Transformer Oil Market size was valued at USD 2398.63 Mn. in 2023 and the total revenue is expected to grow at a CAGR of 8.23 % through 2024 to 2030, reaching nearly USD 4172.51 Mn.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 2023 is considered as a base year to forecast the market from 2024 to 2030. 2023’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 2030. 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 2023, 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 2023, 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 2023. 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.Transformer Oil Industry Ecosystem
Global Transformer Oil Market Scope: Inquire before buying
Global Transformer Oil Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: USD 2398.63 Mn Forecast Period 2024 to 2030 CAGR: 8.23% Market Size in 2030: USD 4172.51 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 ElectricFrequently 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] What is the market size of the Transformer Oil Market by 2030? Ans. The market size of the Transformer Oil Market by 2030 is USD 4172.51 Mn. 3] What was the market size of the Transformer Oil Market in 2023? Ans. The market size of the Transformer Oil Market in 2023 was USD 2398.63 Mn. 4] What is the forecast period for the Transformer Oil Market? Ans. The Forecast period for the Transformer Oil Market is 2024-2030. 5] Who are the key players in Transformer Oil Market? Ans. The important key players in the Clinical Communication & Collaboration Market are Nynas AB, Ergon Inc., PetroChina Company Limited, Apar Industries Limited, ExxonMobil Corp., Royal Dutch Shell Plc.
1. Transformer Oil Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Global Transformer Oil Market: Competitive Landscape 2.1. MMR Competition Matrix 2.2. Competitive Landscape 2.3. Market share analysis of major players 2.4. Products specific analysis 2.4.1. Main suppliers and their market positioning 2.4.2. Key customers and adoption rates across different sectors 2.5. Key Players Benchmarking 2.5.1. Company Name 2.5.2. Product Segment 2.5.3. End-user Segment 2.5.4. Revenue (2023) 2.5.5. Key Development 2.5.6. Geographic distribution of major customers 2.6. Market Structure 2.6.1. Market Leaders 2.6.2. Market Followers 2.6.3. Emerging Players 2.7. Mergers and Acquisitions Details 3. Transformer Oil Market: Dynamics 3.1. Transformer Oil Market Trends 3.2. Transformer Oil Market Dynamics 3.2.1. Drivers 3.2.2. Restraints 3.2.3. Opportunities 3.2.4. Challenges 3.3. Impact of developments in renewable energy and transition towards clean energy on market 3.4. Impact of EV adoption and EV infrastructure developments on market 3.5. Trends/disruptions impacting customer business 3.5.1. Revenue shifts and new revenue pockets in market 3.6. Average Selling price Analysis 3.7. Value Chain Analysis 3.8. Market Map 3.9. Technology analysis 3.10. PORTER’s Five Forces Analysis 3.10.1. Intensity of the Rivalry 3.10.2. Threat of New Entrants 3.10.3. Bargaining Power of Suppliers 3.10.4. Bargaining Power of Buyers 3.10.5. Threat of Substitutes 3.11. Case study analysis 3.12. Regulatory Landscape by Region 3.12.1. North America 3.12.2. Europe 3.12.3. Asia Pacific 3.12.4. South America 3.12.5. MEA 4. Transformer Oil Market: Global Market Size and Forecast by Segmentation (by Value in USD Mn) (2023-2030) 4.1. Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 4.1.1. Mineral Transformer Oil 4.1.1.1. Naphthenic oil 4.1.1.2. Paraffinic oil 4.1.2. Silicon Transformer Oil 4.1.3. Bio-based Transformer Oil 4.1.4. Others 4.2. Transformer Oil Market Size and Forecast, by Application (2023-2030) 4.2.1. Small-scale Transformers 4.2.2. Large-scale Transformers 4.2.3. Utility Transformers 4.2.4. Distribution Transformer 4.2.5. Power Transformer 4.2.6. Instrument Transformer 4.2.7. Others 4.3. Transformer Oil Market Size and Forecast, by Region (2023-2030) 4.3.1. North America 4.3.2. Europe 4.3.3. Asia Pacific 4.3.4. Middle East and Africa 4.3.5. South America 5. North America Transformer Oil Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 5.1. North America Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 5.1.1. Mineral Transformer Oil 5.1.1.1. Naphthenic oil 5.1.1.2. Paraffinic oil 5.1.2. Silicon Transformer Oil 5.1.3. Bio-based Transformer Oil 5.1.4. Others 5.2. North America Transformer Oil Market Size and Forecast, by Application (2023-2030) 5.2.1. Small-scale Transformers 5.2.2. Large-scale Transformers 5.2.3. Utility Transformers 5.2.4. Distribution Transformer 5.2.5. Power Transformer 5.2.6. Instrument Transformer 5.2.7. Others 5.3. North America Transformer Oil Market Size and Forecast, by Country (2023-2030) 5.3.1. United States 5.3.1.1. United States Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 5.3.1.1.1. Mineral Transformer Oil 5.3.1.1.1.1. Naphthenic oil 5.3.1.1.1.2. Paraffinic oil 5.3.1.1.2. Silicon Transformer Oil 5.3.1.1.3. Bio-based Transformer Oil 5.3.1.1.4. Others 5.3.1.2. United States Transformer Oil Market Size and Forecast, by Application (2023-2030) 5.3.1.2.1. Small-scale Transformers 5.3.1.2.2. Large-scale Transformers 5.3.1.2.3. Utility Transformers 5.3.1.2.4. Distribution Transformer 5.3.1.2.5. Power Transformer 5.3.1.2.6. Instrument Transformer 5.3.1.2.7. Others 5.3.2. Canada 5.3.2.1. Canada Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 5.3.2.1.1. Mineral Transformer Oil 5.3.2.1.1.1. Naphthenic oil 5.3.2.1.1.2. Paraffinic oil 5.3.2.1.2. Silicon Transformer Oil 5.3.2.1.3. Bio-based Transformer Oil 5.3.2.1.4. Others 5.3.2.2. Canada Transformer Oil Market Size and Forecast, by Application (2023-2030) 5.3.2.2.1. Small-scale Transformers 5.3.2.2.2. Large-scale Transformers 5.3.2.2.3. Utility Transformers 5.3.2.2.4. Distribution Transformer 5.3.2.2.5. Power Transformer 5.3.2.2.6. Instrument Transformer 5.3.2.2.7. Others 5.3.3. Mexico 5.3.3.1. Mexico Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 5.3.3.1.1. Mineral Transformer Oil 5.3.3.1.1.1. Naphthenic oil 5.3.3.1.1.2. Paraffinic oil 5.3.3.1.2. Silicon Transformer Oil 5.3.3.1.3. Bio-based Transformer Oil 5.3.3.1.4. Others 5.3.3.2. Mexico Transformer Oil Market Size and Forecast, by Application (2023-2030) 5.3.3.2.1. Small-scale Transformers 5.3.3.2.2. Large-scale Transformers 5.3.3.2.3. Utility Transformers 5.3.3.2.4. Distribution Transformer 5.3.3.2.5. Power Transformer 5.3.3.2.6. Instrument Transformer 5.3.3.2.7. Others 6. Europe Transformer Oil Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 6.1. Europe Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.2. Europe Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3. Europe Transformer Oil Market Size and Forecast, by Country (2023-2030) 6.3.1. United Kingdom 6.3.1.1. United Kingdom Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.1.2. United Kingdom Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.2. France 6.3.2.1. France Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.2.2. France Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.3. Germany 6.3.3.1. Germany Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.3.2. Germany Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.4. Italy 6.3.4.1. Italy Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.4.2. Italy Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.5. Spain 6.3.5.1. Spain Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.5.2. Spain Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.6. Sweden 6.3.6.1. Sweden Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.6.2. Sweden Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.7. Austria 6.3.7.1. Austria Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.7.2. Austria Transformer Oil Market Size and Forecast, by Application (2023-2030) 6.3.8. Rest of Europe 6.3.8.1. Rest of Europe Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 6.3.8.2. Rest of Europe Transformer Oil Market Size and Forecast, by Application (2023-2030) 7. Asia Pacific Transformer Oil Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 7.1. Asia Pacific Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.2. Asia Pacific Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3. Asia Pacific Transformer Oil Market Size and Forecast, by Country (2023-2030) 7.3.1. China 7.3.1.1. China Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.1.2. China Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.2. S Korea 7.3.2.1. S Korea Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.2.2. S Korea Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.3. Japan 7.3.3.1. Japan Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.3.2. Japan Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.4. India 7.3.4.1. India Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.4.2. India Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.5. Australia 7.3.5.1. Australia Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.5.2. Australia Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.6. ASIAN 7.3.6.1. ASIAN Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.6.2. ASIAN Transformer Oil Market Size and Forecast, by Application (2023-2030) 7.3.7. Rest of Asia Pacific 7.3.7.1. Rest of Asia Pacific Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 7.3.7.2. Rest of Asia Pacific Transformer Oil Market Size and Forecast, by Application (2023-2030) 8. Middle East and Africa Transformer Oil Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 8.1. Middle East and Africa Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.2. Middle East and Africa Transformer Oil Market Size and Forecast, by Application (2023-2030) 8.3. Middle East and Africa Transformer Oil Market Size and Forecast, by Country (2023-2030) 8.3.1. South Africa 8.3.1.1. South Africa Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.3.1.2. South Africa Transformer Oil Market Size and Forecast, by Application (2023-2030) 8.3.2. S GCC 8.3.2.1. GCC Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.3.2.2. GCC Transformer Oil Market Size and Forecast, by Application (2023-2030) 8.3.3. Egypt 8.3.3.1. Egypt Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.3.3.2. Egypt Transformer Oil Market Size and Forecast, by Application (2023-2030) 8.3.4. Nigeria 8.3.4.1. Nigeria Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.3.4.2. Nigeria Transformer Oil Market Size and Forecast, by Application (2023-2030) 8.3.5. Rest of ME &A 8.3.5.1. Rest of ME &A Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 8.3.5.2. Rest of ME &A Transformer Oil Market Size and Forecast, by Application (2023-2030) 9. South America Transformer Oil Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 9.1. South America Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 9.2. South America Transformer Oil Market Size and Forecast, by Application (2023-2030) 9.3. South America Transformer Oil Market Size and Forecast, by Country (2023-2030) 9.3.1. Brazil 9.3.1.1. Brazil Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 9.3.1.2. Brazil Transformer Oil Market Size and Forecast, by Application (2023-2030) 9.3.2. Argentina 9.3.2.1. Argentina Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 9.3.2.2. Argentina Transformer Oil Market Size and Forecast, by Application (2023-2030) 9.3.3. Rest Of South America 9.3.3.1. Rest of South America Transformer Oil Market Size and Forecast, by Oil Type (2023-2030) 9.3.3.2. Rest of South America Transformer Oil Market Size and Forecast, by Application (2023-2030) 10. Company Profile: Key Players 10.1. Nynas AB 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.3.1. Total Revenue 10.1.3.2. Segment Revenue 10.1.3.3. Annual Revenue 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 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 11. Key Findings and Analyst Recommendations 12. Transformer Oil Market: Research Methodology 12.1. Research Data 12.2. Market breakdown and data triangulation 12.2.1. Secondary Data 12.2.1.1. List of major secondary sources 12.2.2. Primary Data 12.2.2.1. Key industry insights 12.2.2.2. Breakdown of primaries 12.3. Market size estimation 12.3.1. Bottom-up approach 12.3.2. Top-down approach 12.3.3. Demand side analysis 12.3.3.1. Calculations for demand side 12.3.3.2. Assumptions for demand side metrics 12.3.4. Supply side analysis 12.3.4.1. Calculations for Supply side 12.3.4.2. Assumptions for supply side metrics 12.4. Impact Recession
