Transformer Oil Market 2019 Global Trends, Share Report, Size, Type, Application, Segments and Growth Opportunities by Forecast 2023

Global Transformer Oils Market: By Type (Naphthenic Oil, Paraffinic Oil, Bio-Based Oil, Silicone Oil), By the Application (Large Transformers, Small Transformers, Utility & Others), And Region – Forecast Till 2023

Pune, India - August 12, 2019 /MarketersMedia/ —

Transformer Oil Market Overview:
Transformer oil has long been serving two purposes, cooling and insulating in the electrical transformer. The large, steel encased electrical transformers are connected to the electrical grid that is filled with these oils are then circulated through radiator fins for dumping heat to the surrounding air. Transformer oil is also used for cooling and insulating high voltage components offering various properties such as high resistivity, excellent di-electricity, thermal conductivity, minimum power loss, and chemical stability, among others.

The global transformer oil market has been witnessing a remarkable growth over the past few years mainly due to the augmenting demand for energy driven by the ever-increasing population, worldwide. Moreover, factors such as the transition of renewable energy sources and power grid up gradation in the developing regions such as Europe & North America and electricity grid expansion in developing countries in Asia, escalating the market on the global platform.

Transformer Oils Market is projected to reach USD 4,002.8 Mn by 2023 expanding with a healthy CAGR over the forecast period. Naphthenic oil accounted for the largest type segment accounting for value market share of 48.4% in 2018.

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Transformer Oil Market Key Players:

Key players leading the global transformer oil market include;
• Ergon Inc. (U.S.)
• Nynas AB (Sweden)
• Calumet Specialty Products (U.S.)
• PetroChina Company (China)
• APAR Industries Limited (India)
• Sinopec Group (China)
• Cargill Inc. (U.S.)
• Hydrodec Group Plc. (U.K)
• Engen Petroleum Limited (South Africa)
• San Joaquin Refining (U.S.)
• Valvoline Inc. (U.S.)
• Gandhar Oil Refining (India)

Transformer Oil Market Segmentation:
For ease of understanding, the market has been segmented into three key dynamics: -

By Type:
Paraffinic Oil, Naphthenic Oil, Bio-Based Oil, and Silicone Oil among others.

By Application:
Large Transformers, Small Transformers, and Utility among others.

By Regions:
North America, Asia Pacific, Europe, and the Rest-of-the-World.

Transformer Oil Market Regional Analysis:
The Asia Pacific region, heading with the huge demand for energy (electricity) that is led by the ever-increasing population dominates the global transformer oil market. The expansion of energy grids to reach the demand for energy in the rapidly developing and highly populated countries like China and India drive the growth of the regional market.

The APAC accounts for a larger manufacturer as well as consumer of transformer oil. Resultantly, in 2016 the overall value share of the APAC transformer oil market had gone up to 37.63%. China backed by its well-established industrial manufacturing sector has become a global manufacturing hub which has accelerated the sales of transformers and the utility of transformer oils.

The region will retain its dominance throughout the forecasting period. According to the International Energy Agency, Asia’s share in world energy consumption is expected to rise to 51% in 2030 from 38% in 2010. China and India, among other Asian countries, are accounting for over 60% of overall energy consumption in the region. The estimated per capita energy consumption is relatively high in those countries.

The transformer oil markets in North America and Europe are expected to compete with each other in terms of both value and volume. The market growth will be slower in these regions, as they are more depended on renewable sources than conventional sources of energy.

In 2016, North America accounted for around 30% of the overall market share in terms of value, standing the second-largest position, globally. Factors such as the modernization of the existing transformers and technical up-gradation in the U.S. and Canada are some of the major tailwinds pushing up the transformer oil market in North America.

Transformer Oil Market Table of Content to be Continue……,

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