The
global Recycled
Base Oil Market size is expected to reach USD 1.27 billion by 2030,
as per the new report by Grand View Research, Inc. The market is projected to
grow at a CAGR of 5.0% from 2023 to 2030. The growth is majorly driven by the
increasing demand for sustainable and eco-friendly products. Recycling helps to
protect the environment by reducing the amount of waste oil that is generated
and prevents the pollution caused by improper disposal.
Recycled
base oil is produced from the recycling of used engine oils through various
distillation and refining processes. This high-quality product is utilized for
lubrication in industrial processes as well as automotive and marine engines.
Numerous techniques are employed to produce the product, including vacuum
distillation and clay treatment. The most significant advantage of using the
product is the positive impact it has on the environment. By minimizing waste
and reducing carbon footprint, the product is considered a sustainable and
eco-friendly alternative to virgin oil.
The
major factors driving the market growth include the rise in investments in
research and development of the re-refining process, improvement in the quality
of recycled base oil, and increasing awareness about the importance of
sustainability and eco-friendly practices. In addition, governments and environmental
agencies have introduced mandatory norms on industries to reduce their
environmental footprint and adopt sustainable practices, which is increasing
the adoption of the product over the period.
Related Press
Release@ Recycled
Base Oil Market Report
Recycled Base Oil Market Report Highlights
- The market
is estimated to advance with a CAGR of 5.0% from 2023 to 2030. This is
attributed to the increasing demand from automotive, industrial, marine,
and other industries
- Based on the
type, the low-viscosity segment dominated the market in 2022 with a
revenue share of over 40%. This growth is attributed to the increase in
demand for passenger cars requiring low-viscosity engine oils and
other lubricants in automobiles
- In terms of
application, the industrial oil segment is anticipated to witness the
fastest CAGR of 5.4% over the forecast period. This is attributed to the
worldwide growth of the automotive industry. For instance, according to
the Indian Brand Equity Foundation, the Indian passenger car market
accounted for USD 32.70 billion in 2021 and is anticipated to witness a
CAGR of 9% until the year 2027
- In terms of
region, Asia Pacific emerged as the fastest-growing region with a revenue
share of over 27% in 2022. This growth is attributed to the growing
adoption of environment-friendly alternatives for base oil in automotive
and industrial applications
List of Key Players in the Recycled Base Oil Market
- Valvoline
LLC
- NexLube
- VISION OILS
- Gulf Basin
Petroleum Recycling Co.
- Terrapure BR
Ltd.
- Hering VPT
- SHARAFCO OIL
REFINERY & IND CO L.L.C
- Rahaoil,
Inc.
- BENZOIL
Recycled Base Oil Market Segmentation
Grand
View Research has segmented the global recycled base oil market based on type,
application, and region:
Recycled Base Oil Type Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- High
Viscosity Recycled Base Oil
- Medium
Viscosity Recycled Base Oil
- Low
Viscosity Recycled Base Oil
Recycled Base Oil Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- Automotive
Oil
- Industrial
Oil
- Metalworking
Fluids
- Other
Applications
Recycled Base Oil Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central
& South America
- Brazil
- Argentina
- Middle East
& Africa
- Saudi
Arabia
- South
Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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