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Global Transformer Oils Market: By Type: Mineral Based Oil, Silicone Based Oil, Bio Based Oil; By Application: Power Transformers, Distribution Transformers, Utilities, Others; By End Use: OEM, Others; Regional Analysis; Historical Market and Forecast (2016-2026); Competitive Landscape; Industry Events and Developments

Global Transformer Oils Market Outlook

The global transformer oils market reached a value of almost USD 2.7 billion in 2020. The industry is further expected to grow at a CAGR of 8.3% between 2021 and 2026 to reach a value of almost USD 4.4 billion by 2026.

 

Global Transformer Oils Market

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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:

 

Global Transformer Oils Market

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  • Mineral Based Oil
  • Silicone Based Oil
  • Bio Based Oil

Transformer oil finds its application in:

  • Power Transformers
  • Distribution Transformers
  • Utilities
  • Others

The market is segmented on the basis of end-use into:

  • OEM
  • Electrical Utility Companies
  • Others

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.

 

Global Transformer Oils Market By Region

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Market Analysis

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.

 

Price Analysis

The prices for crude oil have improved from the past period of 2014-2016 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.

 

Competitive Landscape

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:

  • 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.
  • Cargill Inc.
  • Others

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.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, End Use, Region
Breakup by Type Mineral Based Oil, Silicone Based Oil, Bio Based Oil
Breakup by Application Power Transformers, Distribution Transformers, Utilities, Others
Breakup by End Use OEM, Electrical Utility Companies, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Price Analysis Historical and Forecast Price Trends- Regional
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered 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., Cargill Inc., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
    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
    2.4    Assumptions
    2.5    Market Models
3    Introduction
    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 (2016-2020) & Forecast (2021-2026)
    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 (2016-2020) & Forecast (2021-2026)
        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
        6.4.3    Utilities
        6.4.4    Others
    6.5    Figure: Global Transformer Oils Market Breakup by Application: Historical Market (2016-2020) & Forecast (2021-2026)
        6.5.1    Power Transformers
        6.5.2    Distribution Transformers
        6.5.3    Utilities
        6.5.4    Others
    6.6    Chart: Global Transformer Oils Market Breakup by End Use
        6.6.1    OEM
        6.6.2    Electrical Utility Companies
        6.6.3    Others
    6.7    Figure: Global Transformer Oils Market Breakup by End Use: Historical Market (2016-2020) & Forecast (2021-2026)
        6.7.1    OEM
        6.7.2    Electrical Utility Companies
        6.7.3    Others
    6.8    Chart: Global Transformer Oils Market Breakup by Region
        6.8.1    North America
            6.8.1.1    United State of America
            6.8.1.2    Canada
        6.8.2    Europe
            6.8.2.1    United Kingdom
            6.8.2.2    Germany
            6.8.2.3    France
            6.8.2.4    Others
        6.8.3    Asia Pacific
            6.8.3.1    China
            6.8.3.2    Japan
            6.8.3.3    India
            6.8.3.4    Others
        6.8.4    Latin America
            6.8.4.1    Brazil
            6.8.4.2    Argentina
            6.8.4.3    Colombia
            6.8.4.4    Others
        6.8.5    Middle East and Africa
            6.8.5.1    Saudi Arabia
            6.8.5.2    United Arab Emirates
            6.8.5.3    Qatar
            6.8.5.4    South Africa
            6.8.5.5    Others
    6.9    Figure: Global Transformer Oils Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
        6.9.1    North America
            6.9.1.1    United State of America
            6.9.1.2    Canada
        6.9.2    Europe
            6.9.2.1    United Kingdom
            6.9.2.2    Germany
            6.9.2.3    France
            6.9.2.4    Others
        6.9.3    Asia Pacific
            6.9.3.1    China
            6.9.3.2    Japan
            6.9.3.3    India
            6.9.3.4    Others
        6.9.4    Latin America
            6.9.4.1    Brazil
            6.9.4.2    Argentina
            6.9.4.3    Colombia
            6.9.4.4    Others
        6.9.5    Middle East and Africa
            6.9.5.1    Saudi Arabia
            6.9.5.2    United Arab Emirates
            6.9.5.3    Qatar
            6.9.5.4    South Africa
            6.9.5.5    Others
7    Global Transformer Oils Price Analysis
    7.1    North America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    7.2    Europe Historical Price Trends (2016-2020) and Forecast (2021-2026)
    7.3    Asia Pacific Historical Price Trends (2016-2020) and Forecast (2021-2026)
    7.4    Latin America Historical Price Trends (2016-2020) and Forecast (2021-2026)
    7.5    Middle East and Africa Historical Price Trends (2016-2020) and Forecast (2021-2026)
8    SWOT Analysis
    8.1    Overview
    8.2    Strengths
    8.3    Weaknesses
    8.4    Opportunities
    8.5    Threats
9    Porter’s Five Forces Analysis
    9.1    Overview
    9.2    Buyer’s Power
    9.3    Supplier’s Power
    9.4    New Entrants
    9.5    Degree of Rivalry
    9.6    Substitutes
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    Others
        14.10.1    Company Overview
        14.10.2    Financial Analysis
15    Industry 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
    18.2    Construction
    18.3    Plant Machinery
    18.4    Cost of Raw Material
    18.5    Packaging
    18.6    Transportation
    18.7    Utilities
    18.8    Manpower
    18.9    Other Capital Investment

Key Questions Answered in the Report

In 2020, the global transformer oils market attained a value of nearly USD 2.7 billion.

The market is projected to grow at a CAGR of 8.3% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach USD 4.4 billion by 2026.

The major drivers of the industry include increasing demand for oil-filled transformers due to increasing electrification, increasing energy demand, and increased industrial usage in developing economies, robust transformer demand from both developed and developing nations, incorporation of the plants generating renewable energy in the developed countries and growing environmental awareness.

The increase in the growth of the power industry and the rising demand from its Transmission and Demand (T&D) sector is expected to be a key trend guiding the growth of the industry.

The types of transformer oils available are mineral based oil, silicone-based oil, and bio-based oil.

Transformer oils finds applications in power transformers, distribution transformers, utilities, amongst others.

Transformer oils can have different end-uses like OEM, and electrical utility companies, amongst others.

The regional markets for thermocouples include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The leading players in this market 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., amongst others.

Analyst Review

The global transformer oils market attained a value of USD 2.7 billion in 2020, driven by increasing demand for oil-filled transformers due to increasing electrification, increasing energy demand, and increased industrial usage in developing economies, robust transformer demand from both developed and developing nations, incorporation of the plants generating renewable energy in the developed countries and growing environmental awareness. Aided by the increase in the growth of the power industry and the rising demand from its Transmission and Demand (T&D) sector, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 8.3%. The market is projected to reach USD 4.4 billion by 2026.

EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on the type, the transformer oils market can be segmented into mineral based oil, silicone-based oil, and bio-based oil. By application, the industry can be divided into power transformers, distribution transformers, utilities, amongst others. Transformer oils can have different end-uses like OEM, and electrical utility companies, amongst others. The regional markets for transformer oils include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above industry include 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., amongst others.

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 market insights that are accurate, actionable, and help them remain ahead of their competition.

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