A report on the global transformer oil market titled “Global Transformer Oil Market Information by Type (Naphthenic, Paraffinic, Silicone based Transformer Oil, and Bio based Transformer Oil), by Application (Small transformer, Large Transformers, Utility & others) and by Region - Forecast to 2022” estimates the market will reach $3.6 billion by 2022.
According to the report, the global transformer oil market is expected to grow at a CAGR of 8.29% in the forecast period.
The main drivers of the market are the increased demand for electricity, which will lead to the installation of new transformers and replacement of old transformers, boosting the transformer oil market, and upgrades of the transmission and distribution grid infrastructure.
However, increasing adoption of dry-type transformers and volatility in crude oil prices is expected to hamper the market.
Asia-Pacific accounts for the largest share of 40% in the global transformer oil market.
Naphthenic oil accounted for the largest market share of 54.60% in 2014, and this market is projected to grow at a CAGR of 8.44% during the forecast period.
Large power transformer accounted for the largest market share of 49.00% in 2014, and is projected to grow at a CAGR of 7.99% during the forecast period.
China accounted for the largest market share of 44.00% in 2014 and is projected to grow at the highest CAGR of 9.98% during the forecast period.
The key players on the market 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.
Source: Market Research Future