Transformers are virtually everywhere, and every distribution and power transformer is filled with dielectric insulating fluid, which exhibits high resistance to electricity and cools the transformer. Traditionally, dielectric fluids have been manufactured from mineral-oil derived from crude petroleum, but nowadays biobased transformer oil is replacing mineral-oil based products in the market.
Biobased transformer oil is environmentally safe and also performs better than mineral oil products. The transformer oil is a relatively new product in the market. Biobased transformer oil is produced from vegetable oil feedstock. Biobased transformer oil does not contain silicone, petroleum hydrocarbons and halogens. The biobased transformer oil rapidly degrades in case of leakage or spill and also they are non-toxic in nature.
Moreover, this type of oil has better resistance to fire as compared to their counterpart mineral oil and is mainly composed of soybean or other vegetable oils and antioxidants and other additives. One of the major advantages of biobased transformer oil is that they can be reconditioned and reused in another transformer, even if it had been used for the whole life of a transformer.
Manufacturers of transformer oil are nowadays focussing on research & development activities in order to produce the most effective transformer oil. Scientists & researchers are investigating nanofluids for use in transformers and this would be utilized as additives in order to improve the thermal stability and electrical properties of the oil.
Generally, trucking is used as the mode of transportation for the transport of the product from the transformer oil manufacturing plant to the transformers to be filled at the point of use.
In order to deliver reliable & cleaner power to the customers, power utilities are focussing on enhancing the safety, environmental and operational performance of existing & new transformers. Dielectric insulating fluids such as biobased transformer oil are utilized to meet the high-performance transformer insulation. Demand for power transformers has evolved significantly both in terms of functionality and size.
This in turn boosts the demand for biobased transformer oil and also drive the growth of global biobased transformer oil market. Further, growing desire for environment-friendly solutions over the recent past has intensified the quest to develop new solutions.
Biobased transformer oil has to overcome their inherent stability based on the existence of poly-unsaturated products in the natural oil in order to compete with the mineral-oil based products. In spite of the improvements in the performance of biobased transformer oil, market for these products has been witnessing slow growth.
The major reasons behind this are price and lack of regulatory pressures to change. Moreover, biobased transformer oil is generally expensive than their mineral oil counterparts, with various notable exceptions, hence without regulatory pressures it is difficult to convince a user to change what they know to be acceptable performance from traditional mineral-oil based products.
The aforementioned reasons are expected to reduce the demand for biobased transformer oils and thus in turn hamper the growth of global biobased transformer oil market. The biobased transformer oil consumes large amount of energy in its manufacturing and hence its costs also build up, this is one of the key challenges identified in the global biobased transformer oil market.
Considering regions, Asia-Pacific is the major consumer of the biobased transformer oil followed by North America, Latin America and Europe. Demand for bio-based transformer oil is low in developed regions owing to the significant development of renewable energy resources in the developing countries such as China and India in the Asia-Pacific region.
Some of the examples of the market participants in the biobased transformer oil market identified across the value chain include ABB, Cooper Industries (Eaton) and Cargill, Incorporated among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global biobased transformer oil market can be segmented mainly on the basis of application.
Based on the application, the global biobased transformer oil market can be segmented into
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