Dublin, June 11, 2020 (GLOBE NEWSWIRE) -- The "Transformer Oil Market by Type (Mineral Oil, Silicone, and Bio-based), Application (Transformer, Switchgear, and Reactor), End-User (Transmission and Distribution, Power Generation, Railways & Metros, and Others), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global transformer oil market is projected to reach USD 3.0 billion by 2025 from an estimated market size of USD 2.2 billion in 2020, at a CAGR of 6.9% during the forecast period.
The factors driving the growth for transformer oil are the upgradation of electrical grids in developing countries along with the expansion of electrical grids due to growing industrialization and urbanization.
The transformer segment is expected to dominate the transformer oil market in 2020.
The transformer segment is anticipated to constitute the majority of the transformer oil market share. Transformers are a vital component of an electrical grid. It helps in the transmission and distribution of electricity. A global increase in demand for electricity is expected to drive the demand for transformer oil across various sectors, such as the residential sector, industrial sector, and the commercial sector. Thus, the growing demand for transformers will boost the demand for transformer oil during the forecast period.
Mineral oil is expected to grow at the highest rate during the forecast period.
The mineral oil segment is estimated to grow at the fastest rate amongst all segments, by type, during the forecast period. Mineral oil is divided into naphthenic and paraffinic oils and are used in transformers, reactors, and switchgears majorly for cooling and insulation purposes. It is also used for heat dispersion and to avoid arcing to avoid short circuits. Mineral oil has been used traditionally for the cooling and insulation of electrical components, such as transformers. Mineral oil is comparatively cheaper than other transformer oils and is easily available. Naphthenic oil, a segment of mineral oil, is consumed extensively compared to other oils and is more stable in oxidation at different temperatures. Thus, a growing need for transformers, reactors, and switchgear and the easy availability of mineral oil at a low price will boost the demand for this segment.
APAC is expected to grow at the highest rate during the forecast period.
APAC is currently the fastest-growing transformer oil market, followed by North America and Europe. An increase in the consumption and production of electricity in APAC countries, such as China and India, is expected. Growing demand for electricity due to a growing population will lead to an increase in the transmission and distribution system, which is expected to boost the demand for electrical components, such as transformers, reactors, and switchgears, thereby increasing the demand for transformer oil.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Transformer Oil Market
4.2 Transformer Oil Market (Value), by Region
4.3 Transformer Oil Market, by Type
4.4 Transformer Oil Market, by Application
4.5 Transformer Oil Market, by End User
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Upgradation of Electric Grids in Developing Countries
5.2.1.2 Expansion of Electric Grids Due to Growing Industrialization and Urbanization
5.2.2 Restraints
5.2.2.1 Increasing Demand for Dry-Type Transformers
5.2.2.2 Rising Competition from Unorganized Or Fragmented Transformer Oil Market
5.2.3 Opportunities
5.2.3.1 Growing Demand for Bio-Based Transformer Oil Due to Environmental Concerns
5.2.3.2 Rising Power Requirements in Apac and North America
5.2.4 Challenges
5.2.4.1 Fluctuations in Crude Oil Prices
6 Transformer Oil Market, by Oil Type
6.1 Introduction
6.2 Mineral Oil
6.2.1 Easy Availability and Low Price Index Are Likely to Increase Demand for Mineral Oil-Based Transformer Oil
6.2.2 Naphthenic Oil
6.2.3 Paraffinic Oil
6.3 Silicone
6.3.1 Non-Toxic and Non-Reactive Nature is Expected to Drive Demand for Silicone-Based Transformer Oil
6.4 Bio-Based Oil
6.4.1 Rising Environmental Concerns to Drive Market for Bio-Based Oil
7 Transformer Oil Market, by Application
7.1 Introduction
7.2 Transformer
7.2.1 Growing Power Demand in Developing Countries of Asia Pacific is Likely to Boost Transformer Oil Market During Forecast Period
7.2.2 Power Transformer
7.2.3 Distribution Transformer
7.3 Reactor
7.3.1 Upgrade of Electrical Grids to Meet Power Requirements is Likely to Drive Market for Transformer Oil
7.4 Switchgear
7.4.1 Growing Investments in Transmission and Distribution Network Expansion is Expected to Drive Market for Switchgear Segment
8 Transformer Oil Market, by End User
8.1 Introduction
8.2 Transmission and Distribution
8.2.1 Expansion of Transmission and Distribution Network Due to Growing Power Requirements is Likely to Fuel Transformer Oil Market Growth
8.3 Power Generation
8.3.1 Rise in Power Generation Capacity is Expected to Drive Market for Transformer Oil
8.4 Railways & Metros
8.4.1 Growing Investments in Railways & Metros Likely to Propel Demand for Transformer Oil
8.5 Others
8.5.1 Growth in Industrial and Commercial Sectors is Expected to Drive Market for Transformer Oil
9 Transformer Oil Market, by Region
9.1 Introduction
9.2 Apac
9.2.1 by Oil Type
9.2.1.1 by Sub Oil Type (Mineral Oil)
9.2.2 by Application
9.2.2.1 by Sub-Application (Transformer)
9.2.3 by End User
9.2.4 by Country
9.2.4.1 China
9.2.4.1.1 Increasing Investments in T&D Sector Expected to Drive China'S Transformer Oil Market
9.2.4.2 India
9.2.4.2.1 Rise in Power Generation Expected to Drive India'S Transformer Oil Market
9.2.4.3 Japan
9.2.4.3.1 Growing Infrastructure Alongside Growth in Power Substations Expected to Drive Japan'S Market for Transformer Oil
9.2.4.4 South Korea
9.2.4.4.1 Government Initiative Toward Renewable Power Generation Expected to Increase South Korea'S Demand for Transformer Oil
9.2.4.5 Australia
9.2.4.5.1 Rapid Industrialization with Growing Power Requirements Expected to Boost Australia'S Demand for Transformer Oil
9.2.4.6 Rest of Apac
9.2.4.6.1 Increase in Population with Growing Power Industry Expected to Increase Demand for Transformer Oil
9.3 Europe
9.3.1 by Oil Type
9.3.1.1 by Sub Oil Type (Mineral Oil)
9.3.2 by Application
9.3.2.1 by Sub-Application (Transformer)
9.3.3 by End User
9.3.4 by Country
9.3.4.1 Germany
9.3.4.1.1 Growing Economy Along with Sustainable Growth in Renewable Sector Expected to Boost Germany'S Transformer Oil Market
9.3.4.2 Russia
9.3.4.2.1 Government'S Focus on Renewable Energy with Increasing Investments in Solar Industry Expected to Fuel Russia'S Transformer Oil Market Growth
9.3.4.3 Uk
9.3.4.3.1 Increasing Investments in Renewables with High Industrialization Expected to Drive Uk'S Transformer Oil Market
9.3.4.4 France
9.3.4.4.1 Growth in Renewable Energy Consumption Expected to Increase Demand for Transformer Oil in France
9.3.4.5 Rest of Europe
9.3.4.5.1 Growth in Infrastructure with Increasing Power Generation from Renewable Sector Expected to Boost Transformer Oil Market in Rest of Europe
9.4 North America
9.4.1 by Oil Type
9.4.1.1 by Sub Oil Type (Mineral Oil)
9.4.2 by Application
9.4.2.1 by Sub-Application (Transformer)
9.4.3 by End-User
9.4.4 by Country
9.4.4.1 Us
9.4.4.1.1 Upgrades of Existing Power Infrastructure Expected to Drive Us Transformer Oil Market
9.4.4.2 Canada
9.4.4.2.1 Growing Demand for Replacement of Aging Electricity Infrastructure Expected to Drive Canadian Market
9.4.4.3 Mexico
9.4.4.3.1 Investment in Electric Infrastructure Expected to Boost Mexican Transformer Oil Market
9.5 Row
9.5.1 by Oil Type
9.5.1.1 by Sub Oil Type (Mineral Oil)
9.5.2 by Application
9.5.2.1 by Sub-Application (Transformer)
9.5.3 by End-User
9.5.4 by Region
9.5.4.1 Middle East
9.5.4.1.1 Growing Investments in Renewable Energy Expected to Increase Demand for Transformer Oil in Middle East
9.5.4.2 Africa
9.5.4.2.1 Growing Industrial and Commercial Sectors Expected to Drive African Transformer Oil Market
9.5.4.3 South America
9.5.4.3.1 Growing Power Generation Capacity Expected to Drive South American Market for Transformer Oil
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping (Overall Market)
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic Differentiators
10.2.4 Emerging
10.3 Market Share, 2018
10.4 Competitive Scenario
10.4.1 New Product Launches
10.4.2 Mergers & Acquisitions
10.4.3 Contracts & Agreements
10.4.4 Investments & Expansions
11 Company Profiles
11.1 Nynas AB
11.2 Ergon International
11.3 Petrochina Company Limited
11.4 Apar Industries
11.5 Sinopec Lubricant
11.6 Calumet Specialty Products Partners
11.7 Hydrodec Group
11.8 Cargill Incorporated
11.9 Engen Petroleum Limited
11.10 Exxonmobil
11.11 Royal Dutch Shell
11.12 Gulf Oil International
11.13 M&I Materials Limited
11.14 Phillips
11.15 Dow
11.16 Valvoline Cummins
11.17 San Joaquin Refining
11.18 Radco Industries
11.19 Hyrax Oil Sdn Bhd
11.20 Lubrita
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