The global transformer oil market is
expected to reach USD 4.05 billion by 2025, according to a new report by Grand
View Research, Inc. Rural electrification in emerging economies and expanding
manufacturing sites have driven energy needs and boosted transformers growth,
subsequently contributing to oils demand in recent years.
U.S. transformer oil market revenue by product, 2014 - 2025 (USD Million) |
These products possess excellent
insulative and electrical properties, oxidative stability and controlled low or
negative gassing tendency. Crude oil is the major raw material, leading to
price volatility owing to supply fluctuation in the global market. Political
instability and crashing crude prices have driven industry growth in recent
years, as consumers are opting for bulk volume purchases.
Technological advancements and
increasing R&D initiatives by prominent industry players have also
contributed to market expansion in recent years. Cargill is one such innovator,
which was even awarded the Presidential Green Chemistry Challenge Award by the
U.S. Environmental Protection Agency (EPA) for the development of Envirotemp
FR3 transformer oils from natural esters.
Mineral-based products dominated the
market in 2016, accounting for over 82% of the volume share. The highest
contribution was observed from the paraffinic base sub-segment. These products
are available on a global scale and are compatible with most electrical
equipment. However, bio-based products are expected to grow at a rapid pace
owing to increasing awareness regarding sustainability and recyclability.
In depth
research report on Transformer Oil Market
Further key findings from the report suggest:
·
High demand for silicone based oils owing to their
self-extinguishing capability which makes them suitable for high risk
environments with potential fire hazards. Silicones also contribute to extended
transformer life since they do not break down or require significant
maintenance.
·
Bio-based is expected to emerge as the fastest growing
product, with an approximate CAGR of 14%, driven largely by rising sustainably
awareness and stringent regulations promoting lower carbon emissions and higher
energy conservation
·
Asia Pacific is the leading consumer with high growth in
emerging economies such as India and China, who are aiming to provide
electricity distribution infrastructure & networks to undeveloped rural
areas in order to bolster economic progress.
·
Replacement of existing, old transformers with new ones,
and technological upgradation of the same are expected to provide ample
lucrative opportunities in developing regions
·
Major players include BASF SE, Dairen Chemical
Corporation, Nynas AB, Ergon Inc., Valvoline, PetroChina Company Ltd, Sinopec
Corporation and Cargill Inc.
Grand View Research has segmented the
global transformer oil market on the basis of product, application, and region:
Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Mineral-based Oils
·
Naphthenic Base Oils
·
Paraffinic Base Oils
·
Silicone-based oils
·
Bio-based oils
Application
Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
·
Small-scale Transformers
·
Large-scale Transformers
·
Utility Transformer Oils
Regional
Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
UK
o
Italy
o
Russia
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Mexico
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
o
UAE
o
Oman
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About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more
market analysis reports, please visit: http://www.grandviewresearch.com/
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