Transformer oil market sales to reach $3.4 billion by 2020, with the mineral oil-based transformer oil segment to maintain its dominance until 2020. In 2014, the consumption of transformer oils was 1,437.8 million litres across the globe, which is expected to increase at 6.3% from 2015 to 2020.
Transformer oils are electrical insulating oils stable at high temperature, which serves two important functions in a transformer, viz., suppression of arcing and dissipation of heat generated in the transformer. The ability of transformer oil to fulfil these functions are chiefly responsible for its adoption, and thus drives the market growth. Resistance to oxidation is also one of the factors behind growth of the transformer oil market size. Other important factors stimulating transformer oil market share include electrification of rural areas, expansion of power grids and increasing investment in the power sector. However, factors such as volatility in crude oil prices and increasing adoption of dry transformers are expected to hamper the market growth.
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Distribution transformers segment dominates the global market, accounting for nearly half of the overall market, in terms of volume. The key factors responsible for this dominance is increase in energy usage coupled with increasing number of sub transmission lines to residential homes.
Asia-Pacific is expected to maintain its dominance through 2020, due to increasing demand for electricity in densely populated countries such as India and China, expansion of grid infrastructure and increasing investments in the power sector. China dominates the Asia-Pacific followed by India owing to the high demand for transformer oil in power transmission infrastructure. Russia and Germany are the largest consumers of transformer oil in the European market.
Increasing consumption of electricity and development of new power plants are expected to provide stellar growth opportunities for the Russian market. The Middle Eastern market for transformer oil is projected to exhibit the highest CAGR during the analysis period, both in terms of volume and revenue. This is attributed to factors such as increase in power grids, heavy investment, and expansion of electricity network.
The transformer oil market analysis covers in depth information of major industry participants. The major companies profiled in the report include Nynas AB, Ergon, Inc., PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners, L.P., Sinopec Corporation, Hydrodec Group Plc, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co., Inc., and Gandhar Oil Refinery India Limited.
Other players in the value chain of this market (not profiled in the report) are Electrical Oil Services, DOW Chemical, and Clearco Products Co., Inc.
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Key Findings of Transformer Oil Market