Recycled base oil or waste oil can also be termed as used oil. Recycled base oil is refined oil that has been used for various intended purposes. Recycled base oil contains several contaminants, dirt, and chemicals. Re-refining of waste oil requires proper recycling and disposal techniques, which are drawn up by government bodies. This helps avoid illegal dumping of waste oil and protects the environment. New technologies in waste oil treatment and disposal enable efficient servicing and help in mitigating the risk of pollution. Implementation of stringent regulations related to minimization of harmful carbon emissions is propelling demand for recycled base oil. Increase in re-refining activities and growth of other application sectors are augmenting the demand for recycled base oil. Governments of several countries are funding and supporting the development and adoption of latest technologies in the generation of recycled base oil. The global recycled base oil market is hampered by lack of knowledge for recycling of used oils. Due to lack of environmental awareness in some of the countries like Middle East and South America, most of this used oil ends up in the ground or trash soil.
COVID-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and it had a big impact on the recycled base oil market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the recycled base oil market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factors
Implementation of stringent regulations related to minimization of harmful carbon emissions is propelling demand for waste oil. Increase in re-refining activities and growth of other application sectors are augmenting the demand for waste oil. Governments of several countries are funding and supporting the development and adoption of latest technologies in the generation of waste oil. Asia-Pacific is estimated to emerge as one of the prominent regions of the global waste oil market in the near future.
Europe, a highly environment-conscious region, is projected to lead the global waste oil market in the near future.
Market Trends
- Increasing Awareness about Global Carbon Emission Adopting Strategies to Reduce it
- Recycled base oil is eco-friendly. It generates lower carbon emissions than virgin base oil. The process of production of virgin base oil is energy intensive. It generates higher emissions of carbon. The rise in focus on sustainability of the environment across the globe provides significant opportunities to the global recycled base oil market.
- Increased Investment and R&D Programs by Various Governments Globally
- The rise in investments in R&D of the re-refining process and improvement in the quality of recycled base oil are other major factors that drive the global recycled base oil market. Companies globally are incorporating recycled base oil in their lubricant compositions. For example, Valvoline, a major lubricant manufacturer, has a line of lubricant products that contains 50% of recycled base oil.
- Industrialization and Urbanization Process is A Key Driver for Market Growth
- The increase in number of automobiles across the globe drive the demand for lubricants. Petrochemical sources are depleting and increasing prices of crude oil are encouraging oil manufacturers to seek new methods to re-refine and utilize waste oil, which also drives the demand for recycled base oil across the globe.
Key Benefits of Report
This study presents the analytical depiction of the recycled base oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the recycled base oil market share.
- The current market is quantitatively analyzed to highlight the recycled base oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed recycled base oil market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in Recycled Base Oil Market Report
- Who are the leading market players active in the Recycled Base Oil market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Recycled Base Oil Market Report Highlights
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