Global Waste Oil Market Observe Substantial Growth By 2018-2026 | TMR

Waste Oil Market – Snapshot

‘Waste oil’ is a term for oil that has been contaminated with substances that may or may not be hazardous. Waste oil is considered a valuable resource. Sustainable use and recycling of waste oil in times of high crude oil prices all over the globe propels the need to generate waste oil. Large quantities of waste oil can be transported by pumping through pipelines, often to locations that may not be easily accessible. This type of transportation is carried out when large quantities of waste oil are required for re-refining and recycling. Waste oil has been utilized for the last more than 50 years.

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Rise in industrialization propelling the demand for waste oil

Macroeconomic factors such as rise in the GDP in Europe, gradual recovery of the industrial sector in the region, and 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. Developing economies offer significant growth opportunities to the market, as penetration of equipment with advanced technologies is less in these countries. In 2017, the automotive sector witnessed a rebound, due to the rising energy demand of the growing population, particularly in developed economies. This can be attributed to robust economic growth in Asia Pacific and Europe. In North America, market expansion and increase in the demand for re-refining created favorable conditions last year. These are expected to continue during the forecast period.

Economic recession and political instability across the globe are likely to delay or discontinue infrastructure development activities for waste oil in the next few years. Increase in industrialization and rise in the demand for energy in most regions across the globe are estimated to boost the global waste oil market in the near future. Governing bodies impose fines and take stringent action against industries on violation of the Clean Environment Act. High installation cost of waste oil plants is likely to restrain adoption of waste oil by small industries with low capital investment.

The re-refining segment to dominate the waste oil market

Waste oil is utilized in automotive and industrial sectors for re-refining applications. Rise in investments in automotive activities led by rapid industrialization and urbanization propel the demand for waste oil. Once waste oil is used, it can be collected, recycled, and re-used.

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Highly competitive market with a few dominant players

The global waste oil market is highly competitive. Leading players dominate the market. Key players operating in the market are Alexandria Petroleum Company, Enfields Chemicals CC, Falzon Group, Gecco Fuels, GOINS Waste Oil Company, MIB Waste Services, Oil Salvage Ltd, and Omnia Group.

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