Transformer Oils Market Shares, Business Overview, Industry Top Manufactures, COVID-19 Outbreak, Growth Analysis and Forecast 2023

 

According to Market Research Future (MRFR), Global Transformer Oil Market is estimated to reach USD 4,002.8 million, with a CAGR of 8.63% from 2015 to 2023 (forecast period). The report also provides an overview of critical factors that are likely to significantly stimulate or impede the growth of the Transformer Oil Market. The report also sheds light on the potential impact of the COVID-19 on the growth of the Transformer Oil Market.

 

Transformer Oil is nothing but an insulating oil used in an electrical transformer that serves as a coolant. These oils are extracted from crude oil by a fractional distillation process. They offer a number of properties, including excellent di-electricity, high resistivity, thermal conductivity, minimum power loss, and chemical stability, among others.

 

Key Players:

 

Some of the Prominent Players identified by MRFR in the Global Transformer Oils Market are Nynas AB (Sweden), Ergon Inc. (U.S.), Calumet Specialty Products (U.S.), APAR Industries Limited (India), PetroChina Company (China), Sinopec Group (China), Hydrodec Group Plc. (U.K), Cargill Inc. (U.S.), Engen Petroleum Limited (South Africa), Valvoline Inc. (U.S.), San Joaquin Refining (U.S.), Gandhar Oil Refining (India), and others.

 

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Market Dynamics:

 

The expansion of power grids in developing countries in the Asia Pacific region is the key driver of the Global Oil Transformer Market. Other key drivers include increased power consumption and increased investment in the power sector. Increased demand for high-tech electronic devices, combined with an increasing population and high disposable income, has increased energy demand in developed regions. In addition, changing trends towards renewable energy sources is anticipated to push market growth over the assessment period.

 

Nevertheless, the fluctuating cost of raw materials and the demand for dry transformers may limit the growth of the market during the evaluation period.

 

Market Segmentation:

 

The Global Market for Transformer Oil has been categorized on the basis of Type and Application.

 

On the basis of Type, the Global Market for Transformer Oil has been segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% market share in overall transformer oil sales revenue.

 

On the basis of the Application, the Global Market for Transformer Oil has been segmented into large transformers, small transformers, utility & others.

 

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Regional Analysis:

 

On the basis of the Region, the Global Market for Transformer Oil has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

 

The Asia Pacific evolved as the leading market for Transformer Oil in 2016. It was led by the expansion of energy grids to meet energy demand in developing countries such as China and India. The Asia Pacific region accounted for 37.63% of the total value in 2016 and is anticipated to rise at a CAGR of 10.57% during the forecast period. China has emerged as a global manufacturing hub that has developed its industrial manufacturing and accelerated the sales of transformers and the use of transformer oils.

 

North America is the second largest region, accounted for about 30% of the total market share in terms of value in 2016, and is projected to rise with substantial CAGR over the forecast period. Such a rise can be attributed to the modernization of existing transformers and technological improvements in the U.S. and Canada.

 

COVID-19 Study in Detail:

 

COVID-19 Impact Analysis on Aluminum Extruded Products Market @ https://www.marketresearchfuture.com/report/covid-19-impact-aluminum-extruded-products-market

 

COVID-19 Impact on Self-Healing Materials Market @ https://www.marketresearchfuture.com/report/covid-19-impact-self-healing-materials-market

 

COVID-19 Impact Analysis on Artificial or Synthetic Leather Market @ https://www.marketresearchfuture.com/report/covid-19-impact-artificial-synthetic-leather-market

 

NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

 

About Market Research Future:

 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

 

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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