Dallas, Texas, Sept. 15, 2022 (GLOBE NEWSWIRE) — The world Waste Oil Recycling Market is expected to reach nearly 69.56 billion by 2030 with an annualized growth rate of 4.5% over the forecast period 2022-2030.
Used oil falls into the category of hazardous waste, which requires special management strategies due to its pollutant content and high degree of impurities. More importantly, by-products have significant economic value. Therefore, many recycling technologies have been introduced to manage this type of waste. Different types of used oil recycling techniques are used around the world. Given the increase in demand for products and services causes an increase in environmental pollution. In addition, the increase in population and number of vehicles has increased the amount of waste oil. This has increased the need for quick and effective solutions to environmental problems. This has improved the reliance on constant monitoring and special management strategies for used oil recycling, which has boosted the global used oil recycling market.
The need for proper waste oil management has led to the development of the global waste oil recycling market. Additionally, trends such as different initiatives taken for sustainability, emerging environment-friendly technologies are driving the oil recycling market.
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Scope of the Global Waste Oil Recycling Market
|Market size in 2030||$69.56 billion|
|Segment covered||By Type, by Application, BY Region,|
|By type covered||Fuel Oil, Lubricating Oil, Hydraulic Oil, Transformer Oil, Cooking Oil, Others|
|per application covered||Automotive, Industry, Restoration, Others|
|Regions covered||North America, Europe, Asia-Pacific, Middle East and Africa and South America|
|Profiled Key Players||NexLube, DIRK Phoenix Pvt Ltd, Oil Re-Refining Company, Inc., Sequoia Global Inc., IFP Petro Products (P) Ltd., Safety-Kleen, Auto Blue Oils, TL, Pesco Beam Environmental Solutions Pvt Ltd., World Oil Corp, Alrfeq and among others|
Rising demand for crude oil, growing demand for recycled petroleum products, growing industrialization, urbanization and growing demand for energy are driving the global used oil recycling market.
Recycled used oil is insoluble, persistent and contains mostly toxic elements which, when mixed with air, cause environmental pollution. In addition, recycled used oil degrades slowly, sticks to everything and acts as a major source of waterway contamination. It can lead to significant pollution of drinking water sources. Thus, waste oil recycling becomes difficult, which hampers the global waste oil recycling market.
The global used oil recycling market is categorized into acid/clay treatment, vacuum distillation and dehydration process, vacuum distillation and clay treatment process, solvent extraction technology, membrane technology, pyrolysis using microwave heating and bentonite treatment based on waste type. oil recycling methods. Among these, the acid treatment methodology is the most popular method. This process is said to be more efficient, increases the amount of oil recycled and optimizes the rate of production and consumption waste.
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Overall, the status of waste oil recycling and treatment in European and American countries is very advanced. Thus, Europe, North America and South America account for the largest market share in the global used oil recycling market. Key factors such as improved energy strategies, the presence of professional recycling companies, the presence of the largest oil recycling plants in the world and special regulations for the collection, disposal and recycling of waste oils have led to the domination of European and American countries in the world in terms of waste. oil recycling.
However, the waste oil recycling market is facing a serious crisis situation. The main forces are higher price volatility, increase in production costs, increase in labor wages, cost of inputs have impacted the market already reeling from the above mentioned aspects . In addition, the covid-19 pandemic caused sudden disruption in production, global logistics, increased transportation costs, shortage of containers and processing delays hampered the market.
On the other hand, the easing of lockdown restrictions driven by covid-19, reducing the impact of the virus leading to subsequent economic recovery, restarting processing operations at automobile and other factories, waste oil recycling regaining confidence increasing market reach. This creates a positive market environment and a trend towards waste oil recycling which is expected to be a growth opportunity for the global waste oil recycling market.
At the same time, reduced pandemic-related lockdown measures in major exporting countries, higher consumer confidence due to recovering economic situation and vaccine programmers offer better prospects for the global market. recycling of used oils.
Main points of the table of contents:
2. Research methodology
3. Market Outlook
4. Waste Oil Recycling Market by Type, 2022-2029 (USD Billion)
5. Waste Oil Recycling Market by Application, 2022-2029 (USD Billion)
6. Waste Oil Recycling Market by Region, 2022-2029 (USD Billion)
7. Competitive landscape
8. Company Profile
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