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North America Transformer Oil Market Size, Share, Growth: By Type: Mineral Oil, Silicone-Based Oil, Bio-Based Oil; By Application: Transformer, Switchgear, Circuit Breaker, Others; By End Use: Power Generation, Transmission, Railways and Metros, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
North America Transformer Oil Market Outlook
The North America transformer oil market size was valued at USD 562.94 million in 2023. The market is further projected to grow at a CAGR of 6.4% between 2024 and 2032, reaching a value of USD 990.32 million by 2032.
Key Takeaways
- The North America transformer oil market share is expected to grow significantly in the coming years due to increasing demand for electricity, growing investments in the power transmission and distribution infrastructure, and the need for maintenance and replacement of aging transformers.
- Innovations in transformer oil technology, particularly in mineral-based oils known for their excellent dielectric properties and fire-resistant characteristics, are key areas of focus to ensure effective insulation, heat dissipation, and safety in power transformers.
- As per industry reports, notable players in the market are Exxon Mobil Corporation, Petro-Canada Lubricants LLC, Shell Plc, Chevron Corp., Castrol Limited, Philips 66 Company.
Bio-based transformer oils are gaining popularity due to their eco-friendly nature and superior performance characteristics. These oils are produced from renewable resources such as vegetable oils, and they offer better biodegradability, higher flash points, and lower dielectric losses compared to conventional mineral oils. Cargill Inc. has developed a range of bio-based transformer oils under the brand name Bio-Tan. These oils are produced from renewable resources such as soybean oil and offer superior performance characteristics compared to conventional mineral oils.
As per North America transformer oil market analysis, silicone-based transformer oils are gaining popularity due to their high dielectric strength, excellent thermal stability, and low volatility. These oils are ideal for high-temperature applications and offer better performance compared to conventional mineral oils. Shell Plc. has developed a range of silicone-based transformer oils under the brand name Shell Diala Sil. These oils offer high dielectric strength, excellent thermal stability, and low volatility.
The power transmission and distribution infrastructure in North America is aging, and there is a need for modernisation and upgradation of the existing infrastructure. This is expected to drive the North America transformer oil market growth. China Petroleum & Chemical Corporation has announced plans to build a new transformer oil production facility in North America to meet the growing demand for transformer oils.
The demand for high-voltage transformers is increasing due to the growing demand for electricity and the need for efficient power transmission and distribution. This is expected to drive the demand for high-performance transformer oils in the region. Engen Petroleum Ltd. has developed a range of high-performance transformer oils under the brand name Engen Transformer Oil. These oils are designed for high-voltage applications and offer superior performance characteristics compared to conventional mineral oils.
Market Segmentation
North America Transformer Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Type
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone-Based Oil
- Bio-Based Oil
Market Breakup by Application
- Transformer
- Switchgear
- Circuit Breaker
- Others
Market Breakup by End Use
- Power Generation
- Transmission
- Railways and Metros
- Others
Market Breakup by Region
- United States of America
- Canada
Competitive Landscape
Market players are focusing on developing biodegradable transformer oils to align with environmental regulations and sustainability goals.
- Exxon Mobil Corporation
- Petro-Canada Lubricants LLC
- Shell Plc
- Chevron Corp.
- Castrol Limited
- Philips 66 Company
- Calumet Specialty Products Partners, L.P.
- San Joaquin Refining Co. Inc.
- Ergon, Inc.
- Cross Oil Refining & Marketing, Inc.
- Sunoco Lubricants
- Others
Key Highlights of the Report
| 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 |
|
| Breakup by End Use |
|
| 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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North America Transformer Oil Market Report Snapshots
North America Transformer Oil Market Size
North America Transformer Oil Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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 North America Transformer Oil Market Overview
9.1 Key Industry Highlights
9.2 North America Transformer Oil Historical Market (2018-2023)
9.3 North America Transformer Oil Market Forecast (2024-2032)
10 North America 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 North America 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 North America 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 North America Transformer Oil Market by Country
13.1 United States of America
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Canada
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
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 Exxon Mobil Corporation
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 Petro‐Canada Lubricants LLC
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 Shell Plc
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 Chevron Corp.
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 Philips 66 Company
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 Calumet Specialty Products Partners, L.P.
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 San Joaquin Refining Co. Inc.
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 Ergon, Inc.
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 Cross Oil Refining & Marketing, 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 Sunoco Lubricants
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. North America Transformer Oil Market: Key Industry Highlights, 2018 and 2032
3. North America Transformer Oil Historical Market: Breakup by Type (USD Million), 2018-2023
4. North America Transformer Oil Market Forecast: Breakup by Type (USD Million), 2024-2032
5. North America Transformer Oil Historical Market: Breakup by Application (USD Million), 2018-2023
6. North America Transformer Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
7. North America Transformer Oil Historical Market: Breakup by End Use (USD Million), 2018-2023
8. North America Transformer Oil Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. North America Transformer Oil Historical Market: Breakup by Country (USD Million), 2018-2023
10. North America Transformer Oil Market Forecast: Breakup by Country (USD Million), 2024-2032
11. North America Transformer Oil Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 562.94 million.
The market is expected to grow at a CAGR of 6.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 990.32 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 United States of America and Canada.
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 Exxon Mobil Corporation, Petro-Canada Lubricants LLC, Shell Plc, Chevron Corp., Castrol Limited, Philips 66 Company, Calumet Specialty Products Partners, L.P., San Joaquin Refining Co. Inc., Ergon, Inc., Cross Oil Refining & Marketing, Inc., and Sunoco Lubricants, among others.
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