Transformer Oil Market is Expected to Reach A Market of USD 2.79 Billion in 2020

Date: 2015-09-17

“The market has been broken down by regions and further split into countries. The transformer oil market is expected to reach a market of USD 2.79 billion in 2020, from USD 1.98 billion in 2015 with a CAGR of 7.14% from 2015 to 2020. 

Transformer oil or dielectric fluid is a highly refined mineral oil which is stable at high temperatures and has excellent dielectric and cooling properties. It is mainly used in oil-filled transformers as an insulating and cooling medium. Apart from this application, transformer oil is also used in few types of high voltage capacitors, high-voltage switches, and circuit breakers. The major functions of transformer oil are to insulate, suppress corona and arcing, and to behave as a coolant. But, the increasing use of dry type transformer oil and corrosive effect of sulfur present in transformer oil has limited the growth of this market.

Leading market players have also been profiled and their recent developments and other strategic industry activities have been provided. These include Nynas AB (Sweden), Ergon Inc. (U.S.), PetroChina Company Limited (China), Apar Industries Limited (India), and Calumet Specialty Products Partners, L.P. (U.S.). 

Asia-Pacific accounted for about 40% of the total market share in 2014. China is the largest market in Asia-Pacific, and is expected to grow rapidly along with India in the near future. Mineral-based transformer oil held major market share in 2014 while the demand of bio-based transformer oil is set to increase at a higher rate. 

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