Waste Oil Global Market Report 2024

The waste oil market size has grown strongly in recent years. It will grow from $58.24 billion in 2023 to $62.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth witnessed in the historic period can be attributed to factors such as increased industrialization and manufacturing activities, expansion in the automotive industry, stringent environmental regulations promoting responsible waste management, growing emphasis on recycling initiatives, and the escalating demand for energy resources.

The waste oil market size is expected to see strong growth in the next few years. It will grow to $77.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the upcoming period can be attributed to the implementation of circular economy principles, heightened environmental consciousness, the exploration of alternative energy sources, advancements in recycling technologies, and the continual rise in industrial production. Key trends in the forecast period encompass the integration of digital solutions for efficient waste oil management, expanded applications of waste oil, emphasis on reducing carbon footprint, supportive government initiatives, and ongoing innovation in transforming waste oil into valuable resources through upcycling.

The anticipated growth in the waste oil market is attributed to the expanding automobile sector, contributing to increased demand. The automobile sector comprises companies involved in manufacturing motor vehicles with multiple wheels, designed to accommodate more than one individual and powered by internal combustion engines or electric power. Waste oil plays a vital role in producing lubricants and engine oils essential for vehicles within this sector, consequently driving its market demand. For instance, data from the US Department of Energy illustrates a significant surge of 76% in sales of hybrid-electric vehicles (HEVs) from 2020 to 2021. Additionally, statistics from the Bureau of Transportation Statistics indicate a notable increase in hybrid vehicle sales, rising from 455,067 in 2020 to 798,992 in 2021. Thus, the growth of the automobile sector acts as a significant driver for the waste oil market.

The surge in the manufacturing industry is anticipated to contribute to the waste oil market's growth trajectory. The manufacturing industry spans various sectors engaged in goods production, often utilizing machinery and processes that generate substantial volumes of waste oil, primarily through lubricants and oils usage. This industry significantly influences the waste oil market by producing sizable amounts of used lubricants and oils from machinery and equipment operations, necessitating proper disposal or recycling measures. For instance, data from the Office of National Statistics in the UK reveals a substantial increase in the total value of UK manufacturers' product sales, reaching £429.8 billion in 2022 - a 7% rise of £28.4 billion from £401.5 billion in 2021. Hence, the upsurge in the manufacturing sector plays a pivotal role in driving the waste oil market's growth.

The waste oil market is currently witnessing a significant trend centered around product innovation, with major companies in the sector concentrating on the development of innovative solutions for recycling and re-refining waste oil. These initiatives aim to bolster the companies' positions in the market while addressing environmental concerns and promoting sustainability. Recycling and re-refining processes not only reduce the amount of waste oil ending up in landfills but also contribute to the conservation of natural resources. For example, Averda, a Dubai-based waste management and recycling company, took a step towards innovation in March 2022 by launching a used cooking oil (UCO) service in the UAE. This service focuses on improving local waste management and lowering carbon emissions from vehicle transportation. Averda plans to collect 10 million liters of customer-contributed used cooking oil from the hotel, catering, and restaurant sectors, emphasizing the importance of recycling in waste oil management.

Product innovation in the waste oil market also extends to comprehensive oil management services that streamline recycling processes and offer sustainable solutions for waste oil disposal and reutilization. Shell, a UK-based oil company, exemplifies this trend by launching a used oil management service initiative in June 2022 in India. This initiative aims to organize the country's waste oil disposal system, increase re-refining rates, and align with circular economy goals. Recognizing spent oil disposal as a significant obstacle to industrial circularity, the service seeks to establish a formal structure for a sustainable ecosystem.

In November 2022, Shell Eastern Petroleum (Pte), a Singapore-based petroleum products company, made a strategic move by acquiring EcoOils Limited (EcoOils), a Singapore-based waste oil recycling firm, for an undisclosed amount. This acquisition positions Shell to expand and strengthen its production of sustainable low-carbon fuels for transport, including sustainable aviation fuel, further emphasizing the importance of waste oil recycling in the broader context of sustainable energy solutions.

Major companies operating in the waste oil market report are Alexandria Petroleum Co., All Waste Matters Ltd., Enfields Chemicals CC, Enva, J.J. Richards and Sons Pty Ltd., Goins Waste Oil Company Inc., MIB Waste Services, Solway Recycling Limited, Slicker Recycling Limited, Safety-Kleen Systems Inc., EWOR GmbH, Falzon Group, Oil Salvage Ltd., Valgrove Ltd., The Omnia Group Inc., Oil Monster, Business Waste, Gecco Fuels, Silver Recycling, Alliance To End Plastic Waste, Neste Oyj, Clean Harbors Inc., Heritage-Crystal Clean Inc., Vertex Energy Inc., GFL Environmental Inc., Terrapure Environmental Ltd., Avista Oil AG, HCC Energy GmbH, RILTA Environmental Ltd., Green Oil Plantations Ltd., Waste Oil Management, Waste Oil Solutions LLC, Waste Oil Recyclers Inc., Oil Recovery Corp.

Asia-Pacific was the largest region in the waste oil market in 2023. The regions covered in the waste oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the waste oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Different categories of waste oil include transmission oils, engine oils, refrigeration and compressor oils, metalworking fluids and oils, lubricants, among others. Transmission oil facilitates the transfer of speed and torque from a power source (such as an engine) to another device (such as wheels) through gears and gear trains. Technologies such as vacuum distillation, distillation hydrogen treatment, and thin-film evaporation are employed in processes such as waste oil boilers, bio diesel, and re-refiners for various applications.

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.

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.


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