Waste Oil Market to Grow with a CAGR of 4.55% Globally through 2029
Surge in research and development activities is expected to drive the Global
Waste Oil Market growth in the forecast period, 2025-2029
According to TechSci Research report, “Waste Oil Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Waste Oil Market stood at USD44.35 billion
in 2023 and is anticipated to grow with a CAGR of 4.55% in the forecast period,
2025-2029. The initiatives taken by government based on waste oil has led to
favourable market conditions for the Global Waste Oil Market. Several factors
contribute to the growth of various waste oil market products.
Canada has been
a leader in waste oil management, with a comprehensive inventory of recycling
programs spanning across the country. The Used Oil Management Associations in
Canada coordinate and oversee the recycling efforts for used oil and antifreeze
materials, ensuring their proper disposal and environmental sustainability.
In the province
of Nova Scotia, new regulations were implemented in 2020 to combat waste oil
and glycol-related products from ending up in landfills. These regulations have
effectively banned the disposal of these products, along with additional
electronics, in an effort to reduce environmental impact and encourage
responsible waste management practices.
Furthermore,
other provinces like Manitoba have established guidelines under the Waste
Reduction and Prevention Act to govern the approval and management of used oil
products. These guidelines ensure that the handling and disposal of used oil
are done in a manner that minimizes environmental risks and promotes waste
reduction initiatives.
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In an ongoing
and determined effort to minimize environmental impact and discover sustainable
solutions for waste management, research and development activities in the
waste oil sector have experienced a substantial surge. These endeavours are
primarily concentrated on enhancing the efficacy of waste oil collection,
treatment, and recycling processes, aiming to optimize resource utilization,
reduce pollution, and promote a greener future. Through continuous innovation
and exploration, the industry is striving to unlock new technologies and
methodologies that will revolutionize the way we handle and repurpose waste
oil, ultimately contributing to a more sustainable and eco-friendly society.
The Global Waste
Oil Market is segmented into type, technology, regional distribution, and company.
Based on its type, the lubricants segment held the
largest share in the market. The automotive, industry, aviation, and marine
sectors are among the various industries contributing significantly to the
market share. These sectors are experiencing high demand due to their crucial
roles in transportation, manufacturing, and global trade.
With the automotive sector driving innovation in
electric and autonomous vehicles, the industry is poised for further growth.
Similarly, the aviation and marine sectors are witnessing advancements in
technology, fuel efficiency, and sustainability, making them vital contributors
to the market. As these sectors continue to evolve and adapt to changing needs,
their market presence and influence are expected to expand even further.
Based on region, North America segment is expected to
grow during the forecast period.
Favourable conditions were created as a result of
market expansion and a significant increase in demand for re-refining. With the
growing awareness of environmental sustainability and the need for efficient
waste management, the re-refining industry has witnessed a surge in interest
and investment. This has led to the development of advanced technologies and
processes that not only ensure the effective recycling of used oils but also
contribute to the reduction of harmful emissions and the conservation of
valuable resources. The combination of market growth and the adoption of
innovative re-refining practices has paved the way for a more sustainable and
eco-friendly future.
Major companies operating in Global Waste Oil Market
are:
- Alexandria Petroleum Co.
- Enfields Chemicals CC
- Enva England Ltd
- Falzon group Of Companies
- Green Gecco GmbH & Co KG
- Goins Waste Oil company inc
- J.J. Richards & Sons Pty
Ltd
- Oil Salvage Ltd
- Safety-Kleen Systems, Inc
- Slicker Recycling Ltd
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“Businesses across diverse sectors are adopting
circular economy principles, prioritizing the reuse, recycling, and repurposing
of resources like waste oil. This shift has prompted greater investment in
infrastructure for collecting, processing, and refining waste oil.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Waste Oil Market By Type
(Transmission Oil, Engine Oil, Lubricants, Others), By Technology (Vacuum Distillation Process, Distillation Hydrogen Treatment, Thin- Film Evaporation,
Others), By Region, By
Competition Forecast & Opportunities, 2019-2029F”, has evaluated
the future growth potential of Global Waste Oil Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Waste Oil Market.
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