Transformer Oils are electrical insulating oils stable at high temperature, which serves two important functions in a transformer, viz., suppression of arcing and dissipation of heat generated in the transformer. The ability of transformer oil to fulfil these functions are chiefly responsible for its adoption, and thus triggers the transformer oil market growth. Other important factors stimulating its growth include electrification of rural areas, expansion of power grids and increasing investment in the power sector. However, factors such as volatility in crude oil prices and increasing adoption of dry transformers are expected to hamper the transformer oil market growth.

Mineral Oil-based transformer oil dominates the market while bio-based is projected to be the fastest growing segment. Bio-based transformer oil has emerged as an alternative for crude oil-based transformer oil, owing to its biodegradability, high dielectric strength, and low toxic risk & less carbon foot prints. Silicone transformer oil is the second fastest growing segment caused by its increasing demand as a fire safe and eco-friendly alternative to traditional transformer oil.

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Distribution transformers segment dominates the global transformer oil market, accounting for nearly half of the overall market, in terms of volume. The key factors responsible for this dominance is increase in energy usage coupled with increasing number of sub transmission lines to residential homes.

Key Findings of the Study:

• Mineral oil-based transformers segment accounted for more than 90% of the transformer oil market in 2015 and is expected to maintain this trend until 2020.
• LAMEA is anticipated to be the fastest growing regional market with a CAGR of 7.4% during the forecast period.
• Bio-oil based transformers segment is expected to register the highest CAGR of 12.4% from 2015 to 2020.

Asia-Pacific is expected to maintain its dominance through 2020, due to increasing demand for electricity in densely populated countries such as India and China, expansion of grid infrastructure and increasing investments in the power sector. China dominates the Asia-Pacific transformer oil market followed by India owing to the high demand for transformer oil in power transmission infrastructure. Russia and Germany are the largest consumers of transformer oil in the European market. Increasing consumption of electricity and development of new power plants are expected to provide stellar growth opportunities for the Russian transformer oil market. The Middle Eastern transformer oil market is projected to exhibit the highest CAGR during the analysis period, both in terms of volume and revenue. This is attributed to factors such as increase in power grids, heavy investment, and expansion of electricity network.

The prominent players profiled in this report, include Nynas AB, Ergon, Inc., PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners, L.P., Sinopec Corporation, Hydrodec Group Plc, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co., Inc., and Gandhar Oil Refinery India Limited.

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