Global Automotive Oil Recycling Market Size Projected to Reach USD 83.54 Billion By 2032, With 6.2% CAGR: Polaris Market Research
Polaris Market Research & Consulting LLP
9 min read
Polaris Market Research & Consulting LLP
As per the recent analysis by Polaris Market Research, the global automotive oil recycling market size was valued at USD 45.76 billion in 2022 and is predicted to reach USD 83.54 billion by 2032. Also, the study states that the market reveals a robust 6.2% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. The engine oil segment is expected to grow at the highest CAGR during the projected period on account of the increasing focus on sustainability.
New York, NY, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Automotive Oil Recycling Market Share, Size, Trends, Industry Analysis Report, By Oil Type (Engine Oil, Gear Oil, Hydraulic Oil, and Others); By Application; By Sales Channel; By Region; Segment Forecast, 2023- 2032" in its research database.
As per the recent analysis by Polaris Market Research, the global automotive oil recycling market size was valued at USD 45.76 billion in 2022 and is predicted to reach USD 83.54 billion by 2032. Also, the study states that the market reveals a robust 6.2% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is an Automotive Oil Recycling? How Big is the Market Size of Automotive Oil Recycling?
Report Overview
Automotive oil recycling is a procedure that includes reprocessing used oil so that it can be utilized again. Automotive oil can be recycled even more as the lubricant does not deteriorate. The rapidly rising demand for automotive oil recycling market can be attributed to the fact that recycling oil assists the environment. As per the US Environmental Protection Agency (USEPA), 2.5 qt of re-refined oil can be treated from 1 gallon of used oil. If not recycled, the gallon of lubricant from an oil alteration can disintegrate 1 million gallons of fresh water, constituting the yearly water supply for 50 people.
The automotive oil recycling industry concentrates on garnering, processing, and recreating automotive lubricants involving engine oil, transmission fluids, and hydraulic fluids. Instead of being discarded, these oils encounter treatment to abolish degradation and pollutants, rendering them appropriate for reuse in several sectors such as automotive, industrial, and maritime. Recycling used oil is more economical than generating contemporary oil from virgin sources. Businesses and consumers are growingly attracted to recycling as a method to reserve money on lubricants and lessen comprehensive operating costs.
(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
What are the Key Findings of the Report?
Instead of being discarded, these oils encounter treatment to abolish degradation and pollutants, rendering them appropriate for reuse in several sectors such as automotive, industrial, and maritime, thus pushing the market growth.
The automotive oil recycling market segmentation is primarily based on oil type, application, sales channel, and region.
North America dominated the market with the largest market share in 2022.
Recycling used oil not only assists in saving precious resources but also lessens the energy and emissions linked with generating contemporary lubricants from raw materials. The automotive oil recycling market size is expanding as the recycling procedure showcases an alluring alternative for businesses seeking to improvise their viable profile.
Uninterrupted transformation in oil re-refining technologies has notably enhanced the quality of recycled oil. The automotive oil recycling market sales are soaring as progressive procedures such as hydrotreating and vacuum distillation have uplifted the quality of regenerated oil, rendering it similar to virgin oil in the context of performance.
What are the Latest Market Trends and Opportunities?
Provided the notable environmental influence of the automotive sector, appropriate discarding and recycling of used oil have become important concerns. This industry not only attends to environmental provocations but also offers an economically feasible path for acceptable practices.
The market has been propelled by increasing environmental consciousness and strict directives controlling their destruction. Governments globally are striking strict norms to guarantee appropriate management and recycling of used oils, compelling car makers and service centers to acquire viable practices.
Based on oil type, the engine oil segment is anticipated to witness the highest growth during the forecast period. The automotive oil recycling market demand is on the rise as engine oil performs an important part in the market, depicting a sizeable portion of utilized lubricants garnered for recycling. It assists in the effortless operation of an automobile's engine by lubricating mobile parts, lessening abrading, and dispersing heat. Eventually, engine oil encounters abrasion and impurities needing substitution.
The recycling of engine oil positions as a foundation of the market, coinciding with worldwide endeavors to lessen waste and alleviate the environmental influence of automotive functions. This not only protects prized resources but also lessens the energy intake and discharge connected to the production of contemporary engine oil. Additionally, it symbolizes the industry's committed diligence to assiduous and sustainable practices in ensuring a more eco-responsive future.
Industrial Heating Sector Dominated the Market
Based on application, the industrial heating segment dominated the market. The automotive oil recycling market trends include industrial heating being an important element of the market. It is utilized in the re-refining procedure where escalated temperatures are administered to used automotive oils to eliminate pollutants and degenerated additives. This heating procedure segregates varied elements of the used oil, permitting for cleansing and revival of the oil to encounter industry caliber.
The industrial heating procedure normally includes procedures such as vacuum filtering and hydro-treating. Vacuum distillation administers escalated temperatures beneath vacuum conditions to ease the segregation of several elements. Hydro treating besides utilizes hydrogen gas as an impetus to get rid of adulterants such as sulphur, nitrogen, and heavy metals.
North America: This region held the largest automotive oil recycling market share due to its addressing environmental sustainability. With a robust significance on accountable waste management, the region heads in recycling used automotive oils. Stringent directives and increasing environmental consciousness have pushed the market's growth. Progressive technology and structured recycling spaces sanction superior regenerated oil. Further, alliances between makers, recyclers, and government associations encourage viable practices. The North American market not only diminishes environmental influence but also stimulates economic advantages, rendering it an essential player in the market.
Europe: The region boasts of a sizeable market share due to strict directives and an entrenched recycling framework guaranteeing accountable discarding of used automotive oil. Progressive re-refining technologies play an important part in generating superior regenerated oil. Europe's concentration on circular economy propositions and eco-aware consumer behavior pushes market growth. Combining endeavors between governments, industry players, and environmental firms has been helpful in fashioning the market's triumph.
Browse the Detail Report “Automotive Oil Recycling Market Share, Size, Trends, Industry Analysis Report, By Oil Type (Engine Oil, Gear Oil, Hydraulic Oil, and Others); By Application; By Sales Channel; By Region; Segment Forecast, 2023- 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/automotive-oil-recycling-market
In September 2022, Heritage-Crystal Clean completed the acquisition of Enevo's used oil collection business in Finland, significantly broadening its collection network across Europe.
Report Answers to the Following Questions
What is the study period of the automotive oil recycling market?
At what CAGR is the market expected to grow?
Which segments are covered in the report?
Who are the market's key players?
Which region is holding the largest market share?
What are the prominent drivers for the automotive oil recycling market growth?
Polaris Market Research has segmented the automotive oil recycling market report based on oil type, application, sales channel, and region:
By Oil Type Outlook
Engine Oil
Gear Oil
Hydraulic Oil
Others
By Application Outlook
Space Heater Fuel
Boiler Fuel
Industrial Heating
Others
By Sales Channel Outlook
Direct Sales
Indirect Sales
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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