties, making it more popular. Hydraulic, gasoline, and gearbox oils are collected and re-refined to remove pollutants and produce fresh oil. Market re-refining will drive waste oil industry growth over the predicted period. According to the 2020 IOPscience report, waste lubricating oil was re-refined utilizing solvent extraction and clay adsorption to generate base oil and prevent environmental contamination. Over the projection period, waste oil recycling and base oil production for various sectors could boost market growth.

Restraints

• Stringent regulations are expected to hamper the market

Waste oils are hazardous waste that must be managed under rigorous restrictions by several regulating organizations, which could slow the global waste oil market's growth during the forecast period. Waste oil is inspected before being dumped in landfills to prevent pollution. The European Commission regulates waste oil processing to maximize recovery and prevent environmental damage, according to statistics. Waste oil management legislation may affect market growth throughout the anticipated period.

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Report Scope:

Waste Oil Market: Segmentation Analysis

Based on the type, the global market is bifurcated into transmission oils, transformer oils, hydraulic oils, fuel oils, lubricating oils, metalworking fluid oils, refrigerant oils, and others. Lubricating oils are projected to lead the market. Automotive industry expansion is driving waste oil lubrication need. Environmental rules on old lubricating oil disposal are boosting the industry. Used motor oils may be recycled, making them popular as the auto industry increases. The automotive industry drives the lubricating waste oil market. Boosting segment growth over the projected.

Based on the technology, the global waste oil industry is bifurcated into vacuum distillation, hydrogen treatment, thin film evaporation, and others. Vacuum distillation is projected to lead the market. This technique recycles many waste oils into base oil at 85% recovery, low cost, energy-saving, and environmentally friendly. Market companies and research organizations have concentrated on vacuum distillation because of its many uses. For example, vacuum distillation was found to be more efficient than other methods for refining waste oil, according to the International Research Journal of Engineering and Technology (IRJET). The industry is expected to demand more vacuum distillation technology in the coming years.

The market is segmented by end-use: boiler, road oil, biodiesel, space heater, asphalt plant, re-refiners, steel mills, and others. The market will be dominated by re-refiners. Refineries clean and restore waste oil for industrial use. Re-refined oil is comparable to basic oils. Refining waste oil benefits the economy and environment, making it more popular. Market growth is expected from this demand.

The global Waste Oil market is segmented as follows:

By Type

• Transmission Oils
• Transformer Oils
• Hydraulic Oils
• Fuel Oils
• Lubricating Oils
• Metalworking Fluid Oils
• Refrigerant Oils
• Others

By Technology

• Vacuum Distillation
• Hydrogen Treatment
• Thin Film Evaporation
• Others

By End Use

• Boiler
• Road Oil
• Biodiesel
• Space Heater
• Asphalt Plant
• Re-Refiners
• Steel Mills
• Others

To Get More Insights and Forecasts, Read Full Research Report | Waste Oil Market By Type (Transmission Oils, Transformer Oils, Hydraulic Oils, Fuel Oils, Lubricating Oils, Metalworking Fluid Oils, Refrigerant Oils, And Others), By Technology (Vacuum Distillation, Hydrogen Treatment, Thin Film Evaporation, And Others), By End Use (Boiler, Road Oil, Biodiesel, Space Heater, Asphalt Plant, Re-Refiners, Steel Mills, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

Competitive Landscape:

Some of the main competitors dominating the global Waste Oil market include - 

• J.J. Richards and Sons Pty Ltd
• Goins Waste Oil Company Inc.
• Enva (Rilta Environmental Ltd)
• All Waste Matters Ltd
• Alexandria Petroleum Company
• Enfields Chemicals CC
• Solway Recycling Ltd
• Business Waste
• Oil Salvage Ltd
• Slicker Recycling
• Safetykleen
• Oil Monster
• MIB Waste Services
• Falzon Group
• Gecco Fuels
• Valgrove
• EWOR and Omnia Group

 Key Insights from Primary Research:

• According to the analysis shared by our research analyst, the Waste Oil market is likely to expand at a CAGR of around 4.5% during the forecast period (2023-2030).
• In terms of revenue, the Waste Oil market size was valued at around US$ 47.2 billion in 2022 and is projected to reach US$ 67.1 billion by 2030.
• The growing application of waste oils in the automotive industry is expected to drive the waste oil market growth over the forecast period.
• Based on the type, the lubricating oils segment is expected to dominate the market during the forecast period.
• Based on the technology, the vacuum distillation segment is expected to capture the largest market share during the forecast period.
• Based on the end use, the re-refiner's segment is expected to dominate the market during the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the size of the waste oil market and what is its expected growth rate?
• What are the primary driving factors that push the waste oil market forward?
• What are the waste oil Industry's top companies?
• What are the different categories that the waste oil Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the waste oil market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Technology, By End Use, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

• Asia Pacific is projected to lead the market

Asia Pacific is projected to lead the global waste oil market. China and India's burgeoning automobile sectors drive regional growth. Industrial and manufacturing operations create fuel oils, hydraulic oils, and gearbox oils. Engine oils and greases are made from these waste oils. Thus, the region's expanding automobile industry should boost market growth. The China Association of Automobile Manufacturers reported 310000 commercial vehicles produced in September 2021, up 35.5% month over month. Passenger automobile sales rose 28.39% to 279,745 in March 2021 from 2,17,879 in March 2020.

North America will dominate the waste oil business. Industrialization drives regional growth. Many oil refineries in North America produce waste oil. The US produces 25% of waste oil, making it the world's largest generator. Waste oil is used as fuel and recycled into lubricants and asphalt in North America. Waste oil is abundant throughout the continent due to automobile and industrial operations. These facilities must responsibly collect and recycle their spent oil into new goods. Thus, this should boost regional market growth.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Recent Developments:

• In June 2022, Shell introduced a used oil management service as part of a new attempt to organize India's waste oil disposal system and boost the rate of re-refining, to achieve circular economy goals while minimizing waste. This is part of Shell's larger goal of reaching net-zero emissions by 2050. Shell has worked with used oil re-refiners as part of the drive to begin collecting and re-refining old oil across India. These partners share the objective of advancing the lubricants industry's circular economy.
• In January 2023, Neste announced the acquisition of Crimson Renewable Energy Holdings, LLC's used cooking oil (UCO) collection and aggregation company and related properties on the US West Coast. Neste acquired a prominent UCO collection and recycling business on the West Coast of the United States, comprising UCO collection, logistics, and storage across California, Oregon, and Washington.

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