Insights Into The Waste Oil Market’s Growth Opportunities Through 2023-2032 – Includes Waste Oil Market Research
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The thriving automobile industry is likely to stimulate innovation in waste oil manufacturing, propelling the market throughout the forecast period.
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 global waste oil market size is expected to reach $72.55 billion in 2027 at a CAGR of 5.6%.
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Global Waste Oil Market Segments Include:
- By Type: Transmission Oils, Engine Oils, Refrigeration And Compressor Oils, Metalworking Fluids And Oils, Lubricants, Other Types
- By Technology: Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-Film Evaporation
- By Application: Waste Oil Boilers, Bio Diesel, Re-Refiners
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global waste oil market in 2021.
Major Market Players in the waste oil market include 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.
Product innovation is a crucial trend that is gaining traction in the waste oil market. To strengthen their market position, major waste oil companies are focusing on developing innovative products and services to recycle and re-refine waste oil. Recycling and re-refining can help to reduce the amount of waste oil disposed of in landfills while also conserving natural resources. For example, Averda, a Dubai-based waste management and recycling company, will offer a used cooking oil (UCO) service in the UAE in March 2022. By collecting 10 million litres of customer-contributed used cooking oil (UCO) from the hotel, catering and restaurant industries, this service aims to improve local garbage management and reduce carbon emissions from vehicle transportation.
The Waste Oil Global Market Report 2023 provides a waste oil market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The waste oil market forecast analyzes waste oil market size, waste oil market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Waste oil is any used or polluted oil that can no longer be used for its intended purpose. Waste oils are employed in many industrial and manufacturing operations, including lubrication, hydraulics, buoyancy, and heat transmission.
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