Authored By: Sarah
23 Aug 2024

Re-Refined Base Oils Market Size to grow by USD 2643.4 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Re-Refined Base Oils Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the global commodity chemicals market size is determined by the consolidated revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for this market include the increasing demand for plastic packaging, with plastic being the most widely used material in the industry due to its lightweight and corrosion-resistant properties, leading to continuous innovation in the market and influencing the use of chemicals in the production of plastic packaging materials. - The Re-Refined Base Oils Market is experiencing significant growth, fueled by the Rise in demand for high-quality oils with lower environmental impact. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Rise in demand for high-quality oils with lower environmental impact
    • Rising demand for re-refined base oils in APAC owing to limited crude oil reserves
    • Costly recycling process
    • Lack of infrastructure for collecting and recycling used base oils
  • Growth Projections

The market size is estimated to grow by USD 2643.4 million, at a CAGR of 6.78% during the forecast period. In the global re-refined base oils market, favorable government regulations significantly influence the industry's expansion. Regulations such as the Renewable Fuel Standard (RFS) in the US create a favorable business environment by mandating the blending of a specified volume of renewable fuels, including re-refined base oils, into transportation fuel annually. This regulation not only guarantees a market for re-refined industrial oil products but also encourages investments in re-refining facilities, fostering a more sustainable and eco-friendly approach to oil consumption.

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  • Regional Insights

The Re-Refined Base Oils market represents a significant business opportunity for oil refiners and petrochemical companies. These oils, derived from used lubricating oils, offer cost-effective alternatives to virgin base oils. The market's growth is driven by increasing demand for sustainable and eco-friendly products, as well as the rising cost of crude oil. Re-refining technology advances and government regulations also contribute to the market's expansion. Companies in this sector aim to maximize profits by supplying high-quality re-refined base oils to various industries, including automotive, industrial, and consumer goods.

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Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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