The Waste Oil by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/waste-oil-global-market-report
According to The Business Research Company’s Waste Oil, The waste oil market size has grown strongly in recent years. It will grow from $58.24 billion in 2023 to $62.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to industrialization and manufacturing, automotive industry growth, environmental regulations, recycling initiatives, rising energy demand.
The waste oil market size is expected to see strong growth in the next few years. It will grow to $77.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to circular economy practices, growing environmental awareness, alternative energy sources, advancements in recycling technologies, increased industrial output.. Major trends in the forecast period include integration of digital solutions in waste oil management, diversification of waste oil applications, focus on carbon footprint reduction, government initiatives and regulatory support, innovation in waste oil upcycling.
The booming automobile sector is expected to propel the growth of the waste oil market in the coming future. Automobile sector refers to firms engaged in the manufacture of motor vehicles with two or more wheels, seating for more than one person, and powered by an internal combustion engine or electric power. Waste oil is extensively used to produce lubricants and engine oils for vehicles in the automobile sector, driving its demand. For instance, according to the US Department of Energy, hybrid-electric vehicle (HEV) sales climbed by 76% between 2020 and 2021. Also, according to the Bureau of Transportation Statistics, part of the United States Department of Transportation, the sale of hybrid vehicles increased from 455,067 in 2020 to 798,992 in 2021. Therefore, growth in the automobile sector is driving the market.
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The waste oil market covered in this report is segmented –
1) By Type: Transmission Oils, Engine Oils, Refrigeration And Compressor Oils, Metalworking Fluids And Oils, Lubricants, Other Types
2) By Technology: Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-Film Evaporation
3) By Application: Waste Oil Boilers, Bio Diesel, Re-Refiners
Product innovation is the key trend gaining popularity in the waste oil market. Major companies operating in the waste oil market are focused on developing innovative products and services to recycle and re-refine the waste oil to strengthen their position in the market. Recycling and re-refining can help to reduce the amount of waste oil that is discarded in landfills and can also help to conserve natural resources. For instance, in March 2022, Averda, a Dubai-based waste management and recycling company, launched used cooking oil (UCO) service in UAE. This service is aimed to enhance local trash management and lower carbon emissions from vehicle transportation, by collecting 10 million litres of customer-contributed used cooking oil (UCO) from the hotel, catering, and restaurant sectors.
The waste oil market report table of contents includes:
1. Executive Summary
2. Waste Oil Market Characteristics
3. Waste Oil Market Trends And Strategies
4. Waste Oil Market – Macro Economic Scenario
5. Global Waste Oil Market Size and Growth
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26. South America Waste Oil Market
27. Brazil Waste Oil Market
28. Middle East Waste Oil Market
29. Africa Waste Oil Market
30. Waste Oil Market Competitive Landscape And Company Profiles
Top Major Players:
- Alexandria Petroleum Co
- All Waste Matters Ltd
- Enfields Chemicals C
- Enva
- J.J. Richards and Sons Pty Ltd
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