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Global Waste Oil Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Alexandria Petroleum Co., All Waste Matters Ltd., Enfields Chemicals CC, Enva, J.J. Richards and Sons Pty Ltd
Waste Oil Global Market Report 2024
The waste oil market size is expected to see strong growth in the next few years. It will grow to $77.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. 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..
Market Overview -
Waste oil is defined as any used or contaminated oil that can no longer perform its intended use. Waste oils are used for a variety of industrial and manufacturing processes such as lubrication, hydraulics, buoyancy, and heat transfer.
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The Automobile Sector's Growth Fueling Demand In The Waste Oil 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 US Department of Energy, hybrid-electric vehicle (HEV) sales climbed by 76% between 2020 and 2021. Also, according to the Bureau of Transportation Statistics, part of the United States Department of Transportation, the sale of hybrid vehicles increased from 455,067 in 2020 to 798,992 in 2021. Therefore, growth in the automobile sector is driving the market.
Competitive Landscape -
Major companies operating in the waste oil market report are 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, Alliance To End Plastic Waste, 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 Management, Waste Oil Solutions LLC, Waste Oil Recyclers Inc., Oil Recovery Corp .
Innovative Solutions Enhance Waste Oil Management Market Presence
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 litres of customer-contributed used cooking oil (UCO) from the hotel, catering, and restaurant sectors.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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