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The global transformer oils market reached a value of almost USD 2.7 billion in 2019. The industry is further expected to grow at a CAGR of 8.3% between 2020 and 2025 to reach a value of almost USD 4.4 billion by 2025.
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The Asia Pacific is a leading transformer oils market, followed by North America and Europe. The demand for the product in the Asia Pacific region witnessed an increase of almost 7 to 9% between 2016 and 2017. Asia Pacific is also expected to dominate the market in the forecast period. China and India are the major markets in the region, accounting for almost half of the total demand for transformer oils in the Asia Pacific. The industry in China and India is being driven by the rising government initiatives within the countries focused on expanding the power infrastructure to meet the rising energy demand by the population. South Korea and Japan are also significantly contributing to the rising demand for transformer oils within the region.
The Asia Pacific, Africa, and the Middle East are among the mature regional markets for transformer oils. The growth of transformer oil is estimated to become higher in the maturing markets due to the rising demand for new transformers. Developing countries such as Brazil, India, and China have an increasing population and are focusing on building better infrastructure, which is bolstering the market growth of transformer oils. The market is being driven by the increase in the global energy industry, which in turn has increased the investments in the transformer industry. The governments are encouraging the replacement of old transformers with technologically advanced new power transformers to improve energy efficiency and reduce losses. This is leading to the modernization of the power grids in countries such as India, China, Germany, and the United Kingdom.
Properties and Applications
Transformer oil, also known as insulating oil, is an oil that remains stable at high temperatures and has superior electrical insulation properties. It is used in fluorescent lamp ballasts, oil-filled transformers, and in some types of high-voltage capacitors, high-voltage switches, and circuit breakers. It is available in the following types:
Transformer oil finds its application in:
The market is segmented on the basis of end-use into:
The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The increase in the growth of the power industry and the rising demand from its Transmission and Demand (T&D) sector is driving the market growth of transformer oils. The increasing demand for oil-filled transformers due to increasing electrification, increasing energy demand, and increased industrial usage in developing economies are expected to contribute significantly towards the growth of the industry. The Asia Pacific region is estimated to become the leading global transformer oil market in the upcoming decade as a consequence of the growing need for the advancement of the rural and urban infrastructure.
The demand for transformer oils is expected to increase due to the robust transformer demand from both developed and developing nations. The transformer oils market is being driven by the increasing demand for electricity, along with the rising infrastructure investment for energy access. The increase in the demand for Transmission and Demand (T&D) infrastructure due to the incorporation of the plants generating renewable energy in the developed countries is aiding the market growth. The increase in the development of alternative types of transformer oils, that is, bio-based and silicone-based, due to the increasing consciousness of environmental issues, is providing a further impetus for the growth of the transformer oils market.
The prices for crude oil have improved from the past period of 2014-2015 and is expected to trend upwards in the forecast period. The transformer oils market, thus, is also expected to witness an increase in price in the coming years.
May 2017- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the launch of CALTRAN 60-00 Group U, an uninhibited and naphthenic transformer oil that has been engineered specifically by the company's own product development group to align with the International Standard IEC 60296, ed. 4, 2012 General Specifications. The uninhibited transformer oil has no additive content, and it provides high-quality protection for electrical equipment.
The report gives a detailed analysis of the following key players in the global transformer oils market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model, along with giving a SWOT analysis.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Cost Structure
4.5 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Transformer Oils Market Analysis
6.1 Figure: Global Transformer Oils Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Chart: Global Transformer Oils Market Breakup by Type
6.2.1 Mineral Based Oil
6.2.2 Silicone Based Oil
6.2.3 Bio Based Oil
6.3 Figure: Global Transformer Oils Market Breakup by Type: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.1 Mineral Based Oil
6.3.2 Silicone Based Oil
6.3.3 Bio Based Oil
6.4 Chart: Global Transformer Oils Market Breakup by Application
6.4.1 Power Transformers
6.4.2 Distribution Transformers
6.5 Figure: Global Transformer Oils Market Breakup by Application: Historical Market (2015-2019) & Forecast (2020-2025)
6.5.1 Power Transformers
6.5.2 Distribution Transformers
6.6 Chart: Global Transformer Oils Market Breakup by End Use
6.6.2 Electrical Utility Companies
6.7 Figure: Global Transformer Oils Market Breakup by End Use: Historical Market (2015-2019) & Forecast (2020-2025)
6.7.2 Electrical Utility Companies
6.8 Chart: Global Transformer Oils Market Breakup by Region
6.8.1 North America
184.108.40.206 United State of America
220.127.116.11 United Kingdom
6.8.3 Asia Pacific
6.8.4 Latin America
6.8.5 Middle East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
6.9 Figure: Global Transformer Oils Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.9.1 North America
188.8.131.52 United State of America
184.108.40.206 United Kingdom
6.9.3 Asia Pacific
6.9.4 Latin America
6.9.5 Middle East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 United Arab Emirates
22.214.171.124 South Africa
7 Global Transformer Oils Price Analysis
7.1 North America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.2 Europe Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.3 Asia Pacific Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.4 Latin America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.5 Middle East and Africa Historical Price Trends (2015-2019) and Forecast (2020-2025)
8 SWOT Analysis
9 Porter’s Five Forces Analysis
9.2 Buyer’s Power
9.3 Supplier’s Power
9.4 New Entrants
9.5 Degree of Rivalry
10 Value Chain Analysis
11 EMR’s Key Indicators for Demand
12 EMR’s Key Indicators for Price
13 Cost Analysis
13.1 Raw Material
13.2 Production Cost
13.3 Labour Cost
14 Competitive Landscape & Supplier Analysis
14.1 Nynas AB
14.1.1 Company Overview
14.1.2 Financial Analysis
14.2 Ergon Inc.
14.2.1 Company Overview
14.2.2 Financial Analysis
14.3 APAR Industries Ltd
14.3.1 Company Overview
14.3.2 Financial Analysis
14.4 Calumet Specialty Products Partners, L.P.
14.4.1 Company Overview
14.4.2 Financial Analysis
14.5 Sinopec Corp.
14.5.1 Company Overview
14.5.2 Financial Analysis
14.6 San Joaquin Refining Co. Inc.
14.6.1 Company Overview
14.6.2 Financial Analysis
14.7 Hydrodec Group Plc
14.7.1 Company Overview
14.7.2 Financial Analysis
14.8 Petro-Canada Lubricants Inc.
14.8.1 Company Overview
14.8.2 Financial Analysis
14.9 Cargill Inc.
14.9.1 Company Overview
14.9.2 Financial Analysis
14.10.1 Company Overview
14.10.2 Financial Analysis
15 Events and Developments
Additional Customisations Available:
16 Manufacturing Process
16.1 Detailed Process Flow
16.2 Operations Involved
16.3 Mass Balance
17 Procurement Strategy
17.1 Contract Terms
17.2 Buying and Sourcing Trends
17.3 Storage and Warehousing
17.4 Certifications and Regulations
17.5 Risk Factors
18 Production Cost Analysis and Project Economics
18.1 Land, Location and Site Development
18.3 Plant Machinery
18.4 Cost of Raw Material
18.9 Other Capital Investment
The global transformer oils market attained a value of almost USD 2.7 billion in 2019. It is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 8.3%. The market is projected to reach nearly USD 4.4 billion by 2025.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on types, the transformer oil market can be segmented into mineral based oil, silicone-based oil, and bio-based oil. On the basis of application, the product finds its applications in power transformers, distribution transformers, and utilities, among others. The market can be also divided into OEM and electrical utility companies, among others, on the basis of end-uses. Regionally, the market can be divided into North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa, with the Asia Pacific accounting for the largest market share. The key players in the above industry are Nynas AB, Ergon Inc., APAR Industries Ltd, Calumet Specialty Products Partners, L.P., Sinopec Corp., San Joaquin Refining Co. Inc., Hydrodec Group Plc, Petro-Canada Lubricants Inc., and Cargill Inc., among others.
The major drivers of the industry such as rising disposable incomes, increasing population, rising urbanisation, increasing energy demand, rising demand from its Transmission and Demand (T&D) sector, increasing electrification, and growing industrial usage are driving the growth of the market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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