AUTOMOTIVE OIL RECYCLING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Automotive Oil Recycling Market Size and Trends

The automotive oil recycling market is expected to reach US$ 69.97 Billion by 2030, from US$ 48.42 Billion in 2023, at a CAGR of 5.4% during the forecast period. Automotive oil recycling involves the re-refining and purification of used oils and lubricants from automotive sources into fresh lubricants or for other purposes. It helps recover the base oils and avoids waste, while also reducing reliance on crude oil. The key drivers of the market include stringent environmental regulations, advancements in re-refining technologies, and rising automotive sales.

Automotive Oil Recycling Market Trends:

• Increased Adoption of Re-refining: Re-refining technology, which reprocesses used oil into high-quality base oil, is gaining prominence.
• Growing Use of Group II and Group III Base Oils: Recycled oil is increasingly being used as a source of Group II and Group III base oils, which meet higher performance standards. This trend reflects the improved quality and acceptability of recycled oils in various applications.
• Shift towards Synthetic Oils: As vehicle manufacturers recommend synthetic oils for modern engines, there is a corresponding demand for recycled synthetic oils. Recycling facilities are adapting to process and produce these specialized oils.
• Emergence of Eco-Friendly Additives: Manufacturers are developing eco-friendly additives for recycled oil products, enhancing their performance while reducing environmental impact. For instance, in September 2023, as per The Global Energy, the Institute of Catalysis SB RAS estimates that the global volume of plastic production has grown 250 times over the past 60 years, rising from 2 million to 500 million tons per year.