Global Bio-Based Transformer Oil Market Outlook 2028

Bio-based transformer oil is an oil for electrical transformers which is usually made up from organic sources, such as vegetable oil feedstock. The oil is known to have the characteristics of being resistant to heat and electricity. The global bio-based transformer oil market is anticipated to grow with a CAGR of 5.9% during the forecast period, i.e., 2020-2028. Factors such as the growing demand for electricity worldwide, backed by the rise in consumption of electricity, followed by the increasing need to replace the existing electrical infrastructure in nations, along with the rising concerns for the environment for producing transformer oil from inorganic sources, are expected to drive the market growth during the forecast period. The market, which garnered a revenue of around USD 130 Million in the year 2019, is further expected to reach USD 221 Million by the end of 2028.

The global bio-based transformer oil market is segmented into numerous segments, which include segmentation by type, application, and by region. On the basis of type, the market is segmented into jatropha oil, karanja oil, and others. Out of these segments, the jatropha oil segment is expected to garner the highest market share during the forecast period. Alternatively, the karanja oil segment is expected to reach a revenue of USD 55948.1 Million by 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.

On the basis of geographical analysis, the global bio-based transformer oil market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Out of these, the market in Europe is expected to grow with the highest CAGR of 7.4% during the forecast period. The market in the region is also anticipated to touch a revenue of USD 51366.7 Million by the end of 2028.

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.