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The global Recycled Base Oil Market size is expected to reach USD 1.27 billion by 2030, as per the new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.0% from 2023 to 2030. The growth is majorly driven by the increasing demand for sustainable and eco-friendly products. Recycling helps to protect the environment by reducing the amount of waste oil that is generated and prevents the pollution caused by improper disposal.
Recycled base oil is produced from the recycling of used engine oils through various distillation and refining processes. This high-quality product is utilized for lubrication in industrial processes as well as automotive and marine engines. Numerous techniques are employed to produce the product, including vacuum distillation and clay treatment. The most significant advantage of using the product is the positive impact it has on the environment. By minimizing waste and reducing carbon footprint, the product is considered a sustainable and eco-friendly alternative to virgin oil.
The major factors driving the market growth include the rise in investments in research and development of the re-refining process, improvement in the quality of recycled base oil, and increasing awareness about the importance of sustainability and eco-friendly practices. In addition, governments and environmental agencies have introduced mandatory norms on industries to reduce their environmental footprint and adopt sustainable practices, which is increasing the adoption of the product over the period.
Related Press Release@ Recycled Base Oil Market Report
Recycled Base Oil Market Report Highlights
List of Key Players in the Recycled Base Oil Market
Recycled Base Oil Market Segmentation
Grand View Research has segmented the global recycled base oil market based on type, application, and region:
Recycled Base Oil Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Recycled Base Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Recycled Base Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
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