The need for sustainability in the oil and gas driven demand within the global waste oil market. The petroleum industry is making earnest efforts to optimize the use of waste oils, and this is a key consideration from the perspective of market growth. Synthetic oils have gathered popularity across several end-use applications. Besides, use of synthetic oils in chemical research has given a thrust to the growth of the global waste oil market. Despite being contaminated with impurities, waste oil still possesses integral chemical properties. Furthermore, several techniques for recycling and disposing waste oil have been developed in recent times. It is legit to expect that the global waste oil market would accumulate voluminous revenues in the years to come.
Transparency Market Research (TMR), in its report, predicts that the global waste oil market would grow at a CAGR of over 6% over the period between 2018 and 2026. Furthermore, the total value of the global waste oil market is slated to touch US$13,806.2 Mn by 2026-end, rising from a value of US$3,535.3mn in 2017. The growth of the waste oil market can be attributed to key improvements in the energy sector, and sophistication of the oil and gas industry.
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Advancements in the Energy Sector
Growing concerns of the energy sector with regard to waste disposal and sustainability has ushered an era of growth within the global waste oil market. New methods for disposal of waste oil have come to the fore in recent times. Therefore, the waste oil market is expected to witness favourable growth in the years to follow.
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Use of waste oil as burning fuel has emerged as a prominent trend across multiple regions. However, end-users of waste oil need to be wary of the hazards of using these oils. Advancements in waste incineration processes have also created key opportunities within the global waste oil market.
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Heating Applications of Waste Oil
Use of boilers and oil furnaces for storing waste oil has become a key area of exploration for several end-use industries. As these industries come to terms with handling waste oil, the global market shall see increase in the overall revenues.
Use of waste-oil boilers for heating, majorly in the industrial sector, has gathered the attention of the market players. Regional regulations pertaining to the growth of the global waste oil market have affected market growth. However, industrial units are following strict guidelines for handling waste oil, and this has given a mark assurance of inspection authorities. Quick approvals for the use of waste oil has played a part in driving sales across the global market.
Some of the prominent vendors operating in the global waste oil market are Enfields Chemicals CC, Gecco Fuels, Falzon Group, GOINS Waste Oil Company, Oil Salvage Ltd, MIB Waste Services, and Omnia Group.
