Westford USA, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the used cooking oil (UCO) market is poised for significant expansion in the upcoming years, primarily fueled by government support worldwide. Many governments are initiating and promoting initiatives to encourage the utilization of UCO for industrial purposes, particularly in producing renewable energy.
Browse in-depth TOC on the "Used Cooking Oil (UCO) Market"
- Pages - 242
- Tables - 62
- Figures – 75
The increasing utilization of used cooking oil (UCO) as a feedstock for biodiesel production has significantly contributed to the surging demand in the used cooking oil (UCO) market. The demand for UCO as a primary raw material has risen sharply as more industries recognize the environmental benefits of using biodiesel as an alternative to conventional fossil fuels. This trend is expected to continue driving the growth of the used cooking oil market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 1.14 Billion |
| 2030 Value Projection | USD 1.6 Billion |
| CAGR | 4.45% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Used Cooking Oil (UCO) Market
- Brocklesby Limited
- Greasecycle
- Baker Commodities Inc.
- Proper Oils Company Ltd.
- Darling Ingredients Inc.
- Mahoney Environmental
- Nidera
- Olleco
- Uptown Biodiesel
- Harvest Energy
- Auscol
- Devon Biofuels Ltd.
- Andgar Corporation
- Biomotive Fuel
- FUMPA Biofuels
- Recyfuel
- Bio-Source Fuels LLC
- Universal Bioenergy Inc.
- Renewable Energy Group Inc.
- Daka Denmark A/S
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Commercial Segment is Expected to Grow in the Market Due to Increasing Trend of Eating Out
Commercial segment is the dominant force in the global used cooking oil (UCO) market. The increasing trend of eating out and dining in restaurants has played a pivotal role in driving the growth of this segment. There has been a substantial increase in the production of spent cooking oil, with a rising number of restaurants, hotels, and various food service businesses flourishing worldwide.
The markets in North America have emerged as the leader in the used cooking oil (UCO) market, primarily driven by the region's proactive legislative developments that encourage the utilization of waste cooking oil for sustainable fuel generation. Government initiatives and policies promoting renewable energy sources have propelled the demand for biodiesel produced from used cooking oil.
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Biodiesel Segment is Expected to Dominate the Market Due to the Cost-Effectiveness
Biodiesel segment currently holds a commanding position in the global used cooking oil (UCO) market, and its dominance can be attributed to several factors. One key reason is the availability and cost-effectiveness of spent cooking oil compared to vegetable oil. Cooking oil is abundantly generated, creating a consistent and ample supply for biodiesel producers as a byproduct of the food service industry and households.
Regional markets in the Europe is expected to hold a dominant position in the global used cooking oil (UCO) market, primarily due to its extensive adoption of waste-to-energy practices. The region has made significant strides in utilizing waste-to-energy goods, including used cooking oil, as part of its commitment to sustainable and environmentally friendly practices.
A comprehensive analysis of the major players in the used cooking oil (UCO) market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Used Cooking Oil (UCO) Market
- BioD Energy, a leading biodiesel producer in India, recently made an important announcement to establish two new biodiesel processing plants. These plants were designed to manufacture biodiesel using waste cooking oil as the primary feedstock. This move showcased BioD Energy's commitment to sustainable practices and proactive approach to transforming waste into valuable resources. By utilizing waste oil for biodiesel production, the company aimed to significantly reduce environmental impact and promote cleaner fuel alternatives in India.
- Phillips 66 Humber Refinery, a prominent company based in the United Kingdom, recently revealed plans for an expansion at its production site in Immingham. The expansion initiative significantly enhanced the company's capacity to produce various petroleum products, including fuels and lubricants.
Key Questions Answered in Used Cooking Oil (UCO) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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