PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880604
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880604
Waste Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of waste oil Market
The global waste oil market is witnessing a significant upward trajectory due to rising demand for sustainable fuel alternatives, stringent environmental regulations, and technological advancements in oil collection and recycling. Valued at USD 13.49 billion in 2024, the market is projected to reach USD 14.30 billion in 2025 and is expected to expand to USD 24.17 billion by 2032, registering a CAGR of 7.78% during the forecast period. Waste oil comprises petroleum-based and synthetic oils that have lost their original properties, including used cooking oil (UCO), industrial waste oil, and other waste oils, which are increasingly collected for recycling into biofuels, lubricants, and specialty chemicals.
Market Drivers
A key driver for the waste oil market is the implementation of stringent environmental regulations and circular economy initiatives across the globe. Governments are enforcing comprehensive laws on industrial waste disposal and promoting reuse to mitigate environmental contamination. For instance, in September 2023, India introduced the Hazardous Other Wastes (Management and Transboundary Movement) Second Amendment Rules, mandating extended producer responsibility (EPR) for used oils. This regulation ensures that producers, importers, and recyclers adhere to stricter collection, recycling, and documentation requirements, thereby enhancing waste oil availability for sustainable applications.
Additionally, the growing demand for biofuels, particularly renewable diesel and Sustainable Aviation Fuel (SAF), has propelled waste oil collection. Companies like Neste and DHL Express collaborated in July 2025 to deliver 9.5 million liters of SAF derived entirely from renewable waste, including UCO and animal fats. These developments reflect the growing adoption of waste oils as feedstock for advanced biofuels, contributing to carbon reduction initiatives and global decarbonization goals.
Market Restraints
The market faces high collection and logistics costs, stemming from the scattered nature of waste oil sources, such as restaurants, industrial facilities, and auto repair shops. Collection requires specialized transport and storage infrastructure to prevent leaks and contamination. The fragmented supply chain makes aggregation for large-scale reprocessing challenging and increases per-unit costs. This complexity, coupled with rigorous quality and contamination management, poses a barrier to market expansion.
Market Opportunities
Diversification into higher-value products and the establishment of integrated biorefineries present lucrative growth opportunities. Advanced technologies such as hydrotreatment, pyrolysis, and gasification allow waste oil to be converted into renewable diesel, SAF, bio-lubricants, specialty chemicals, and bioplastics. For example, Total invested USD 583 million in its Grandpuits refinery in France to develop bioethanol and bioplastics using waste oils, demonstrating the potential of multi-product bio-refineries to enhance economic viability while supporting circular economy objectives.
Market Trends
Digitalization and traceability technologies are emerging trends in the waste oil industry. Blockchain and IoT systems provide real-time monitoring of volume, quality, and collection routes, enhancing ESG compliance and supply chain efficiency. Partnerships like Neste and Circularise (May 2022) exemplify the growing adoption of digital traceability for renewable and recycled material flows, offering transparency and operational cost reductions.
Segmentation Analysis
By Source: Used cooking oil (UCO) dominates the market due to its accessibility, ease of collection, and demand as a feedstock for biofuels such as HVO, biodiesel, and SAF. Industrial oils and animal fats follow, with applications in lubricants and biofuel production.
By Application: Biofuels hold the largest share globally, followed by industrial lubricants, automotive fluids, and bio-based chemicals. The rising utilization of waste oils in SAF and renewable diesel is driving demand across transportation, heavy-duty vehicles, and aviation sectors.
Regional Outlook
Asia Pacific dominated in 2024 with a market value of USD 5.17 billion, fueled by high UCO generation, government incentives, and investments in waste-to-energy infrastructure. North America follows, supported by policies like the Renewable Fuel Standard (RFS) and state-level Low Carbon Fuel Standards (LCFS). Europe's growth is driven by circular economy policies, SAF blending mandates, and strong decarbonization initiatives. The Rest of the World, including Latin America, Middle East, and Africa, is emerging due to energy security agendas, pilot biofuel projects, and growing environmental awareness.
Competitive Landscape
The global waste oil market is fragmented yet capital-intensive. Key players include Safety-Kleen, Neste, Veolia, TotalEnergies, Repsol, Eni, Darling Ingredients, Valero, and ADM. These companies focus on large-scale collection, advanced bio-refineries, and partnerships to secure feedstock for renewable diesel and SAF production. Notable developments include Quatra's 15-year agreement with TotalEnergies in June 2025 to supply 60,000 tons of UCO annually for biofuel production in Europe.
The global waste oil market, valued at USD 13.49 billion in 2024, is set to reach USD 24.17 billion by 2032, driven by circular economy initiatives, increasing renewable fuel demand, digitalization, and strategic investments in advanced bio-refineries. The industry presents significant opportunities for sustainable growth and investment across the energy and waste management sectors.
Segmentation By Source
- Industrial Oil
- Used Cooking Oil
- Animal Fat
- Others
By Application
- Biofuels
- Industrial Lubricants
- Automotive
- Bio-based Chemicals
- Others
By Region
- North America (By Source, By Application, and By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Source, By Application, and By Country)
- Germany (By Application)
- U.K. (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Source, By Application, and By Country)
- China (By Application)
- Japan (By Application)
- India (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Rest of World (By Source, By Application)
Table of Content
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends- For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porter's Five Forces Analysis
- 4.5. Impact of Tariffs on the Waste Oil Market
- 4.6. CXO Perspective
- 4.7. SWOT Analysis
5. Global Waste Oil Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast -By Source
- 5.2.1. Industrial Oil
- 5.2.2. Used Cooking Oil
- 5.2.3. Animal Fat
- 5.2.4. Others
- 5.3. Market Analysis, Insights, and Forecast -By Application
- 5.3.1. Biofuels
- 5.3.2. Industrial Lubricants
- 5.3.3. Automotive
- 5.3.4. Bio-based Chemicals
- 5.3.5. Others
- 5.4. Market Analysis, Insights, and Forecast - By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of World
6. North America Waste Oil Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast -By Source
- 6.2.1. Industrial Oil
- 6.2.2. Used Cooking Oil
- 6.2.3. Animal Fat
- 6.2.4. Others
- 6.3. Market Analysis, Insights, and Forecast -By Application
- 6.3.1. Biofuels
- 6.3.2. Industrial Lubricants
- 6.3.3. Automotive
- 6.3.4. Bio-based Chemicals
- 6.3.5. Others
- 6.4. Market Analysis, Insights, and Forecast - By Country
- 6.4.1. U.S. Market Analysis, Insights, and Forecast - By Application
- 6.4.1.1. Biofuels
- 6.4.1.2. Industrial Lubricants
- 6.4.1.3. Automotive
- 6.4.1.4. Bio-based Chemicals
- 6.4.1.5. Others
- 6.4.2. Canada Market Analysis, Insights, and Forecast - By Application
- 6.4.2.1. Biofuels
- 6.4.2.2. Industrial Lubricants
- 6.4.2.3. Automotive
- 6.4.2.4. Bio-based Chemicals
- 6.4.2.5. Others
- 6.4.1. U.S. Market Analysis, Insights, and Forecast - By Application
7. Europe Waste Oil Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast -By Source
- 7.2.1. Industrial Oil
- 7.2.2. Used Cooking Oil
- 7.2.3. Animal Fat
- 7.2.4. Others
- 7.3. Market Analysis, Insights, and Forecast -By Application
- 7.3.1. Biofuels
- 7.3.2. Industrial Lubricants
- 7.3.3. Automotive
- 7.3.4. Bio-based Chemicals
- 7.3.5. Others
- 7.4. Market Analysis, Insights, and Forecast - By Country
- 7.4.1. Germany Market Analysis, Insights, and Forecast - By Application
- 7.4.1.1. Biofuels
- 7.4.1.2. Industrial Lubricants
- 7.4.1.3. Automotive
- 7.4.1.4. Bio-based Chemicals
- 7.4.1.5. Others
- 7.4.2. U.K. Market Analysis, Insights, and Forecast - By Application
- 7.4.2.1. Biofuels
- 7.4.2.2. Industrial Lubricants
- 7.4.2.3. Automotive
- 7.4.2.4. Bio-based Chemicals
- 7.4.2.5. Others
- 7.4.3. France Market Analysis, Insights, and Forecast - By Application
- 7.4.3.1. Biofuels
- 7.4.3.2. Industrial Lubricants
- 7.4.3.3. Automotive
- 7.4.3.4. Bio-based Chemicals
- 7.4.3.5. Others
- 7.4.4. Italy Market Analysis, Insights, and Forecast - By Application
- 7.4.4.1. Biofuels
- 7.4.4.2. Industrial Lubricants
- 7.4.4.3. Automotive
- 7.4.4.4. Bio-based Chemicals
- 7.4.4.5. Others
- 7.4.5. Spain Market Analysis, Insights, and Forecast - By Application
- 7.4.5.1. Biofuels
- 7.4.5.2. Industrial Lubricants
- 7.4.5.3. Automotive
- 7.4.5.4. Bio-based Chemicals
- 7.4.5.5. Others
- 7.4.6. Rest of Europe Market Analysis, Insights, and Forecast - By Application
- 7.4.6.1. Biofuels
- 7.4.6.2. Industrial Lubricants
- 7.4.6.3. Automotive
- 7.4.6.4. Bio-based Chemicals
- 7.4.6.5. Others
- 7.4.1. Germany Market Analysis, Insights, and Forecast - By Application
8. Asia Pacific Waste Oil Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast -By Source
- 8.2.1. Industrial Oil
- 8.2.2. Used Cooking Oil
- 8.2.3. Animal Fat
- 8.2.4. Others
- 8.3. Market Analysis, Insights, and Forecast -By Application
- 8.3.1. Biofuels
- 8.3.2. Industrial Lubricants
- 8.3.3. Automotive
- 8.3.4. Bio-based Chemicals
- 8.3.5. Others
- 8.4. Market Analysis, Insights, and Forecast - By Country
- 8.4.1. China Market Analysis, Insights, and Forecast - By Application
- 8.4.1.1. Biofuels
- 8.4.1.2. Industrial Lubricants
- 8.4.1.3. Automotive
- 8.4.1.4. Bio-based Chemicals
- 8.4.1.5. Others
- 8.4.2. India Market Analysis, Insights, and Forecast - By Application
- 8.4.2.1. Biofuels
- 8.4.2.2. Industrial Lubricants
- 8.4.2.3. Automotive
- 8.4.2.4. Bio-based Chemicals
- 8.4.2.5. Others
- 8.4.3. Japan Market Analysis, Insights, and Forecast - By Application
- 8.4.3.1. Biofuels
- 8.4.3.2. Industrial Lubricants
- 8.4.3.3. Automotive
- 8.4.3.4. Bio-based Chemicals
- 8.4.3.5. Others
- 8.4.4. Southeast Asia Market Analysis, Insights, and Forecast - By Application
- 8.4.4.1. Biofuels
- 8.4.4.2. Industrial Lubricants
- 8.4.4.3. Automotive
- 8.4.4.4. Bio-based Chemicals
- 8.4.4.5. Others
- 8.4.5. Rest of Asia Pacific Market Analysis, Insights, and Forecast - By Application
- 8.4.5.1. Biofuels
- 8.4.5.2. Industrial Lubricants
- 8.4.5.3. Automotive
- 8.4.5.4. Bio-based Chemicals
- 8.4.5.5. Others
- 8.4.1. China Market Analysis, Insights, and Forecast - By Application
9. Rest of World Waste Oil Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast -By Source
- 9.2.1. Industrial Oil
- 9.2.2. Used Cooking Oil
- 9.2.3. Animal Fat
- 9.2.4. Others
- 9.3. Market Analysis, Insights, and Forecast -By Application
- 9.3.1. Biofuels
- 9.3.2. Industrial Lubricants
- 9.3.3. Automotive
- 9.3.4. Bio-based Chemicals
- 9.3.5. Others
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2024
- 10.2. Company Profile
- 10.2.1. Neste
- 10.2.1.1. Business Overview
- 10.2.1.2. Products and Service Offerings
- 10.2.1.3. Recent Developments
- 10.2.1.4. Financials (Based on Availability)
- 10.2.2. Darling Ingredients
- 10.2.2.1. Business Overview
- 10.2.2.2. Products and Service Offerings
- 10.2.2.3. Recent Developments
- 10.2.2.4. Financials (Based on Availability)
- 10.2.3. Valero Energy Corporation
- 10.2.3.1. Business Overview
- 10.2.3.2. Products and Service Offerings
- 10.2.3.3. Recent Developments
- 10.2.3.4. Financials (Based on Availability)
- 10.2.4. Safety-Kleen
- 10.2.4.1. Business Overview
- 10.2.4.2. Products and Service Offerings
- 10.2.4.3. Recent Developments
- 10.2.4.4. Financials (Based on Availability)
- 10.2.5. Chevron Renewable Energy Group
- 10.2.5.1. Business Overview
- 10.2.5.2. Products and Service Offerings
- 10.2.5.3. Recent Developments
- 10.2.5.4. Financials (Based on Availability)
- 10.2.6. Archer Daniels Midland (ADM)
- 10.2.6.1. Business Overview
- 10.2.6.2. Products and Service Offerings
- 10.2.6.3. Recent Developments
- 10.2.6.4. Financials (Based on Availability)
- 10.2.7. TotalEnergies
- 10.2.7.1. Business Overview
- 10.2.7.2. Products and Service Offerings
- 10.2.7.3. Recent Developments
- 10.2.7.4. Financials (Based on Availability)
- 10.2.8. Repsol
- 10.2.8.1. Business Overview
- 10.2.8.2. Products and Service Offerings
- 10.2.8.3. Recent Developments
- 10.2.8.4. Financials (Based on Availability)
- 10.2.9. Eni
- 10.2.9.1. Business Overview
- 10.2.9.2. Products and Service Offerings
- 10.2.9.3. Recent Developments
- 10.2.9.4. Financials (Based on Availability)
- 10.2.10. Veolia
- 10.2.10.1. Business Overview
- 10.2.10.2. Products and Service Offerings
- 10.2.10.3. Recent Developments
- 10.2.10.4. Financials (Based on Availability)
- 10.2.11. Suez
- 10.2.11.1. Business Overview
- 10.2.11.2. Products and Service Offerings
- 10.2.11.3. Recent Developments
- 10.2.11.4. Financials (Based on Availability)
- 10.2.12. Argent Energy
- 10.2.12.1. Business Overview
- 10.2.12.2. Products and Service Offerings
- 10.2.12.3. Recent Developments
- 10.2.12.4. Financials (Based on Availability)
- 10.2.13. Olleco
- 10.2.13.1. Business Overview
- 10.2.13.2. Products and Service Offerings
- 10.2.13.3. Recent Developments
- 10.2.13.4. Financials (Based on Availability)
- 10.2.1. Neste
List of Tables
- Table 1: Global Waste Oil Market Revenue (USD Million) Forecast, By Source, 2019-2032
- Table 2: Global Waste Oil Market Revenue (USD Million) Forecast, By Application, 2019-2032
- Table 3: Global Waste Oil Market Revenue (USD Million) Forecast, By Region, 2019-2032
- Table 4: North America Waste Oil Market Revenue (USD Million) Forecast, By Source, 2019-2032
- Table 5: North America Waste Oil Market Revenue (USD Million) Forecast, By Application, 2019-2032
- Table 6: North America Waste Oil Market Revenue (USD Million) Forecast, By Country, 2019-2032
- Table 7: U.S. Waste Oil Market Revenue (USD Million) Forecast, By Application, 2019-2032
- Table 8: Canada Waste Oil Market Revenue (USD Million) Forecast, By Application, 2019-2032
- Table 9: Europe Waste Oil Market Revenue (USD Million) Forecast, By Source, 2019-2032
List of Figures
- Figure 1: Global Waste Oil Market Revenue Breakdown (USD Million, %) by Region, 2024 & 2032
- Figure 2: Global Waste Oil Market Value Share (%), By Source, 2024 & 2032
- Figure 3: Global Waste Oil Market Forecast (USD Million), by Industrial Oil, 2019-2032
- Figure 4: Global Waste Oil Market Forecast (USD Million), by Used Cooking Oil, 2019-2032
- Figure 5: Global Waste Oil Market Forecast (USD Million), by Animal Fat, 2019-2032
- Figure 6: Global Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 7: Global Waste Oil Market Value Share (%), By Application, 2024 & 2032
- Figure 8: Global Waste Oil Market Forecast (USD Million), by Biofuels, 2019-2032
- Figure 9: Global Waste Oil Market Forecast (USD Million), by Industrial Lubricants, 2019-2032
- Figure 10: Global Waste Oil Market Forecast (USD Million), by Automotive, 2019-2032
- Figure 11: Global Waste Oil Market Forecast (USD Million), by Bio-based Chemicals, 2019-2032
- Figure 12: Global Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 13: Global Waste Oil Market Value (USD Million), by Region, 2024 & 2032
- Figure 14: Global Waste Oil Market Value Share (%), by Region, 2024
- Figure 15: North America Waste Oil Market Value Share (%), By Source, 2024 & 2032
- Figure 16: North America Waste Oil Market Forecast (USD Million), by Industrial Oil, 2019-2032
- Figure 17: North America Waste Oil Market Forecast (USD Million), by Used Cooking Oil, 2019-2032
- Figure 18: North America Waste Oil Market Forecast (USD Million), by Animal Fat, 2019-2032
- Figure 19: North America Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 20: North America Waste Oil Market Value Share (%), By Application, 2024 & 2032
- Figure 21: North America Waste Oil Market Forecast (USD Million), by Biofuels, 2019-2032
- Figure 22: North America Waste Oil Market Forecast (USD Million), by Industrial Lubricants, 2019-2032
- Figure 23: North America Waste Oil Market Forecast (USD Million), by Automotive, 2019-2032
- Figure 24: North America Waste Oil Market Forecast (USD Million), by Bio-based Chemicals, 2019-2032
- Figure 25: North America Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 26: North America Waste Oil Market Value (USD Million), by Country, 2024 & 2032
- Figure 27: North America Waste Oil Market Value Share (%), by Country, 2024
- Figure 28: Europe Waste Oil Market Value Share (%), By Source, 2024 & 2032
- Figure 29: Europe Waste Oil Market Forecast (USD Million), by Industrial Oil, 2019-2032
- Figure 30: Europe Waste Oil Market Forecast (USD Million), by Used Cooking Oil, 2019-2032
- Figure 31: Europe Waste Oil Market Forecast (USD Million), by Animal Fat, 2019-2032
- Figure 32: Europe Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 33: Europe Waste Oil Market Value Share (%), By Application, 2024 & 2032
- Figure 34: Europe Waste Oil Market Forecast (USD Million), by Biofuels, 2019-2032
- Figure 35: Europe Waste Oil Market Forecast (USD Million), by Industrial Lubricants, 2019-2032
- Figure 36: Europe Waste Oil Market Forecast (USD Million), by Automotive, 2019-2032
- Figure 37: Europe Waste Oil Market Forecast (USD Million), by Bio-based Chemicals, 2019-2032
- Figure 38: Europe Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 39: Europe Waste Oil Market Value (USD Million), by Country, 2024 & 2032
- Figure 40: Europe Waste Oil Market Value Share (%), by Country, 2024
- Figure 41: Asia Pacific Waste Oil Market Value Share (%), By Source, 2024 & 2032
- Figure 42: Asia Pacific Waste Oil Market Forecast (USD Million), by Industrial Oil, 2019-2032
- Figure 43: Asia Pacific Waste Oil Market Forecast (USD Million), by Used Cooking Oil, 2019-2032
- Figure 44: Asia Pacific Waste Oil Market Forecast (USD Million), by Animal Fat, 2019-2032
- Figure 45: Asia Pacific Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 46: Asia Pacific Waste Oil Market Value Share (%), By Application, 2024 & 2032
- Figure 47: Asia Pacific Waste Oil Market Forecast (USD Million), by Biofuels, 2019-2032
- Figure 48: Asia Pacific Waste Oil Market Forecast (USD Million), by Industrial Lubricants, 2019-2032
- Figure 49: Asia Pacific Waste Oil Market Forecast (USD Million), by Automotive, 2019-2032
- Figure 50: Asia Pacific Waste Oil Market Forecast (USD Million), by Bio-based Chemicals, 2019-2032
- Figure 51: Asia Pacific Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 52: Asia Pacific Waste Oil Market Value (USD Million), by Country, 2024 & 2032
- Figure 53: Asia Pacific Waste Oil Market Value Share (%), by Country, 2024
- Figure 54: Rest of Europe Waste Oil Market Value Share (%), By Source, 2024 & 2032
- Figure 55: Rest of Europe Waste Oil Market Forecast (USD Million), by Industrial Oil, 2019-2032
- Figure 56: Rest of Europe Waste Oil Market Forecast (USD Million), by Used Cooking Oil, 2019-2032
- Figure 57: Rest of Europe Waste Oil Market Forecast (USD Million), by Animal Fat, 2019-2032
- Figure 58: Rest of Europe Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 59: Rest of Europe Waste Oil Market Value Share (%), By Application, 2024 & 2032
- Figure 60: Rest of Europe Waste Oil Market Forecast (USD Million), by Biofuels, 2019-2032
- Figure 61: Rest of Europe Waste Oil Market Forecast (USD Million), by Industrial Lubricants, 2019-2032
- Figure 62: Rest of Europe Waste Oil Market Forecast (USD Million), by Automotive, 2019-2032
- Figure 63: Rest of Europe Waste Oil Market Forecast (USD Million), by Bio-based Chemicals, 2019-2032
- Figure 64: Rest of Europe Waste Oil Market Forecast (USD Million), by Others, 2019-2032
- Figure 65: Company Market Share Analysis (%), 2024
