Major players in the waste oil market are Alexandria Petroleum Co, All Waste Matters, Enfields Chemicals CC, Enva, J.J. Richards and Sons Pty Ltd, Goins Waste Oil Company Inc., MIB Waste Services, Solway Recycling, Slicker Recycling, Safety-Kleen Systems, EWOR GmbH, Falzon Group, Oil Salvage Ltd., Valgrove Ltd., The Omnia Group Inc., and Oil Monster.
The global waste oil market is expected to grow from $54.58 billion in 2022 to $58.24 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The waste oil market is expected to reach $72.55 billion in 2027 at a CAGR of 5.6%.
The waste oil market consists of sales of gearbox oil, combustion engine oil, and lubricating oil.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the waste oil market in 2022. The regions covered in waste oil report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of waste oil are transmission oils, engine oils, refrigeration and compressor oils, metalworking fluids and oils, lubricants, and others.Transmission oil refers to the employment of gear and gear trains to deliver speed and torque conversions from a rotating power source (engine) to another device (wheels).
The various technologies such as vacuum distillation process, distillation hydrogen treatment, and thin-film evaporation are used for application in waste oil boilers, bio diesel, and re-refiners.
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.
Product innovation is the key trend gaining popularity in the waste oil market.Major companies operating in the waste oil market are focused on developing innovative products and services to recycle and re-refine the waste oil to strengthen their position in the market.
Recycling and re-refining can help to reduce the amount of waste oil that is discarded in landfills and can also help to conserve natural resources.For instance, in March 2022, Averda, a Dubai-based waste management and recycling company, launched used cooking oil (UCO) service in UAE.
This service is aimed to enhance local trash management and lower carbon emissions from vehicle transportation, by collecting 10 million litres of customer-contributed used cooking oil (UCO) from the hotel, catering, and restaurant sectors.
In November 2022, Shell Eastern Petroleum (Pte), a Singapore-based petroleum products company, acquired EcoOils Limited (EcoOils) for an undisclosed amount.Through this acquisition, Shell is expected to expand and strengthen its production of sustainable low-carbon fuels for transport, including sustainable aviation fuel.
EcoOils Limited is a Singapore-based waste oil recycling firm.
The countries covered in the waste oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The waste oil market research report is one of a series of new reports that provides waste oil market statistics, including waste oil industry global market size, regional shares, competitors with a waste oil market share, detailed waste oil market segments, market trends and opportunities, and any further data you may need to thrive in the waste oil industry. This waste oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.