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Waste Oil Market Estimated to Reach US$ 13,806.2 Mn by 2026

Waste Oil Market Estimated to Reach US$ 13,806.2 Mn by 2026

The need for sustainability in the oil and gas driven demand within the global waste oil market. The petroleum industry is making earnest efforts to optimize the use of waste oils, and this is a key consideration from the perspective of market growth. Synthetic oils have gathered popularity across several end-use applications. Besides, use of synthetic oils in chemical research has given a thrust to the growth of the global waste oil market. Despite being contaminated with impurities, waste oil still possesses integral chemical properties. Furthermore, several techniques for recycling and disposing waste oil have been developed in recent times. It is legit to expect that the global waste oil market would accumulate voluminous revenues in the years to come.

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Transparency Market Research (TMR), in its report, predicts that the global waste oil market would grow at a CAGR of over 6% over the period between 2018 and 2026. Furthermore, the total value of the global waste oil market is slated to touch US$13,806.2 Mn by 2026-end, rising from a value of US$3,535.3mn in 2017. The growth of the waste oil market can be attributed to key improvements in the energy sector, and sophistication of the oil and gas industry.

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Advancements in the Energy Sector

Growing concerns of the energy sector with regard to waste disposal and sustainability has ushered an era of growth within the global waste oil market. New methods for disposal of waste oil have come to the fore in recent times. Therefore, the waste oil market is expected to witness favourable growth in the years to follow. Use of waste oil as burning fuel has emerged as a prominent trend across multiple regions. However, end-users of waste oil need to be wary of the hazards of using these oils. Advancements in waste incineration processes have also created key opportunities within the global waste oil market.

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Heating Applications of Waste Oil

Use of boilers and oil furnaces for storing waste oil has become a key area of exploration for several end-use industries. As these industries come to terms with handling waste oil, the global market shall see increase in the overall revenues. Use of waste-oil boilers for heating, majorly in the industrial sector, has gathered the attention of the market players. Regional regulations pertaining to the growth of the global waste oil market have affected market growth. However, industrial units are following strict guidelines for handling waste oil, and this has given a mark assurance of inspection authorities. Quick approvals for the use of waste oil has played a part in driving sales across the global market.

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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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About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

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