Press release
Waste Oil Market on Track for Strong Growth, Estimated to Grow at 6.3% CAGR Through 2029
Waste Oil Market
What Is the Expected CAGR for the Waste Oil Market Through 2025?
The waste oil market size has grown strongly in recent years. It will grow from $61.61 billion in 2024 to $65.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to industrialization and manufacturing, automotive industry growth, environmental regulations, recycling initiatives, rising energy demand.
What's the Projected Size of the Global Waste Oil Market by 2029?
The waste oil market size is expected to see strong growth in the next few years. It will grow to $83.47 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to circular economy practices, growing environmental awareness, alternative energy sources, advancements in recycling technologies, increased industrial output. Major trends in the forecast period include integration of digital solutions in waste oil management, diversification of waste oil applications, focus on carbon footprint reduction, government initiatives and regulatory support, innovation in waste oil upcycling.
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Top Growth Drivers in the Waste Oil Industry: What's Accelerating the Market?
The booming automobile sector is expected to propel the growth of the waste oil market in the coming future. Automobile sector refers to firms engaged in the manufacture of motor vehicles with two or more wheels, seating for more than one person, and powered by an internal combustion engine or electric power. Waste oil is extensively used to produce lubricants and engine oils for vehicles in the automobile sector, driving its demand. For instance, according to the International Energy Agency (IEA), global electric vehicle (EV) sales reached 14 million in 2023, marking a 35% increase from the previous year. This surge highlights the automotive industry's shift towards electrification, with electric vehicles now accounting for 18% of total vehicle sales. Therefore, growth in the automobile sector is driving the market.
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What Trends Will Shape the Waste Oil Market Through 2029 and Beyond?
Product innovation is the key trend gaining popularity in the waste oil market. Major companies operating in the waste oil market are focused on developing innovative products and services to recycle and re-refine the waste oil to strengthen their position in the market. Recycling and re-refining can help to reduce the amount of waste oil that is discarded in landfills and can also help to conserve natural resources. For instance, in March 2022, Averda, a Dubai-based waste management and recycling company, launched used cooking oil (UCO) service in UAE. This service is aimed to enhance local trash management and lower carbon emissions from vehicle transportation, by collecting 10 million liters of customer-contributed used cooking oil (UCO) from the hotel, catering, and restaurant sectors.
What Are the Main Segments in the Waste Oil Market?
The waste oil market covered in this report is segmented -
1) By Type: Transmission Oils, Engine Oils, Refrigeration And Compressor Oils, Metalworking Fluids And Oils, Lubricants, Other Types
2) By Technology: Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin-Film Evaporation
3) By Application: Waste Oil Boilers, Bio Diesel, Re-Refiners
Subsegments:
1) By Transmission Oils: Automatic Transmission Fluids, Manual Transmission Oils
2) By Engine Oils: Passenger Vehicle Engine Oils, Commercial Vehicle Engine Oils, Motorcycle Engine Oils
3) By Refrigeration And Compressor Oils: Refrigerant Oils, Compressor Lubricants
4) By Metalworking Fluids And Oils: Cutting Oils, Grinding Oils, Machining Fluids
5) By Lubricants: Greases, Hydraulic Fluids, General-Purpose Lubricants
6) By Other Types: Oil-Based Paints, Oil Filters, Miscellaneous Industrial Oils
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Which Top Companies are Driving Growth in the Waste Oil Market?
Major companies operating in the waste oil market include Alexandria Petroleum Co., All Waste Matters Ltd., Enfields Chemicals CC, Enva, J.J. Richards and Sons Pty Ltd., Goins Waste Oil Company Inc., MIB Waste Services, Solway Recycling Limited, Slicker Recycling Limited, Safety-Kleen Systems Inc., EWOR GmbH, Falzon Group, Oil Salvage Ltd., Valgrove Ltd., The Omnia Group Inc., Oil Monster, Business Waste, Gecco Fuels, Silver Recycling, Neste Oyj, Clean Harbors Inc., Heritage-Crystal Clean Inc., Vertex Energy Inc., GFL Environmental Inc., Terrapure Environmental Ltd., Avista Oil AG, HCC Energy GmbH, RILTA Environmental Ltd., Green Oil Plantations Ltd., Waste Oil Solutions LLC, Oil Recovery Corp
Which Regions Will Dominate the Waste Oil Market Through 2029?
Asia-Pacific was the largest region in the waste oil market in 2024. The regions covered in the waste oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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