Global Transformer Oil Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- November 18, 2021
- ENERGY & POWER, NEWS
- Transformer Oil Market, Transformer Oil Market growth, Transformer Oil Market share, Transformer Oil Market size
- 0 Comments
Global transformer oil market was valued approximately USD 2 billion in 2020 and is expected to grow at a CAGR of around 6% during the forecast period (2021-2027). Factors that are driving the market demand for transformer oil are surging power consumption, increasing expansion of electric grid in developing countries coupled with implementation of regulatory reforms for the development of a reliable grid network along with increasing investments in power sector further contribute to the growth of the transformer oil market.
Transformer oil, also known as insulating oil, is the oil used in transformers which has excellent insulating properties. The primary function of transformer oil is to cool and insulate a transformer. Transformer oil have high dielectric strength and are stable at high temperatures. Transformer oil is used in distribution and power transformers and as well as in switchgear and circuit breakers. The rise in demand for electricity globally is resulting in demand for new transformers and replacement of old ones are set to drive the market. Government regulations toward the establishment of renewable networks along with ongoing refurbishment of ageing grid infrastructure will augment the industry landscape.
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The COVID-19 pandemic has had a negative impact on specialty chemical manufacturers. The decline in the prices of crude oil has enabled a majority of transformer oil manufacturers to achieve reduced raw material costs. However, depending upon the capital availability and financial conditions, utilities may defer some of their generation and T&D investments, thus affecting transformer manufacturing activities the coupled with issues related to procurement and logistics due to the supply chain breakdown had also negative impact on the transformer oil market. Hence, increasing the cost of production which will have a cascading effect on the selling price of the transformer oil.
Based on Oil Type, the market is segmented into mineral based, silicon and bio-based. Currently, mineral based oil segment captured considerable market share. It is mainly owing to a its low-cost index and easy availability compared to other transformer oils.
Based on Application, the market is classified into transformer, reactor and switchgear. Currently, transformer holds considerable demand and expected to grow at an influential rate in the projected period. It is mainly owing to the rising power demands upgrade and expansion of electric grids has escalated the installation of transformers, which is expected to eventually propel the growth of the transformer segment.
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For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Asia Pacific constitutes the largest market share in the transfer oil market and expected to have an influential growth rate in the projected years predominantly due to growth of industrial and commercial sectors, will lead to an increase in the number of substations which in turn would generate the demand for transformer oil.
Some of the major players operating in the market include include Apar Industries Limited, Cargill Incorporated, China Petroleum & Chemical Corporation, Engen Limited, Ergon Inc., Gandhar Oil Refinery (India) Limited, Hydrodec Group plc, Nynas AB, San Joaquin Refining Co. Inc., Valvoline Inc.
Global Transformer Oil Market Segmentation
Market Insight, by Oil Type
- Mineral Based Oil
Market Insight, by Application
- Power transformer
- Distribution transformer
Market Insight, by End-User
• Transmission and Distribution
• Railways & Metros
• Power generation
Market Insight, by Region
- North America Transformer Oil Market
- United States
- Rest of North America
- Europe Transformer Oil Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Transformer Oil Market
- Rest of Asia-Pacific
- Rest of World Transformer Oil Market
Top Company Profiles
- Apar Industries Limited
- Cargill Incorporated
- China Petroleum & Chemical Corporation
- Engen Limited
- Ergon Inc.
- Gandhar Oil Refinery (India) Limited
- Hydrodec Group plc
- Nynas AB
- San Joaquin Refining Co. Inc.
- Valvoline Inc.