The invention provides the combined use of UF and MVR for the treatment of industrial process fluid wastewater that contains recoverable material. The recoverable material desirably has a molecular diameter of less than about 5 to 6 nm and a boiling point of less than about 200 ° C. In one embodiment, the recoverable material may then be utilized in the preparation of another industrial process fluid. In another embodiment, the recoverable material is isolated and retained for later use. The invention thereby provides aqueous industrial process fluid which contains water; one or more of an emulsifier, oil, amine, biocide, thickener, lubricant, dispersant, antioxidant, corrosion inhibitor, alkaline compound, surfactant, and carrier; and one or more chemical compounds recovered from aqueous industrial process fluid wastewater treated with UF and MVR.