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BIOBASED TRANSFORMER OIL MARKET REPORT OVERVIEW
The global biobased transformer oil market size was USD 63 million in 2020 and will touch USD 94 million by 2027, exhibiting a CAGR of 6.0% during the forecast period.
Biobased transformer oil, used as an insulator in various appliances such as high voltage switches, fluorescent ballasts. Biobased transformer oil, works as an insulator which can withstand at high temperature and have excellent electrical insulating properties.
Biobased transformer usually works as a coolant by suppressing corona discharge, and generating spark. Increasing environmental concerns and rapid industrialization and urbanization of developing countries promoting the use of ecofriendly products driving the market expansions.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The cost of raw materials has been reduced due to drop in oil price which influenced transformer oil producing market. Reduction in supply chain making manufacturers face logistics and procurement issues. In addition, increasing cost of production of transformer oil leading reduction in demand for oil, which in turn reducing selling price, thus covid has significantly affected the oil transfer market.
LATEST TRENDS
"Sustainability And Environmental Aspect Leading Market Expansion"
Sustainability and environmental aspect increasing emphasis in transition from mineral oil-based transformer oils to biodegradable and renewable alternatives. In addition, there is increase in technological development in the biobased transformer oil production improving their performance and insulating properties.
BIOBASED TRANSFORMER OIL MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Natural Ester Transformer Fluid, Synthetic Ester Transformer Oil.
- Natural Ester Transformer Fluid: emerged biodegradable solution in the industry for the consumers who are moving to green solutions.
- Synthetic Ester Transformer Oil: used in transformers and other electrical equipments.
By Application
Based on application the global market can be categorized into Ordinary Transformer, EHV Transformer.
- Ordinary Transformer: Such type of transformer have primary and secondary winding.
- EHV Transformer: Transformers which have extra voltage.
DRIVING FACTORS
"Rising Need For Additional Capacity Leading Growth Of Biobased Transformer Oil Will Boost The Market Growth"
Rising need for additional capacity leading growth of biobased transformer oil market during forecast period. The rapidly strengthening electrical infrastructure is boosting the growth of the market. In addition, the ongoing renovation and repair works in the power sector infrastructure will accelerate the market growth. Rising number of large industries and power plants consume more energy, which in turn creates demand for transformers.
"Rising Awareness About Equipment Maintenance And Increasing Focus On Rural Electrification Will Expand The Market Growth"
Rising awareness about equipment maintenance and increasing focus on rural electrification in developing countries have leads to increase in biobased transformer oil market growth. Rapid urbanization and industrialization and gradual access to modern electricity consumption is a key factor propelling market growth. In addition, increasing consumer demands and explosive growth in distribution networks leading business expansion and supporting market growth.
RESTRAINING FACTORS
"Government Stringent Regulations And High Environmental Concerns May Restrict Market Growth"
Rising environmental concerns, imposing a major challenge as disposal of used transformer oil raising issues of liability and environmental impact. In addition, strict rules on environmental protection and waste management will help to meet the challenges facing the market. Fluctuating crude oil price will affect the production costs and hence affecting market growth.
BIOBASED TRANSFORMER OIL MARKET REGIONAL INSIGHTS
"Asia Pacific Dominating the Market due to Presence of a Large Consumer Base"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia-Pacific will dominate the biobased transformer oil market share in terms of revenue during forecast period due to rising demand for electricity in developing countries. Rising energy demand will be expected to increase the substations in the region. The market in the region is driven by rising environmental concerns and need for sustainable solutions, which in turn has led to increase in biobased transformer oil demand over traditional mineral based alternatives. Stringent government regulations and rising environmental concerns promoting the use of ecofriendly products driving the market expansions.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The biobased transformer oil market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- M&I Materials Limited (U.K.)
- Shell (U.K.)
- Sinopec (China)
- Savita Oil (India)
- Raj Petro Specialties (Germany)
- Cargill (U.S.)
INDUSTRIAL DEVELOPMENT
May 2021: Cargill Inc. has partnered with Delta Star, Inc. to provide Envirotemp dielectric fluid filling services to consumers in the US.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 63 Million in 2020 |
Market Size Value By |
US$ 94 Million by 2027 |
Growth Rate |
CAGR of 6% from 2020 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the biobased transformer oil market expected to touch by 2027?
The global biobased transformer oil market is expected to reach USD 94 million by 2027.
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What CAGR is the biobased transformer oil market expected to exhibit by 2027?
The biobased transformer oil market is expected to exhibit a CAGR of 6.0% by 2027.
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Which are the driving factors of the biobased transformer oil market?
Rising need for additional capacity leading growth of biobased transformer oil, and rising awareness about equipment maintenance and increasing focus on rural electrification are some of the driving factors of the biobased transformer oil market.
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What are the biobased transformer oil market segments?
The biobased transformer oil market segmentation that you should be aware of, which include, Based on type the biobased transformer oil market is classified as Natural Ester Transformer Fluid, Synthetic Ester Transformer Oil. Based on application the biobased transformer oil market is classified as Ordinary Transformer, EHV Transformer.