Waste Oil Market projected to rise up to US$13,806.2mn by the end of 2026

The global waste to fuel market is highly competitive and fragmented. There are several players in the market, however, leading players rule the global waste oil market. These players are investing on research and development to gain over the competitive edge in the global waste oil market.

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The manufacturers in the waste oil market are expected to enter into collaborations with the latest technology developers to gain foothold in the competitive global waste oil market. The leading players in the global waste oil market oil include Enfield Chemicals CC, Gecco Fuels, Falzon Group, MIB Waste Services, and Omnia Group.

Developing economies to boost the market growth in the global waste oil market due to rapid industrialization. The global waste oil market is projected to grow above 6% CAGR during the forecast period 2018 to 2026. The global waste oil market was estimated at US$3,535.3mn in 2017 and projected to rise up to US$13,806.2mn by the end of 2016.

On the basis of geography, the global waste oil market is likely to be ruled by the Asia Pacific region. China is expected to be provide boost to the global waste oil market expansion due to increasing demand re refining of oils. Additionally, importance to sustainability and environment is expected to drive the global waste oil market in Europe and North America.

The global wasted oil market is segmented into waste oil boilers, biodiesel, special space heaters, steel mills, re-refiners and asphalt plants. This segmentation is based on application type. However, the global waste oil market is expected to be dominated by re –refiners during the forecast period.

Automotive Sector to Encourage Global Waste oil Market

The global waste oil market is expected to witness a stellar growth in upcoming years due to increasing demand from automotive sector. Developed countries are expected to see a surge in automotive sector due rapid industrialization and increased GDP. Such factors are expected to drive the global waste oil market to broaden during the forecast period. Re- refining applications is used in the automotive sector, increasing demand for vehicles due rapid urbanization is expected to promote the waste oil market.

Rising demand for clean energy is projected to encourage the global waste oil market in the upcoming years. Government’s insistence and stringent regulations on clean energy is also be one of the factor playing in expanding the global waste oil market during the forecast period. New development in this area, a set limit for contamination in waste oil is expected to be another major factor to strengthen the global waste oil.

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Economic Recession to Restrain Global Waste Oil Market

Unfavorable political conditions and lack of funding are projected to hider the infrastructural activities in the global waste oil market. High cost associated with installation of waste oil plants can hamper the growth. Small players with low capital investment may not be able to gain entry into the global market due to such high cost. These factors are expected to hinder the growth in the global waste to oil market. Additionally, economic recession in developing economies is another restraining factor in the global waste oil market.

Despite the restraints, the global waste oil market is expected to grow because used oil can be collected and recycled. The National Oil Recyclers Association promotes safe recycling of used oil, acting as a catalyst in the expansion of the global waste association.

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