Waste Oil Market to Reach $70.6 Billion, Globally, by 2031 at 4.7% CAGR: Allied Market Research

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Jul 18, 2022, 09:20 ET

Increase in use of waste oil in automotive and industrial sectors, growth in industrialization, and rise in the demand for energy across the globe drive the growth of the global waste oil market.

PORTLAND, Ore., July 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Waste Oil Market By Type (Transmission oil, Engine Oil, Lubricants), By Application (Waste Oil Boilers, Bio Diesel, Re Refiners), By Technology (Vaccum Distillation Process, Distillation Hydrogen Treatment, Thin-Film Evaporation): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global waste oil industry generated $45.0 billion in 2021, and is anticipated to generate $70.6 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.

Prime determinants of growth

Increase in use of waste oil in automotive and industrial sectors, growth in industrialization, and rise in the demand for energy across the globe drive the growth of the global waste oil market. Moreover, development in waste oil technologies and continuous support from government present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the global waste oil market, owing to implementation of the global lockdown.
Halt in the construction of new electric utility infrastructures, automotive, and other industrial plants, due to lack of workers and increase in demand-supply gaps, hampered the market growth during the pandemic period.
Nevertheless, the market has already started to recover, and is expected to get back on track soon.

The lubricants segment to maintain its leadership status throughout the forecast period

Based on type, the lubricants segment held the highest market share in 2021, accounting for more than half of the global waste oil market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.4% from 2022 to 2031. Rise in demand in automotive and industrial sectors may act as the major driving factor for the lubricants. Other segments mentioned in the report include engine oil and transmission oil.

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The re-refiners segment to maintain its lead position during the forecast period

Based on application, the re-refiners segment accounted for the largest share in 2021, contributing to around three-fifths of the global waste oil market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.9% from 2022 to 2031. Re-refining economic operating margins will improve as the quality of both used and re-refined oil improves. This upward trend will continue to encourage re-refiners to seek out the highest-quality feedstock and deliver the highest-quality product to the market. Other segments analyzed in the report include waste oil boilers and bio diesel.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for around two-fifths of the global waste oil market. Moreover, the same region is expected to witness the fastest CAGR of 5.6% from 2022 to 2031. This is attributed to rise in awareness about energy efficiency and renewable fuel generation technology. Other segments mentioned in the report include North America, Europe, and LAMEA.

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Leading Market Players: -

Alexandria Petroleum Co
Enfields Chemicals CC
Enva
Falzon Group
Gecco
Goins Waste Oil company inc
J.J. Richards & Sons Pty Ltd
Oil Salvage Ltd
Safety-Kleen Systems, Inc
Sliker Recycling

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