According to Market Research Future (MRFR), the global transformer oil market is expected to expand at a CAGR of 8.29% while procuring the market value of USD 4,002.8 million by 2023.
The growing demand for electricity in rural areas in developing countries is expected to be a significant factor that can boost the transformer oil market 2020. Urbanization and industrialization are other salient causes that can trigger the oil demand and enhance the transformer oil market opportunities. The expansion of the power sector to meet electricity requirements among the growing populace is anticipated to drive the market significantly during the assessment period. Furthermore, the increasing preference for renewable energy sources may enhance the transformer oil market application that can augment the market in the review period.
On the other hand, the fluctuating raw material cost is expected to obstruct the market growth in the review period. However, the exponential development in distribution networks can counter the impeding factor that can boost transformer oil market development.
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The segmental analysis of the global transformer oil market is done by application and type.
The application-based segments of the global transformer oil market are large transformers, small transformers, utility & others.
The type-based segments of the global transformer oil market are naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these segments, the global market is anticipated to be dominated by the naphthenic oil segment. On the other hand, Silicone oil is expected to exhibit the highest CAGR during the review period.
Eminent players of the global transformer oil market are Ergon Inc., Nynas AB, Petrochina Company Limited, Calumet Specialty Products Partners L.P., APAR Industries Limited, Sinopec Corporation, Cargill Incorporated, Hydrodec Group PLC, Engen Petroleum Limited, San Joaquin Refining Co. Inc., Valvoline, and Gandhar Oil Refinery India Limited.
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Based on the region, the global market for the transformer oil market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (Row).
As per the analysis by MRFR, the global market is anticipated to be dominated by the APAC region and is likely to maintain its position during the review period. The region is anticipated to propel owing to the expansion of electric grids and the growing requirement to transform & upgrade existing electricity supply organizations in developing countries like India, China, Japan, Vietnam, and Thailand.
North America is expected to acquire the second-largest market share during the review period owing to the technological development going-on in the region. The developed nations like the U.S. and Canada are anticipated to make the most significant contribution in developing the regional market. In addition, the role of renowned players is likely to play a considerable role in expanding the regional market.
Europe is anticipated to acquire a significant market share during the forecast period owing to the expansion of the power sector. Developed nations like the U.K. and Germany are expected to make significant participation to strengthen the market in the assessment period. Furthermore, the presence of key players is expected to play an important role in strengthening the regional market.
The MEA region is likely to acquire the least market share during the forecast period owing to the poor development in the country. However, the presence of various untapped market opportunities can boost the regional market in the assessment period. Besides, the presence of Middle East countries like Quwait and Saudi Arabia can make a notable contribution in developing the regional market owing to their economic stability.
The emerging trend of light weight automobile to reduce carbon footprints is observed to the foremost reason to deploy plastics as a replacement for metal and other heavier materials. The automotive sector is observed to produce lightweight transportation solutions to keep carbon footprints in check and maintain environment conservationism. Thus, increase in the adoption of biodegradable plastics over petroleum plastic is observed. In Asia Pacific and Europe, the existence of powerful production base of automobiles, automotive giants, such as Toyota and Tech Mahindra among others are adopting for bioplastics that can favor the regional market rise.
In North America, the rapid introduction of innovative automotive solutions that are fabricated of bioplastics can support expansion of the market in the near future. The thriving packaging sector catering to environmental need of F&B and pharmaceuticals industries can add to the expansion of the regional market in the near future. The incorporation of packaging unit as an integral part of growing sectors can set to regional market achieve exponential growth.
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