According to recent market studies on the global transformer oil market, increasing demand for modernization of aging grid infrastructure coupled with large scale capacity addition will boost the transformer oil market in the forecast period 2018-2024.
Surging investment in the development of grid infrastructure will boost global transformer oil market, which is expected to reach over $3 billion by 2024, according to the reports.
The key trends in the market identified by the reports include:
Power transformers in 2017 held over 57% of the global transformer oil market share. Increased usage of power transformers at the receiving and finishing end of high voltage transmission lines will further fuel the industry landscape.
Distribution transformer oil market is set to grow over 6.5% by 2024. Rapid adoption of these transformers for utilization at consumer terminals will further boost the product adoption.
Mineral based transformer oil market is anticipated to expand over 5% by 2024. However, growing prominence of bio-based counterparts are expected to offer competitive edge to the mineral based oils.
Naphthenic mineral based transformer oil market is set to grow due to low temperature performance and greater solvating power as compared to paraffinic oils.
Bio based transformer oil market is expected to witness strong growth due to increasing awareness regarding biodegradability and environmental sustainability.
China transformer oil market is anticipated to expand over 5% by 2024. Rapid expansion of cross border transmission networks coupled with government initiatives for the modernization of electricity grid will further propel the business landscape.
The U.S. transformer oil market in 2017 was valued over $200 million. Increasing demand for modernization of the existing grid infrastructure along with significant investment in the integration of effective grid systems will enhance the industry outlook.
Key industry players profiled in the reports include Nynas, Cargill, Calumet, APAR Industries, Hydrodec, Valvoline, Clearco, DOW Chemical, Electrical Oil Services and Engen, amongst others.
Source: GMI, Market Study Report