Waste Oil Market - Forecast(2023 - 2028)

Report Code: CMR 30573 Report Format: PDF + Excel

Waste Oil Market Overview

The Waste Oil Market size is forecast to reach US$96.4 billion by 2027 after growing at a CAGR of 5.4% during 2022-2027. Waste oil refers to any oil that is used or has been contaminated and can no longer perform its intended use. A wide variety of waste oils such as transmission oils, hydraulic oils, lubricating oils, and fuel oils are generated through various industrial and manufacturing processes. These waste oils are later collected and processed to produce lubricants such as engine oils, lubricating greases, and machine oils for automotive and industrial applications. The automotive sector is booming globally with increasing activities of high vehicle production and sales and this is expected to influence the growth of the market during the forecast period. For instance, according to the stats by European Automobile Manufacturers Association, passenger car registrations increased by 25.2% in the European region in the first half of 2021. Furthermore, the demand for re-refining application of waste oils is increasing in the market as re-refining restores used oil to new oil by eliminating heavy metals, dirt, and chemical impurities, reducing environmental hazards to a great extent. The growing demand for re-refining applications is projected to drive the market’s growth during the forecast period. For instance, as per the 2022 journal by Science Direct, re-refining of waste oil is a suitable option in conserving resources and creating a pollution-free environment. Vacuum distillation technology is projected to witness the highest demand during the forecast period. The strict regulations regarding waste oil management might hamper the market’s growth during the forecast period.

Waste Oil Market

COVID-19 Impact

The Waste Oil Market was deeply affected due to the COVID-19 pandemic. Challenges in the form of cross-border movement restriction and disruption in the supply chain hampered the business in the market. Market players implemented multiple measures to withstand the severity of the pandemic and maintain a standard business operation in the market. The market was further affected due to stagnant growth in automotive and oil refining activities globally. The market picked up growth towards the end of 2020. Going forward, the Waste Oil Market is projected to witness significant growth owing to the expansion of automotive and other industrial sectors globally.

Report Coverage

The report: Waste Oil Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Waste Oil Industry. 

By Type: Transmission Oils, Transformer Oils, Hydraulic Oils, Fuel Oils, Lubricating Oils (Viscosity Lubricants, Low Viscosity Lubricants, High Viscosity Lubricants), Metalworking Fluid Oils, Refrigerant Oils, Others
By Technology: Vacuum Distillation, Hydrogen Treatment, Thin Film Evaporation, Others
By End Use: Boiler, Road Oil, Biodiesel, Space Heater, Asphalt Plant, Re-Refiners, Steel Mills, Other
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

  • Vacuum distillation technology dominated the Waste Oil Market in 2021. This technology allows the treatment of a wide variety of waste oils cost-effectively, making it a suitable option in the market.
  • The automobile sector is influencing the growth of the Waste Oil Market. According to the 2021 report by European Automobile Manufacturers Association, registrations of passenger cars grew by 53.4% in the European region in May 2021 compared to the same month in 2020.
  • The Asia-Pacific region is expected to witness the highest demand for waste oil owing to the booming automobile sector in the region. For instance, as per the stats by the China Association of Automobile Manufacturers, the annual sales volume of Chinese new energy vehicles will reach 3 million units by 2025 which was 1.2 million units in 2019.

Figure: Asia Pacific Waste Oil Market Revenue, 2021-2027 (US$ Billion)

 Waste Oil Market Revenue

For More Details on This Report - Request for Sample

Waste Oil Market Segment Analysis - By Technology

Vacuum distillation technology dominated the Waste Oil Market in 2021. This technology allows the renewal of a wide range of waste oils into base oil with robust features of high recovery up to 85%, low cost, energy-saving, and environmentally friendly process. Owing to such a diverse portfolio, market players and research organizations are focused on the higher uses of vacuum distillation in the market. For instance, as per the April 2021 journal by the International Research Journal of Engineering and Technology (IRJET), refining of waste oil was conducted through multiple technologies out of which vacuum distillation was found out to be more effective. Such increasing use of vacuum distillation technology is expected to increase its demand in the market during the forecast period.

Waste Oil Market Segment Analysis - By End User

The re-refiners application segment dominated the Waste Oil Market in 2021 and is growing at a CAGR of 5.8% during the forecast period. The re-refining of waste oil in re-refiner plants helps in the removal of impurities and contaminants from the oil and to restore its original properties, making the oil ready for industrial use. The re-refined oil possesses a quality that is equivalent to or better than base oils. The demand for re-refining of waste oil is growing in the market as it supports both the atmosphere and the economy and this is expected to contribute to the market’s growth during the forecast period. For instance, as per the May 2020 journal by the International Journal of Engineering Research and Technology, re-refining of waste engine oil was carried out successfully through various steps such as dehydration and bleaching. The re-refining resulted in red transparent color base oil without the emission of any poisonous gas. Such increasing re-refining activities of waste oils in the re-refiners are projected to drive the market’s growth during the forecast period.

Waste Oil Market Segment Analysis - By Geography

The Asia-Pacific region held a significant market share in the Waste Oil Market in 2021, up to 32%. The high demand for waste oil is attributed to the booming automobile sector in the region. Different types of waste oils such as transmission oils, hydraulic oils, and fuel oils are generated through various industrial and manufacturing processes which are later collected and refined to obtain lubricants such as engine oils and lubricating greases for use in automobiles. The automobile sector in the region is booming with increasing production and sales of vehicles and this, in turn, is projected to increase the demand for waste oil in the region during the forecast period. For instance, as per the stats by the China Association of Automobile Manufacturers, Chinese commercial vehicles production reached 310000 units in September 2021, increasing 35.5% month on month. Similarly, the passenger vehicle segment recorded a growth of 28.39% as sales of passenger vehicles clocked 279,745 units in March 2021 compared to 2,17,879 units in March 2020. Such massive growth in the region’s automobile sector is expected to bolster the demand for waste oil during the forecast period.

Waste Oil Market Drivers

Increasing re-refining application will drive the market’s growth

Re-refining of waste oil is gaining traction in the market as it restores the original properties of the oil and helps in reducing the high degree of pollution. A wide variety of waste oil such as transmission oils, fuel oils, and hydraulic oils are collected and re-refined to remove the impurities from the waste oil and substitute it with new oil. The re-refining activities are increasing in the market and this is anticipated to drive the market’s growth during the forecast period. As per the 2020 journal by IOPscience, re-refining of waste lubricating oil was conducted through solvent extraction and clay adsorption technology to produce base oil and protect the environment from pollution. Such rising activities regarding waste oil re-refining and producing base oil for use in different industries are projected to contribute to the growth of the market during the forecast period.

Booming automobile sector will drive the market’s growth

The waste oil is extensively used to produce lubricants and engine oils for vehicles in the automobile sector. The automotive sector is expanding globally with increasing production and sales of vehicles and this is projected to influence the market’s growth during the forecast period. For instance, according to the stats by India Brand Equity Foundation, passenger cars led the Indian auto market in the FY20 with a market share of 12.9% of over 20.1 million vehicles. Similarly, according to the report by the European Automobile Manufacturers Association, registrations in the passenger car segment surged in June 2021, with Germany witnessing maximum demand in the passenger car segment with a 24.5% surge. Such a massive boost in the automotive sector globally is anticipated to augment the higher use of waste oil, driving the growth of the market during the forecast period.

Waste Oil Market Challenges

The strict regulations regarding waste oil management might hamper the market’s growth

Waste oils are hazardous waste whose management is strictly regulated by various governing bodies and this might hamper the market’s growth during the forecast period. The disposal of waste oil in landfills is closely monitored to avoid polluting the environment. As per the data by the European Commission, implements rules to ensure the correct management of waste oils to take advantage of its high recovery potential and void contaminating the environment. Such regulations regarding waste oil management might affect the market’s growth during the forecast period.

Waste Oil Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Global Waste Oil top 10 companies include:

1. Goins Waste Oil Co
2. Enfields Chemicals
3. Oil Savage Ltd
4. MIB Waste Services
5. Gecco
6. Safety-Kleen Systems, Inc.
7. Business Waste
8. Slicker Recycling Ltd
9. Oil Monster
10. J.J. Richards & Sons Pty Ltd

Recent Development

  • In July 2021, Safety-Kleen’s parent company Clean Harbors signed an agreement with Vertex Energy, Inc., a US-based specialty refiner company, to acquire certain assets regarding its used motor oil collection and re-refinery business.
  • In April 2020, Oil Monster added two new tankers to its waste oil collection portfolio. This move allowed the company to strengthen its waste oil collection system.
  • In May 2019, Gecco announced the installation of its new plant for transforming edible oils into biodiesel through an innovative process.

Relevant Reports

Oil Water Separator Market - Forecast 2021 – 2026

Report Code: AIR 0427

Oilfield Scale Inhibitor Market - Forecast(2022 - 2027)

Report Code: CMR 0736

Oilfield Drilling Fluid Additives Market - Forecast(2022 - 2027)

Report Code: CMR 0036

For more Chemicals and Materials Market reports, please click here

1. Waste Oil Market- Market Overview
    1.1 Definitions and Scope
2. Waste Oil Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Technology
    2.3 Key Trends by End Use
    2.4 Key Trends by Geography
3. Waste Oil Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Waste Oil Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Waste Oil Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Waste Oil Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Waste Oil Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Waste Oil Market Segment Analysis – By Type (Market Size -US$ Million, Billion)
    8.1 Transmission Oils
    8.2 Transformer Oils
    8.3 Hydraulic Oils
    8.4 Fuel Oils
    8.5 Lubricating Oils
        8.5.1 Viscosity Lubricants
        8.5.2 Low Viscosity Lubricants
        8.5.3 High Viscosity Lubricants
    8.6 Metalworking Fluid Oils
    8.7 Refrigerant Oils
    8.8 Others
9. Waste Oil Market Segment Analysis – By Technology (Market Size -US$ Million, Billion)
    9.1 Vacuum Distillation
    9.2 Hydrogen Treatment
    9.3 Thin Film Evaporation
    9.4 Others
10. Waste Oil Market Segment Analysis – By End Use (Market Size -US$ Million, Billion)
    10.1 Boiler
    10.2 Road Oil
    10.3 Biodiesel
    10.4 Space Heater
    10.5 Asphalt Plant
    10.6 Re-Refiners
    10.7 Steel Mills
    10.8 Others
11. Waste Oil Market Segment Analysis - By Geography (Market Size -US$ Million / Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Waste Oil Market-Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Waste Oil Market- Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix- Major Companies
    13.2 Market Share at Global Level- Major companies
    13.3 Market Share by Key Region- Major companies
    13.4 Market Share by Key Country- Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category- Major companies
14. Waste Oil Market- Key Company List by Country Premium Premium 
15. Waste Oil Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies*"

LIST OF TABLES

1.Global Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
2.Global Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
3.Global Competition Landscape Market 2019-2024 ($M)
3.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Global Industry Research
3.2 Omnia Group Market 2019-2024 ($M) - Global Industry Research
3.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Global Industry Research
3.4 Gecco Fuels Market 2019-2024 ($M) - Global Industry Research
3.5 MIB Waste Services Market 2019-2024 ($M) - Global Industry Research
3.6 Oil Salvage Ltd Market 2019-2024 ($M) - Global Industry Research
3.7 EWOR Market 2019-2024 ($M) - Global Industry Research
3.8 RILTA Environmental Market 2019-2024 ($M) - Global Industry Research
3.9 Enfields Chemicals CC Market 2019-2024 ($M) - Global Industry Research
3.10 Falzon Group Market 2019-2024 ($M) - Global Industry Research
4.Global Waste Oil Market Analysis, by Type Market 2019-2024 (Volume/Units)
5.Global Waste Oil Market Analysis, by Technology Market 2019-2024 (Volume/Units)
6.Global Competition Landscape Market 2019-2024 (Volume/Units)
6.1 Alexandria Petroleum Company Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Omnia Group Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 GOINS Waste OIL Company, Inc. Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Gecco Fuels Market 2019-2024 (Volume/Units) - Global Industry Research
6.5 MIB Waste Services Market 2019-2024 (Volume/Units) - Global Industry Research
6.6 Oil Salvage Ltd Market 2019-2024 (Volume/Units) - Global Industry Research
6.7 EWOR Market 2019-2024 (Volume/Units) - Global Industry Research
6.8 RILTA Environmental Market 2019-2024 (Volume/Units) - Global Industry Research
6.9 Enfields Chemicals CC Market 2019-2024 (Volume/Units) - Global Industry Research
6.10 Falzon Group Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
8.North America Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
9.North America Competition Landscape Market 2019-2024 ($M)
9.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Regional Industry Research
9.2 Omnia Group Market 2019-2024 ($M) - Regional Industry Research
9.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Regional Industry Research
9.4 Gecco Fuels Market 2019-2024 ($M) - Regional Industry Research
9.5 MIB Waste Services Market 2019-2024 ($M) - Regional Industry Research
9.6 Oil Salvage Ltd Market 2019-2024 ($M) - Regional Industry Research
9.7 EWOR Market 2019-2024 ($M) - Regional Industry Research
9.8 RILTA Environmental Market 2019-2024 ($M) - Regional Industry Research
9.9 Enfields Chemicals CC Market 2019-2024 ($M) - Regional Industry Research
9.10 Falzon Group Market 2019-2024 ($M) - Regional Industry Research
10.South America Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
11.South America Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
12.South America Competition Landscape Market 2019-2024 ($M)
12.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Regional Industry Research
12.2 Omnia Group Market 2019-2024 ($M) - Regional Industry Research
12.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Regional Industry Research
12.4 Gecco Fuels Market 2019-2024 ($M) - Regional Industry Research
12.5 MIB Waste Services Market 2019-2024 ($M) - Regional Industry Research
12.6 Oil Salvage Ltd Market 2019-2024 ($M) - Regional Industry Research
12.7 EWOR Market 2019-2024 ($M) - Regional Industry Research
12.8 RILTA Environmental Market 2019-2024 ($M) - Regional Industry Research
12.9 Enfields Chemicals CC Market 2019-2024 ($M) - Regional Industry Research
12.10 Falzon Group Market 2019-2024 ($M) - Regional Industry Research
13.Europe Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
14.Europe Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
15.Europe Competition Landscape Market 2019-2024 ($M)
15.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Regional Industry Research
15.2 Omnia Group Market 2019-2024 ($M) - Regional Industry Research
15.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Regional Industry Research
15.4 Gecco Fuels Market 2019-2024 ($M) - Regional Industry Research
15.5 MIB Waste Services Market 2019-2024 ($M) - Regional Industry Research
15.6 Oil Salvage Ltd Market 2019-2024 ($M) - Regional Industry Research
15.7 EWOR Market 2019-2024 ($M) - Regional Industry Research
15.8 RILTA Environmental Market 2019-2024 ($M) - Regional Industry Research
15.9 Enfields Chemicals CC Market 2019-2024 ($M) - Regional Industry Research
15.10 Falzon Group Market 2019-2024 ($M) - Regional Industry Research
16.APAC Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
17.APAC Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
18.APAC Competition Landscape Market 2019-2024 ($M)
18.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Regional Industry Research
18.2 Omnia Group Market 2019-2024 ($M) - Regional Industry Research
18.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Regional Industry Research
18.4 Gecco Fuels Market 2019-2024 ($M) - Regional Industry Research
18.5 MIB Waste Services Market 2019-2024 ($M) - Regional Industry Research
18.6 Oil Salvage Ltd Market 2019-2024 ($M) - Regional Industry Research
18.7 EWOR Market 2019-2024 ($M) - Regional Industry Research
18.8 RILTA Environmental Market 2019-2024 ($M) - Regional Industry Research
18.9 Enfields Chemicals CC Market 2019-2024 ($M) - Regional Industry Research
18.10 Falzon Group Market 2019-2024 ($M) - Regional Industry Research
19.MENA Waste Oil Market Analysis, by Type Market 2019-2024 ($M)
20.MENA Waste Oil Market Analysis, by Technology Market 2019-2024 ($M)
21.MENA Competition Landscape Market 2019-2024 ($M)
21.1 Alexandria Petroleum Company Market 2019-2024 ($M) - Regional Industry Research
21.2 Omnia Group Market 2019-2024 ($M) - Regional Industry Research
21.3 GOINS Waste OIL Company, Inc. Market 2019-2024 ($M) - Regional Industry Research
21.4 Gecco Fuels Market 2019-2024 ($M) - Regional Industry Research
21.5 MIB Waste Services Market 2019-2024 ($M) - Regional Industry Research
21.6 Oil Salvage Ltd Market 2019-2024 ($M) - Regional Industry Research
21.7 EWOR Market 2019-2024 ($M) - Regional Industry Research
21.8 RILTA Environmental Market 2019-2024 ($M) - Regional Industry Research
21.9 Enfields Chemicals CC Market 2019-2024 ($M) - Regional Industry Research
21.10 Falzon Group Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Waste Oil Market Revenue, 2019-2024 ($M)
2.Canada Waste Oil Market Revenue, 2019-2024 ($M)
3.Mexico Waste Oil Market Revenue, 2019-2024 ($M)
4.Brazil Waste Oil Market Revenue, 2019-2024 ($M)
5.Argentina Waste Oil Market Revenue, 2019-2024 ($M)
6.Peru Waste Oil Market Revenue, 2019-2024 ($M)
7.Colombia Waste Oil Market Revenue, 2019-2024 ($M)
8.Chile Waste Oil Market Revenue, 2019-2024 ($M)
9.Rest of South America Waste Oil Market Revenue, 2019-2024 ($M)
10.UK Waste Oil Market Revenue, 2019-2024 ($M)
11.Germany Waste Oil Market Revenue, 2019-2024 ($M)
12.France Waste Oil Market Revenue, 2019-2024 ($M)
13.Italy Waste Oil Market Revenue, 2019-2024 ($M)
14.Spain Waste Oil Market Revenue, 2019-2024 ($M)
15.Rest of Europe Waste Oil Market Revenue, 2019-2024 ($M)
16.China Waste Oil Market Revenue, 2019-2024 ($M)
17.India Waste Oil Market Revenue, 2019-2024 ($M)
18.Japan Waste Oil Market Revenue, 2019-2024 ($M)
19.South Korea Waste Oil Market Revenue, 2019-2024 ($M)
20.South Africa Waste Oil Market Revenue, 2019-2024 ($M)
21.North America Waste Oil By Application
22.South America Waste Oil By Application
23.Europe Waste Oil By Application
24.APAC Waste Oil By Application
25.MENA Waste Oil By Application