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United States 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
United States Transformer Oil Market Outlook
The United States transformer oil market size was valued at USD 482.77 million in 2023. The market is further projected to grow at a CAGR of 6.1% between 2024 and 2032, reaching a value of USD 827.98 million by 2032.
Key Takeaways
- The United States 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.
- As per industry reports, notable players in the market are Shell Plc, Exxon Mobil Corporation, Chevron Corp., Philips 66 Company, Castrol Limited, and Petroâ€Canada Lubricants LLC.
- 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.
One prominent trend in the transformer oil market in United States is the increasing adoption of ester-based transformer oils as they have higher fire resistance, better oxidation stability, and environmental friendliness compared to traditional mineral-based oils. This shift towards ester-based oils is driven by the growing emphasis on safety, environmental regulations, and the need for more efficient transformer operation. One prominent example is the increasing adoption of ester-based transformer oils by leading transformer manufacturers, such as ABB, Siemens, and General Electric.
Another notable trend is the rising demand for sustainable and bio-based transformer oils in the U.S. market. With increasing environmental awareness and regulations promoting eco-friendly solutions, there is a growing preference for transformer oils derived from renewable sources. A notable example is the development of bio-based transformer oils by companies such as Cargill, which launched its Bio-Therm line of vegetable-based transformer oils, offering advantages such as biodegradability, lower toxicity, and reduced environmental impact.
The United States transformer oil market growth can further be ascribed to technological innovations and smart grid integration. Advanced monitoring systems, IoT-enabled sensors, and predictive maintenance technologies are being integrated into transformer operations to enhance efficiency, reliability, and performance. Smart grid integration allows for real-time monitoring, remote diagnostics, and proactive maintenance, optimising transformer lifespan and reducing downtime. Companies like GridBridge and Survalent Technology have developed advanced monitoring systems.
Moreover, with the increasing demand for electricity, ageing grid infrastructure, and the transition towards renewable energy sources, there is a growing need for modernising the grid and upgrading transformer systems. A significant example is the USD 3.5 billion investment by the U.S. Department of Energy in the ‘Grid Modernisation Initiative.’
Market Segmentation
United States 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
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
Market players are focusing on developing biodegradable transformer oils to align with environmental regulations and sustainability goals.
- Shell Plc
- Exxon Mobil Corporation
- Chevron Corp.
- Philips 66 Company
- Castrol Limited
- Petro-Canada Lubricants LLC
- 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 |
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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 North America Transformer Oil Market Overview
8.1 Key Industry Highlights
8.2 North America Transformer Oil Historical Market (2018-2023)
8.3 North America Transformer Oil Market Forecast (2024-2032)
9 United States Transformer Oil Market Overview
9.1 Key Industry Highlights
9.2 United States Transformer Oil Historical Market (2018-2023)
9.3 United States Transformer Oil Market Forecast (2024-2032)
10 United States 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 United States 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 United States 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 United States Transformer Oil Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 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 for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Shell Plc
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 Exxon Mobil 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 Chevron Corp.
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 Philips 66 Company
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 Petro‐Canada Lubricants LLC
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. North America Transformer Oil Market: Key Industry Highlights, 2018 and 2032
2. United States Transformer Oil Market: Key Industry Highlights, 2018 and 2032
3. United States Transformer Oil Historical Market: Breakup by Type (USD Million), 2018-2023
4. United States Transformer Oil Market Forecast: Breakup by Type (USD Million), 2024-2032
5. United States Transformer Oil Historical Market: Breakup by Application (USD Million), 2018-2023
6. United States Transformer Oil Market Forecast: Breakup by Application (USD Million), 2024-2032
7. United States Transformer Oil Historical Market: Breakup by End Use (USD Million), 2018-2023
8. United States Transformer Oil Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. United States Transformer Oil Historical Market: Breakup by Region (USD Million), 2018-2023
10. United States Transformer Oil Market Forecast: Breakup by Region (USD Million), 2024-2032
11. United States Transformer Oil Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 482.77 million.
The market is expected to grow at a CAGR of 6.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 827.98 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.
Regions considered in the market are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
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 Plc, Exxon Mobil Corporation, Chevron Corp., Philips 66 Company, Castrol Limited, Petro-Canada Lubricants LLC, 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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