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Bio Based Transformer Oil Market Size

Report ID: GMI7332
Published Date: Nov 2023
Report Format: PDF

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Bio Based Transformer Oil Market Size

Bio Based Transformer Oil Market was assessed at over USD 135 million in 2022 and is envisioned to grow at a CAGR of over 9% by 2032. The market is experiencing robust growth primarily driven by increasing environmental concerns and regulatory mandates to reduce the use of mineral oil-based transformer oils.

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As the world seeks to transition to more sustainable and eco-friendly solutions, bio-based transformer oils, derived from renewable resources such as vegetable oils, offer a greener alternative. These oils are biodegradable, non-toxic, and have superior insulating properties, making them an attractive choice for transformers and electrical equipment. The growing emphasis on energy efficiency and a desire to reduce the carbon footprint in power distribution and transmission systems further propel the market's expansion as industries and utilities increasingly adopt bio-based transformer oils as a cleaner and more sustainable option.

Bio Based Transformer Oil Market Report Attributes
Report Attribute	Details
Base Year:	2022
Bio Based Transformer Oil Market Size in 2022:	135.9 Million (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.3%
2032 Value Projection:	335.5 Million (USD)
Historical Data for:	2019 to 2022
No. of Pages:	240
Tables, Charts & Figures:	287
Segments covered:	Application and region
Growth Drivers:	North America Refurbishment of existing grid networks Rising electric infrastructure spending Europe Rapid smart grid adoption Expansion of sustainable electricity networks Asia Pacific and Middle East & Africa Increasing demand for electricity Large scale renewable integration Latin America Increasing demand for sustainable electrical networks
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

Bio Based Transformer Oil industry Size was over USD 135 million in 2022 and is envisioned to record over 9% CAGR from 2023 to 2032.

The instrument transformers segment is expected to record 8.5% CAGR from 2023 to 2032 as environmental concerns and regulatory support are driving a shift towards eco-friendly alternatives in transformer oil.

Asia Pacific bio based transformer oil industry is predicted to record over 9% CAGR from 2023 to 2032, owing to increasing environmental concerns and the need for sustainable solutions, which in turn have led to a growing preference for bio-based transformer oils over traditional mineral-based alternatives.

NYNAS AB, Cargill, SCG Chemicals Public Company Limited, M&I Materials Limited, Shell, APAR, Calumet Specialty Products Partners, L.P., P.S.P. Specialties Public Company Limited, Savita Oil Technologies Limited, and Raj Petro Specialities Pvt. Ltd.