Waste Oil Market Research, 2031
The global waste oil market size was valued at $45.0 billion in 2021 and is projected to reach $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.
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.
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.
For the purpose of analysis, the waste oil market forecast 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.
The global waste oil market analysis covers in-depth information about the major waste oil industry participants. Some of the major players in the market include ENVA, GOINS Waste Oil Company, Gecco Fuels, Enfields Chemicals CC, Oil Salvage Ltd, MIB Waste Services, Alexandria Petroleum Company, Falzon Group. Other players operating in the value chain of the waste oil market are , JJ.Richards & Sons Pvt Ltd, Safety-Kleen Systems, Silver Recycling, Alliance To End Plastic Waste, MIB Waste Services, Neste and others. The key players have adopted numerous strategies such as product launch, acquisition, and business expansion, to stay competitive in the waste oil market. The waste oil market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2031. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
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.
By end-user, 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
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
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.
IMPACT OF COVID-19 ON THE WASTE OIL MARKET
COVID-19 pandemic resulted in complete shutdown of manufacturing facilities, which do not come under essential goods, due to continued lockdown in almost all over the world. It negatively influenced the global economy in all commercial and industrial sectors. China, US, India, UK are the major countries which are the major driver of waste oils resulted in slower demand for waste oils in 2020 and 2021.
Furthermore, halt in 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 in the pandemic period. Thus, all these factors collectively resulted in sluggish growth of the global waste oil industry. However, all activities have resumed normally and COVID cases have started gradually declining in 2021 due to the vaccination drive, which led to increased operations of various industries across the globe. Moreover, the global supply chain has significantly recovered.
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
Key Market Players
Goins Waste Oil company inc, Safety-Kleen Systems, Inc, Oil Salvage Ltd, Sliker Recycling, J.J. Richards & Sons Pty Ltd, Enva, Falzon Group, Enfields Chemicals CC, Alexandria Petroleum Co, Gecco
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.