Transformer Oil Market Trend with Global Foresight 2023 | Key Company Profiles - Nynas AB, Ergon, Calumet Specialty Products, APAR Industries, PetroChina Company, Sinopec, Hydrodec, Cargill, Engen Petroleum, San Joaquin Refining, Gandhar Oil Refining

Market Synopsis:

Transformer Oil an insulating oil used as a coolant in an electrical transformer, and are derived from crude oil through the fractional distillation process. The Global Transformer Oil Market is projected to grow at a CAGR 8.63 % over the forecast period.

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Key Vendors

Some of the key vendors operating in the Global Transformer Oils Market are 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.), Gandhar Oil Refining (India), and others.

Market Dynamics:

Growing Expanse of Electrification Aided By Government Incentives Is the Prime Driver of the Market

There has been an explosive trend in electrification during the last decades. Growth in electrification was of the order of 49 percent in 1990 to 76 percent of the world’s population in 2000. It is estimated that 1.3 billion people of the world lack electricity, mostly in Africa and the Indian subcontinent. According to estimates, almost 25 % of India’s households require power in 2010. In 2010, 85 % of the world population had access to electricity. Thus, a large market exists providing many opportunities. The support to electrification by Governments around the world is providing an impetus to the market. The expansion of power grids especially in the developing countries in the Asia Pacific region, triggered by rising power consumption and increasing investment in the power sector is driving tremendous market demand.

Product Development and Upgrading Providing New Market Avenues

The increased demand for consumer goods, growing population, and disposable income is augmenting the energy demand. The shifting trends towards the renewable energy sources is another driver of the market owing to their need for specialized transformers. The falling cost of stock material is driving a volumetric growth of the market.

Volatile Raw Material Cost and Market Fragmentation Is Restraining the Market

However, the fluctuating raw material cost and pricing pressures owing to market fragmentation may restrain the market growth. Development of dry transformers which is an entirely static solid state device, devoid of oil is another prime threat to the market.

Regional Analysis

The Asia Pacific is the leading Transformer Oils Market in 2016, driven by the expansion of power grids in the developing countries of China and India. Asia Pacific region accounted for 37.63 % of the market in 2016 and is anticipated to grow at a CAGR of 10.57 % during the study period. China’s emergence as a global manufacturing hub has accelerated the sales of transformers and the concurrent utility of Transformer Oils.

North America led by the U.S. accounts for the second largest market with a 30 % market share in 2016. The growth of North America market is attributed to the modernization of the existing transformers and technical up gradation. Europe market is led by Germany, France, and the U.K.

The Middle East and Africa market are led by the cash-rich Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.

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Segmentation

To gain an extensive view of the Global Transformer Oils Market, the report is segmented based on Type, Application, and Region.

Based on the Type, the market is segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% market share in overall transformer oil sales revenue.

Based on the Application, the market is segmented into large transformers, small transformers, utility & others.

Based on the Region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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This release was published on openPR.