According to the TMR, transformer oil market was valued at US$1.99 bn in 2015 and expected to reach the value of US$3.26 bn by the end of 2024 by expanding with the CAGR of 5.70% over the forecast years from 2016 to 2024. Based on the region, the Asia Pacific is dominating in the global transformer oil market with 43% shares owing to growing government initiatives for improvement of power infrastructure. Based on the product, the transformer oil market is dominated by the mineral oil owing to higher demand to fulfill the growing need for energy. However, the demand for bio-based oils is growing substantially which is expected to expand with higher CAGR over the forecast period.
The global transformer oil market has a strongly consolidated vendor landscape, observes Transparency Market Research (TMR). The five leading players in the market such as Shell, ExxonMobil, Nynas AB, and Sinopec accounted for the 45% shares in the global market in 2015. Some of the other players are operating in the transformer oils market are Nynas AB, Royal Dutch Shell Plc, Dow Corning Corp., Apar Industries Ltd., Cargill Inc. The key players are investing in the research and development in order to development of the novel and safe transformer oils, mainly the bio-based oil in affordable prices. These investment and product launches are fuelling the growth of the global transformer oil market.
Rising Need for Expansion of Power Infrastructure to Boost Growth
Growing demand for power globally fuelling growth of the transformer oil market as transformer oil is generally used for the production of energy and power. The demand for power and energy is expected to increase substantially over next few years; thus, the demand for transformer oil is growing. This factor is fueling growth of the global transformer oil market.
Additionally, numerous governments mainly in the developing countries such as India and China are increasingly investing in the improvement of power distribution. Also, growing need for power and infrastructure in these developing countries are expected to increase distribution of oil-filled transformers over the forecast period is fuelling growth of the global transformer oil market.
The continuous increase in the improvements and repairs of the power sectors and its infrastructure is expected to boost demand for transformer oil and likely to propel the growth of the global market for transformer oil. Additionally, the transformer oil has a key application in the power transformers. Growing adoption of power transformers in order to fulfill rising need for the power is fuelling the growth of the global transformer oil market.
The Emergence of Bio-Based Transformer Oil to Likely to Offer Growth Opportunities
Despite these growth possibilities, the emergence of smart and dry transformers are hampering the growth of the market. Additionally, some environmental hazards and emission of hazardous components during the burning of these oils are hampering adoption of the power transformers and transformer oil which is likely to influence negatively on the growth of the global market for transformer oil.
Nevertheless, growing investments by numerous key players for the development of bio-based transformer oils are creating lucrative opportunities over the forecast period. Additionally, the adoption of power transformers in emerging economies is likely to continue over the forecast period which is expected to offer numerous opportunities for key players.
This information is from the new report by 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."
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