Waste Oil Market Top Vendors
The key players that operate in the global waste oil market include, 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, MIB Waste Services and Neste
The global Waste Oil market size 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.
Asia-Pacific garnered the highest share of 40.4% in 2021, in terms of revenue, and is expected to grow at a CAGR of 5.6%.
On the basis of type, lubricant is the dominating segment with 56% in waste oil market share in 2021 and is anticipated to exhibit the highest CAGR of 5.4% from 2022 to 2031.
Get Free Report Sample PDF @ https://www.alliedmarketresearch.com/request-sample/17349
On the basis of application, Re-refiners is anticipated to exhibit the highest CAGR of 4.9% from 2022 to 2031.
In terms of technology, Vacuum Distillation Process is anticipated to exhibit the highest CAGR of 4.9% during waste oil market forecast period from 2022 to 2031.
The key factors such as industrialization, urbanization, and surge in disposable income, growing supply chain logistics sector, and governments focus on increasing the roads connectivity where waste oil is used predominantly will drive demand for waste oil market in the future.
The utilization of waste oil has been increased in various industry sectors such as automotive, energy and power, manufacturing plants, and others.
The growth of automotive sector and energy sector in developed and developing countries such as the US, China, Germany and India will fuel the market growth for waste oil.
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.
COVID-19 has resulted in slowdown in the demand for waste oil during last two years (2020 and 2021) owing to decline in demand in the automotive, industrial machinery, and construction market. Lockdown imposed by governments all over the world resulted slowdown in consumption of industrial products, suspension in manufacturing activities, disruption in supply chain and reduced man power.
Browse Complete Report @ https://www.alliedmarketresearch.com/waste-oil-market-A16964
Waste oil simply means contaminated oil that is no longer suitable for its original purpose. Waste oil is contaminated and has exceeded its usable life span and it cannot meet its certain performance standards.
Waste oils are often recycled or disposed of in an environmentally responsible manner. Waste oil is considered a valuable resource.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com
Allied Market Research Blog:
https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube
