Pune, India, Sept. 06, 2018 (GLOBE NEWSWIRE) -- A new report published by Market Research Future (MRFR) projects that the global Transformer Oil Market will record a strong growth rate over the next couple of years. Towards the end of 2023, the market is expected to surpass a valuation of USD 4002.8 Mn. Transformer oil is used for insulation purposes in electric transformers. The oil also acts as a coolant, helping stabilize the temperature of transformers. The oil is a bi-product of crude oil undergoing distillation. Transformer oil has been in use for many years now and continues to gain popularity in electric grid set ups worldwide. They have diverse benefits such as high resistivity, di-electricity, chemical stability, thermal conductivity and minimum power loss.
Development of power grids in fast-developing countries is one of the major factors driving the global transformer oil market. Countries such as China and India are undergoing rapid development, which leading to construction of mega-scale electric grids in these countries. Moreover, increased efforts towards electrification of rural areas in developing countries is partly driving the global demand for transformer oil. These countries are witnessing a quick uptick in power utilization, which is prompting local policy makers to improve the electricity infrastructure. One of major reasons behind rising power consumption is the increased use of electronic commodities. At the same time, the expanding global population is fueling the demand for power, which in turn is necessitating installation of more transformers and electric grids. The augmented energy demand is expected play an important role in guiding the growth trend of global transformer oil market. Governments all over the world are focusing to developing renewable energy sources, which reflecting favorably on the market. Nonetheless, raw material price fluctuation coupled with the availability of dry transformers may hinder the market’s growth in the forthcoming years.
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Key Players and Competition Tracking
Ergon Inc. (U.S.), APAR Industries Limited (India), Sinopec Group (China), Cargill Inc. (U.S.), Valvoline Inc. (U.S.), Gandhar Oil Refining (India), Nynas AB (Sweden), PetroChina Company (China), Engen Petroleum Limited (South Africa), Calumet Specialty Products (U.S.), San Joaquin Refining (U.S.), and Hydrodec Group Plc. (U.K) are among the leading companies mentioned in the report.
Transformer Oil Market Segmentation: Insights
A thorough segmental analysis of the Transformer Oil Market based on type, application and region is available in the report. On the basis of type, the market has been segmented into bio-based oil, silicon oil, paraffinic oil and naphthenic oil. The naphthenic oil segment currently accounts for nearly 48% market share and is expected to retain its dominance over 2023. The paraffinic oil segment is expected to hold the second position over the next five years and exhibit a healthy CAGR. By application, the market has been segmented into utility, small transformers, large transformers and others.
Browse the market data and information spread across 163 pages with 145 data tables and 15 figures of the report “Transformer Oil Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/transformer-oil-market-1769
Asia Pacific Most Attractive Destination for Market Players
On the basis of region, the market has been segmented into Europe, Asia Pacific, North America, the Middles East & Africa (MEA) and Latin America. Of these, APAC currently holds the top spot and the trend is likely to continue in 2018 and beyond. This is primarily owing to the increasing construction of energy grids to meet the growing energy demand in the region. Energy consumption is rising at a tremendous pace in countries such as India and China that present significant growth opportunities for market players. In 2016, APAC commanded more than one-third share of the global market and expected to remain a highly attractive market for transformer oil in the years to come. China’s growing dominance over the global manufacturing sector is making a positive impact on the transformer market in the country. There is a significant surge in utility of transformer oils in China. Asia Pacific is followed by North America, which currently account for close to 30% share of the global market. The market in North America will continue to grow at a steady rate over the next couple of years. Upgradation of the existing electric grids and further electrification of the rural areas in the U.S. and Canada continues to drive the sales transformer oil in the region.
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