Waste oil refers to petroleum-based or synthetic oil obtained through contamination, which has become unsuitable due to presence of impurities or loss of original properties. Waste oil can be disposed of by using different methods such as sending the waste oil off-site (some facilities are permitted to handle the waste oil by burning waste oil as a fuel in permitted hazardous waste incinerators). There are various sources of waste oil such as primary metals, transportation equipment, chemical products, airplanes, trucks, and buses. Used oil can be cleared of contaminants and can be recycled repeatedly. There are several uses for recycled oil. It can be used as industrial burner oil or mold oil. Recycled oil can be utilized as an additive in manufactured products. Re-refined base oil can be used as a lubricant, hydraulic or transformer oil.
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Global Waste Oil Market: Drivers and Restraints
Advent of using waste oil as a fuel and saving primary non-renewable sources is one of the major driving factors for the waste oil market. Additionally, less price of waste oil compared to its substitutes such as coal and heavy oil is also propelling the waste oil market. Furthermore, less environmental impact after the consumption of waste oil compared to its substitutes is also driving the waste oil market.
Factors such as lack of information available related to waste quality is acting as a deterrent in the growth of waste oil market. Also, aversion to using re-refined base oil is hindering the waste oil market. Furthermore, certain technological externalities, which require significant public expenditures to support market re-refining processes, are also hampering the waste oil market.
Based on source, the waste oil market has been segmented into engine oils, transmission oils, refrigeration & compressor oils, metalworking fluids & oils, industrial hydraulic fluids, lubricants, and others (copper and aluminum wire drawing solutions, electrical insulating oils, industrial process oils, etc.) In terms of process, the market has been divided into vacuum distillation process, distillation hydrogen treatment, thin-film evaporation process, and others. Based on application, the waste oil market has been classified into special space heaters, re-refiners, asphalt plants, industrial & utility boilers, steel mills, and others. Geographically, the global waste oil market has been segregated into North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. Among these, North America holds the leading market share, followed by Europe, owing to presence of various re-refining companies in the region.
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Global Waste Oil Market: Key Players
Key players operating in the global waste oil market are Alexandria Petroleum Company, BME (Omnia Group), Enfields Chemicals CC, EWOR, FFS Refiners (Pty) Limited, Gecco Fuels, Green Mamba Oil Refinery, MIB Waste Services, Oil Separation Solutions Sales & Services (Pty) Limited, and The Old Oil Man.