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The Middle East and Africa transformer oil market size was valued at USD 216.42 million in 2023. The market is further projected to grow at a CAGR of 6.6% between 2024 and 2032, reaching a value of USD 387.18 million by 2032.
There is a notable trend in the market towards environmentally friendly insulating oils for transformers, such as bio-based oil, which are derived from vegetables. They are biodegradable, non-toxic, and have superior insulating properties, making them an attractive choice for transformers and electrical equipment. For example, Nynas, a leading transformer oil supplier, has developed a range of bio-based transformer oils called NYTRO BIO 300X, which are made from renewable raw materials.
There is an increasing demand for high-performance transformer oils that offer enhanced thermal and oxidation stability, longer service life, and improved operational efficiency. For instance, Apar Industries, an Indian transformer oil manufacturer, has developed a range of high-performance transformer oils called APIS HIPO, which offer improved oxidation stability and better performance in high-temperature applications.
The expansion of renewable energy projects, particularly in solar and wind power generation, is fuelling the Middle East and Africa transformer oil market growth. For instance, the Noor Abu Dhabi solar power plant in the United Arab Emirates, one of the world's largest solar projects, requires transformers to support efficient energy transmission and distribution, driving the demand for transformer oils.
Mineral oil has the largest Middle East and Africa transformer oil market share as it is the most used type of transformer oil, primarily due to its low cost, wide availability, and excellent insulating properties. Mineral oil-based transformer oils exhibit high resistivity, di-electricity, chemical stability, minimum power loss, and thermal conductivity, making them an ideal choice for transformers and electrical equipment.
Silicone-based transformer oils are known for their superior performance and durability. They offer excellent resistance to high temperatures, electrical stress, and oxidation. Silicone-based oils are typically more expensive than mineral oils but provide better overall performance, especially in high-temperature applications.
Middle East and Africa Transformer Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Application
Market Breakup by End Use
Market Breakup by Country
Market players are focusing on developing eco-friendly and biodegradable transformer oils to align with environmental regulations and sustainability goalsMarket players are focused on providing premium quality of silica sand across industries to stay ahead in the competition.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Transformer Oil Market Overview
8.1 Key Industry Highlights
8.2 Global Transformer Oil Historical Market (2018-2023)
8.3 Global Transformer Oil Market Forecast (2024-2032)
8.4 Global Transformer Oil Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Middle East and Africa Transformer Oil Market Overview
9.1 Key Industry Highlights
9.2 Middle East and Africa Transformer Oil Historical Market (2018-2023)
9.3 Middle East and Africa Transformer Oil Market Forecast (2024-2032)
10 Middle East and Africa Transformer Oil Market by Type
10.1 Mineral Oil
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Type
10.1.3.1 Paraffinic
10.1.3.2 Naphthenic
10.2 Silicone-Based Oil
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Bio-Based Oil
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Middle East and Africa Transformer Oil Market by Application
11.1 Transformer
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Switchgear
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Circuit Breaker
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Middle East and Africa Transformer Oil Market by End Use
12.1 Power Generation
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Transmission
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Railways and Metros
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Transformer Oil Market by Country
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Shell International B.V.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Chevron Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Abu Dhabi National Oil Company
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Kuwait Petroleum Corporation (KPC)
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Castrol Limited
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Fuchs SE
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Gulf Chemical & industral Oils
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Gulf Oil International Group
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 National Oil and Chemical Company (CHEMAOIL)
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Ergon International, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 NYNAS AB
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Transformer Oil Market: Key Industry Highlights, 2018 and 2032
2. Middle East and Africa Transformer Oil Market: Key Industry Highlights, 2018 and 2032
3. Middle East and Africa Transformer Oil Historical Market: Breakup by Type (USD Million), 2018-2023
4. Middle East and Africa Transformer Oil Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Middle East and Africa Transformer Oil Historical Market: Breakup by Application (USD Million), 2018-2023
6. Middle East and Africa Transformer Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
7. Middle East and Africa Transformer Oil Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Middle East and Africa Transformer Oil Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Middle East and Africa Transformer Oil Historical Market: Breakup by Country (USD Million), 2018-2023
10. Middle East and Africa Transformer Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
11. Middle East and Africa Transformer Oil Market Structure
In 2023, the market reached an approximate value of USD 216.42 million.
The market is expected to grow at a CAGR of 6.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 387.18 million by 2032.
The market is primarily driven by factors such as increasing energy infrastructure development, grid modernisation initiatives, and a growing focus on renewable energy sources.
Key trends aiding the market expansion include the integration of renewable energy sources like wind and solar into the power grid, which necessitates transformers filled with insulating oils for efficient power distribution.
Countries considered in the market are Saudi Arabia, United Arab Emirates, Nigeria, and South Africa, among others.
Based on end use, the market segmentations include power generation, transmission, and railways and metros, among others.
Mineral oil (paraffinic, naphthenic), silicone-based oil, and bio-based oil are considered in the report.
Key players in the market are Shell International B.V., Chevron Corporation, Abu Dhabi National Oil Company, Kuwait Petroleum Corporation (KPC), Castrol Limited, Fuchs SE, Gulf Chemical & industrial Oils, Gulf Oil International Group, National Oil and Chemical Company (CHEMAOIL), Ergon International, Inc., and NYNAS AB, among others.
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