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 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.
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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.
Asia-Pacific was the largest market for transformer oil in 2016. Expansion of electricity grid is the major driver for the market in 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 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.
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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 play 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.
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.
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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.
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 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.
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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.
This report segments the transformer oil market as follows:
Global Transformer Oil Market: Type Analysis
- Mineral Oil-Based
- Bio-Based Oil
Global Transformer Oil Market: Application Analysis
- Distribution Transformers
- Power Transformers
Global Transformer Oil Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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