The U.S. Re-Refined Base Oil Market to Grow at a CAGR of 6.5% During 2022-2027. Increasing Re-Refining Capacity & Used Oil Collection in the US Driving the Market Growth - Arizton

According to Arizton latest research report, the U.S. re-refined base oil market to grow at a CAGR of 6.5%. Re-refined base stock products have become widely used throughout the US. One of the major sectors that consume these products on a larger scale is the automotive sector due to the increasing production of vehicles globally. Moreover, global economic growth has played a vital role with respect to the demand and consumption of this market.

The market for re-refined base oil in the US is relatively competitive. Demand is being driven by fast development in the infrastructure business, building activities, and the automobile industry. To maintain a strong market presence, vendors are being forced to adapt and rethink their unique value propositions. The US re-refined base oil market is set for new competitors due to the increasing demand for re-refined base oil, increasing government mandates, and other measures to encourage the use of re-refining base oil products.

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INCREASING RE-REFINING CAPACITY & USED OIL COLLECTION IN THE US
The increasing demand for high-quality base oil to preserve the depletion of crude oil reserves and increasing government regulations to limit the level of CO2 in the environment are some of the prime factors fueling the demand for the re-refining base stock, resulting in increased capacity of re-refined base stock. In US states such as California, Texas, Wisconsin, Pennsylvania, and Florida, industries that have group II re-refined base oil capacity are being added to meet the increasing demand for group II base oil. Also, major oil companies such as Valvoline and Avista have started to invest in the re-refining market and began production of re-refined group II & III base oil.

KEY INSIGHTS
• The rising regulatory mandates to encourage the collection and refinement of used oil through incentives, legislation, and penalties are driving the market growth. For instance, Texas has laid down stringent regulations on the re-refining of used oil under the guidance of the Environmental Protection Agency (EPA).
• Group II re-refined base oil is dominating the market due to its low content of sulfur and aromatics, effectiveness in meeting vehicle standards, increase in demand for lubricants with low volatility, and improved fuel economy.
• Hydrotreating process emerged as the largest technology in the US for processing waste base oil and going forward it is expected to grow at a CAGR of 6.40% during the forecast period in terms of value.
• Midwest dominated the US re-refined base oil market with a share of around 45.50% in terms of revenue in 2021. Following Midwest, South had the second-highest share whereas West had the third-largest share in terms of revenue in 2021.

MARKET SEGMENTATION
Group
• Group I
• Group II
• Group III
Technology
• Clay Treatment
• Vacuum Distillation
• Solvent Extraction
• Hydrotreating Process
• Others
Application
• Automotive Oil
• Industrial Oil
• Process Oil
• Metalworking Fluid
• Grease
• Others
Region
• South
• West
• Northeast
• Midwest

COMPETITIVE LANDSCAPE
The re-refined base oil market in the US is largely driven by the improving US economy and the strong presence of automotive industries. It is one of the consolidated markets across the verticals of base oil. The market has comparatively low entry barriers that push vendors to consider innovation and differentiation in terms of their client offerings. Vendors usually gain an edge over their competitors through differentiated offerings, ranging from updating the product feature to adopting a region-specific market expansion strategy.
Several players are also focusing on developing innovative products and investing in R&D initiatives to expand their product portfolios. Although established players dominate the market, there are tremendous growth opportunities for new entrants to target the developing end markets. The rapidly changing market scenario with the increasing emphasis on sustainability is expected to provide growth opportunities to vendors.

Key Vendors
• Heritage-Crystal Clean
• Safety-Kleen System
• Universal Environmental Services
• Universal Lubricants
• Vertex Energy
Other Prominent Vendors
• AGC Refining & Filtration
• Amalie Oil Company
• Combo Lube
• Evergreen Oil
• Emerald
• Hicks Oil
• Noble Oil Services
• Puraglobe
• Rock Oil Refining
• Recoil

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This release was published on openPR.