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Impact of Covid-19 on Global Recycled Base Oil Market

Recycled Base Oil: Introduction

 

·         Used oil or waste oil is a type of mineral oil, which is the byproduct of production & industrial processes used for the purpose of lubrication or heat transmission. Waste oil or used oil can be recycled through various methods such as acidic method, non-acidic method, centrifugation, and hydrogenation.

·         Discharge of used oil or waste oil is a cumbersome process. Incorrect unloading of used oil or waste oil into the ground can lead to water pollution as well as land pollution. Burning of used oil or waste oil can lead to air pollution. Recycling of oil helps overcome these ill-effects.

·         Limited availability of feedstock required for the manufacture of virgin oil is driving the need for use of recycled base oil. Producing base oil from crude oil is an energy-intensive process. A refinery needs to process 100 gallons of crude oil in order to produce one gallon of base oil. On the other hand, just 1.4 gallons of used oil are sufficient to manufacture one gallon of base oil. This makes recycling of used oil a fairly viable process for base oil manufacturing.

Key Drivers and Restraints of Recycled Base Oil

 

·         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. Rise in focus on sustainability of the environment across the globe is providing significant opportunities to the global recycled base oil market.

·         Rise in investments in research and development of the re-refining process and improvement in the quality of recycled base oil are other major factors driving the global recycled base oil market. Companies across the world 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.

·         Increase in number of automobiles across the globe is also driving 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. This is also driving the demand for recycled base oil across the globe.

·         Recycled base oil faces intense competition from its virgin counterpart in applications wherein high purity is required. The two oils cost equal and possess similar chemical and physical properties. This is likely to hinder the market during the forecast period

COVID-19 Impact Analysis

 

·         Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, has come to a halt because of lockdowns. Many global players in the manufacturing sector face challenges owing to the uncertain situation. Recycled base oil is primarily used for lubrication in industrial processes. Temporary closure of the industrial sector is hampering the demand for recycled base oil.

 

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Recycled Base Oil Market Segmentation

 

·         In terms of application, the global recycled base oil market can be classified into automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic fluids, and others

Recycled Base Oil Market: Regional Segmentation

 

·         In terms of region, the global recycled base oil market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

·         Implementation of stringent regulations on the disposal of used oil in developing countries of Asia Pacific such as China, India, Indonesia, and Vietnam is expected to offer considerable opportunities to manufacturers of recycled base oil operating in the region. Rise in Foreign Direct Investments (FDI) in the automotive industry in developing countries of Asia Pacific is also likely to fuel the recycled base oil market in the region during the forecast period.

·         Increase in demand for eco-friendly lubricants for usage in industrial applications, such as hydraulic fluids, metalworking fluids, and heat transfer fluids, is driving the demand for recycled base oil in North America and Europe

 

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Key Players Operating in Global Market

 

·         Valvoline LLC

·         Vision Recycling & Reprocessing LLC

·         Gulf Basin Petroleum Recycling Co.

·         Fortum Corporation

·         Terrapure Environmental

·         Hering-VPT GmbH

·         SHARAFCO OIL REFINERY & IND. CO. LLC

·         National friendly Environment LLC

·         Green Oil and Lubes SRL

·         Rahaoil, Inc.

·         LOTOS Oil Sp. z o.o.

·         Southern Counties Lubricants, LLC.

·         Inmaa International

·         Benzoil Pty Ltd

·         EcoLube Recovery

·         Rajkamal Group of Companies

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