According to a new research study by Transparency
Market Research (TMR), the global market for transformer oil is
consolidated in nature. The top five companies, namely, ExxonMobil,
Shell, Nynas AB, and Sinopec held more than 45% of the overall market
in 2015. The leading players are focused on developing novel,
eco-friendly, and safe bio-based transformer oil at competitive price
in a bid to strengthen their positions in this market over the next
few years.
As a majority of key market players have
established strong distribution and sales channels, the competition
in this market is likely to increase at a moderate pace in the years
to come, states the research report.
This 168 page report gives readers a
comprehensive overview of the Transformer Oil market. Browse Market
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As per the study, the opportunity in the global
market for transformer oil was worth US$1.99 bn in 2015. Researchers
anticipate it to rise at a CAGR of 5.70% during the period from 2016
to 2024 and reach a value worth US$3.26 bn by the end of the forecast
period. Mineral oil has been the most valued product in this market
and is projected to remain so over the forthcoming years, notes the
study.
Distribution Transformers to Surface as Leading
Application Area
The research report has considered power
transformers and distribution transformers as the main application
areas for transformer oil. As distribution transformers outnumber
power transformers by a large number, the demand for this oil from
the former have been higher than the latter. Analysts expect this
scenario to continue as it is over the next few years, thanks to the
increasing initiatives of various governments, intended for expanding
the power infrastructure, specifically in emerging regions, such as
Latin America, Asia Pacific, and Africa.
In terms of the geography, the research report
segments the worldwide market for transformer oil into the Middle
East and Africa, Latin America, Asia Pacific, Europe, and North
America. In 2015, Asia Pacific led the global market with a share of
more than 43%. The regional market is anticipated to remain on the
top, thanks to the rising emphasis on the advancement of the power
infrastructure in various Asian countries, such as India, China, and
Korea. On the other hand, the mature status of the market for
transformer oil in developed regions such as North America and Europe
is anticipated to instigate sluggish growth over the forthcoming
years, reports the research study.
Increasing Need to Expand Power Infrastructure
in Emerging Economies to Boost Growth
“The global market for transformer oil is
experiencing a high growth rate, thanks to the rising need for power
across the world,” states the author of this study. The increasing
requirement to expand the power infrastructure in emerging economies,
such as China and India, is likely to increase the distribution of
oil filled transformers in the near future, boosting this market
substantially.
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Over the coming years, the ongoing overhaul in
existing power infrastructure in developed nations, is expected to
fuel the demand for transformer oil, which is also expected to drive
this market significant over the next few years. However, the
emergence of smart and dry type transformers may limit the growth of
this market in the years to come, notes the research study.
The study presented here is based on a report by
Transparency Market Research (TMR), titled “Transformer Oil Market
(Product - Mineral Oil (Naphthenic Oil and Paraffinic Oil),
Silicone-based Oil, and Bio-based Oil; Application - Power
Transformers and Distribution Transformers - Global Industry Analysis
Size Share Growth Trends and Forecast 2016 - 2024.”
This report segments the global transformer oil
market as follows:
By Product
- Mineral Oil
- Naphthenic Oil
- Paraffinic Oil
- Silicone based
- Bio based
By Application
- Power Transformers
- Distribution Transformers
- Others
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