Transformer Oil is used as insulator and coolant in transformers by energy and power industry. The Global Transformer Oil Market has seen a potential growth over the past years and as per MRFR analysis, the global market is expected to reach USD 3,614.1 million by 2022 from USD 2,100 million with a CAGR of 8.29%. Globe is facing rise of demand for electricity which will lead to the installation of new transformer, replacement of old transformer, installation of grid infrastructure which will lead the market for transformer oil market. Moreover, old and existing networks are not able to meet the new demand for power has resulted to modification of the transmission and distribution grid infrastructure. This will impact the growth of the transformer oil market in the forecasted year. However, increasing adoption of dry transformer and volatility in crude oil prices is expected to hamper the market, on account of growing transmission and distribution network across globe.
Market Highlights:
Transformer Oil is used as insulator and coolant in transformers by energy and Power industry. Globe is experiencing a rise of demand for electricity which has led to the installation of new transformer, replacement of old transformer, installation of grid infrastructure. These factors have pushed the global market for transformer oil across all the regions, where Asia-Pacific has accounted the largest market share of around 40% followed by North America and Europe. Moreover, old and existing networks are not able to meet the new demand for power demand has resulted to modification of the transmission and distribution grid infrastructure. The global market on the basis of type, naphthenic has acquired the largest market due to abundance availability of naphthenic and is expected to retain its dominance during the forecast period. On the basis of application, large transformer segment is estimated to be valued at USD 1,103.9 million in 2016 and is anticipated to expand at a CAGR of 7.99%. In terms of volume the segment is estimated to be pegged at XX million liters. The expansion of power grids in emerging countries in Asia is estimated to primarily drive the small transformers segment. However, the increasing transition from non-renewable to renewable energy sources is estimated to boost demand for large transformers over the forecast period.
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Segment Analysis:
The Global Transformer Oil Market is majorly ruled by mineral oil forms such as naphthenic and paraffinic, which cumulative accounts for 90.0% of the overall market. The major reason behind this factor is easy availability of naphthenic oil, and as per the analysis, this factor would retain its dominance till the end of forecasted period. However, prominent trends in the market such as increasing environmental concerns and increasing stringent regulations regarding fire safety are anticipated to boost market demand for bio based and silicone oil over the forecast period. Silicone oil is estimated to exhibit highest CAGR over the forecast period.
Regional Analysis of Global Transformer Oil Market:
Asia Pacific held the largest share of 40% within the Transformer Oil Market in 2015, and is expected to retain its majority by 2022. Followed by APAC, North America and Europe region is expected to compete each other in terms of both value and volume. Countries like China and India has a high demand for the Transformer Oil for expansion of electric networks and installation of transformer. Transformer Oil Market will be driven by the growth of transmission and distribution network all across the globe. The growth for transformer oil will be slower in Americas and Europe region, as they are more depended on renewable sources then conventional sources of energy.
Key Players:
The key players of Global Transformer Oil Market report include- Nynas AB, Ergon Inc., Petrochina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners L.P., Sinopec Corporation, Hydrodec Group PLC, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co. Inc., and Gandhar Oil Refinery India Limited.
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