Market Research Future Published a Cooked Research “Global Transformer Oil Market Research Report - Forecast to 2022” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.
Nyanas AB, Ergon Inc., Calumet Specialty Products partner L.P., Apar industries Ltd., Petro China, Sinopec Group, Hydrodec Group plc, cargill Inc., Engen petroleum Ltd., Valvoline International Inc., San jaonquin Refining Co., Inc., gandhar Oil Refinery India Limited.
Transformer Oil Market – Market Overview
The Global Transformer Oils Market set to witnes high growth in demand across the globe. The factors driving the market growth include, electricity grid expansion in Asia, Power grid upgradation in North America & Europe, and increasing transition towards renewable energy sources. Asia is the fastest growing Transformer Oil Market owing to fatst expansion of power grids in the region. The estimated per capita energy consumption is relatively low in those countries. Increasing per capita energy consumption which is projected to increase with industrialization and growing urbanization will spur the energy demand over the forecast period. According U.S. Energy Information Administration, Asia energy demand is expected to increase from 175.93 quadrillion Btu to 222.71 quadrillion Btu in 2020.The overall demand share of Asia-Pacific is expected to rise to 51% in 2030 from 38% in 2010. Governments in the region are focusing on expansion of power grid in order to cater the growing demand. This will drive the demand for Transformer Oil in the region. Countries like China & India are at the forefront for such expansions. In developed regions such as North America and Europe, power grids are being upgraded which is expected to spur the demanf for transformer oil in the regions.
Moreover, governmnets across the globe are favoring the green eneregy sources such as wind, solar, and hydro power energies. This is fueling transition of existing energy sources to renewable sources. The transition will influence the global demand of Transformer Oil, positvely.
However, increasing prefernece for dry type transformers is expected to be an impediment for the Transformer Oil Market growth. Apart friom this fluctuating raw material prices and government regulations on power plants is expected to hamper market growth. Dry type transformer utilizes air as a dielectric fluid instead of oil. Such transformers are less prone to fire hazards. Such transformers are mainly preferred over oil cooled transformers in case of hazardous and sensitive areas. However, increasing environmental and safety concerns across the globe can favour the use of such transformers in future. Being a moderately suitable alternative for oil cooled transformer, increasing demand of dry type transformers can pose significant impediment to the Transformer Oil Market growth over the forecast period.
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Silicone based product type is expected to be the fastest growing transformer oil product type, owing to its inherent fire resistant properties. The transformer located in the high temperatuire and hazardous areas are subject to fire safety regulations. Such regulatory frameworks restricts the use of mineral Transformer Oils such as naphthanic and paraffinic transformer oil. Thus, silicon based oil is gaining more preference over other mineral Transformer Oil.
Geographically, Asia-Pacific is estimated to be the leading region owing to high demand from China & India. Additionally, it is the fastetst growing region across the globe. The market growth of the region is attributed to the power grid expansion in the region.
Transformer Oil Market - Competitive Analysis
The Global Transformer Oil Market producers are highly concentrated in Asia-Pacific region. Asia-Pacific is antcipated to pose promising opportunities for the producers.Apart from Asia-Pacific, Middle East 7 North Africa is witnessing high opportunities for the Transformer Oil Market. Moreover, following the sustainability trend in the Transformer Oil, the leading players are inclined towards investing in bio-based transformer oil. Apart from this, following safety regulations by governments and regulatory associations, manufacturers and service providers also focusing on providing safe solution to its customers.
Industry/ Innovation/ Related News
Feb 2017: Intertek, a leading Transformer Oil testing service provider has launced new testing services facility in jamnagar, India. It is first laboratory to provide such testing services. The market development underlines the increasing prominence of safety related to transformer oils in develioping countries such as India.
Oct 2015: Tata Power, largest integrated power company in India enetered into a partneship agreement with Cargill and Schnider Electric to offer naturally filled transformers. l. Cargill, an active leader in food & beverage industry has agreed to supply Environtemp FR3 which a natural ester oil for the power grids. This development highlights the growing inclination towards bio-based transformwer oil.
Nov 2014: Petroleum Specialties Pte. Ltd, a fully owned subsidiary Apar industries Ltd., launched a new production facility in U.A.E. The company is headquartered in India, accounting for the largest share in India transformer oil market. B this development, company extended its presence in Middle East North Africa region.
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