Increasing Awareness about Global Carbon Emission Adopting Strategies to Reduce it
Recycled base oil is eco-friendly. It generates lower carbon emissions than virgin base oil. The process of production of virgin base oil is energy intensive. It generates higher emissions of carbon. The rise in focus on sustainability of the environment across the globe provides significant opportunities to the global recycled base oil market.
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Increased Investment and R&D Programs by Various Governments Globally
The rise in investments in R&D of the re-refining process and improvement in the quality of recycled base oil are other major factors that drive the global recycled base oil market. Companies globally are incorporating recycled base oil in their lubricant compositions. For example, Valvoline, a major lubricant manufacturer, has a line of lubricant products that contains 50% of recycled base oil.
Industrialization and Urbanization Process is A Key Driver for Market Growth
The increase in number of automobiles across the globe drive the demand for lubricants. Petrochemical sources are depleting and increasing prices of crude oil are encouraging oil manufacturers to seek new methods to re-refine and utilize waste oil, which also drives the demand for recycled base oil across the globe.
Top Impacting Factors
Implementation of stringent regulations related to minimization of harmful carbon emissions is propelling demand for waste oil. Increase in re-refining activities and growth of other application sectors are augmenting the demand for waste oil. Governments of several countries are funding and supporting the development and adoption of latest technologies in the generation of waste oil. Asia-Pacific is estimated to emerge as one of the prominent regions of the global waste oil market in the near future.
Europe, a highly environment-conscious region, is projected to lead the global waste oil market in the near future.
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COVID-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident, and it had a big impact on the recycled base oil market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the recycled base oil market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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