New York, NY, April 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Transformer Oil Market by Type (Mineral Oil-Based, Silicone-Based, and Bio-Based Oil), for Distribution Transformers and Power Transformers Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global transformer oil market was valued at USD 2,099.1 million in 2016, is expected to reach USD 3,159. 0 million in 2022 and is anticipated to grow at a CAGR of 7.1% between 2017 and 2022.
Transformer oil is utilized as coolant and insulator in transformers by energy and power industry. Transformer oil provides two main functions in transformers i.e. dissipation of heat generated inside the transformers and suppression of arcing. They are derived from the fractional distillation of crude oil. Transformer oils are stable at an extremely high temperature and show considerable insulating properties. Most commonly used products are mineral-oil based on paraffinic oil which is used for cooling applications owing to its viscosity features and excellent oxidative stability.
Browse through 55 Tables & 29 Figures spread over 110 Pages and in-depth TOC on "Transformer Oil Market by Type (Mineral Oil-Based, Silicone-Based, and Bio-Based Oil), for Distribution Transformers and Power Transformers Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2022”.
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The global market for transformer oil is expected to grow at a significant rate. Rising power consumption, increasing investment in the power sector and expansion of electrical grids in the developing countries are the major factors driving the growth of the transformer oil market globally. Furthermore, rising production of transformers is anticipated to fuel the demand for transformer oil market. However, increasing demand for the dry type transformers may hamper the market growth in near future. Moreover, the corrosive effect of sulfur present in transformer oil may abstract the growth of the market.
Global transformer oil market has been segmented on the basis of type, application, and region. On the basis of type, transformer oil market is classified as mineral oil-based, silicone-based, and bio-based oil. Mineral-based transformer oil is the most widely used transformer oil having occupied the largest market share in 2016. However, the demand for bio-based transformer oil is anticipated to increase in the coming years owing to its environmental benefits and superior operational advantages. On the basis of the application, the market is classified into distribution transformers and power transformers. In 2016, distribution transformer segment dominates the transformer oil market, accounting for nearly half of the overall market.
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Asia-Pacific was the largest market for transformer oil in 2016. Expansion of electricity grid is the major driver for the market in the Asia Pacific. Extensive demand for electricity, especially in densely populated countries such as India and China, is driving the expansion of electric networks. In addition, increasing focus on rural and urban development and shift in focus from the high capacity transformer to small and mid-segment transformers for domestic and agricultural uses is expected to further fuel the market in the region. The transformer oil markets of India and China is anticipated to dominate due to the government initiatives for the electricity accessibility to the country’s population.
In 2016, North America was one of the largest transformer oil markets worldwide. The revenue share of North America in the global transformer oil market stood at around 25% in the same year. The region is mainly backed by the U.S. having strong power grid networks. Huge investment in modernization of electrical grid plays a crucial role in the North American market. However, North America is poised to register sluggish growth owing to the significant development of renewable sources of energy and reduced dependability on conventional sources of energy.
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Europe is expected to witness significant growth in the transformer oil market within the forecast period. Europe is the major market for transformers due to large per capita electricity consumption. Although the power infrastructure in Europe has matured, the demand for transformers in these regions is still growing at a notable pace due to rising electricity demand from industrial sector coupled ongoing upgrades in the existing power supply infrastructure. This is expected to have a great and an elevated impact on the Europe transformer oil market in the coming years.
Latin America is poised to witness decent growth in demand for transformer oil on account of the increasing need for power supply in domestic as well as commercial level. Furthermore, the market for transformer oil in Latin America is expected to prosper on account of favorable government initiatives for expansion of electric grids in the region.
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The Middle East and Africa represent a region with a huge potential for transformer oil in future. Electricity sector privatization in several Middle East economies such as Qatar, Saudi Arabia, and UAE is expected to be a key industry growth factor within the forecast period. Rapid growth in the industrial sector, primarily petrochemicals and oil & gas is anticipated to propel demand in Saudi Arabia. The transformer oil industry is also poised for growth due to increasing penetration in the residential and industrial sector in Qatar. This, in turn, is expected to drive the transformer oil market in the region.
The key players of Global Transformer Oil Market include Nynas AB, Ergon Inc., PetroChina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners, 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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This report segments the transformer oil market as follows:
Global Transformer Oil Market: Type Analysis
- Mineral Oil-Based
- Silicone-Based
- Bio-Based Oil
Global Transformer Oil Market: Application Analysis
- Distribution Transformers
- Power Transformers
Global Transformer Oil Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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