Portland, OR -- (SBWIRE) -- 02/16/2018 -- Transformer oil market sales to reach $3.4 billion by 2020, with the mineral oil-based transformer oil segment to maintain its dominance until 2020. In 2014, the consumption of transformer oils was 1,437.8 million litres across the globe, which is expected to increase at 6.3% from 2015 to 2020.

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 drives the 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 market growth.

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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.

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Competitive intelligence on few prominent manufacturers of transformer oils provide key insights in terms of strategies implemented to gain significant share in the transformer oil market. For smoothening the operation and retaining competitiveness in the global market, the top players are adopting some key developmental strategies including partnerships, expansions, collaborations, joint ventures, mergers, and product launches. Some of the leading manufacturers 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.

GLOBAL TRANSFORMER OIL MARKET SEGMENTS:

The market for global transformer oil is segmented as:

Market, By Type

-Mineral Oil-Based
-Silicone Oil-Based
-Bio-based

Market, By Application

-Distribution Transformer
-Power Transformer
-Others (Instrumental & others)