Global Waste Oil Market-Industry Analysis and Forecast (2020-2027)- By Type, Technology, Application, and Region.
The global waste oil market was valued at US$ XX Bn and is expected to reach XX Bn by 2027, at a CAGR of X.25% during the forecast period.
Waste oil is oil from industrial and non-industrial sources which has been used for lubricating or other purposes and has become unsuitable for its original purpose due to the presence of contaminants or impurities or the loss of original properties (e.g. lubricating oils, hydraulic fluids, metalworking fluids, electrical (dielectric) or heat transfer fluid, insulating fluid).
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
The various sector contributing to the market growth includes automotive, industry, aviation, and marine and is showing a positive impact on the market demand. From the automotive sector, waste oil is used as engine oil, brake fluids, petrol, diesel and many more as technological advancement and high demand from the population for the automotive product will simultaneously boost the market demand. Development and high sales rate of automobiles will demand a huge amount of lubricant in the future and will boost the waste oil market growth during the forecast period.
Macroeconomic factors such as a rise in the GDP in Europe, the gradual recovery of the industrial sector in the region, and an increase in the energy demand of the rising population across the world are expected to drive the global waste oil market in the near future. Advancement in the equipment for the treatment of waste oil in the developing economies will contribute to the market growth in the near future.
Furthermore, the contaminants in waste oils have adverse impacts on both human health and the environment and are expected to hamper the market growth. Additionally, economic recession across the globe will hinder the market growth in the long run.
Waste Oil Market Segment analysis:
By application segment, the re-refiners sub-segment is expected to dominate the overall waste oil market during the forecast years. Waste oil is utilized in the automotive and industrial sectors for re-refining applications. The upsurge in investments in automotive activities owing to rapid industrialization and urbanization thrust the demand for waste oil. Once waste oil is used, it can be collected, recycled, and re-used. The collection efficiency of used oil has increased from X.6% in 2015 to X.7% in 2019. In Italy, a re-refined product pays 50% of the excise duty applied to virgin lubricant. This tax advantage is granted only if the used oils for re-refining are collected in Italy. Furthermore, the rise in awareness about the new technology and trends amongst the population is attracting the vendors to invest in it which is generating various opportunities for the waste oil market to grow soon. Virtually, the global re-refiners market is estimated to reach XX Bn with a projected CAGR of XX% during the forecast period.
Waste Oil Market Regional Analysis:
Regionally, the Asia Pacific is expected to dominate the waste oil market with an expected CAGR of XX % during the forecast period. Developing industry, technology, automotive sector, garages/repair shops, engineering industries, and great facilities of transportation, in the Asia Pacific especially in India, China, South Korea, and Thailand is boosting the market growth. In 2019 market size was valued US$ XX Bn while in the U.S, the market size was valued XX Bn and expected to increase by US$ XX Bn in the coming years. In the year 2019, approximately 40% of the market is acquired by the Asia Pacific region and expected to show consistency in the future.
North America region stood up on the second number after the Asia Pacific due to the widespread use of automobiles compared to other regions. North America accounts for nearly 22% of the total worldwide demand and its per capita lube oil demands far exceed other regions and is projected to show constant growth in the coming year.
The objective of the report is to present a comprehensive analysis of the Global Waste Oil Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Waste Oil Market dynamics, structure by analysing the market segments and project the Global Waste Oil Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Waste Oil Market make the report investor’s guide.
Scope of Waste Oil Market
Global Waste Oil Market, By Type
• Refrigeration & Compressor Oils
• Metalworking Fluids & Oil
• Transmission Oils
• Engine Oils
Global Waste Oil market, By Technology
• Distillation Hydrogen Treatment
• Vacuum Distillation Process
• Thin-film Evaporation
Global Waste Oil market, By Application
• Special Space Heaters
• Waste Oil Boilers
• Asphalt Plants
• Steel Mills
Global Waste Oil Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Waste Oil Market,
• J.J. Richards and Sons Pty Ltd
• Goins Waste Oil Company Inc
• Enva (Rilta Environmental Ltd)
• All Waste Matters Ltd
• Alexandria Petroleum Company
• Enfields Chemicals CC
• Solway Recycling Ltd
• Business Waste
• Oil Salvage Ltd
• Slicker Recycling
• Oil Monster
• MIB Waste Services
• Falzon Group
• Gecco Fuels
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Name: Vikas Godage
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