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.

Sarasota, FL -- (SBWire) -- 08/24/2018 --Zion Market Research has published a new report titled "Transformer Oil Market by Type (Mineral Oil-Based, Silicone-Based, and Bio-Based Oil), for Distribution Transformers and Power Transformers Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022". According to the report, the 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 stable at high temperatures and has excellent electrical insulating properties. It is used in oil-filled transformers, fluorescent lamp ballasts, some types of high-voltage switches, some types of high-voltage capacitors, and circuit breakers. Frequent power outages in various developing nations across residential and industrial areas have boosted the demand of the market. Furthermore, transformer oil consumption is driven by enhancement of power grids in regions like Europe and North America. In addition, the growing transition towards other renewable sources of energy is anticipated to boost the market in the forecast period. Few factors hindering the consumption are the wearing effects of sulfur in transformer oils and the flammable nature of the oil.

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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 an 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 an 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 the 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 for 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, the distribution transformer segment dominates the transformer oil market, accounting for nearly half of the overall market.

Geographically, Asia-Pacific was the largest market for transformer oil in 2016 and is expected to continue being a major market during the forecast period. It accounted for more than 40% share of the total revenue of the transformer oil market. The growth in the region is mainly attributed to the increased focus on both urban and rural infrastructure. The European market is likely to grow at a comparatively slow pace due to steady demand from countries such as U.K., Norway, Russia, and the Netherlands. Middle East market is expected to grow at a good pace during the forecast period.

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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.

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