Waste Oil Market Overview
The global waste oil market size was valued at USD 45.0 billion in 2021 and is projected to reach USD 70.6 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. Halt in the construction of new electric utility infrastructures, automotive, and other industrial plants, due to lack of workers and increase in demand-supply gaps, hampered the market growth during the pandemic period. Thus, all these factors collectively resulted in sluggish growth of the global waste oil market.
Key Market Trend and Insights
- The market driven by rising petroleum demand from automotive growth.
- By type, waste oil in lubricants is the dominating segment in global market.
- By end user, vacuum distillation process is the largest used technology in market.
- Asia-Pacific holds largest share and is projected to grow at 5.6% CAGR.
Market Size & Forecast
- 2031 Projected Market Size: USD 70.6 Billion
- 2021 Market Size: USD 45.0 Billion
- Compound Annual Growth Rate (CAGR) (2022-2031): 4.7%
Introduction
Waste oil refers to the type of oil which is contaminated, has become unsuitable for its original purpose, which it was originally intended, such as used gearbox oils, combustion engine oils, lubricating oils, and oils for turbines & hydraulic oils.
Market Dynamics
Increase in use of waste oil in automotive and industrial sector is expected to boost the expansion of waste oil market in upcoming years. Waste oil can be recycled or re-used. Factors such as growth in industrialization, urbanization, and rise in the demand for energy across the globe are anticipated to drive the growth of the global waste oil market in the near future. Development in waste oil technologies and continuous support from government support also foster the growth of the market. Governing bodies enforce fines and take stringent action against industries on violation of the Clean Environment Act. For example, the food safety and standards Authority of India (FSSAI) has started the Repurpose Used Cooking Oil (RUCO) program, which collects and converts the cooking oil into bio diesel. This program aims to guarantee that used cooking oil is properly disposed, as there is practice of selling this to small restaurants, dhabhas, and street sellers.
Segment Overview
The waste oil market is segmented into type, application, end user industry, and region. Depending on type, the market is segmented into transmission oil, engine oil, and lubricants. On the basis of application, it is categorized into waste oil boilers, bio diesel, and re-refiners. In terms of technology, it is segmented into vacuum distillation process, distillation hydrogen treatment, and thin-film evaporation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Market by Type
By type, lubricants segment dominated the global waste oil market share in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to the rise in demand for synthetic lubricants in the growing automotive sector.
Global Market by Application
By application, the refiners segment dominated the global waste oil market in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rapid industrialization, environmental sustainability regulation, and automation in industries is expected to boost the demand for re-refined waste oil products
Global Market by End-user
By end-user, the vacuum distillation process dominated the global waste oil market in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in petroleum products due to demand in automotive industry. In addition, demand for refinery vacuum distillation unit has increased owing to surge in energy demand
Global Market by Region
By region, Asia-Pacific dominated the global waste oil market in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in automotive and industrial sectors in Asia-Pacific, especially in China, Japan and India, owing to rise in vehicles due to increase in population. This, is therefore, expected to fuel the waste oil market growth of the in the upcoming years.
Which are the Top Waste Oil companies
The following are the leading companies in the market. These players have adopted various strategies to increase their market penetration and strengthen their position in the waste oil industry.
- ENVA
- GOINS Waste Oil Company
- Gecco Fuels
- Enfields Chemicals CC
- Oil Salvage Ltd
- MIB Waste Services
- Alexandria Petroleum Company
- Falzon Group
- JJ.Richards & Sons Pvt Ltd
- Safety-Kleen Systems
- Silver Recycling
- Alliance To End Plastic Waste
- Neste
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the waste oil market analysis from 2021 to 2031 to identify the prevailing waste oil market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the waste oil market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global waste oil market trends, key players, market segments, application areas, and market growth strategies.
Waste Oil Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Technology |
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 By Region |
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 Key Market Players | Safety-Kleen Systems, Inc, Goins Waste Oil company inc, Sliker Recycling, Enva, Alexandria Petroleum Co, Enfields Chemicals CC, J.J. Richards & Sons Pty Ltd, Falzon Group, Oil Salvage Ltd, Gecco |
Analyst Review
According to the insights of CXOs of leading companies, the global waste oil market is expected to exhibit moderate growth potential during the forecast period, owing to demand in industrial machinery and automotive sector due to rapid industrialization and urbanization in countries such as India, China, US, Germany, and Japan.
By type, waste oil in lubricants is the dominating segment in global waste oil market owing to its increasing demand in automotive sector which is expanding globally and is projected to influence the market’s growth during the forecast period. On the basis of application, re-refiners is the dominating segment and is anticipated to drive the market with highest CAGR of 4.9% during the forecast period due to strong focus on increasing waste oil generation activities and along with surge in use of lubricants in automotive sector.
In terms of technology, Vacuum Distillation Process is the largest used technology in waste oil market and is expected to dominate the market during the forecast period. Market is mainly driven by with the increase in demand for petroleum products owing to the growth of automotive sector. Furthermore, oil is a major component employed in the process of power generation. With rise in consumption rate of electricity across the world, the demand in waste oil market has correspondingly increased
However, COVID-19 pandemic negatively impacted the demand in different end user industries due to lockdown imposed by government in 2020. With the gradual opening of market in 2021, market is under recovery stage and supporting the demand for waste oils. However, the CXOs further added that toxic nature of waste oil is anticipated to act as restraint for the growth of waste oil market.
Re-refiners is the leading application of Waste Oil Market?
industrialization, urbanization, surge in disposable income, growing supply chain logistics sector are the upcoming trends of Waste Oil Market
ENVA, GOINS Waste Oil Company, Gecco Fuels, are the top companies to hold the market share in Waste Oil Market
Asia-Pacificis the largest regional market for Waste Oil Marke
The global Waste Oil market was valued at $45.0 billion in 2021 and is projected to reach $70.6 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031.
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