Automotive Oil Recycling Market Growth and Industry Size Analysis with COVID-19 Impact and Latest Trends
Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :The global automotive oil recycling market is anticipated to grow exponentially during the forecast period owing to the increasing government rules regarding the disposal of harmful substances. Fortune Business Insights recently published a report, titled, Automotive Oil Recycling Market Size, Share and Global Trend By Oil Type (Engine Oil, Hydraulic Oil, Gear Oil, Others), By Application (Boiler Fuel, Space Heater Fuel, Industrial Heating, Others) and Geography Forecast till 2026.” According to the report, the process enables recycle and reuse of the already utilized automotive oil for several other applications. It helps the manufacturers in saving the cost of raw materials that are required for producing oil as a whole new product. It is one of the most crucial automotive oil recycling market trends that would surge demand.
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The information provided in the report is collected through in-depth primary and secondary research. The tools of primary research include observations of seasoned analysts, surveys, and interviews. Secondary research entails industry body databases, trade journals, and reputable paid sources. Additionally, it features a complete quantitative and qualitative assessment by analyzing data accumulated from the market participants and industry analysts.
High Growth of Automotive Industry to Propel Market in North America
Geographically, the automotive oil recycling market is categorized into Asia Pacific, the Middle East and Africa, Europe, Latin America, and North America. Out of these regions, North America has been exhibiting high growth of the automotive industry for the past few years. The growth is driven by a rise in the demand for commercial and personal vehicles. It is projected to propel the market in this region in the coming years. In Latin America, the market will showcase a steady growth because of the expansion of the manufacturing sector.
Europe, on the other hand, is one of the largest producers of paints and plastic. The region has put forward strict laws regarding the disposal of automotive oil. Both factors are projected to augment the automotive oil recycling market growth in this region. Asia Pacific is likely to showcase a healthy growth owing to the increasing demand for the product in the plastic and paint industry. They are used as a fuel for boiler in various industries and are also required for the mold releasing process. Lastly, the market in the Middle East and Africa are expected to grow significantly in the near future. This growth is attributable to the rising development of grid infrastructure in countries, namely, Qatar, the United Arab Emirates, Kuwait, and Saudi Arabia.
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Fortune Business Insights profiles some of the most renowned players operating in the automotive oil recycling market. They are as follows:
World Oil Corp, Waste Management, IFP Petro Products (P) Ltd., DIRK Phoenix Pvt Ltd., Arslan Enginery Pvt Ltd., NexLube, Safety-Kleen, Oil Re-Refining Company, Inc., Waste360, Alrfeq, Auto Blue Oils, Sequoia Global Inc., TL, Pesco Beam Environmental Solutions Pvt Ltd.
Key Industry Developments
The market consists of numerous prominent players that are striving hard to gain high automotive oil recycling market share. They are doing so by launching new programs and developing cost-effective methods. Here are two of the latest industry developments:
July 2019: A new recycling program was launched to keep aging motor oil and several other related products, out of Labrador and Newfoundland landfills. The program would work with garages and car dealerships. It would aid in taking away their vats of used oil filters, antifreeze, and oil for recycling. It will be done for free. Brake cleaner and empty aerosol cans for lubricants will also be gathered. December 2018: President Donald Trump signed H.R. 1733. It is a law that will modify and renew pre-existing statutory language about the advantages of reusing used lubricating oil. This is called ‘Energy Savings from Lubricating Oil’. It states that within 1 year after approval, the secretary of energy, in cooperation with the Office of Management and Budget as well as the EPA, will update and review a report that was ordered by the Energy Policy Act of 2005.
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