Bio-based Transformer Oil Market Analysis

End User (Residential, Commercial, Industrial, Utilities)

The industrial segment in the bio-based transformer oil market is set to hold a significant share of 45 % during the forecasted timeframe. Rapid industrialization in emerging economies such as India, and China, are increasing the use of transformers in various industries for providing a reliable and constant power supply. Industrial production has raised by nearly 3.5 % year on year in June 2023 in India.

Application (Power Transformer, Distribution Transformer)

Bio-based transformer oil market from the distribution transformer segment is expected to garner higher growth of 5.95% in the forecast period. This segment growth can be propelled by the increasing expansion of distribution transformers across the globe. Moreover, there are various types of transformers in the distribution system, including single-phase, three phases, underground, pad-mounted, and pole mounted for accommodating the rising demand for electricity. As per the Indian Electrical and Electronics Manufacturers Association, the power transformers has shown 13.8 % growth in the FY2023.

Our in-depth analysis of the global bio-based transformer oil market includes the following segments:

Type	Jatropha Oil Karanja Oil Naphthalene Mineral Oil
Application	Power Transformer Distribution Transformer
End User	Residential Commercial Industrial Utilities

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of bio-based transformer oil is evaluated at USD 81.12 million.

The bio-based transformer oil market size was valued at USD 77.58 million in 2024 and is expected to reach USD 159.49 million by 2037, registering around 5.7% CAGR during the forecast period i.e., between 2025-2037. The market growth is owing to increasing modernization in the transformer for the production of electricity, followed by the surging adoption of transformers across the globe.Â

North America industry is likely to dominate majority revenue share of 31% by 2037, driven by growing demand for electricity in the residential, commercial, and industrial sector in the region.

The major players in the market are APAR Industries, Calumet Speciality Product Partners, L.P., ENGEN PETROLEUM LTD, NYNAS AB, The DOW Chemical Company, Shell Group, Novvi, LLC., AICHI ELECTRIC CO., LTD.

Bio-based Transformer Oil Market Analysis