Biobased Transformer Oil Market

Bio-based Transformer Oil Market Segmentation by Type (Jatropha Oil, Karanja Oil, and Others); and by Application (Power Transformer, Distribution Transformer, and Others) – Global Demand Analysis & Opportunity Outlook 2028

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Report ID: 1030 | Published On: Apr 05, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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Global Bio-based Transformer Oil Market Highlights 2019-2028

The global bio-based transformer oil market attained revenue of USD 132.2 Million in 2019 and is estimated to garner USD 220.7 Million in 2028 by growing at a CAGR of 5.9% over the forecast period i.e., 2020-2028. The market is anticipated to grow on account of the rising demand for transformers backed by the increasing demand for electricity worldwide. Bio-based transformer oil is the oil filled with the dielectric insulating fluid in transformers. The oil is resistant to heat and electricity and is made from vegetable oil feedstock. It is a replacement for mineral-oil-based products, is environmentally friendly and provides excellent performance.

Bio-based Transformer Oil Market Graph

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Globally, the demand for electricity is significantly increasing on the back of the increasing need amongst the end users for water supply, air conditioning, and others. According to the statistics by the International Energy Agency (IEA), the total electricity consumption around the world in the year 2018 reached 22315 TWh, which was an increase by 4% than the previous year. The key players manufacturing transformer oil are focusing on the development of new bio-based products. As a result, the investment has also increased over the years to boost the production process of the bio-based oil. 


Global Bio-based Transformer Oil Market Regional Synopsis

Regionally, the global bio-based transformer oil market is segmented into five major regions including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among the markets in these regions, the Europe bio-based transformer oil market is projected to grow with the highest CAGR of 7.4% throughout the forecast period and further attain a revenue of USD 51366.7 Million in 2028, up from USD 27702.2 Million in 2019. Rising investment in the modernization of the aging infrastructure is one of the major factors expected to drive the market growth in the region. Further, amongst the countries in the region, the market in Germany is anticipated to hold a significant market share of 22.7% by the end of 2028. Alternatively, the market in North America is expected to hold the largest market share of 53.73% by the end of 2028. The market in the region can be attributed to the growing need amongst the government to shift to greener alternatives, backed by the rising concern for the environment. In the United States, many utility companies are using bio-based transformer oils in their transformers to support sustainability goals.

Bio-based Transformer Oil Market Share Image

Growth Drivers and Challenges Impacting the Growth of the Global Bio-based Transformer Oil Market

Growth Drivers

  • Increasing Modernization in the Manufacturing of Transformers
  • Increasing Demand for Clean Energy

Challenges

  • Availability of Inexpensive Substitutes
  • High Cost of the Oil


Global Bio-based Transformer Oil Market Segmentation Synopsis

The global bio-based transformer oil market is segmented by type into jatropha oil, karanja oil, and others. Amongst these segments, the jatropha oil segment is anticipated to hold a significant market share in the coming years. Jatropha oil is derived from the species Jatropha curcas and is also used widely for manufacturing biodiesel. The seeds of the plant contain around 27-40% oil and the plants are resistant to drought and pests. The karanja oil segment, on the other hand, is anticipated to hold the second leading stance and further attain a market revenue of USD 55,948.1 Million by the end of 2028. The market is further segmented by application into power transformer, distribution transformer, others. Amongst these, the distribution transformer segment is anticipated to hold the largest share throughout the forecast period, backed by the need to replace the aging power line distribution systems.


Bio-based Transformer Oil Market Graph
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Key Players Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global bio-based transformer oil market that are included in our report are Cargill, Incorporated, M&I Materials Ltd, Savita Oil Technologies Limited, Nynas AB, ABB Ltd. and others.


Bio-based Transformer Oil Market Share Image

Key Questions Answered in the Report

1) What are the major factors driving the growth of the bio-based transformer oil market?

Ans: The increasing modernization in the transformers and increasing demand for clean energy are the major factors responsible for the growth of the market.

2) What would be the CAGR of bio-based transformer oil market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 5.9% over the forecast period i.e., 2020-2028.

3) What are the challenges affecting the bio-based transformer oil market growth?

Ans: Availability of inexpensive substitute is one of the major factors estimated to act as barriers to the market growth.

4) Which region will provide more business opportunities for growth of bio-based transformer oil market in future?

Ans: Europe is estimated to create notable growth opportunities for market growth over the forecast period.

5) Who are the major players dominating the bio-based transformer oil market?

Ans: The major players in the market are Cargill, Incorporated, M&I Materials Ltd, Savita Oil Technologies Limited, Nynas AB, ABB Ltd. and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the bio-based transformer oil market?

Ans: The market is segmented by type, application, and by region.

8) Which segment captures the largest market size in application segment in the bio-based transformer oil market?

Ans: The distribution transformer segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.

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