Waste Oil Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
2 Jun, 2023
The global waste oil market size is expected to grow from $54.58 billion in 2022 to $58.24 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global waste oil market size is expected to reach $72.55 billion in 2027 at a CAGR of 5.6%.
Global Waste Oil Market Key Driver
The thriving vehicle industry is projected to boost the waste oil market forward in the approaching years. Firms engaged in the construction of motor vehicles having two or more wheels, seating for more than one person, and powered by an internal combustion engine or electric power are referred to as the automobile sector. Waste oil is widely used in the automobile industry to manufacture lubricants and engine oils, which drives its demand.
Get a sample of the global waste oil market reportGlobal Waste Oil Market Segments
The global waste oil market 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
4) By Geography: The regions covered in the waste oil market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global waste oil market.
Major Waste Oil Industry Players
Alexandria Petroleum Co, All Waste Matters, Enfields Chemicals CC, Enva, J.J. Richards and Sons Pty Ltd, Goins Waste Oil Company Inc., MIB Waste Services, Solway Recycling, Slicker Recycling, Safety-Kleen Systems, EWOR GmbH, Falzon Group, Oil Salvage Ltd., Valgrove Ltd., The Omnia Group Inc., Oil Monster
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Waste Oil 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.
Waste Oil Global Market Report 2023 provides data on the global waste oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The waste oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.