Published Date : 20 Nov 19 | Views: 131 | Industry : Chemical & Material
Enhanced Properties and High Thermal Stability Fuel Demand for Silicone-Based in Product Segment
Based on the product, the global Transformer Oil market is segregated into synthetic based, mineral oil-based, silicone-based, and other. Mineral-based oils account for a substantial share in the market, in terms of volume. This is due to high compatibility with various equipment and ease of availability making it a preferred choice for extensive usage in circuit breakers, high voltage switches, and capacitors. Silicone-based Oil has high thermal stability although, its limited availability and fluctuations in prices is affecting its growth potential. However, it offers an advantage over conventional mineral oils due to its enhanced properties and high compatibility with equipment.
Infrastructure Development in Asia-Pacific Region Offers Wide Scope for the Market in Future
The region of Asia Pacific is projected to witness growth in developing countries such as India and China, which are undergoing a massive rural and urban infrastructure development. Rapid modernization in these countries has led to large scale replacement of high capacity transformer to mid-sized and small transformers for agriculture and domestic usage.
The region of North America is likely to witness growth due to technical up-gradation and declining crude oil prices.
Focus on Improvement of Distribution Channel a Major Strategy of the Market Players
Some of the key players operating in the global Transformer Oil market are Shel, Nynas, Jiangsu Shuangjiang, Raj Petro Specialties, Jiangsu Gaoke, Petrochina, and Apar Industry. Major strategies of the leading companies of the market include improving distribution channels, gaining product accreditations, and cost competitiveness.
Electrification and Equipment Maintenance Drive Growth of the Market
Key factors projected to drive the market growth are an increase in power consumption and an emphasis on rural electrification in emerging economies such as India and China. Growing awareness regarding equipment maintenance is an important factor boosting the demand for the product. Increasing usage in end-use industries such as automotive and chemicals propel market growth. Developing distribution channels and increasing consumer requirements have positively influenced the industry.
For further information, check: https://www.qyrconsulting.com/reports/transformer-oil-market