Waste oil means oil that is contaminated with toxic substances and can no longer be used for its original purpose. Waste oil is beneficial only when recycled and reused in times of high crude oil prices all over the globe which propels the need to generate waste oil. A wide variety of waste oils such as transmission oils, hydraulic oils, lubricating oils, and fuel oils are generated through various industrial and manufacturing processes. These waste oils are used as lubricants and machine oil for automotive and industrial applications
For the purpose of analysis, the waste oil market scope is segmentation into type, application, technology, and region. The applications of waste oil covered in the study include waste oil boilers, bio-diesel and re-refiners. On the basis of type, it is fragmented into transmission oil, engine oil, and lubricants. In terms of technology, it is classified into Vacuum Distillation Process, Distillation Hydrogen Treatment, and Thin- Film Evaporation. Moreover, it analyzes the current market trends of waste oils across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. Value chain analysis for this industry, which includes R&D, components manufacturers, assembly, programming & testing, marketing & sales, customers, and post-sales services, is explained. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
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
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the waste oil market analysis from 2021 to 2031 to identify the prevailing waste oil market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the waste oil market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global waste oil market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Transmission oil
- Engine Oil
- Lubricants
By Application
- Waste Oil Boilers
- Bio Diesel
- Re Refiners
By Technology
- Vaccum Distillation Process
- Distillation Hydrogen Treatment
- Thin- Film Evaporation
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Alexandria Petroleum Co
- Enfields Chemicals CC
- Enva
- Falzon Group
- Gecco
- Goins Waste Oil company inc
- J.J. Richards & Sons Pty Ltd
- Oil Salvage Ltd
- Safety-Kleen Systems, Inc
- Sliker Recycling
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
Executive Summary
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.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
The key factors such as industrialization, urbanization, 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. In addition, the utilization of waste oil has been increased in various industry sectors such as automotive, energy and power, manufacturing plants, and others. With 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
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. However, market has improved with the gradual lifting of lockdown since mid of 2021, with opening of market there is increase in demand for industrial products and vehicles will drive the growth of the market.
The Waste Oil market is segmented into type, application, technology, and region. By type, it is fragmented into transmission oil, engine oil, and lubricants. In terms of application, it is bifurcated into waste oil boilers and re-refiners. By technology, it is segmented into vacuum distillation process, distillation hydrogen treatment, and thin- film evaporation. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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
Key Findings of the Study
- 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.
- 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.
- 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%.
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.
- Furthermore, halt in construction of new electric utility infrastructures, automotive, and other industrial plants, due to lack of workers and increase in demand-supply gaps, hampered the waste oil market growth in the pandemic period. Thus, all these factors collectively resulted in sluggish growth of the global waste oil industry. However, all activities have resumed normally and COVID cases have started gradually declining in 2021 due to the vaccination drive, which led to increased operations of various industries across the globe. Moreover, the global supply chain has significantly recovered.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the waste oil market analysis from 2021 to 2031 to identify the prevailing waste oil market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the waste oil market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global waste oil market trends, key players, market segments, application areas, and market growth strategies.
Companies Mentioned
- Alexandria Petroleum Co
- Enfields Chemicals Cc
- Enva
- Falzon Group
- Gecco
- Goins Waste Oil Company Inc
- J.J. Richards & Sons Pty Ltd
- Oil Salvage Ltd
- Safety-Kleen Systems, Inc
- Sliker Recycling
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 277 |
Published | June 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 45 billion |
Forecasted Market Value ( USD | $ 70.6 billion |
Compound Annual Growth Rate | 4.6% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |