Waste Oil Recycling Market Size, Share, Growth, and Industry Analysis, By Type (Fuel Oil, Lubrication Oil, Hydraulic Oil, Transformer oil, Cooking Oil and Others), By Application (Re-refiners, Biodiesel, Industrial fuel and others) and Regional Forecast to 2033

WASTE OIL RECYCLING MARKET REPORT OVERVIEW

The Global Waste Oil Recycling Market size was USD 3833.14 million in 2024 and the market is projected to touch USD 6825.47 million by 2033, exhibiting a CAGR of 5.8% during the forecast period.

The market for waste oil recycling is poised for substantial growth. There are many industries who have the use of oil for many purposes. After the Oil is used it is treated as waste which sometimes they dispose of it off in the water bodies but now there are strict rules by the government of many nations to recycle the oil that is wasted and use it for different purposes rather than throwing it anywhere and destroying the environment. There are many organizations and new companies formed that buy the used oil from the industries and recycle them and sell or use it for different purposes.  Waste Oil contains several impurities, particles, and chemicals. Any synthetic or petroleum-based oil that is no longer pure and suitable for its intended use is referred to as waste oil. Crankcase and lubricant wastes are the main sources of production.

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COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Because of rise in covid-19 cases, there was complete closure of production units in different parts of the world because of which many businesses suffered heavy losses. Due to lockdown in almost all over the world, there is reduction in demand for the expenditure on non-essential items. Pandemic badly influenced the world economy in both the commercial and industrial sectors. Major countries which are major drivers for the recycled waste oil resulted in slower demand for waste oil during the time of the covid-19 epidemic.

LATEST TRENDS

"Use of recycled oil to make fuel to Drive Market Growth"

One of the main latest trend that is ongoing in the Waste Oil Recycling Market is the use of recycled oil to make fuels. The waste oil is re-refined and processed into the normal oil that can be used for many different applications. There are many types of fuels that are recycled by using the oil that is of no use such as fuel oil, cooking oil or hydraulic oil. The manufacturers are continuously trying to fing new methods to remove the dirt from the waste oils and that they can used in wider applications.

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WASTE OIL RECYCLING MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Fuel Oil, Lubrication Oil, Hydraulic Oil, Transformer oil, Cooking Oil and Others

• Fuel Oil: Apart from traditional fossil fuels, there are fuel oils that are extracted from the recycled waste oil which can be used in various different industries.

• Lubrication Oil: lubrication oil is very essential for the smooth working of the machines. They can also be derived from recycled waste oil.

• Hydraulic Oil: Hydraulic oils are widely used in vehicles or other equipment or machinery in many industries. They can also be derived from recycled waste oil and used wisely.

• Transformer Oil: transformer oils are used to bring down the temperature of electronic transformers. Recycled waste oil is a more sustainable solution to extract transformer oil.

• Cooking Oil: cooking oil, once used in the kitchen is totally wasted therefore they are recycled and used for different purposes in different industries.

• Others: There are many other types of recycled waste oil apart from Fuel Oil, Lubrication Oil, Hydraulic Oil, Transformer oil, Cooking Oil and they are gear oil, marine oil, compressor oil, turbine oil, and refrigeration oil.

By Application

Based on application the global market can be categorized into Re-refiners, Biodiesel, Industrial fuel and others

• Re-refiners: Re-refiners means processing of waste oil by removing the impurities so that it can be used for different purposes.

• Biodiesel: biodiesel refers to the oil that is made from cooking oil or other wasted oils. They are much cleaner alternatives than traditional diesel fuels.

• Industrial fuel: There are many applications for industrial fuel in different types of industries such as factories, power plants and large scale power plants.

• Others: there are many other applications of recycled waste oil other than Re-refiners, Biodiesel, Industrial fuel and those are used for asphalt production, for generating power, for blending of lubricants and for oilfield services.

Driving Factors

"Growing re-refining application to Boost the Market"

One of the key Driving Factors in the global Waste Oil Recycling Market growth is the growing use of re-refining in different applications. There are many types of oil like hydraulic oil, fuel oil, transformer oil that are reprocessed by removing the dirt and made into fresh oils. These kinds of re-refining activities are driving the demand for waste oils in the world. To make base oil and prevent environmental contamination, waste lubricating oil was re-refined using solvent extraction and clay adsorption technology, which further drove the demand for waste oils.

"Growing environmental Awareness to Expand the Market"

One of the other Driving Factors in the global Waste Oil Recycling Market is the growing environmental awareness. There is a continuous increase in the awareness of environmental issues that drives the adoption of sustainable practices by the government. Governments of many regions have established strict rules regarding the dumping of waste oil into the environment such as water bodies. They had made sure that the oil should be recycled and used for other purposes, which drives the demand for recycled waste oil in the market.

Restraining Factors

"Stringent government regulations to Potentially Impede Market Growth"

One of the key Restraining Factors in the global Waste Oil Recycling Market are the stringent government regulations. There are strict rules and regulations by the governments of many regions regarding the recycling and usage of waste oils. Waste oils are very hazardous for the environment therefore they should be reprocessed and brought into use. However, advancements techniques are continuously being explored to address this Restraining Factor

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WASTE OIL RECYCLING MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Region Dominating the Market due to growing demand from automotive sector"

Asia Pacific is expected to be the most dominant region in the global Waste Oil Recycling Market share due to several factors. The region's growth is attributed to the growing demand of re-refined waste oil in the automotive sector. Countries like China, India and Japan are seeing the growth in the automotive sector which directly increases the demand for recycled waste oil in the market. Different types of waste oils are refined and put into the use as lubricants for automobiles, such as engine oil. The key manufacturers also hail from the Asia Pacific region which help in recycling of waste oils which makes the region more dominating on the global level.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Waste Oil Recycling Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing a wide variety of different types of fuels options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative techniques in recycled waste oil, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Safety-Kleen: (U.S)
• Lorco: (U.S)
• World Oil: (U.S)
• Orrco Recycles: (U.S)
• FP Petro Products: (U.S)
• CSG: (Australia)
• MTB: (France)
• Oil Salvage: (UK)
• Tradebe: (Spain)
• Veolia: (France)
• Nobleoil: (U.S)
• Mid States Oil Refining: (U.S)
• Broad: (China)
• Beijing First Filtration Trade: (China)
• Jinghong Renewable Resources: (China)

INDUSTRIAL DEVELOPMENT

June 2022: Shell introduced a used oil management service as part of a new attempt to organize India’s waste oil disposal system and boost the rate of re-refining, to achieve circular goals while minimizing waste. It is a part of the company’s large goal of reaching net-zero emissions by 2050

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.