Transformer Oil Market 2020 Growth Overview by Top Key Players-Nynas AB, Ergon, Inc., PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners,
Mineral oil-based transformer oil dominates the market while bio-based is projected to be the fastest growing segment. Bio-based transformer oil has emerged as an alternative for crude oil-based transformer oil, owing to its biodegradability, high dielectric strength, and low toxic risk & less carbon foot prints. Silicone transformer oil is the second fastest growing segment caused by its increasing demand as a fire safe and eco-friendly alternative to traditional transformer oil.
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Transformer oils are electrical insulating oils stable at high temperature, which serves two important functions in a transformer, viz., suppression of arcing and dissipation of heat generated in the transformer. The ability of transformer oil to fulfil these functions are chiefly responsible for its adoption, and thus drives the market growth. Other important factors stimulating its growth include electrification of rural areas, expansion of power grids and increasing investment in the power sector.
Key findings of the study
o Mineral oil-based transformers segment accounted for more than 90% of the market in 2015 and is expected to maintain this trend until 2020.
o LAMEA is anticipated to be the fastest growing regional market with a CAGR of 7.4% during the forecast period.
o Bio-oil based transformers segment is expected to register the highest CAGR of 12.4% from 2015 to 2020.
o In the mineral-oil based transformers market, paraffinic based oil contributed three-fifths share of the market.
o The U.S. accounts for the largest share in the North America transformer oil market.
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The transformer oil market analysis covers in depth information of major industry participants. The major companies profiled in the report include Nynas AB, Ergon, Inc., PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners, L.P., Sinopec Corporation, Hydrodec Group Plc, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co., Inc., and Gandhar Oil Refinery India Limited.
Asia-Pacific is expected to maintain its dominance through 2020, due to increasing demand for electricity in densely populated countries such as India and China, expansion of grid infrastructure and increasing investments in the power sector. China dominates the Asia-Pacific transformer oil market followed by India owing to the high demand for transformer oil in power transmission infrastructure. Russia and Germany are the largest consumers of transformer oil in the European market.
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