PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1351461
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1351461
Recycled base oil market size was valued at USD 888.6 Million in 2022, expanding at a CAGR of 5.7% from 2023 to 2030.
Recycled base oil is produced by refining eliminated oil in factories. Impurities and pollutants from old oil are eliminated throughout the recycled base oil production process. The finished substance can then be utilized as a fresh new lubricant for industrial equipment lubrication. Infinity Galaxy provides recycled distilled base oil. The advantages of this process over others are that the color of recycled base oil does not change over time and is stable. The quality of recycled base oil depends on the type of production process and its raw material quality. For example, Infinity Galaxy's distilled recycled base oil has a slight odor and its color stability shows its high quality. This product is excluded from inspection. But, based on the consumer's demand, it can be inspected.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the market, due to an increase in demand for eco-friendly lubricants for usage in industrial applications, such as hydraulic fluids, Metalworking fluids, and heat transfer fluids. Many businesses in North America place a high value on CSR initiatives. Adopting and encouraging the usage of environmentally friendly lubricants aligns with such programs, boosting the company's image among stakeholders. Canadian businesses sold USD18.9 billion worth of environmental and clean technology goods in 2019, while sales of related services amounted to USD10.2 billion. If waste management services are included, the total revenue from sales of environmental and clean technology services rises to USF18.5 billion. In terms of total revenue generated, the environmental and clean technology sector was comparable in size to the pulp, paper, and paperboard mills manufacturing industry (USD18.9 billion) in 2019, according to Statistics Canada. Europe is also anticipated to witness notable growth over the forecast period, due to growing demand for environment-friendly automotive and industrials oils,
The competitive dynamic of the recycled base oil market is influenced by a variety of variables, including technological breakthroughs, regulatory frameworks, and market demand factors. In terms of product quality, the market is becoming more competitive. High-quality recycled base oil that meets or surpasses virgin base oil specifications is in high demand. Companies are using innovative refining procedures such as hydro treating to ensure recycled base oil satisfies high-quality criteria. It is spent in R&D to improve process efficiency, lower operational costs, and increase the yield and quality of recycled base oil. For example, on Aug. 1, 2022, Valvoline Inc., a global leader in vehicle care powering the future of mobility through innovative services and products, announced that it has reached a definitive agreement with Aramco for the sale of Valvoline's Global Products business for USD2.65 billion in cash.
On March 02, 2023, the Saudi Arabian Oil Company completed the acquisition of the Valvoline Inc. global products business for USD 2.65 billion, through one of its wholly-owned subsidiaries. With this acquisition, which follows the signing of an equity purchase agreement by the companies announced on Aug. 1, 2022, Aramco accelerates its aim to become one of the world's preeminent integrated, branded lubricants players.
The scope of this report covers the market by its major segments, which include as follows: