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The re-refined paraffinic base oil market size is projected to reach US$ 3.18 billion by 2031 from US$ 2.13 billion in 2024; the market is expected to register a CAGR of 5.9% during 2024–2031. Increased demand for sustainability and circular economy is expected to be a key trend in the market.
Re-Refined Paraffinic Base Oil Market Analysis
The re-refined paraffinic base oil market is witnessing significant growth due to wide application scope. The booming electric vehicle market is fueling the demand for lubricants worldwide. Re-refined paraffinic base oil is used in engine oil, gear oil, and transmission fluids, which are essential for the smooth operation of modern vehicles. In addition, various governments are implementing more stringent environmental regulations, pushing the automotive industry to adopt more sustainable and eco-friendly solutions. Thus, the growing automotive industry in various countries is driving the demand for re-refined paraffinic base oil. Furthermore, the growing demand from wind energy sector to ensure smooth functioning of the wind turbines contributes to its market growth.
Re-Refined Paraffinic Base Oil Market Overview
The re-refined is a vital segment of the lubricants industry. It involves the production and distribution of high-quality base oils derived from re-refined petroleum products. These base oils are essential in manufacturing a wide range of lubricants, including motor oils, transmission fluids, and industrial lubricants. One of the significant driving factors for the re-refined is the growing demand for environmentally friendly and sustainable lubricants across end-use industries. The increasing focus on reducing carbon footprint and minimizing waste has led to a surge in demand for re-refined paraffinic base oils, which offer a more sustainable alternative to traditional base oils.
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Re-Refined Paraffinic Base Oil Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Re-Refined Paraffinic Base Oil Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Re-Refined Paraffinic Base Oil Market Drivers and Opportunities
Growing Automotive Industry
The global automotive industry is witnessing high growth due to the growing vehicle production and sales. The increase in population, rise in disposable income, and easy availability of credit and financing are a few key factors boosting automotive vehicle sales. Automotive manufacturers globally are investing in improving their supply chain to increase sales in developing regions. According to the Society of Indian Automobile Manufacturers (SIAM), in India, sales of passenger vehicles increased to 2,854,242 units in November 2023 from 2,409,535 units in November 2022. Similarly, according to the China Association of Automobile Manufacturers (CAAM), China's commercial vehicle sales soared 18.3% year-on-year to ~2.94 million units in the first three quarters of 2023. The automotive industry also paved its way in Brazil and South Africa. According to the National Economic Development and Labour Council (Nedlac), automobile production in South Africa reached 633,332 units in 2023. The South African automotive manufacturing industry ranks 22nd in the world in terms of the number of vehicles produced. It is the largest on the African continent, accounting for more than 54% of vehicles assembled in 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in South & Central America in 2023. The country reported production of 2.3 million vehicles in 2022. Globally, the automotive industry is the major consumer of lubricants, and engine oil is the most utilized product in passenger cars and light commercial vehicles. Thus, the growth in the automotive industry in various economies is driving the demand for lubricants.
Increased Demand for Lubricants from Wind Energy Sector
The renewable energy industry is one of the major consumers of industrial lubricants, especially turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technologies, which holds a potential share for consuming lubricants. As per the data published by WindEurope, in 2023, Europe installed 18.3 GW of new wind power capacity and is expected to install 260 GW of new wind power capacity during 2024–2030. As the countries in the region embrace renewable energy sources, particularly wind power, the need for specialized lubricants to ensure the smooth functioning of wind turbines becomes paramount. These lubricants play a crucial role in enhancing the operational efficiency and lifespan of the intricate machinery involved in harnessing wind energy. Moreover, the expanding wind energy sector requires a reliable and consistent supply of high-performance lubricants to mitigate wear and tear, reduce friction, and prevent corrosion in the mechanical components of wind turbines. This demand propels the market for lubricants and opens avenues for research and development, encouraging innovation in lubricant formulations tailored to the unique challenges posed by the wind energy environment.
Re-Refined Report Segmentation Analysis
Key segments that contributed to the derivation of the re-refined analysis are process, application, and end use.
- Based on process, the market is segmented into acid treatment, clay treatment, solvent extraction, and hydrotreating.
- In terms of application, the market is segmented into engine oil, hydraulic oil, metalworking fluid, compressor oil, grease, turbine oil, and others.
- Based on end use, the market is segmented into automotive, construction, mining and metallurgy, marine, energy and power, oil and gas, and others.
Re-Refined Paraffinic Base Oil Market Share Analysis by Geography
The geographic scope of the re-refined paraffinic base oil market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to record the highest CAGR over the forecast period. The re-refined paraffinic base oil market in Asia Pacific is poised for significant growth, driven by the region's thriving automotive and construction industries. According to the International OICA, Asia-Oceania's vehicle production increased from 50 million in 2022 to 55.1 million in 2023, highlighting the escalating demand for high-quality base oils in manufacturing lubricants. Furthermore, the Government of India's ambitious plans to revamp the country's infrastructure and construction services are expected to bolster the demand for petrochemical-derived products, including re-refined paraffinic base oils. As per the report by the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India has announced its plans to boost the country's infrastructure and construction services through several policies such as large budget allocation to the infrastructure sector, open FDI norms, and smart cities mission. The real estate industry in India is projected to account for US$ 1 trillion by 2030, along with an increased year-on-year infrastructure Capex by 34% to reach US$ 6.7 million.
Re-Refined Paraffinic Base Oil Market Report Scope
Re-Refined Paraffinic Base Oil Market News and Recent Developments
The re-refined paraffinic base oil market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the re-refined paraffinic base oil market are listed below:
- GFL Environmental Inc. announced that it had entered into a definitive agreement to sell its Environmental Services business for an enterprise value of US$ 8.0 billion. The transaction allows GFL Environmental Inc. to efficiently monetize the Environmental Services business tax. (GFL Environmental Inc, Company Website, January 2025)
- TotalEnergies SE acquired Tecoil, a Finnish company specializing in the production of re-refined base oils (RRBOs). This acquisition enabled TotalEnergies SE to strengthen its circular economy network for collecting used lubricants in Europe and supplying its plant. (TotalEnergies SE, Company Website, July 2024)
Re-Refined Paraffinic Base Oil Market Report Coverage and Deliverables
The " Re-Refined Paraffinic Base Oil Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Re-refined paraffinic base oil market size and forecast for all the key market segments covered under the scope
- Re-refined paraffinic base oil market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Re-refined paraffinic base oil market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the re-refined paraffinic base oil market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
In 2024, the solvent extraction process segment held the largest share of the global re-refined paraffinic base oil market.
The market is expected to register a CAGR of 5.9% during 2024–2031.
In 2024, Asia Pacific held the largest share of the global re-refined paraffinic base oil market owing to the increasing demand for re-refined paraffinic base oil in the region.
Key players in the re-refined paraffinic base oil market include AVISTA OIL Deutschland GmbH, Heritage Crystal Clean Inc, Clean Harbors Inc, TotalEnergies SE, Metalub, Southern Oil, EMERALD TRANSFORMER, GFL Environmental Inc, Hydrodec Group PLC, Nynas AB, PT Wiraswasta Gemilang Indonesia, ORLEN SA, Catalana de Tractament d'Olis Residuals SA, Aurea, and ITELYUM Regeneration SpA.
Rapid industrial growth worldwide and the growing automotive industry are driving the market.
Increased demand for sustainability and circular economy is expected to emerge as a future trend in the market.
The List of Companies - Re-Refined Paraffinic Base Oil Marke
- AVISTA OIL Deutschland GmbH
- Heritage Crystal Clean Inc
- Clean Harbors Inc
- TotalEnergies SE
- Southern Oil
- EMERALD TRANSFORMER
- GFL Environmental Inc
- Hydrodec Group PLC
- Nynas AB
- Veolia
- Lwart Group
- PURAGLOBE
- DYM Resources
- Saudi Arabian Oil Co
- Universal Lubricants
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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