At a CAGR of 4.5%, Waste Oil Recycling Market Will Reach US$69.56 Billion by 2030 – Regional Growth Trends [USA, UK, Thailand, India] Analysis, competitive analysis and technological progress

Adroit Market Research

Adroit Market Research

Geographically, the APAC region will take the lion’s share of the waste oil recycling market. The waste oil industry may see significant expansion forecasts as recycling capabilities improve worldwide

Dallas, Texas, September 15, 2022 (GLOBE NEWSWIRE) – Global Waste oil recycling market It is expected to reach approximately 69.56 billion by 2030 at an annual growth rate of 4.5% during the forecast period 2022-2030.

Used oils fall into the category of hazardous waste, which requires special management strategies due to its contaminant content and high degree of impurities. More importantly, the by-products have great economic value. Therefore, many recycling technologies have been introduced to manage this type of waste. Various types of waste oil recycling technologies are used globally. Due to the high demand for products and services causes an increase in environmental pollution. The increasing population and number of vehicles has also led to an increase in the amount of waste oil. This has increased the need for quick and effective solutions to environmental problems. This has improved reliance on continuous monitoring and special management strategies for waste oil recycling, driving the global market for waste oil recycling.

The need for proper management of waste oils has led to the development of the global waste oil recycling market. Moreover, trends such as various initiatives taken for sustainability and emerging environmentally friendly technologies are driving the oil recycling market.

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Global Waste Oil Recycling Market Scope

metrics

details

The study period

2019-2030

Market size in 2030

69.56 billion US dollars

covered part

By type, by application, by region,

By type covered

Fuel oil, lubricating oil, hydraulic oil, transformer oil, cooking oil, other

Through the covered app

Automotive, industrial, food service, etc.

Covered areas

North America, Europe, Asia Pacific, Middle East, Africa and South America

Key players at a glance

NexLube, DIRK Phoenix Pvt Ltd., Oil Re-Refining Company, Inc., Sequoia Global Inc., IFP Petro Products (P) Ltd., Safety-Kleen, Auto Blue Oils, TL, Pesco Beam Environmental Solutions Pvt Ltd., World Oil Corp, Al Rafq and others

Growing demand for crude oil, growing demand for recycled petroleum products, growth in industrialization, urbanization, and increasing demand for energy are driving the global market for waste oil recycling.

Recycled waste oil is insoluble, stable and mostly contains toxic elements that cause environmental pollution when mixed in the air. Also, recycled waste oil is slow to degrade, sticks to everything, and serves as a major source of pollution to waterways. May cause significant pollution in drinking water sources. Hence, waste oil recycling becomes a challenge hampering global waste oil recycling market.

The global waste oil recycling market is categorized into acid/slurry treatment, vacuum distillation and drying process, vacuum distillation and slurry treatment process, solvent extraction technology, membrane technology, pyrolysis using microwave heating, and bentonite treatment based on the type of waste oil recycling methodologies. Among these methods, the acid treatment methodology is the most widely used. This process is described as more efficient, it increases the amount of oil recycled, and improves the production consumption waste ratio.

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Globally, the status of recycling and processing of waste oils in European and American countries is very advanced. Thus Europe, North America and South America account for the largest market share in the global waste oil recycling market. Key factors such as improved energy strategies, the presence of professional recycling companies, the presence of the largest oil recycling plants in the world, and special regulations for the collection, disposal, and recycling of waste oil have led to European and American countries dominating the world in waste oil recycling.

However, the waste oil recycling market is facing an acute crisis. The main forces are high price volatility, increase in production costs, rise in wages of labour, impact of input cost on the market which is already suffering under the above aspects. Besides, covid-19 pandemic has caused sudden disruption in global production and logistics, increased transportation costs, shortage of containers and processing delays which hampered the market.

On the other hand, the easing of lockdown restrictions led by the COVID-19 virus, the lowering of the impact of the virus that led to the subsequent economic recovery, the restarting of processing operations in auto plants and other factories, and the restoration of waste oil recycling companies confidence increased the market reach. It is creating a positive market environment and trend for waste oil recycling which is expected to be a growth opportunity for the global waste oil recycling market.

At the same time, the reduction of epidemic-related lockdown measures in major exporting countries, increased consumer confidence due to the recovery of the economic situation, and vaccine programmers show brighter prospects for the global waste oil recycling market.

Key points from the table of contents:

1 Introduction
2. Research Methodology
3. Market outlook
4. Waste Oil Recycling Market, by Type, 2022-2029 (US$ Billion)
5. Waste Oil Recycling Market by Application, 2022-2029 (US$ Billion)
6. Waste Oil Recycling Market by Region, 2022-2029 (Billion US$)
7. Competitive landscape
8. Company Profile
9. Appendix

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