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Transformer Oil Market

Global Transformer Oil Market Size, Share, Growth, Trends: By Type: Mineral Based Oil, Silicone Based Oil, Bio Based Oil; By Application: Power Transformers, Distribution Transformers, Utilities, Others; By End Use: OEM, Electrical Utility Companies, Others; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032

Global Transformer Oil Market Outlook

The global transformer oil market reached a value of almost USD 3.44 billion in 2023. The market is further expected to grow at a CAGR of 8.5% between 2024 and 2032.

 

Expansion of Power Infrastructure Driving the Market Growth of Transformer Oil

The Asia Pacific is one of the leading transformer oil markets, 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 oil in the Asia Pacific. The market 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 oil within the region.

 

Global Transformer Oils Market

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The Asia Pacific, Africa, and the Middle East are among the mature regional transformer oil markets. 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 oil. 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 modernisation of the power grids in countries such as India, China, Germany, and the United Kingdom.

 

Growing Focus to Enhance the Reliance of Transformers Aiding the Market for Transformer Oil

The transformer oil market is being supported by the rising focus on boosting the reliance of transformers in power systems and energy grids for uninterrupted electricity supply for residential, commercial, and industrial activities. As transformer oil are extensively used in high-voltage applications, their demand in circuit breakers, high voltage switches, and capacitors, among others, is significantly rising. The growing demand for transformer oil that offer corrosion resistance, enhanced efficiency, and increased durability is also propelling the market growth.

 

Various leading companies are increasingly developing uninhibited transformer oil that contain no additive and are ideal for protecting electrical components of power and distribution transformers. With the rising concerns regarding transformer failure due to corrosive sulphur deposits on copper winding insulation, the demand for transformer oil that do not cause copper sulphide formation is surging. The increasing research and development (R&D) activities to explore the potential of sulphur-free mineral-based transformer oil with excellent compositional consistency are anticipated to provide lucrative growth opportunities to the market in the coming years.

 

Market Segmentation

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.

 

Robust Growth of the Power Industry Bolstering the Market for Transformer Oil

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 oil. 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 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 transformer oil market. 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 oil is expected to increase due to the robust transformer demand from both developed and developing nations. The market is being driven by the increasing demand for electricity, along with the rising infrastructure investment for energy access. The increase in the development of alternative types of transformer oil, that is, bio-based and silicone-based, due to the increasing consciousness of environmental issues, is providing further impetus for the growth of the transformer oil market.

 

Global Transformer Oils Market By Region

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Key Players in the Global Market for Transformer Oil

The report gives a detailed analysis of the following key players in the global transformer oil market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • Ergon, Inc.
  • APAR Industries Limited
  • Calumet Specialty Products Partners, L.P.
  • Sinopec Corp
  • San Joaquin Refining Co. Inc.
  • Cargill, Incorporated
  • Petro-Canada Lubricants Inc.
  • Nynas AB
  • Hydrodec Group plc
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis.

 

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:

  • 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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Ergon, Inc.
  • APAR Industries Limited
  • Calumet Specialty Products Partners, L.P.
  • Sinopec Corp
  • San Joaquin Refining Co. Inc.
  • Cargill, Incorporated
  • Petro-Canada Lubricants Inc.
  • Nynas AB
  • Hydrodec Group plc
  • 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.

 

*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    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Transformer Oil Market Analysis

    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 by Type
        8.4.1    Mineral Based Oil
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Silicone Based Oil
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Bio Based Oil
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
    8.5    Global Transformer Oil Market by Application
        8.5.1    Power Transformers
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Distribution Transformers 
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Utilities
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Others
    8.6    Global Transformer Oil Market by End-Use
        8.6.1    OEM
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Electrical Utility Companies
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Others
    8.7    Global Transformer Oil Market by Region     
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
9    North America Transformer Oil Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Transformer Oil Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Transformer Oil Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Transformer Oil Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        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 Analysis
    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 for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Price Analysis
17    Competitive Landscape

    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    Ergon, Inc.
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    APAR Industries Limited
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Calumet Specialty Products Partners, L.P.
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Sinopec Corp
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    San Joaquin Refining Co. Inc.
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Cargill, Incorporated
            17.2.6.1    Company Overview
            17.2.6.2    Product Portfolio
            17.2.6.3    Demographic Reach and Achievements
            17.2.6.4    Certifications
        17.2.7    Petro-Canada Lubricants Inc.
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    Nynas AB
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications
        17.2.9    Hydrodec Group plc
            17.2.9.1    Company Overview
            17.2.9.2    Product Portfolio
            17.2.9.3    Demographic Reach and Achievements
            17.2.9.4    Certifications
        17.2.10    Others
18    Key Trends and Developments in the Market


Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirement and Cost Analysis
    2.1    Land, Location and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investment


List of Key Figures and Tables

1.    Global Transformer Oil Market: Key Industry Highlights, 2018 and 2032
2.    Global Transformer Oil Historical Market: Breakup by Type (USD Billion), 2018-2023
3.    Global Transformer Oil Market Forecast: Breakup by Type (USD Billion), 2024-2032
4.    Global Transformer Oil Historical Market: Breakup by Application (USD Billion), 2018-2023
5.    Global Transformer Oil Market Forecast: Breakup by Application (USD Billion), 2024-2032
6.    Global Transformer Oil Historical Market: Breakup by End-Use (USD Billion), 2018-2023
7.    Global Transformer Oil Market Forecast: Breakup by End-Use (USD Billion), 2024-2032
8.    Global Transformer Oil Historical Market: Breakup by Region (USD Billion), 2018-2023
9.    Global Transformer Oil Market Forecast: Breakup by Region (USD Billion), 2024-2032
10.    North America Transformer Oil Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    North America Transformer Oil Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Europe Transformer Oil Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Europe Transformer Oil Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Asia Pacific Transformer Oil Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Asia Pacific Transformer Oil Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Latin America Transformer Oil Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Latin America Transformer Oil Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Middle East and Africa Transformer Oil Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Middle East and Africa Transformer Oil Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Global Transformer Oil Market Structure

Key Questions Answered in the Report

In 2023, the market attained a value of approximately USD 3.44 billion. 

The market is projected to grow at a CAGR of 8.5% between 2024 and 2032.

The major drivers of the market include increasing demand for oil-using transformers due to increasing electrification, rising energy demand, increased industrial usage in developing economies, and growing environmental awareness.

The growth of the power industry and the rising demand from its Transmission and Demand (T&D) sector and expansion of plants generating renewable energy are key trends guiding the growth of the market.

The different types of transformer oils in the market are mineral based oil, silicone-based oil, and bio-based oil.

Transformer oils find applications in power transformers, distribution transformers, and utilities, among others.

The different end-uses of transformer oils are OEM, and electrical utility companies, among others.

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

The leading players in the global transformer oils market are Ergon, Inc., APAR Industries Limited, Calumet Specialty Products Partners, L.P., Sinopec Corp, San Joaquin Refining Co. Inc., Cargill, Incorporated, Petro-Canada Lubricants Inc., Nynas AB, and Hydrodec Group plc, among others.

Analyst Review

The global transformer oil market attained a value of USD 3.44 billion in 2023, 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 2024-2032, growing at a CAGR of 8.5%. The market is projected to reach USD 7.15 billion by 2032.

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 oil 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 oil can have different end-uses like OEM, and electrical utility companies, amongst others. The regional markets for transformer oil include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above industry include Ergon, Inc., APAR Industries Limited, Calumet Specialty Products Partners, L.P., Sinopec Corp, San Joaquin Refining Co. Inc., Cargill, Incorporated, Petro-Canada Lubricants Inc., Nynas AB, and Hydrodec Group plc, among 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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