Transformer Oil Market: Increasing power consumption is projected to drive the Transformer Oils Industry over the forecast period 2023 - 2030

Pune, India, May, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Transformer Oil Research Report.

Market Highlights:

Remarking on this report, an analyst from Market Research Future (MRFR)’s team said, the global transformer oils market is predicted to grow at a healthy CAGR to reach USD 8 billion by the end of 2030. The changing lifestyle and the demand for high-tech devices has increased the power consumption rate, which is likely to propel the global market further. Some of the key market factors that positively influence the market growth of transformer oils are rising power consumption, focus on rural electrification, and expansion of the electrical grids. Rapid industrialization and urbanization coupled with rising per capita disposable income in developed and developing countries across the globe are predicted to fuel the growth of the market over the estimated period. However, the threat of substitution by dry transformers and the fluctuating raw material prices may challenge the market growth.

Segment Analysis

The transformer oils market is segmented on the basis of type, application, and region. On the basis of the type, the market is segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil is accounted for around 48% market share in overall transformer oil sales revenue. The demand for naphthenic oil is increasing at a faster pace due to various properties such as good solvency, low pour point, good stability, low flash point, high volatility, and high viscosity.  Based on the application, the market is segmented into large transformers, small transformers, utility & others. The large transformers is the leading segment because they are more powerful and used for step-up and step-down operations. The larger transformer segment was valued at USD 1,106.7 million in 2016 and is anticipated to grow at a CAGR of 13.00% over the review period. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

Regionally, transformer oils market is classified into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the global transformer oils market in 2016 and accounted for more than 35% of the value share of the global transformer oils market. The regional market trends substantiating the growth of transformer oils market include the rising consumption of power and energy in the developing economies of Asia Pacific region. The up-gradation in the existing transformers in North America and Europe. Furthermore, the increasing transition from non-renewable to renewable energy sources is likely to boost the demand for large transformers over the review period, 2023-2030. The other emerging markets such as Latin America and the Middle East & Africa seems to observe a healthy market trend as Asia Pacific.

Key Players:

Market Research Future (MRFR) recognizes the following companies as the key players in the global transformer oils market: Nynas AB (Sweden), Ergon Inc. (U.S.), Calumet Specialty Products (U.S.), APAR Industries Limited (India), PetroChina Company (China), Sinopec Group (China), Hydrodec Group Plc. (U.K), Cargill Inc. (U.S.), Engen Petroleum Limited (South Africa), Valvoline Inc. (U.S.), San Joaquin Refining (U.S.), and Gandhar Oil Refining (India).

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