Waste Oil Market
Waste Oil Market - Global Industry Assessment & Forecast
- By Type Transmission Oils, Engine Oils, Refrigeration & Compressor Oils, Metalworking Fluids & Oils, Lubricants, Other Types
- By Technology Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-film Evaporation, Other Technologies
- By Applications Waste Oil Boilers, Biodiesel, Special Space Heaters, Steel Mills, Re-Refiners, Asphalt Plants, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 45.94 Billion|
|Revenue 2030:||USD 64.83 Billion|
|Revenue CAGR (2023 - 2030):||4.40%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The Global Waste Oil Market was valued at USD 45.94 Billion in 2022 and is projected to reach a value of USD 64.83 Billion by 2030. The Global Market is anticipated to grow to exhibit a CAGR of 4.40% over the forecast period.
As global awareness of the environmental implications of traditional fossil fuels grows, the need for renewable and sustainable energy sources increases. One such source that is gaining appeal as a feedstock for biodiesel manufacturing is Waste Oil. The increased demand for Waste Oil as a feedstock for biodiesel synthesis is due to a number of factors. In contrast to fossil fuels, which are finite resources that will eventually run out, Waste Oil can be continuously recycled for biodiesel production. This makes it a more long-term viable alternative. Using Waste Oil as a feedstock for biodiesel production reduces our dependency on fossil fuels while providing businesses and individuals with a significant source of revenue. National Renewable Energy Laboratory (NREL) estimates that the annual demand for Waste Oil as a feedstock for biodiesel production is around 50 million gallons. As the biodiesel business grows and more companies begin using Waste Oil as a feedstock, this demand is anticipated to increase.
Waste Oil is less expensive than virgin oil. This is because the refining of crude oil produces a variety of products, including gasoline, diesel, and other chemicals. The refinery can only sell these goods for a certain price, thus the unused oil is referred to as "Waste Oil." This Waste Oil is then sold to businesses that recycle it into new products, such as used motor oil and lubricating automotive parts. The recycled product can subsequently be sold at a price lower than the cost of refining new crude oil into gasoline or diesel. Consequently, Waste Oil is less expensive than virgin oil, making it an appealing option for many businesses. Environmental regulations are a significant market driver for Waste Oil. In many nations, companies are required by law to dispose of their Waste Oils in an environmentally responsible manner. This has generated a need for recycling companies that can transform Waste Oils into new goods, rather than dumping them in landfills. The rising price of crude oil is also a significant factor in the Waste Oil market. When the price of crude oil rises, so do the prices of refined petroleum products such as gasoline and diesel. This makes recycled oils an increasingly appealing choice for businesses seeking to reduce their fuel expenses.
Furthermore, as the world continues to look for ways to become more environmentally friendly, many companies are turning to Waste Oil as a less carbon-intensive alternative to fossil fuels. Waste Oil is a byproduct of the petroleum refining process that can be reused as a fuel source. Using Waste Oil instead of fossil fuels can help reduce greenhouse gas emissions and improve air quality. There are several reasons why Waste Oil is a less carbon-intensive fuel source than fossil fuels. First, when Waste Oil is burned, it produces fewer emissions than burning fossil fuels. Second, Waste Oil can be used in a variety of ways, including as a heating fuel, an industrial boiler fuel, and even in power plants. This flexibility helps to reduce emissions further by allowing for the use of cleaner-burning fuels in power plants and other facilities. Finally, recycling Waste Oil helps to reduce the amount of petroleum that needs to be extracted from the ground – which also reduces emissions. Recycling just one gallon (3.8 L) of used oil can save 42 gallons (159 L) of crude oil from being produced. This not only reduces greenhouse gas emissions but also conserves our natural resources.
Waste Oil Market Size, 2022 To 2030 (USD Billion)
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While Waste Oil can be harmful if not disposed of properly, it is less harmful to the environment than other options. For example, burning Waste Oil releases harmful chemicals into the air, while dumping it in landfills can contaminate water supplies. However, recycling Waste Oil helps to reduce these environmental impacts. In addition, Waste Oil can be used to generate energy. When burned in a properly-designed incinerator, it can produce heat or electricity. This process is called waste-to-energy (WTE). While WTE incineration does release some emissions into the air, these emissions are lower than those from burning fossil fuels such as coal and natural gas. Overall, Waste Oil is less harmful to the environment than other options for disposing of it or using it. Recycling and WTE are two of the best ways to reduce their environmental impact.
However, there are several factors that restrain the growth of the market. The key restraints of the Waste Oil Market are limited storage capacity, high disposal costs, and environmental concerns. Waste Oil is a by-product of the petroleum industry and can be recycled or disposed of in an environmentally responsible manner. However, due to its hazardous nature, Waste Oil must be stored in specially designed facilities that have limited capacity. As a result, there is often a shortage of available storage space, which can constrain the supply of Waste Oil on the market. In addition, disposing of Waste Oil can be expensive. While recycling Waste Oil can save money in the long run, the initial cost of setting up a recycling facility can be prohibitive. Similarly, many disposal methods (such as incineration) are also expensive, making it difficult for companies to dispose of their Waste Oil in an economically feasible way. Finally, environmental concerns are also a major restraint on the Waste Oil Market. Because Waste Oil can potentially pollute soil and water resources, there is strict regulation surrounding its management. This can make it difficult for companies to comply with environmental regulations, raising the cost of doing business in the Waste Oil Market.
Top Market Trends
As the world progresses, so does the way we handle the waste. Waste Oil is no different. The Waste Oil Market has seen some major changes in recent years and looks set to continue this trend. Here are some of the top market trends:1. Increasing demand for recycled Waste Oil: Recycled Waste Oil is in high demand due to its many uses. It can be used as a fuel, lubricant, or even as a raw material in the production of new products. This high demand has led to an increase in prices for recycled Waste Oil.2. New technologies for recycling Waste Oil: With the increasing demand for recycled Waste Oil, new technologies are being developed to recycle it more efficiently. These new technologies include vacuum distillation and pyrolysis. These processes help to reduce the volume of Waste Oil and make it easier to recycle.3. Growing number of recycling plants: The number of recycling plants for Waste Oil is growing worldwide. These plants are important in helping to meet the rising demand for recycled Waste Oil.4. Regulation of the Waste Oil industry: Due to the environmental impact of Waste Oil, there is an increased focus on regulating the industry. This regulation includes setting standards for how Waste Oil should be stored and disposed of, as well as establishing limits on emissions from processing facilities.5. Consolidation: The Waste Oil Market has seen a lot of consolidation in recent years, with larger companies buying up smaller ones. This trend is likely to continue, as businesses look to increase their market share and expand their operations.
The market is segmented based on Type, Technology, Applications, and Region. On the basis of Type, the market is segmented into Transmission Oils, Engine Oils, Refrigeration & Compressor Oils, Metalworking Fluids & Oils, Lubricants, and Other Types. On the basis of Technology, the market is segmented into Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-film Evaporation, and Other Technologies. On the basis of Applications, the market is segmented into Waste Oil Boilers, Biodiesel, Special Space Heaters, Steel Mills, Re-Refiners, Asphalt Plants, and Other Applications. Likewise, based on the Region, the Global Waste Oil Market is further bifurcated into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Based on Type
Lubricant Waste Oil includes used engine oil, gear oil, hydraulic oil, and other oils that have become contaminated with dirt, metal shavings, or other debris. This type of Waste Oil is typically generated by auto repair shops, fleet operators, and manufacturing facilities. In 2021, lubricant Waste Oil held the most market share and is anticipated to maintain its leading position throughout the forecast period. The expansion of the automotive industry is a significant driver in the rising need for lubricating Waste Oil. Increasing/evolving environmental restrictions surrounding the disposal of used lubricating oil are also driving market expansion. Used motor oils are in high demand due to the expansion of the automobile sector, as they may be recycled and reused. The automobile sector is one of the primary end-use industries propelling the expansion of the lubricating Waste Oil market. In addition, old oils from other machines, including construction equipment and metalworking machinery, are recycled and reused, adding to the expansion of this sector.
Based on Technology
There are various technologies available for Waste Oil treatment, each with its own advantages and disadvantages. Among these technologies, vacuum distillation is the most widely used, accounting for the majority of the market share. Vacuum distillation is a thermal separation process that uses a vacuum to lower the boiling point of the feedstock, making it possible to separate components with different boiling points at much lower temperatures. This results in a higher yield of usable products and less energy consumption. Additionally, it produces a cleaner product with fewer contaminants. This makes it an ideal technology for processing Waste Oil, as it can efficiently remove impurities such as water, sludge, and heavy metals. Due to its high efficiency and low operating costs, vacuum distillation is expected to continue to dominate the Waste Oil treatment market in the future. This process is commonly used in the oil industry to separate crude oil into its component parts, such as gasoline, kerosene, and diesel. Vacuum distillation is also used to recycle Waste Oil, such as used motor oil, into new products. The vacuum distillation process accounted for the highest market share of the Global Waste Oil Market in 2021. It held over 65% market share in the market, followed by Distillation Hydrogen Treatment as the second largest market segment. This process is expected to continue to be the leading technology during the forecast period from 2023 to 2030. The high market share can be attributed to the fact that this technology is widely used in the oil industry for recycling Waste Oil into new products.
Based on Application
The segment of re-refiners is anticipated to experience the greatest CAGR throughout the forecast period. This expansion can be ascribed to the tight legislation governing Waste Oil disposal and the rising popularity of eco-friendly products. The section of re-refiners consists of businesses that recycle spent oil into new, usable oil. These businesses utilize a variety of methods to clean and purify leftover oil so that it fits the requirements for recycled oil. Typically, re-refined oil is less expensive than virgin oil, making it an appealing alternative for many consumers. Businesses such as vehicle repair shops, quick lube centers, and fleet operators create the majority of spent oil. Refiners can recover and reuse this spent oil, lowering the requirement for new oil production. By reusing wasted oil, re-refiners contribute to the conservation of scarce petroleum resources and the reduction of greenhouse gas emissions and other pollutants. Modern re-refineries use technological advances and processes that are much more ecologically friendly and sustainable than old methods. Consequently, they contribute significantly to the maintenance of existing markets and the promotion of sustainable development. Increasing demand for re-refined base oils from applications such as automotive and industrial lubricants has contributed to the expansion of this market sector. The automotive industry is a significant user of lubricants, and the usage of re-refined base oils in this application is anticipated to fuel the expansion of the re-refiners market.
Based on Region
North America is the largest market for Waste Oil, accounting for more than a third of the global total. This is due to a number of factors, including the large size of the region, its wealthy nations, and its high rate of industrialization. North America also has a large number of oil refineries, which generate a significant amount of Waste Oil. The region is also the largest producer of Waste Oil, with the US alone responsible for around a quarter of all production. Waste Oil is predominantly used as a fuel in North America, although it is also recycled into new products such as lubricants and asphalt. The high level of Waste Oil production in North America is due to a large number of automotive and industrial facilities in the region. Used oil from these facilities must be collected and disposed of safely, which often involves recycling it into new products. As a result, there is a strong market for Waste Oil in North America, both from the producers' and consumers’ sides. This demand has led to a large and growing industry devoted to collecting, transporting, and processing Waste Oil. The industry employs thousands of people across North America and generates billions of dollars in revenue each year.
As a result of population growth, there has been an increase in the number of automobiles on the road, which has contributed to the expansion of the industrial and automotive industries in the Asia-Pacific region, particularly in the countries of China, Japan, and India. As a consequence of this, it is anticipated that this will serve as a driving force behind the expansion of the Waste Oil industry over the course of the following several years. It is anticipated that the manufacturing sector, carparks or repairers, and superior transport systems in India, Indonesia, China, and Thailand will all significantly contribute to the expansion of regional markets in the Asia Pacific region as a result of expanding industries, emerging technologies, and these sectors. It is projected that the Global Waste Oil sector will expand in Europe as a direct result of the significant emphasis placed on environmental protection on the continent. In the years to come, it is projected that there will be an increase in the number of manufacturer-technology development partnerships in the Global Waste Oil Market.
The key players in the Global Waste Oil Market include- Alexandria Petroleum Company (Egypt), All Waste Matters Ltd. (UK), Business Waste (UK), Enfields Chemicals (South Africa), Enva (UK), EWOR Group (Sweden), Falzon Group (Malta), Gecco Fuels (UK), Goins Waste Oil company Inc. (US), J.J. Richards and Sons Pty Ltd. (Australia), MIB Waste Services (South Africa), Oil Salvage Ltd. (UK), Omnia Group (South Africa), Safety-Kleen Systems Inc. (US), Slicker Recycling (UK), Solway Recycling Ltd. (UK), Valgrove (UK) and others.
Recent Market Developments:
- In June of 2021, IOCL and the Governor of Gujarat signed a Memorandum of Understanding (MOU) for Private Investment in order to facilitate the establishment of a Chemical and Lubricant Integrated Program, an Acrylics/Oxo Alcohol Project, and other infrastructure improvements at the Gujarat Refinery located in Vadodara.
- In February 2020, HPCL presented its comprehensive lineup of lubricants and specialist fluids designed specifically for BS-VI, electrical, and hybrid vehicles.
- The Food Handling and Standard India Authority has begun a project called "Repurposing Wasted Cooking Oil" on July 9, 2021. This initiative will collect spent frying oil and convert it into biodiesel from the oil that has been collected. Used cooking oil is typically sold to small restaurants, food stalls, and street vendors or abandoned in an environmentally harmful manner, thus the RUCO program also works to guarantee that it is disposed of in an appropriate manner. This is because it is commonly sold to these types of businesses.
Segmentation of the Global Waste Oil Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
|Pricing and purchase options||Avail of customized purchase options to meet your exact research needs. Explore purchase options|
Frequently Asked Question
What is the global demand for Waste Oil in terms of revenue?
The global Waste Oil valued at USD 45.94 Billion in 2022 and is expected to reach USD 64.83 Billion in 2030 growing at a CAGR of 4.40%.
Which are the prominent players in the market?
The prominent players in the market are Alexandria Petroleum Company (Egypt), All Waste Matters Ltd. (UK), Business Waste (UK), Enfields Chemicals (South Africa), Enva (UK), EWOR Group (Sweden), Falzon Group (Malta), Gecco Fuels (UK), Goins Waste Oil company Inc. (US), J.J. Richards and Sons Pty Ltd. (Australia), MIB Waste Services (South Africa), Oil Salvage Ltd. (UK), Omnia Group (South Africa), Safety-Kleen Systems Inc. (US), Slicker Recycling (UK), Solway Recycling Ltd. (UK), Valgrove (UK).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.40% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Waste Oil include
- Industrialization growth is increasing the demand for waste oil
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Waste Oil in 2022.