WASHINGTON, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Global Waste Oil Market is valued at USD 44.1 Billion in 2021 and is projected to reach a value of USD 57.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Waste Oil business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Waste Oil, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated accelerating the Waste Oil Market growth over the forecast period. The rise in automobiles brought on by population development has contributed to the spread of the industrial and automotive industries in Asia, particularly in Japan, China, and India. As a result, it is projected that this will fuel the growth of the Waste Oil sector during the next years.
We forecast that sales of the re-refining category in the Waste Oil Market will account for more than 30% of total sales by 2028. As the purity of combined used and re-refined oil improves, re-economic refining's operating margins will as well. This increased tendency will keep re-refiners motivated to look for the best fodder and provide the best output to the market.
Asia Pacific region dominates the market throughout the projection period. The rise in automobiles brought on by population development has contributed to the spread of the industrial and automotive industries in Asia, particularly in Japan, China, and India. As a result, it is projected that this will fuel the growth of the Waste Oil sector during the next years.
Top Players in the Global Waste Oil Market
- Alexandria Petroleum Co. (Egypt)
- Enfields Chemicals (South Africa)
- Enva (UK)
- Falzon Group (Malta)
- Gecco Fuels (UK)
- Goins Waste Oil company Inc. (US)
- J.J. Richards and Sons Pty Ltd. (Australia)
- Oil Salvage Ltd (UK)
- Safety-Kleen Systems Inc. (US)
- Sliker Recycling (UK)
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Market Dynamics
Industrialization Growth is Increasing the Demand for Waste Oil
The overall Waste Oil Market is expanding due to rising industrialization, rising usage of liquid waste in the industrial and automotive sectors, and rising energy consumption worldwide. In addition, advancements in Waste Oil technology and ongoing government assistance will open up new prospects. Developing economies offer significant growth opportunities to the market, as penetration of equipment with advanced technologies is less in these countries.
Increased Usage of Used Oil in the Automotive Sectors to Drive the Market Growth
The automobile industry is one of the numerous sectors contributing to market share. Economics, industry, aerospace, and marine are additional industries. This market has become more environmentally conscientious due to major improvements in the handling and disposal of lubricants. Waste Oil is defined as never used because it has been contaminated, typically by contamination, and is no longer acceptable for its original application. Used or waste hydraulic fluid is hazardous because it contains metals and polycyclic aromatic hydrocarbons created by engines during fuel combustion.
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Recent Development
- July 2021, Safety-Kleen’s parent company Clean Harbors signed an agreement with Vertex Energy, Inc., a US-based specialty refiner company, to acquire certain assets regarding its used motor oil collection and re-refinery business.
Top Trends in Global Waste Oil Market
- One trend Vantage Market Research (VMR) expects to see in the Waste Oil industry is increased usage of used oil in the industrial. The overall Waste Oil Market is expanding due to rising industrialization, rising usage of liquid waste in the industrial and automotive sectors, and rising energy consumption worldwide. In addition, advancements in Waste Oil technology and ongoing government assistance will open up new prospects.
- Another trend that VMR predicts will continue in the Waste Oil industry is the rising demand for lubricants. A mixture of base oils and additives is used to create lubricant products. On ocean-going ships, lubricants increase the performance and product life of internal combustion, gearboxes, converters, motors, cranes, and other machinery. Lubricants are being used more frequently in the automobile and marine industries.
Top Report Findings
- Based on Types, most of the Waste Oil Market's revenue is controlled by the lubricants category. This industry has become significantly more ecologically conscious as significant developments have been made in lubricant administration and disposal. A few of the industries that contribute to the market dominance of this highly desirable market segment include the automotive, petrochemical, aviation, and maritime sectors.
- Based on Technology, most of the Waste Oil Market's revenue is controlled by the vacuum distillation process category. As a result of the vacuum distillation process' effectiveness, which allows for the use of recovered waste lubricating oil as fuel either on its own or in combination with other fuels, this technique is now the industry standard for handling Waste Oil.
- Based on Applications, most of the Waste Oil Market's revenue is controlled by the re-refinery category. Modern re-refineries use innovative technology and processes that are significantly more efficient and environmentally friendly than traditional ones, which helps to preserve the market and promote sustainability. In addition, the re-refinery has become the industry leader thanks to its well-equipped research and development facility.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Waste Oil Market Forecast Report (2022-2028).
Top 10 Players Generates More Than 45% of the Global Waste Oil Market Revenue
The report also found that the largest players in the Waste Oil Market are technology providers such as Alexandria Petroleum Co, Enfields Chemicals CC, Enva, Falzon Group, Gecco,. These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players 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), and Valgrove (UK) to name a few. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Re-refiniers Category in Waste Oil Market to Generate Over 30% Revenue
Waste Oil are an expensive investment. Vantage Market Research has analyzed the market for Waste Oil to understand its current state and potential future growth factors. For better understanding, based on the application, the Waste Oil Market is divided into Waste Oil boilers, biodiesel, special space heaters, steel mills, re-refiners and asphalt plants.
During the forecast period, the market for Waste Oil is anticipated to experience the highest CAGR for the re-refiners category. The innovation and mechanisms used in the emerging re-refinery are significantly more eco-friendly reliable, and efficient than conventional techniques, significantly contributing to sustainable creation and market preservation. Modern re-refineries use cutting-edge methods and technologies that are significantly more efficient and eco-friendly than previous techniques.
On the other hand, the biodiesel category is estimated to grow significantly over the forecast period. The expansion of the worldwide biodiesel market is mostly due to the rising utilization of biodiesel as a significant substitute for fossil fuels in the transportation and cogeneration sectors, as well as the growing public awareness of environmental problems, including greenhouse gas emissions.
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Global Waste Oil Market Segmentation
By Type
- Transmission Oils
- Engine Oils
- Refrigeration & Compressor Oils
- Metalworking Fluids & Oils
- Lubricants
- Other Types
By Technology
- Vacuum Distillation Process
- Distillation Hydrogen Treatment
- Thin-film Evaporation
- Other Technologies
By Application
- Waste Oil Boilers
- Biodiesel
- Special Space Heaters
- Steel Mills
- Re-refiners
- Asphalt Plants
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- North America is the largest market for Waste Oil, accounting for more than a third of the global total. This is due to a number of factors, including the large size of the region, its wealthy nations, and its high rate of industrialization.
- North America also has a large number of oil refineries, which generate a significant amount of Waste Oil. The region is also the largest producer of Waste Oil, with the US alone responsible for around a quarter of all production. Waste Oil is predominantly used as a fuel in North America, although it is also recycled into new products such as lubricants and asphalt.
- The high level of Waste Oil production in North America is due to a large number of automotive and industrial facilities in the region. Used oil from these facilities must be collected and disposed of safely, which often involves recycling it into new products.
- As a result, there is a strong market for Waste Oil in North America, both from the producers' and consumers’ sides. This demand has led to a large and growing industry devoted to collecting, transporting, and processing Waste Oil. The industry employs thousands of people across North America and generates billions of dollars in revenue each year.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 44.1 Billion |
| Revenue Forecast by 2028 | USD 57.4 Billion |
| CAGR | 4.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Alexandria Petroleum Company, All Waste Matters Ltd., Business Waste, Enfields Chemicals, Enva, EWOR Group, Falzon Group, Gecco Fuels, Goins Waste Oil company Inc., J.J. Richards and Sons Pty Ltd., MIB Waste Services, Oil Salvage Ltd., Omnia Group, Safety-Kleen Systems Inc., Slicker Recycling, Solway Recycling Ltd., Valgrove |
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