Global Bio-based Transformer Oil Market Overview
The growing infrastructure of various energy consuming industries is expected to contribute substantially to increasing demand for bio-based transformer oils across the world during the forecast period. The better efficiency of bio-based oils over mineral based oils along with increased safety standards is expected to implicate an increase in the demand for bio-based transformer oil. Additionally, the mere production of bio-based oils from vegetable oil feedstock with no presence of silicone substrates or petroleum hydrocarbons makes them green energy source which are biodegradable in nature. Generally, Jatropha oil and karanj oil are used as bio-based transformer oils across the developed and developing regions.
Market Size & Forecast
Bio-based Transformer Oil Market is anticipated to record a significant CAGR of 6.1% over the forecast period. Many multi-national companies are concentrating towards new product advances in bio-based transformer oil. Moreover, the many advantageous properties of bio-based transformer oil are exploited for industrial, commercial as well as residential now and then. New uses for bio-based transformer oil derivatives are discovered daily which is expected to drive the bio-based transformer oil market rapidly.
At present the global bio-based transformer oil market is observing vibrant growth owing to increasing demand of power in various industries as well as residential sector. Advance in energy industry in the past few years and growing environmental awareness is projected to drive bio-based transformer oil market besides the wide range of functions of bio-based transformer oil in an immense range of industries such as energy generation, energy distribution to residential, commercial as well as material, chemical and various other industries.
On the basis of regional platform, global Biobased Transformer Oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a fueling agent to the power generation industry, North America is panned to observe substantial bio-based transformer oil market growth due to rising bio-based transformer oil usage for environmental concerns as well as stringent government regulation for energy production industries. North America is predicted to be followed by Europe in terms of power consumption due to expanding economic developmental activities across the region.
Asia Pacific is expected to drive demand and positively impact bio-based transformer oil market growth over the forecast period on account of increasing industrial activities following environmental regulation policies for reduced pollution and fuel degradation. Due to multiplying bio-based transformer oil uses in growing end-use industries such as agrochemicals, industrial, power generation and water treatment, Asia Pacific is budding as a regional bio-based transformer oil consumption market.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global Bio-based Transformer Oil market includes the following segments:
Global Bio-based Transformer Oil Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The demand for bio-based transformer market is anticipated to increase on account of rising demand for renewable sources of energy across the globe. Increasing incidences of fire accidents as a result of extensive usage of mineral oils in energy sectors has caused an increase in demand for bio-based transformers over the forecast period for reduction in accidents in huge industries. The increasing awareness regarding environmental conditions as well as bio-based oils gaining significant popularity in the recent past is anticipated to contribute significantly for the growth of bio-based transformer oils market during the forecast period across the globe. Additionally, increasing demand for energy with growing rate of urbanization as well as increasing industrial activities around the developing regions across the world is predicted to create an increased demand for bio-based transformer oils. The non-degradable nature of mineral oils is further anticipated to create a decline in demand thus, industries opting more for bio-based transformer oils. The rapid development of power grids in the developing countries around the world is anticipated to sponsor significant growth for bio-based transformer oil market. Moreover, improvement in local electricity infrastructure along with increasing global population demanding for more power across the globe is anticipated to further aid in the expansion of bio-based transformers market during the forecast period. Furthermore, rise in the usage of electronic devices across the globe has up surged the demand for power along with various research and development activities to make green energy production is anticipated to add more to the growth of bio-based transformer oil market.
However, the cost constraints associated with increased demand and thus hiked prices of bio-fuels is estimated to act as a key restraining factor in the growth of the bio-based transformer oil market over the forecast period.
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