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Innovations to Play a Vital Role in Bio-based Transformer Oil Market Growth

 

Bio-based Transformer Oil Market: Overview

·         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. It is produced from vegetable oil feedstock. Bio-based transformer oil is an ideal replacement for mineral-oil based products, as its eco-friendly and offers superior performance.

·         Companies are investing more in bio-based transformers oil, as it is resistant to fire, electricity, and heat; and is bio-degradable. Bio-based transformer oil does not contain silicone, petroleum hydrocarbons, and halogens.

Key Drivers and Restraints of Bio-based Transformer Oil Market

·         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 over the last few years. This is expected to drive the bio-based transformer oil market.

·         Power utilities are focusing on enhancing the safety and performance of existing & new transformers. Bio-based transformer oil provides reliable and cleaner transformer oil. This upgrade 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, leading to premature degradation of the oil. This results in reduction in the life of the transformer. However, bio-based transformer oil offers superior performance as compared to mineral oil, as it is stable at high voltages and temperatures.

·         Availability of inexpensive substitutes, such as mineral oils, is a major factor restraining the bio-based transformer oil market

Global Bio-based Transformer Oil Market: Segmentation

·         The global bio-based transformer oil market can be segmented based on type, application, end-user, and 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 due to the 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 the rise in industrialization. This trend is estimated to continue during the forecast period.

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Global Bio-based Transformer Oil Market: Regional Segmentation

·         In terms of region, the global bio-based transformer oil market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Asia Pacific dominated the global bio-based transformer oil market in 2020. The market in the region is projected to expand during the forecast period, owing to the 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 likely to expand significantly during the forecast period due to the 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 steady industrial and infrastructural development in the region

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COVID-19 Impact on Global Bio-based Transformer Oil Market

·         The COVID-19 pandemic has adversely affected the global bio-based transformer oil market. Transmission & distribution projects across the globe have suffered temporary shut down during lockdowns. Depending upon the capital availability and financial conditions, utilities may defer some of their generation and T&D investments, thus affecting transformer manufacturing activities. However, government relief packages for the power sector are likely to lead to quick recovery of the bio-based transformer oil market in the near future.

Key Players in Market

The global bio-based transformer oil market has a moderately competitive landscape. It is dominated by the presence of various prominent players across the globe.

Prominent players operating in the bio-based transformer oil market include:

·         Sinopec Lubricant

·         PetroChina Company Limited

·         Apar Industries

·         Ergon International

·         Nynas AB

·         M&I Materials Ltd

·         Cargill

·         ExxonMobil

·         Savita Oil

·         Raj Petro Specialties

·         Shell

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