Global Transformer Oil Market is expected to be valued at USD 3641.1 million by the end of 2022
Global Transformer Oil Market was valued at USD 2,100 million in 2015 and is expected to be valued at USD 3641.1 million by the end of 2022, expanding at a CAGR of 8.29 %.
Pune, India – June 28, 2017 /MarketersMedia/ —
Introduction:
Transformer oil also known as dielectric insulating oil. It is obtained by subsequent treatment of crude oil or by fractional distillation. Basically, transformer oil is used as a coolant and as electric insulation in electric transformers. Additionally, it aids to preserve the core and winding, fully immersed inside oil and also prevents direct contact of atmospheric oxygen with cellulose made paper insulation of windings, which is susceptible to oxidation. According to MRFR analysis, the global Transformer oil market was valued at USD 2,100 million in 2015 and is expected to be valued at USD 3641.1 million by the end of 2022, expanding at a CAGR of 8.29 %.
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Transformer oil is a dielectric oil used as coolant in various types of transformers. The global transformer oil market is segmented on the basis of application as large transformers (>200 MVA), small transformers (<200 MVA), and utility & others (high voltage switches). On basis of application, large transformer accounted for largest market share in 2015, it is anticipated to be the dominating application segment throughout the forecast period. Thus, the increasing transition from non-renewable to renewable energy sources is estimated to boost demand for large transformers over the forecast period.
Key Findings
1) Transformer oil Market is expected to grow at compound annual growth rate of 8.29% from year 2016 to year 2022.
2) Asia-Pacific accounts for 40% market share in 2014 and is expected to be dominating the market of Transformer oil throughout the forecast period.
3) By type, Naphthenic oil accounts for the largest market share of 55% in the global market, followed by Paraffinic.
4) By Application, large transformer accounts for the largest market share of 49.00% in the global market, followed by small transformer.
The Key Players in Transformer Oil Market are Nynas AB, Ergon Inc, Calumet Specialty Products Partners L.P, APAR Industries Limited, Petro China, Sinopec Group, Hydrodec Group Plc, Cargill Inc, Engen Petroleum Limited, Valvoline International, Inc, San Joaquin Refining Co. Inc., Gandhar Oil Refinery India Limited and others.
Regional and Country Analysis of Transformer Oil Market
The global Transformer oil market is expected to reach USD 3641.1 million by the end of forecasted period i.e. 2022. Asia-Pacific has accounted the largest market share followed by North America and Europe. The Asia Pacific region offers huge growth potential for Transformer oil market and is slated to register the highest CAGR of 9.28% to reach USD 879.3 million by 2022 owing to the presence of large number of producers, cheap labor cost and growing exports.
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