Sarasota, FL -- (SBWire) -- 10/05/2017 --According to the report, global transformer oil market was valued at USD 2,099.1 million in 2016, is expected to reach USD 3,159. 0 million in 2022 and is anticipated to grow at a CAGR of 7.1% between 2017 and 2022.

Transformer oil is utilized as coolant and insulator in transformers by energy and power industry. Transformer oil provides two main functions in transformers i.e. dissipation of heat generated inside the transformers and suppression of arcing. They are derived from the fractional distillation of crude oil. Transformer oils are stable at extremely high temperature and show considerable insulating properties. Most commonly used products are mineral-oil based like paraffinic oil which is used for cooling applications owing to its viscosity features and excellent oxidative stability.

The global market for transformer oil is expected to grow at a significant rate. Rising power consumption, increasing investment in the power sector and expansion of electrical grids in the developing countries are the major factors driving the growth of the transformer oil market globally. Furthermore, rising production of transformers is anticipated to fuel the demand for transformer oil market. However, increasing demand for the dry type transformers may hamper the market growth in near future. Moreover, the corrosive effect of sulfur present in transformer oil may abstract the growth of the market.

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Global transformer oil market has been segmented on the basis of type, application, and region. On the basis of type, transformer oil market is classified into mineral oil-based, silicone-based, and bio-based oil. Mineral-based transformer oil is the most widely used transformer oil having occupied the largest market share in 2016. However, the demand of bio-based transformer oil is anticipated to increase in the coming years owing to its environmental benefits and superior operational advantages. On the basis of the application, the market is classified into distribution transformers and power transformers. In 2016, distribution transformer segment dominates the transformer oil market, accounting for nearly half of the overall market.

Asia-Pacific held the largest share of the transformer oil market in 2016 and is expected to retain its majority by 2022. Countries like India and China have a high demand for the transformer oil for expansion of electric grids and installation of transformers. The growth for transformer oil is expected to be slower in North America and Europe region, as they are more dependent on renewable sources than conventional sources of energy.

The transformer oil market comprises of a diverse group of international and regional transformer oil manufacturers and appears to be moderately fragmented. The key players of global transformer oil market include Nynas AB, Ergon Inc., PetroChina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners, Sinopec Corporation, Hydrodec Group PLC, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co., Inc., and Gandhar Oil Refinery India Limited among others.

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