| Source: Adroit Market Research Adroit Market Research
Dallas, Texas, Sept. 15, 2022 (GLOBE NEWSWIRE) — The global Waste Oil Recycling Market is expected to reach close to 69.56 Bn by 2030 with an annualized growth rate of 4.5% through the forecast period 2022-2030.
Used oils come under hazardous waste category, which require special management strategies due to its pollutant content and high degree of impurities. Most importantly, the by-products have significant economic value. Therefore, many recycling technologies have been introduced to manage this type of waste. Different types of waste oil recycling techniques are used globally. Given the rise in demand for products and services cause an increase in environmental pollution. Also, increasing population and number of vehicles has increased the amount of waste oil. This has increased the need of fast and efficient solutions for environmental problems. This has improved the reliance on constant monitoring, special management strategies for waste oil recycling, driving the global waste oil recycling market.
The need for proper management of waste oils has led to the development of global waste oil recycling market. Moreover, the trends such as different initiatives taken for sustainability, emerging environment friendly technologies are driving the oil recycling market.
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Global Waste Oil Recycling Market Scope
Growing crude oil demand, growing demand for recycled oil products growth in industrialization, urbanization, and rising energy demand is driving the global waste oil recycling market.
The recycled waste oil is insoluble, persistent, and mostly contains toxic elements that when mixed in air causes environmental pollution. Also, the recycled waste oil is slow to degrade, stick to everything, and acts as a major source of waterways contamination. It may significantly cause pollution in drinking water sources. Thus, the recycling of waste oil becomes challenging hampering the global waste oil recycling market.
The global waste oil recycling market is classified into treatment with acid/clay, vacuum distillation and dehydration process, vacuum distillation and clay treatment process, solvent extraction technology, membrane technology, pyrolysis using microwave heating, and bentonite treatment on the basis of type of waste oil recycling methodologies. Among these, the acid treatment methodology is the most widespread process. This process is termed as more efficient, increases the amount of recycled oil, and optimizes the production consumption waste ratio.
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Globally, the recycling and treatment status of waste oil in European and American countries is highly advanced. Thus Europe, North America, and South America account for the largest market share in global waste oil recycling market. The key factors such as enhanced energy strategies, presence of professional recycling companies, presence of world’s largest oil recycling plants, and special regulations for waste oil collection, disposal, and recycling have led to the dominance of European and American countries in the world in waste oil recycling.
However, the waste oil recycling market is facing severe crisis situation. The key forces are higher price volatility, increasing production costs, rising labor wages, cost of inputs impacted the market already reeling under the aforementioned aspects. Besides, the covid-19 pandemic caused sudden disruption in production, global logistics, increased transport costs, shortage of containers, and delayed processing has impeded the market.
On the other hand, easing covid-19 led lockdown restrictions, reduced impact of virus leading to subsequent economic recovery, restart of processing operations in automotive and other industrial plants, oil waste recycling companies regaining confidence increasing the market scope. It is creating a positive market environment and trend of waste oil recycling anticipated to be a growth opportunity to the global waste oil recycling market.
At the same time, the reduction of pandemic related lockdown measures in major exporting countries, greater confidence in consumers due to recovering economic situation, and vaccine programmers exhibit brighter prospects for global waste oil recycling market.
Major Points from 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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