Transformer Oil Market reached a value of US$ 2216.23 Mn. in 2022. Mineral Transformer Oil is one of the dominating segment of the Global Transformer Oil Market.Transformer Oil Market Overview:
Transformer oil also known as insulating oil has excellent electrical insulating properties and is stable at high temperatures. Transformer Oil is an extremely refined electrical insulating oil industrialized for use in oil-immersed transformers, capacitors, tap changers, and circuit breakers. Transformer oil is fully immersed inside the oil to preserve the core and windings of the transformer. The minimum standard specific resistance of transformer oil is at 90oC is 35×1012 ohm-cm and at 27oC it is 1500 × 1012 ohm-cm. The transformer oil acts as a barrier between the atmospheric oxygen and the cellulose to avoid direct contact for minimizing oxidation. Transformer oil has several excellent benefits such as exceptional insulating properties, high dielectric strength, low power factor, resisting oxidation and deposit formation, excellent low-temperature properties, compatibility with materials used in transformers, and does not contain any PCBs.To know about the Research Methodology :- Request Free Sample Report 2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Transformer Oil Market Dynamics:
Growing demand for bio-oil-based transformer oil across the globe is fueling the transformer oil market growth during the forecast period. Bio-oil is obtained from vegetable oil feedstock and is a good replacement for mineral-oil products, as it is eco-friendly and offers superior performance. Bio-oil is also bio-degradable and does not contain silicone, petroleum hydrocarbons, and halogens. These factors are expected to drive market growth across the globe. The Transformer oils are highly used for insulating power equipment, dissipating heat, and contributing to cooling systems. An up-gradation and replacement of the existing transformers have mostly influenced the growth of the transformer oil market in developed economies such as the U.S., U.K., and Japan. Growing investment in sustainable energy sources across the globe is expected to benefit the Transformer Oil Production industry. In addition, the demand for clean energy sources has significantly increased all over worldwide, resulting in industry operators that produce bio-oil along with new market players are expected to gain lucrative opportunities during the forecast period. The Growing investments in the T&D sector and grid network by developing economies such as China and India in the Asia Pacific region is to accommodate the potential increase in power demand, as rapid industrialization and urbanization in the region. Resulting in the installation of new transformer and switchgear is fueling the demand for transformer oil.Global Transformer Oil Market Segment Analysis:
Based on the Oil type, the Transformer Oil Market is segmented into Mineral Transformer oil, Silicon Transformer Oil, Bio-based Transformer Oil, and Others. In 2022, the Mineral Transformer Oil segment has emerged as the dominant raw material segment with a revenue share of over 65%. The Mineral Oil is further segmented into Naphthenic oil and Paraffinic oil. Mineral Transformer Oil is primarily used in insulating and cooling processes by transformers, reactors, and switchgear. Mineral oil enhances the dielectric strength of the winding and prevents oxidation of the core by surrounding a transformer core-coil assembly. Mineral Transformer oil has a low-cost index and is easily available over other types of oils, which are fueling the transformer oil market growth for this segment. The Bio-based transformer oil segment is expected to witness rapid growth at a CAGR of 8.72% during the forecast period. The Bio-based transformer oil has low cost, high sustainability, and abundance in nature, driving the market growth for this segment.Based on the Application, the Transformer Oil Market is segmented into Small-scale Transformers, Large-scale Transformers, Utility Transformers, Distribution transformers, Power transformers, Instrument transformers, and others. The Small-scale Transformers application segment held the largest market share, accounting for 38% in 2020. These systems are extensively used to meet growing electricity needs in small localities or rural areas with limited space. Growing urbanization and electrification of rural areas in Southeast Asian countries such as India, Bangladesh, and Sri Lanka has contributed significantly to segment growth. Modernization and expansion of electric grids, as rising power demands increase the installation of transformers, is expected to ultimately boost the growth of the product demand for this segment.
Global Transformer Oil Market Regional Insights:
Asia Pacific region held the largest market share accounted for 44.2% in 2022, and is expected to grow at a CAGR of 7.6% during the forecast period. The increasing necessity to upgrade & transform existing electricity distribution infrastructure in developing countries such as India, China, Vietnam, Thailand, and Indonesia in the Asia Pacific region is one of the key driving factors for the growing demand for transformer oil. In the Asia Pacific region, China held the largest market share accounted for 41.8% in 2022. North America region is expected to witness significant growth at a CAGR of 8.2% during the forecast period. Increasing Investment and improvement in the power grid lead to growth in the number of substations is expected to boost the demand for transformers, resulting in the growth of the transformer oil demand in the North America region. The objective of the report is to present a comprehensive analysis of the Transformer Oil Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Transformer Oil Market dynamic, structure by analyzing the market segments and projecting the Transformer Oil Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Transformer Oil Market make the report investor’s guide.Global Transformer Oil Market Scope: Inquire before buying
Global Transformer Oil Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 2216.23 Mn. Forecast Period 2023 to 2029 CAGR: 8.23% Market Size in 2029: US $ 3855.23 Mn. Segments Covered: by Oil Type Mineral Transformer oil Naphthenic oil Paraffinic oil Silicon Transformer Oil Bio-based Transformer Oil Others by Application Small-scale Transformers Large-scale Transformers Utility Transformers Distribution Transformer Power Transformer Instrument Transformer Others Global Transformer Oil Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Global Transformer Oil Market Key Players
1. Nynas AB 2. Ergon Inc. 3. PetroChina Company Limited 4. Apar Industries Limited 5. Calumet Specialty Products Partners 6. L.P. 7. Sinopec Corporation 8. Hydrodec Group Plc 9. Cargill Incorporated 10.Engen Petroleum Limited 11.Valvoline 12.San Joaquin Refining Co., Inc. 13.Gandhar Oil Refinery India Limited. 14.APAR Industries 15.BASF SE 16.Dairen Chemical Corporation 17.ExxonMobil Corp. 18.China Petroleum & Chemical Corp. 19.Royal Dutch Shell Plc 20.Dow Corning Corp. 21.Gulf Oil Middle East Ltd. 22.Electrical Oil Services Ltd. 23.San Joaquin Refining Co. Inc. 24.Schneider Electric 25.Hyundai Electric Frequently Asked Questions: 1] What segments are covered in the Transformer Oil Market report? Ans. The segments covered in the Transformer Oil Market report are based on Oil Type and Application. 2] Which region is expected to hold the highest share in the Transformer Oil Market? Ans. The Asia Pacific region is expected to hold the highest share in the Transformer Oil Market. 3] What is the market size of the Transformer Oil Market by 2029? Ans. The market size of the Transformer Oil Market by 2029 is US $ 3855.23 Mn. 4] What is the forecast period for the Transformer Oil Market? Ans. The Forecast period for the Transformer Oil Market is 2023-2029. 5] What was the market size of the Transformer Oil Market in 2022? Ans. The market size of the Transformer Oil Market in 2022 was US $ 2216.23Mn.
1. Global Transformer Oil Market Size: Research Methodology 2. Global Transformer Oil Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Transformer Oil Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Transformer Oil Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Transformer Oil Market Size Segmentation 4.1. Global Transformer Oil Market Size, by Oil Type (2020-2027) • Mineral Transformer oil o Naphthenic oil o Paraffinic oil • Silicon Transformer Oil • Bio-based Transformer Oil • Others 4.2. Global Transformer Oil Market Size, by Application (2020-2027) • Small-scale Transformers • Large-scale Transformers • Utility Transformers • Distribution Transformer • Power Transformer • Instrument Transformer • Others 5. North America Transformer Oil Market(2020-2027) 5.1. Global Transformer Oil Market Size, by Oil Type (2020-2027) • Mineral Transformer oil o Naphthenic oil o Paraffinic oil • Silicon Transformer Oil • Bio-based Transformer Oil • Others 5.2. Global Transformer Oil Market Size, by Application (2020-2027) • Small-scale Transformers • Large-scale Transformers • Utility Transformers • Distribution Transformer • Power Transformer • Instrument Transformer • Others 5.3. North America Transformer Oil Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Transformer Oil Market (2020-2027) 6.1. European Transformer Oil Market, by Oil Type (2020-2027) 6.2. European Transformer Oil Market, by Application (2020-2027) 6.3. European Transformer Oil Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Transformer Oil Market (2020-2027) 7.1. Asia Pacific Transformer Oil Market, by Oil Type (2020-2027) 7.2. Asia Pacific Transformer Oil Market, by Application (2020-2027) 7.3. Asia Pacific Transformer Oil Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Transformer Oil Market (2020-2027) 8.1. The Middle East and Africa Transformer Oil Market, by Oil Type (2020-2027) 8.2. The Middle East and Africa Transformer Oil Market, by Application (2020-2027) 8.3. The Middle East and Africa Transformer Oil Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Transformer Oil Market (2020-2027) 9.1. Latin America Transformer Oil Market, by Oil Type (2020-2027) 9.2. Latin America Transformer Oil Market, by Application (2020-2027) 9.3. Latin America Transformer Oil Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Nynas AB 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Ergon Inc. 10.3. PetroChina Company Limited 10.4. Apar Industries Limited 10.5. Calumet Specialty Products Partners 10.6. L.P. 10.7. Sinopec Corporation 10.8. Hydrodec Group Plc 10.9. Cargill Incorporated 10.10. Engen Petroleum Limited 10.11. Valvoline 10.12. San Joaquin Refining Co., Inc. 10.13. Gandhar Oil Refinery India Limited. 10.14. APAR Industries 10.15. BASF SE 10.16. Dairen Chemical Corporation 10.17. ExxonMobil Corp. 10.18. China Petroleum & Chemical Corp. 10.19. Royal Dutch Shell Plc 10.20. Dow Corning Corp. 10.21. Gulf Oil Middle East Ltd. 10.22. Electrical Oil Services Ltd. 10.23. San Joaquin Refining Co. Inc. 10.24. Schneider Electric 10.25. Hyundai Electric