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Bio Based Transformer Oil Market Trends

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

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Bio Based Transformer Oil Market Trends

The market is witnessing several notable trends. There is a growing emphasis on sustainability and environmental concerns, with a shift away from mineral oil-based transformer oils towards biodegradable and renewable alternatives. Additionally, technological advancements in the formulation of bio-based transformer oils, improving their performance and insulating properties, are on the rise.

Moreover, regulatory support and incentives for adopting eco-friendly transformer oil solutions are driving market progress. The integration of smart grid technologies and increasing investment in the modernization of electrical infrastructure is also contributing to the expansion of the market, as these oils play a vital role in ensuring the reliability and efficiency of electrical systems. Finally, the rising awareness among industries and utilities regarding the long-term cost savings and reduced environmental impact associated with bio-based transformer oils is bolstering their adoption.

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.