Overview and Scope
Waste oil is defined as any used or contaminated oil that can no longer perform its intended use. Waste oils are used for a variety of industrial and manufacturing processes such as lubrication, hydraulics, buoyancy, and heat transfer.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the waste oil market in 2023. The regions covered in the waste oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the waste oil market are focusing on product innovation such as oil management services to streamline recycling processes and develop sustainable solutions for waste oil disposal and reutilization. Used oil management service encompasses the collection, recycling, and proper disposal of discarded oils to ensure environmental conservation and regulatory compliance. For instance, in June 2022, Shell, a UK-based oil company, launched a used oil management service initiative to organize India’s waste oil disposal system and to increase the rate of re-refining, as it aims to achieve circular economy goals while reducing waste. With spent oil disposal being recognized as the largest obstacle to industrial circularity, the service seeks to establish an ecosystem for the transition to a formal structure.
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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31. Global Waste Oil Market Competitive Benchmarking
32. Global Waste Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Waste Oil Market
34. Waste Oil Market Future Outlook and Potential Analysis
35. Appendix
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