Transformer Oil Market – Overview
Development of the energy and power sector has increased the market share of the Transformer Oil correspondingly. Market Research Future which publishes market reports related to the chemicals & materials sector among other sector, recently published a report with insights into this particular market. Rising demand for electricity has been instrumental in the development story of the sector.
Increasing levels of electricity consumption, rising production levels for transformers, increasing investment inflow in the energy sector are some of the factors that are motivating the growth in the industry. Rapid industrialization has also been one of the main reasons for the growth of the market. This has led to increased installations of electrical grids which has been important for the expansion of the market.
Industry Updates:
Feb 2018 VPS (Veritas Petroleum Services) invests in fuel testing globally. It is owned by IK Investment Partners and lately, acquired Transoil Laboratory Limited. Transoil Laboratory is located at Manchester, United Kingdom and indulges in the sales of transformer oil testing. Veritas Petroleum is a leader of shipping inspection & fuel-testing and has its laboratories across Houston, Fujairah, Rotterdam, and Singapore. Moreover, VPS checks the quality of lubricating oils and fuels and generates informative data in regards to maintaining cost-efficiency & engine-surveillance. The acquirement of Transoil has also enabled VPS to provide a wider range of products & services to power sectors.
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Industry Segments
The sector for Global Transformer Oil Market includes segments on the basis of types, applications and region.
Based on Types: Naphthenic, silicone based, paraffanic, and bio based. The naphthenic type is estimated to develop at a CAGR of 8.44% during the forecast period.
Based on Application: Large transformer, small transformer, utility and others. The large transformers category is projected to grow at a CAGR of 7.99% by the year 2022.
Based on Region: Europe, Asia-Pacific, North America, and RoW. The Asia-Pacific region for transformer oils is expected to account for the chief portion in the global market.
Detailed Regional Analysis
In the Transformer Oil Industry, the Asia Pacific region held the largest share of the market at 40% in 2015, and is estimated to hold its majority by the year 2022. The North American and European regions are expected to be contenders in the market in terms of both value and volume. Countries in the Asian region like China and India have displayed a high demand for the Transformer Oil for expansion of electric networks and installation of transformer. The Transformer Oil Market will be motivated by the growth of transmission and distribution network all across the globe. The development rate for the transformer oil segment will be slower in the Americas and the European region, as they are more dependent on renewable sources than conventional sources of energy.
Global Competitive Analysis
The industry has players in the segment who are effectively utilizing their prime resources to start up a long lasting growth period in the market. Volume-driven growth trends have been witnessed in the sector recently with the growth of diverse product types. The sector’s significant transformation has enhanced the progression pace of the sector. Companies are trying to capture a considerable share of the market segment through experimentation, with several advantage points implemented. The opportunities for this sector’s long term development can be capitalized upon by ensuring ongoing process improvements and maintaining financial liquidity to invest in the optimal strategies.
The Global Transformer Oil Market has key players such as APAR Industries Limited, Petrochina Company Limited, Cargill Incorporated, Calumet Specialty Products Partners L.P., Nynas AB, Ergon Inc., Sinopec Corporation, Hydrodec Group PLC to list a few of the players.
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