A recent report published by Infinium Global Research on transformer oil market provides an in-depth analysis of segments and sub-segments in the global as well as the regional transformer oil market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional transformer oil market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global transformer oil market. According to the report, the global transformer oil market is projected to grow at a CAGR of 6.1% over the forecast period of 2019-2025.
Transformer oil is used to dissipate the heat generated in electric transformers, switches, circuit breakers, and motor starters, etc. Transformer oil is an insulating oil that is stable at extreme temperatures and has superior electrical insulating characteristics. It is used in oil-filled transformers, fluorescent lamp ballasts, high-voltage capacitors, and high-voltage switches as well as circuit breakers. Transformer oil is also used to preserve the transformer’s core and windings as these are fully occupied into the oil. The transformer oil has high resistivity leading to superior insulation between windings, high thermal stability facilitating a decrease in evaporation losses, excellent dielectric properties and aging characteristics, steadiness at high temperatures and availability in a broad range of grades to meet every requirement.
Expansion in the power sector to meet growing electricity requirements is the major driving factor of the transformer oil market. Furthermore, the factors such as modernization of existing power grids, growth in the renewable energy sector, rising transmission and distribution projects are driving the market growth. Rising demand for transformation of aging grid infrastructure coupled with large-scale capacity addition is boosting the market growth. Increasing demand for electricity across the globe is fueling market growth. However, strict environmental sustainability laws and shift towards organic oils hamper the growth of the market. Moreover, increasing demand for bio-based transformer oil and rising power requirement in Asia-Pacific & Africa region are anticipated to provide growth opportunities to the market players.
Geographically, Asia-Pacific dominates the global transformer oil market due to the growing demand for electricity, particularly in densely populated countries such as India and China and enhancement of grid infrastructure. Large investments by governments in electrical infrastructure projects will increase the demand for transformer oil in this region. North America is the second largest market due to the presence of well-established market players, and rapid technological advancements in this region.
The report on global transformer oil market covers segments such as product, and applications. On the basis of product, the sub-markets include mineral oil-based, Silicone oil-based, bio-based, and other products. On the basis of applications, the sub-markets include power transformers, distribution transformers, and other applications.
The report provides profiles of the companies in the market such as PetroChina Company Limited, Apar Industries Limited, Nynas AB, Ergon Inc., Calumet Specialty Products Partners, L.P., Sinopec Corporation, Hydrodec Group Plc, Cargill Incorporated, Engen Petroleum Limited, Valvoline, and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of transformer oil market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.