Growing Demand for High-Tech Electronic Devices to Influence Transformer Oils Market
Description :
Transformer Oils Market Research Report: By Type
(Naphthenic Oil, Paraffinic Oil, Bio-Based Oil, Silicone Oil), By Application
(Large Transformers, Small Transformers, Utility & Others), And Region –
Forecast till 2030
Keywords:
Transformer
Oils Market industry , Transformer
Oils Market, Global Transformer Oils
Industry , Transformer Oils Industry
value, Transformer Oils
Industry segment
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Transformer Oils Market Analysis Overview:
The global market for transformer oils can be seen
rising up to a valuation of USD 4,002.8 million by 2023 with an impressive
8.63% CAGR between 2015 and 2023, which has been considered by Market Research
Future (MRFR) as the forecast period. Transformer oil can be defined as an
insulating oil that acts as a coolant in an electrical transformer. The
manufacturing process of the transformer oil creates demand for crude oil that
needs a proper fractional distillation process. These oils are popular for
their ability to provide better di-electricity, excellent resistivity, high thermal
conductivity, prevent power loss, and provides chemical stability.
The major driver providing
thrust top the market for transformer oils is the increasing number of power
grids in the Asia Pacific region where developing countries are investing much
to capitalize on the growth. Industrial reforms are creating this demand for
power. Also, the surging population in urban areas and the development of new
urban spaces are promoting the demand for constant power supply. In addition,
the transforming lifestyles are promoting high ingress of high-tech electronic
devices that can be taken into consideration that can trigger better growth for
the transformer oils market.
Segmentation:
The market reading of the transformer oils relies on a segmentation that includes type and application.
Inclusion of various potential factors with the ability to provide a tailwind
to the growth of the market and proper value and volume-based analyses are
empowering the outcomes of the segmentation.
By type, the market for transformer oils can be segmented
into bio-based oil, paraffinic oil, naphthenic oil, and silicone oil. The
naphthenic oil has better growth potential and it can surge from its present
48% market share to a new height with increasing transformer oil sales revenue.
By application, the market for transformer oils can be taken
into consideration on the basis of a study of small transformers, large
transformers, utility & others. Increasing demand for power and its
uninterrupted supply is expected to promote the intake of transformers oil.
Regional Analysis:
The global market report on the transformer oils
has included Asia Pacific, North America, Europe as major contributors. The
market would witness a moderate rise in the Latin American market and the
market from the Middle East & Africa (MEA).
The global market is getting led by the Asia
Pacific region where countries ike India and China are promoting growth. Growth
in the intake of grids to supply power to the rising population in urban areas
and industries can back the market proceedings in the region. The regional
market has a coverage of around 37.63% of the in 2016, and the CAGR would be
10.57% during the forecast period. India and China are showing high
possibilities for growth. China’s industrial development can inspire growth.
With 30% market coverage, North America has the
second position in the market. The regional market would find the US and Canada
as leading revenue-providers. In Europe, the market would be similar as several
market dynamics are quite common.
Competitive Landscape:
The market for the transformer oils can find better growth
opportunities with the tactical moves initiated by various companies. These companies
are included in the MRFR report for a better understanding of how the market is
going to fare in the future. MRFR’s analysis includes Calumet Specialty
Products (U.S.), Nynas AB (Sweden), Ergon Inc. (U.S.), PetroChina Company
(China), APAR Industries Limited (India), Cargill Inc. (U.S.), Sinopec Group
(China), Hydrodec Group Plc. (U.K), Valvoline Inc. (U.S.), Engen Petroleum
Limited (South Africa), Gandhar Oil Refining (India), San Joaquin Refining
(U.S.), and others. The tactical moves initiated by these companies can impact
the global market substantially.
In November 2019, Chinese giant Tebian Electric Apparatus (TBEA) revealed that they have developed a
new transformer that can use natural transformer oils (ester oil) as a power
source. This would provide traction to green initiatives.
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