Bio-based Transformer Oil Market: Increased Investment in Bio-based Transformer Oil
- Transformers are filled with dielectric insulating fluid, which has high resistance to electricity and heat. There are different types of transformer oils such as bio-based transformer oil, silicone-based transformer oil, and mineral based transformer oil.
- Bio-based transformer oil is relatively new to the market, and it is produced from vegetable oil feedstock. Bio-based transformer oil is a good replacement for mineral-oil based products, as its eco-friendly and offers superior performance.
- Companies are presently investing more in bio-based transformers oil, as is resistant to fire, electricity, and heat and is bio degradable. Bio-based transformer oil does not contain silicone, petroleum hydrocarbons, and halogens.
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Need of Reliable and Safe Solution for Insulate Transformer
- Rise in industrialization and urbanization across the globe is estimated to be a key driver of the bio-based transformer oil market. Demand for transformers has been increasing significantly across the world in the last few years, and this increase in demand is expected to drive the bio-based transformers oil market.
- Power utilities are focusing on enhancing the safety and performance of existing & new transformers. Bio-based transformers oil provides reliable and cleaner transformers oil and this up gradation in transformers by power utilities is driving the bio-based transformer oil market.
- Mineral oil is a major substitute of bio-based transformer oil. Mineral oil becomes unstable at high voltage and heat, this leads to premature degradation of oils, which results in reduction in the life of the transformer. However, bio-based transformer oils offers superior performance as compared to mineral oil, as they are stable at high voltages and temperatures.
Availability of Inexpensive Substitute
- Availability of inexpensive substitute, such as mineral oils, is a major factor restraining the bio-based transformer oil market. The acceptance of bio-based transformer oil is very low due to its high price.
- Lack of environmental awareness and absence of rules and regulation regarding the use of mineral based oil is one of the restrains for bio-based transformer oil.
Global Bio-based Transformer Oil Market Segmentation
- The global bio-based transformer oil market can be segmented based on type, application, end-user, and by region
- In terms of type, the bio-based transformer oil market can be classified into synthetic ester transformer oil and natural ester transformer fluid. The natural ester transformer fluid segment is projected to expand during the forecast period, as this fluid is derived from renewable vegetable oils and provides improved fire safety, transformer life, and environmental benefits.
- Based on application, the bio-based transformer oil market can be bifurcated into power transformer and distribution transformer. The distribution transformer segment is estimated to expand at a significant CAGR, owing the expansion of distribution network across the globe across the globe due to an increase in demand for electricity.
- In terms of end-user, the global market can be split into residential & commercial, industrial, and utilities. The industrial segment is expected to lead the market due to a rise in industrialization. This trend is expected to continue during the forecast period.
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Global Bio-based Transformer Oil Market
- Based on region, the global bio-based transformer oil market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global bio-based transformer oil in 2018. The market in the region is projected to expand during the forecast period, owing to a rise in infrastructure, industrialization, and initiatives by governments in the region to provide electricity to all parts of their respective countries.
- The market in North America is projected to expand significantly during the forecast period due to a rapid increase in infrastructure and industrialization in the U.S. and Canada
- The market in Europe is estimated to expand at a steady CAGR during the forecast period due to rapid industrial and infrastructural development in the region
- In March 2019, M&I Materials established a bio-based transformer oil manufacturing plant and a state-of-the-art laboratory in India in order to cater to an increase in the demand for electricity in the country
- In June 2019, Cargill strategically increased its investment in the markets in South Africa and sub-Saharan Africa to supply bio-based transformer oil for electricity transformer applications in power, utilities, and other industries
Key Players Operating in the Bio-based Transformer Oil Market:
- M&I Materials Ltd
- Savita Oil
- Raj Petro Specialties
Global Bio-based Transformer Oil Market: Research Scope
Global Bio-based Transformer Oil Market, by Type
- Synthetic Ester Transformer Oil
- Natural Ester Transformer Fluid
Global Bio-based Transformer Oil Market, by Application
- Power Transformer
- Distribution Transformer
Global Bio-based Transformer Oil Market, End-user
- Residential and Commercial
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