With a CAGR of 4.5%, the waste oil recycling market will reach $ 69.56 billion by 2030 – Growth Trends, Regional [USA, UK, Thailand, India] Analysis, competitive analysis and technological advances

Skillful market research

Geographically, the APAC region will take the lion’s share of the waste oil recycling market. The waste oil industry could see major expansion forecasts as recycling capacities improve around the world

Dallas, Texas, September 15, 2022 (GLOBE NEWSWIRE) – The global Waste oil recycling market is expected to reach nearly 69.56 billion by 2030 with an annualized growth rate of 4.5% over the forecast period 2022-2030.

Waste oils fall into the category of hazardous waste, which require special management strategies due to their pollutant content and high degree of impurities. Above all, the by-products have significant economic value. Therefore, many recycling technologies have been introduced to manage this type of waste. Different types of waste oil recycling techniques are used globally. Given the increase in demand for products and services, it causes an increase in environmental pollution. In addition, the increase in population and the number of vehicles has increased the amount of waste oils. This has increased the need for quick and efficient solutions to environmental problems. This has improved reliance on constant monitoring and special management strategies for waste oil recycling, leading the global waste oil recycling market.

The need for proper waste oil management has led to the development of the global waste oil recycling market. Furthermore, trends such as different initiatives taken for sustainability, emerging environmentally friendly technologies are driving the oil recycling market.

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Scope of the global waste oil recycling market

Metric

Details

Study period

2019-2030

Market size in 2030

69.56 billion dollars

Covered segment

By type, by application, by region,

By type covered

Fuel oil, lubricating oil, hydraulic oil, transformer oil, cooking oil, others

for indoor application

Automotive, Industrial, Catering, Other

Regions covered

North America, Europe, Asia Pacific, the Middle East and Africa and South America

Key profiled players

NexLube, DIRK Phoenix Pvt Ltd, Oil Re-Refining Company, Inc., Sequoia Global Inc., IFP Petro Products (P) Ltd., Safety-Kleen, Auto Blue Oils, TL, Pesco Beam Environmental Solutions Pvt Ltd., World Oil Corp, Alrfeq and among others

The growing demand for crude oil, the growing demand for recycled petroleum products, growth in industrialization, urbanization and the growing demand for energy are driving the global waste oil recycling market.

Recycled waste oil is insoluble, persistent and mainly contains toxic elements which, when mixed in the air, cause environmental pollution. In addition, recycled waste oil slowly degrades, sticks to everything and acts as a major source of contamination of waterways. It can cause significant pollution in drinking water sources. Therefore, waste oil recycling becomes a challenge by hindering the global waste oil recycling market.

The global waste oil recycling market is classified into acid / clay treatment, vacuum distillation and dehydration process, vacuum distillation and clay treatment process, solvent extraction technology, membrane technology, pyrolysis by heating to microwaves and treatment with bentonite based on the type of waste oil recycling methods. Among them, the acid treatment methodology is the most popular process. This process is defined as more efficient, it increases the amount of recycled oil and optimizes the ratio between production and consumption of waste.

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Globally, the state of recycling and treatment of waste oils in European and American countries is very advanced. Therefore, Europe, North America and South America account for the largest market share in the global waste oil recycling market. Key factors such as enhanced energy strategies, the presence of professional recycling companies, the presence of the largest oil recycling facilities in the world, and special regulations for the collection, disposal and recycling of waste oils have led to the dominance of European and American countries in the world in oil recycling waste.

However, the waste oil recycling market is facing a serious crisis. The key forces are the increased volatility of prices, the increase in production costs, the increase in labor wages, the cost of inputs that have had an impact on the already vacillating market in the above-mentioned aspects. In addition, the covid-19 pandemic caused a sudden interruption of production, global logistics, rising transportation costs, shortage of containers and delayed processing hampered the market.

On the other hand, the loosening of blocking restrictions caused by covid-19, the reduction of the impact of the virus leading to the subsequent economic recovery, the restart of processing operations in automotive plants and other industrial plants, the companies of recycling of petroleum waste which regain confidence by increasing the reach of the market. It is creating a positive market environment and a trend towards waste oil recycling that is expected to represent a growth opportunity for the global waste oil recycling market.

At the same time, reduced pandemic-related lockdowns in major exporting countries, increased consumer confidence due to economic recovery and vaccine programmers show brighter prospects for the global waste oil recycling market.

Main points from the summary:

1. Introduction
2. Research methodology
3. Market prospects
4. Waste Oil Recycling Market by Type, 2022-2029 (USD Billion)
5. Waste Oil Recycling Market by Application, 2022-2029 (USD Billion)
6. Waste Oil Recycling Market by Region, 2022-2029 (USD Billion)
7. Competitive landscape
8. Company profile
9. Appendix

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