Press release
Waste Oil Market to Surpass $81.37 Billion by 2029 | Key Trends & Insights
Waste Oil Market Size
How Will the Waste Oil Market Grow by 2025 in Terms of Size and Growth?
The growth of the waste oil market has been consistent over the recent years. It is projected to increase from $61.61 billion in 2024 to $64.4 billion in 2025, revealing a compound annual growth rate (CAGR) of 4.5%. The growth experienced during the historical period is linked to factors such as industrial and manufacturing development, expansion of the automotive industry, enactment of environmental laws, recycling undertakings, and an upswing in energy demand.
What Are the Estimated Growth Rates for the Waste Oil Industry Through 2029?
The market for waste oil is predicted to significantly expand in the coming years, rising to $81.37 billion in 2029 with a 6.0% compound annual growth rate. This growth within the prediction period can be credited to the adoption of circular economy strategies, enhanced environmental consciousness, the emergence of alternative energy sources, advancements in recycling technology, and boosted industrial productivity. Key trends for the prediction period involve the incorporation of digital solutions into waste oil management, broadening the uses of waste oil, emphasizing the reduction of carbon footprints, legislative initiatives and regulation support, and innovation in waste oil repurposing.
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What Are the Strategic Drivers Boosting Waste Oil Market Performance?
The anticipated expansion of the waste oil market is being driven by the flourishing automobile industry. The industry is characterized by companies involved in the production of motor vehicles with two or more wheels, the ability to seat more than one person, and powered by either an internal combustion engine or electricity. There is a heavy reliance on waste oil for the creation of lubricants and engine oils for these vehicles, thereby fueling its demand. As per data from the International Energy Agency (IEA), there was a significant rise of 35% in global electric vehicle (EV) sales to 14 million in 2023, from the previous year. This indicates a shift in the automotive sector towards electrification, with electric vehicles now representing 18% of total vehicle sales. Hence, the automobile sector's growth plays a crucial role in propelling the waste oil market.
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What Are the 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
What Are the Key Adoption Trends in the Waste Oil Market?
Product innovation has emerged as an increasing trend in the waste oil market. The primary companies in this field are concentrating on creating novel products and services for the recycling and re-refining of waste oil to reinforce their market standing. Such recycling and re-refining practices offer the potential to curb the volume of waste oil sent to landfills and conserve natural resources. For example, Averda, a waste management and recycling firm from Dubai, initiated a used cooking oil (UCO) service in the UAE in March 2022. Aimed to improve local garbage management and reduce vehicle transportation's carbon emissions, this service plans to gather 10 million liters of used cooking oil (UCO) contributed by customers from the hotel, catering, and restaurant sectors.
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Which Companies Lead the Competitive Landscape of the Waste Oil Industry?
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
Where Are the Key Waste Oil Market Opportunities by Region?
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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Americas +1 310-496-7795,
Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email: saumyas@tbrc.info
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