Transformer Oil Market to Record an Exponential CAGR by 2024

The global market for transformer oil is currently strongly consolidated in nature, and is likely to remain in a similar state over the coming years, according to a new research study by Transparency Market Research (TMR). The five leading players in the market – ExxonMobil, Shell, Nynas AB, and Sinopec – took up over 45% of its overall value in 2015. The key players are dedicating more of their assets on the developing of novel, safe, and green bio-based transformer oils to be made commercial at competitive prices, in an effort to reinforce their status in the global transformer oil market in the coming years.

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As stated in the TMR research report, a greater proportion of the leading entities in the global transformer oil market have established strong channels in sales and distribution. As a result, the competitive landscape in the market is expected to steadily become more intense in the years to come. The global transformer oil market was valued at US$1.99 bn in 2015. Analysts have predicted it to expand at a CAGR of 5.70% in value, during the forecast period from 2016 to 2024. The market should reach US$3.26 bn by the end of 2024, after continuing at the given rate.

With power transformers and distribution transformers as the key application segments for transformer oil, the demand for this oil from the former has so far been greater, owing simply to the higher number of distribution transformers than power transformers. “This scenario is likely to continue over the coming years, a factor attributed to the snowballing of multiple profitable initiatives taken up by several governments,” states a TMR analyst.

A majority of these projects and initiatives are aimed at increasing the power infrastructure, specifically in emerging economies from Latin America, Asia Pacific, and Africa. In 2015, Asia Pacific led the global transformer oil market with a share of over 43%, and is expected to remain in the lead, thanks to the rising emphasis on the advancement of the power infrastructure in key Asian countries.

“The global market for transformer oil is currently experiencing an optimistic rate of growth, primarily owing to the growing demand for power across the world, along with improvements in efficient power distribution. The need to expand infrastructure in the power sector is especially high in emerging economies including China and India, which is expected to increase the distribution of oil-filled transformers in the near future, boosting the global transformer oils market significantly,” adds the analyst.

Over the given forecast period, the continuous renovation and repairs in the existing power sector infrastructure is also expected to spur the demand for transformer oil. However, the emergence of smart transformers and dry transformers may limit the growth of this market in the years to come, notes the research study.

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Power transformers are expected to show a significant upswing in usage, ramping up their demand for transformer oils in the years to come. Other application areas, such as switchgears, circuit boards, and high voltage capacitors are expected to hold a much smaller share in the global transformer oil market. As for the type of oils, the demand for mineral oil is higher and trend is expected to remain so over the next few years. However, the demand for bio-based oil is likely to increase at a significant rate in the near future.

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