According to the research report “Transformer Oil Market: By Types (Mineral, Synthetic, Bio based Oils); By Applications (Oil Filled Transformers, Circuit Breakers, Others) By End User (Industrial, Commercial, Others) & Geography- Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $4,156.80 m by 2023.
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Transformer oils have electrical insulating properties and high thermal stability. It is used in high-voltage capacitors, fluorescent lamp ballasts, and some types of high-voltage switches and circuit breakers. It acts as an insulator and coolant in electrical equipment. These are obtained by fragmentary refining and consequent treatment of crude oil which mostly fills its need in electrical transformers and disseminates heat of the transformer.
The global transformer oil market is estimated to grow at a CAGR of over 5.47% during the forecasted period and will reach $4,156.80 m in 2023. Modernization of existing transformers is one of the key factors impacting the growth of the market. The rise in demand for electricity globally is resulting in demand for new transformers and replacements of old ones are set to drive the market. A diverse group of transformer oil manufacturers are available both at regional and international levels in the market and is moderately fragmented. Production differentiation is at minimum level whereas the competition lies in the market based on pricing and services provided. Due to requirement of massive capital expenditure, the coming years are not expected to witness entry of many new vendors in the market.
The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. Asia-Pacific region held major share in global transformer oil market followed by Americas and European region in terms of revenue. The market is more prevalent in the countries of the U.S., China, Vietnam, Indonesia and Canada. Asia-Pacific region is estimated to witness fastest growth in terms of revenue during the forecast period especially from Indonesia and Vietnam owing to the expanding power grids, burgeoning demand for electricity and growing naphthenic base oil refineries in the region.
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The Prominent Players in this Market Include
- Apar Industries Ltd.
- Nynas AB
- China Petroleum and Chemical Corporation
- Ergon Inc.
Apar Industries Ltd. and Nynas AB are key players of the transformer oil market in 2015 with a combined share of 20%. China Petroleum and Chemical Corporation, Ergon Inc. and PetroChina among others are prominent players of the transformer oil Market in 2016. With various product launches, mergers, acquisitions, collaborations and other strategies, the key players are focused on increasing market shares in the industry.
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