Waste Oil Market

Global Waste Oil Market Size (2024 to 2029)

The Global Waste Oil Market was valued at US$ 71.02 billion in 2023 and is anticipated to reach a valuation of US$ 100.86 billion by 2029 and it is predicted to register a CAGR of 6.02% in the next six years.

Current Scenario of the Global Waste Oil Market

Waste oil is an unsuitable oil for its original purpose, sustained with impurities or loss of original properties. Waste oil will be generated through various applications, and it can be recycled for use many times in motorized equipment. It might be used in the making of plastic or as a heating fuel. There are huge advantages to using waste oil multiple times, as the impact on humans and wildlife will be reduced. Waste oil can be contaminated very easily, which has many adverse effects on the environment. Using it in the recycling process can protect it from polluting the environment. This shall enhance the use of waste oil in many applications, which will be dominantly inclined to showcase huge growth opportunities for the market in the coming years. The waste oil is slightly similar to bitumen as it has light oil fraction properties, which can be used as a binder rejuvenator in road construction applications.  

MARKET DRIVERS

The Global Waste Oil Market is likely to experience an increase in cooperation among producers and technology providers in the future years.

Waste Oil is in high demand because of the rapid development of car activities across the world, which is being fueled by urbanization and industrialization. Used oil may be recycled and reused. Demand for Waste Oil is increasing as a result of the introduction of strict rules aimed at minimizing harmful carbon emissions. Several countries are subsidizing and promoting the research and implementation of cutting-edge waste oil production technology. In the future years, the global Waste Oil Market will be propelled ahead by the extensive utilization of waste oil in the transport sector. Waste Oil demand is increasing due to increased re-refining operations and the growth of additional use sectors. The Global Waste Oil Market is likely to be driven by an increase in energy consumption from the world's growing population in the near future. 

MARKET RESTRAINTS

The major factor that acts as a restraint in the global waste oil market is infrastructure development. As the global waste oil market has been affected by COVID-19 the world had to pause the things going on restricting Political uprisings throughout the world, which is expected to delay or prevent Waste Oil infrastructure development in the coming years.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Waste Oil Market By Type

The Lubricant Waste Oil had the biggest share and is projected to continue to do so throughout the forecast period. Waste oil is oil that has never been utilized because it has been polluted, usually by pollution, and is no longer fit for its intended task. As Metals & polycyclic aromatic hydrocarbons created by the engine during combustion processes are found in used or waste lubricating oil, making it a hazardous substance. The key segments adding to market share include automotive, industrial, aviation, and marine, so this segment is in great demand.

Global Waste Oil Market By Application

The segment of re-refiners had the biggest market share. Re-refining is a method of refurbishing spent oil and restoring it to a relatively high oil. To generate fresh "base oil," re-refining employs vacuum distilling to remove impurities such as gasoline, water, and soil from old oil. To restore the oil's original effectiveness, it's combined with a new mixture of additives including dispersants, detergents, & anti-foaming agents. Due to a significant focus on boosting Waste Oil generation operations; this industry is likely to witness profitable development prospects throughout the forecast period.

Global Waste Oil Market By Technology

The Vacuum Distillation Process segment dominated the market. The process of vacuum distillation involves reducing the pressure inside the columns just above solvents to less than the mixture's vapor pressure, generating a vacuum, and allowing the components with lower vapor pressures to evaporate. This method successfully avoids Waste Oil contamination while also allowing for excellent recovery in a range of applications.

REGIONAL ANALYSIS

In North America, favorable circumstances were developed due to market expansion and increased demand for re-refining. During the predicted term, they are likely to continue. Northern America is predicted to grow at the quickest CAGR throughout the projection period.

In the Asia Pacific, due to increasing industries, technology, the automotive industry, garages or repair shops, engineering industries, and great transportation infrastructure in India, China, Indonesia, and Thailand all are expected to make significant contributions to regional market growth.

In Europe, the foreseeable future which is strongly concerned about the environment, is intended to result in the global waste oil industry. In the next years, the global waste oil market is expected to see a slew of manufacturer-technology developer collaborations. 

KEY MARKET PLAYERS

The major key players in the global waste oil market are GOINS Waste Oil Company, Gecco Fuels, Enfields Chemicals CC, Oil Salvage Ltd, MIB Waste Services, Alexandria Petroleum Company, Falzon Group, Omnia Group, and others

RECENT HAPPENINGS IN THE MARKET

• On April 25, 2024, Sliker Recycling and SafetyKleen partnered together to reduce carbon emissions by enhancing the utilization of used or recycled oil. These two companies lined up to showcase a positive circular economy by taking waste oil for recycling purposes rather than being wasted or burnt. The two companies pose a great deal in encouraging the prominence of carbon-cutting by effectively redefining waste oil. The rise in the collection of waste oil from various industries and supplying the recycled waste oil to respective industrial uses will eventually give a positive sign in lowering carbon emissions.
• 9^th July 2021 The Food Safety and Standards Authority of India (FSSAI) has started the Repurpose Used Cooking Oil (RUCO) program, which collects and converts used cooking oil into biodiesel. The RUCO project also aims to guarantee that spent cooking oil is properly disposed of, as it is frequently abandoned in an ecologically dangerous manner or sold to tiny restaurants, dhabas, and street sellers.

DETAILED SEGMENTATION OF THE GLOBAL WASTE OIL MARKET INCLUDED IN THIS REPORT

This research report on the global waste oil market has been segmented and sub-segmented based on type, application, technology, and region.

By Type

• Transmission Oils
• Engine Oils
• Lubricants
• Others

By Application

• Waste Oil Boilers
• Biodiesel
• Re-refiners
• Others

By Technology

• Vacuum Distillation Process
• Distillation of Hydrogen Treatment
• Thin-film Evaporation
• Others

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa