The global Automotive Oil Recycling Market deals with recycling waste engine and transmission oil from vehicles. Automotive oil consists of base oils and additives. The base oils provide lubrication to engine parts while additives improve oil performance. Recycling automotive oil helps reduce environmental pollution and conserves crude oil reserves for future use.
The global Automotive Oil Recycling Market is estimated to be valued at US$ 48.42 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The automotive oil recycling market deals in the collection, transportation and recycling of used engine oils from automotive service centers, oil change
shops and households. Recycled oil is refined to recover base oils that can be reused for manufacturing fresh lubricants. This helps curb pollution and conserve natural resources.
Market key trends:
The key trend in the automotive oil recycling market is the growing mandate for waste oil collection and recycling in various countries. Stringent environmental regulations compel stakeholders to ensure proper disposal of used oils. Moreover, rising vehicle fleet worldwide has increased waste oil generation, necessitating robust recycling infrastructure. Advanced distillation technologies enable higher base oil yields from used lubricants. Also, incentives to collection centers for recycling oil have boosted collection volumes. The automotive lubricants industry utilizes recycled base oils to some extent in lubricant formulations, offering a sustainable solution.
Segment Analysis
The automotive oil recycling market is segmented based on base oil, re-refined lube oil, lubricant waste, and end-use. The re-refined base oil segment dominates the market as it provides better quality base oil and helps reduce costs for oil manufacturers. Re-refined base oils are obtained through advanced purification technologies that remove all contaminants to meet equipment manufacturers specifications.
Key Takeaways
The global Automotive Oil Recycling Market Demand is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing environmental regulations regarding proper oil disposal.
Regional analysis
North America dominates the global market and is expected to continue its dominance over the forecast period due to stringent regulations regarding used oil collection and recycling in the US.
Key players
Key players operating in the automotive oil recycling market are Safety-Kleen Systems, Inc., Valvoline, Heritage-Crystal Clean, LLC, Veolia Environnement, Clean Harbors, NexLube, Recytech, Universal Lubricants, Vertex Energy, Inc., Advanced Lubrication Specialties, Delta-Energy Group, LLC, GFL Environmental Inc., HCC Eagle Environmental Services, Inc., MidStates Oil Refining Co. LLC, PetroChoice, Sage Oil Vac, Inc., Solventis Ltd., Southern Oil Refining Pty Ltd, Suncor Energy Inc., and Texas Used Oil Collection Program.
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