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.
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Transformer oil is stable at high temperatures and has excellent electrical insulating properties. It is used in oil-filled transformers, fluorescent lamp ballasts, some types of high-voltage switches, some types of high-voltage capacitors, and circuit breakers. Frequent power outages in various developing nations across residential and industrial areas have boosted the demand of the market. Furthermore, transformer oil consumption is driven by enhancement of power grids in regions like Europe and North America. In addition, the growing transition towards other renewable sources of energy is anticipated to boost the market in the forecast period. Few factors hindering the consumption are the wearing effects of sulfur in transformer oils and the flammable nature of the oil.
The overall transformer oil market is segmented on the basis type such as mineral oil based, silicone-based, and bio-based. The mineral based segment accounted for the largest market share in 2016 and accounted for around 90% of total market volume in 2016. Mineral oil based transformer oil is also expected to be one of the fastest growing segment from 2016 to 2022. Distribution transformer and power transformer are the key applications of the transformer oil market. In 2016, distribution transformer was the leading segment and accounted for more than 50% of total market volume. Power transformers are used in various industrial applications including nuclear power plants, hydel power stations, thermal power stations, and others. Rising industrialization and modernizations increase the demand for power transformers, which in turn lead the consumption of transformer oil.
Browse the full “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” report https://www.zionmarketresearch.com/report/transformer-oil-market
Geographically, Asia-Pacific was the largest market for transformer oil in 2016 and is expected to continue being a major market during the forecast period. It accounted for more than 40% share of the total revenue of transformer oil market. The growth in the region is mainly attributed to the increased focus on both urban and rural infrastructure. The European market is likely to grow at a comparatively slow pace due to steady demand from countries such as U.K., Norway, Russia, and the Netherlands. Middle East market is expected to grow a good pace during the forecast period.
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.