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Transformer Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F

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  • 188 Pages
  • September 2023
  • Region: Global
  • TechSci Research
  • ID: 5877566
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The Global Transformer Oil Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to the development of electric grids in emerging nations and the expansion of the global power sector. Dielectric insulating fluid, which has a high resistance to electricity and keeps the transformer cool, is a component of every power and distribution transformer over the forecast period, which in-turn is driving the Global Transformer Oil Market.

Transformer oil is an insulating fluid that serves as a coolant in the electrical transformer. These oils are produced by fractional distilling crude oil, and have a number of desirable qualities, including outstanding Di electricity, high resistivity, thermal conductivity, minimal power loss, and chemical stability. It is crucial for supplying energy needs for homes, businesses, and industries, including the power supply transformer to run efficiently.

Rising Demand of Mineral Oil is Driving the Global Transformer Oil Market

The biggest market share is projected for mineral oil over the forecasted period. Transformers, boilers, and switchgear are shielded and conditioned with mineral oil. In addition to being utilized for thermal transfer, it can also be employed to protect the transformer's internal field winding. Additionally, its low-cost indices and accessibility compared to other heat transfer fluids, make the mineral oil suitable as a dielectric fluid in the majority of new and existing transformers. During the anticipated period, the market for transformer oil is anticipated to rise at a faster rate, due to the increased usage of mineral oil.

High Usage of Transformer Oil in Power Generation Sector

Transformer oil market growth has been fueled by the power generation industry's rapid expansion to fulfil the expanding demand for electricity. One of the key factors driving an increase in transformer installation is the desire for more electricity, which is expected to drive up the demand for transformer oil globally and accelerating the growth rate of the transformer oil market over the course of the projected year. Additionally, growing grid network investments by developing economies will handle the anticipated rise in power demand as a result of the speedy industrialization and urbanization of their countries. Thus, the expansion of the grid network will lead to the installation of new transformers and switchgears, increasing the market demand for transformer oil.

Increased Electric Grids and its Modernization to Fuel the Global Transformer Oil Market

The majority of the world's network of resources for energy generation, transmission, and distribution is ageing. Technology upgrades are increasingly necessary in order to dependably include new systems, changing market dynamics, and evolving consumer demands. While everyone tries to find methods to align present rules with a quickly changing energy market, technology advancements are outpacing both infrastructure capacity and policy development. The U.S. electric grid, which is regarded as the greatest prodigy, consists of more than 9,200 electric generating units with a combined generating capacity of more than 1 million megawatts, connected to more than 600,000 miles of transmission lines. In addition, the Office of Electricity (OE) is working with its public and corporate partners to change, reinforce, and improve the energy infrastructure to ensure access to dependable, secure, and clean sources of electricity. In addition, it is anticipated that the rising installation of new transformers and switchgears, as well as investments in the expansion of T&D systems and grid networks by emerging economies, will fuel the demand for transformer oil in order to meet the potential rise in power demand caused by the growing urbanization and industrialization.

Market Segmentation

The Global Transformer Oil Market is divided into Type, Function, End Use and Application. Based on Type, the market is divided into Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others. Based on Function, the market is segmented into Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer. Based on End Use, the market is segmented into Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others. Based on Application, the market is divided into Residential, Commercial, and Industrial.

Market Players

Major market players in the Global Transformer Oil Market are Royal Dutch Shell, Exxon Mobil Corporation, Repsol S.A., Nynas AB, Sinopec Lubricant Company, APAR Industries, PetroChina Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limited

Report Scope

In this report, the Global Transformer Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Transformer Oil Market, by Type:

  • Naphthenic Oil
  • Paraffinic Oil
  • Silicone-based Oil
  • Bio-based Oil
  • Others

Global Transformer Oil Market, by Function:

  • Insulator
  • Cooling Agent
  • Lubricant
  • Chemical Stabilizer

Global Transformer Oil Market, by End Use:

  • Small Transformer
  • Large Transformer
  • Utility Transformers
  • Distribution Transformers
  • Power Transformers
  • Others

Global Transformer Oil Market, by Application:

  • Residential
  • Commercial
  • Industrial

Global Transformer Oil Market, by Region:

  • North America
  • Asia-Pacific
  • Europe
  • South America
  • Middle East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Transformer Oil Market.

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Table of Contents

1. Product Overview2. Research Methodology3. Impact of COVID-19 on Global Transformer Oil Market4. Executive Summary5. Voice of Customers
6. Global Transformer Oil Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others)
6.2.2. By Function (Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer)
6.2.3. By End Use (Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others)
6.2.4. By Application (Residential, Commercial, and Industrial)
6.2.5. By Region
6.2.6. By Company
6.3. Market Map
7. North America Transformer Oil Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Function
7.2.3. By End Use
7.2.4. By Application
7.2.5. By Country
7.3. North America: Country Analysis
7.3.1. United States Transformer Oil Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By Function
7.3.1.2.3. By End Use
7.3.1.2.4. By Application
7.3.2. Canada Transformer Oil Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Type
7.3.2.2.2. By Function
7.3.2.2.3. By End Use
7.3.2.2.4. By Application
7.3.3. Mexico Transformer Oil Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Type
7.3.3.2.2. By Function
7.3.3.2.3. By End Use
7.3.3.2.4. By Application
8. Asia-Pacific Transformer Oil Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Function
8.2.3. By End Use
8.2.4. By Application
8.2.5. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Transformer Oil Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type
8.3.1.2.2. By Function
8.3.1.2.3. By End Use
8.3.1.2.4. By Application
8.3.2. India Transformer Oil Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Type
8.3.2.2.2. By Function
8.3.2.2.3. By End Use
8.3.2.2.4. By Application
8.3.3. Japan Transformer Oil Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Type
8.3.3.2.2. By Function
8.3.3.2.3. By End Use
8.3.3.2.4. By Application
8.3.4. South Korea Transformer Oil Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Type
8.3.4.2.2. By Function
8.3.4.2.3. By End Use
8.3.4.2.4. By Application
8.3.5. Australia Transformer Oil Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Type
8.3.5.2.2. By Location
8.3.5.2.3. By Application
8.3.5.2.4. By End Use
8.3.5.2.5. By Technique
8.3.6. Singapore Transformer Oil Market Outlook
8.3.6.1. Market Size & Forecast
8.3.6.1.1. By Value
8.3.6.2. Market Share & Forecast
8.3.6.2.1. By Type
8.3.6.2.2. By Function
8.3.6.2.3. By End Use
8.3.6.2.4. By Application
8.3.7. Malaysia Transformer Oil Market Outlook
8.3.7.1. Market Size & Forecast
8.3.7.1.1. By Value
8.3.7.2. Market Share & Forecast
8.3.7.2.1. By Type
8.3.7.2.2. By Function
8.3.7.2.3. By End Use
8.3.7.2.4. By Application
9. Europe Transformer Oil Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Function
9.2.3. By End Use
9.2.4. By Application
9.2.5. By Country
9.3. Europe: Country Analysis
9.3.1. Germany Transformer Oil Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type
9.3.1.2.2. By Function
9.3.1.2.3. By End Use
9.3.1.2.4. By Application
9.3.2. United Kingdom Transformer Oil Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type
9.3.2.2.2. By Function
9.3.2.2.3. By End Use
9.3.2.2.4. By Application
9.3.3. France Transformer Oil Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type
9.3.3.2.2. By Function
9.3.3.2.3. By End Use
9.3.3.2.4. By Application
9.3.4. Spain Transformer Oil Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value
9.3.4.2. Market Share & Forecast
9.3.4.2.1. By Type
9.3.4.2.2. By Function
9.3.4.2.3. By End Use
9.3.4.2.4. By Application
9.3.5. Belgium Transformer Oil Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Type
9.3.5.2.2. By Function
9.3.5.2.3. By End Use
9.3.5.2.4. By Application
9.3.6. Italy Transformer Oil Market Outlook
9.3.6.1. Market Size & Forecast
9.3.6.1.1. By Value
9.3.6.2. Market Share & Forecast
9.3.6.2.1. By Type
9.3.6.2.2. By Function
9.3.6.2.3. By End Use
9.3.6.2.4. By Application
10. South America Transformer Oil Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Function
10.2.3. By End Use
10.2.4. By Application
10.2.5. By Country
10.3. South America: Country Analysis
10.3.1. Brazil Transformer Oil Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Type
10.3.1.2.2. By Function
10.3.1.2.3. By End Use
10.3.1.2.4. By Application
10.3.2. Argentina Transformer Oil Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Type
10.3.2.2.2. By Function
10.3.2.2.3. By End Use
10.3.2.2.4. By Application
11. Middle East & Africa Transformer Oil Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Type
11.2.2. By Function
11.2.3. By End Use
11.2.4. By Application
11.2.5. By Country
11.3. Middle East & Africa: Country Analysis
11.3.1. Saudi Arabia Transformer Oil Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Type
11.3.1.2.2. By Function
11.3.1.2.3. By End Use
11.3.1.2.4. By Application
11.3.2. South Africa Transformer Oil Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Type
11.3.2.2.2. By Function
11.3.2.2.3. By End Use
11.3.2.2.4. By Application
11.3.3. UAE Transformer Oil Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Type
11.3.3.2.2. By Function
11.3.3.2.3. By End Use
11.3.3.2.4. By Application
11.3.4. Israel Transformer Oil Market Outlook
11.3.4.1. Market Size & Forecast
11.3.4.1.1. By Value
11.3.4.2. Market Share & Forecast
11.3.4.2.1. By Type
11.3.4.2.2. By Function
11.3.4.2.3. By End Use
11.3.4.2.4. By Application
11.3.5. Egypt Transformer Oil Market Outlook
11.3.5.1. Market Size & Forecast
11.3.5.1.1. By Value
11.3.5.2. Market Share & Forecast
11.3.5.2.1. By Type
11.3.5.2.2. By Function
11.3.5.2.3. By End Use
11.3.5.2.4. By Application
12. Market Dynamics
12.1. Drivers
12.1.1. Rising demand of mineral oil
12.1.2. High usage of transformer oil in power generation sector
12.2. Challenges
12.2.1. Stringent rules associated with energy wastage
12.2.2. Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
13. Market Trends & Developments
13.1. Growing demand for bio-based transformer oil
13.2. Increased Electric Grids and its Modernization to Fuel the Global Transformer Oil Market
13.3. Growing Demand for Bio-Based Transformer Oil Due to Environmental Concerns
14. Company Profiles
14.1. Royal Dutch Shell
14.1.1. Business Overview
14.1.2. Key Revenue and Financials
14.1.3. Recent Developments
14.1.4. Key Personnel
14.1.5. Key Product/Services
14.2. Exxon Mobil Corporation
14.2.1. Business Overview
14.2.2. Key Revenue and Financials
14.2.3. Recent Developments
14.2.4. Key Personnel
14.2.5. Key Product/Services
14.3. Repsol
14.3.1. Business Overview
14.3.2. Key Revenue and Financials
14.3.3. Recent Developments
14.3.4. Key Personnel
14.3.5. Key Product/Services
14.4. Nynas AB
14.4.1. Business Overview
14.4.2. Key Revenue and Financials
14.4.3. Recent Developments
14.4.4. Key Personnel
14.4.5. Key Product/Services
14.5. Sinopec Lubricant Company
14.5.1. Business Overview
14.5.2. Key Revenue and Financials
14.5.3. Recent Developments
14.5.4. Key Personnel
14.5.5. Key Product/Services
14.6. APAR Industries
14.6.1. Business Overview
14.6.2. Key Revenue and Financials
14.6.3. Recent Developments
14.6.4. Key Personnel
14.6.5. Key Product/Services
14.7. Savita Oil Technologies Limited
14.7.1. Business Overview
14.7.2. Key Revenue and Financials
14.7.3. Recent Developments
14.7.4. Key Personnel
14.7.5. Key Product/Services
14.8. Chevron Corporation.
14.8.1. Business Overview
14.8.2. Key Revenue and Financials
14.8.3. Recent Developments
14.8.4. Key Personnel
14.8.5. Key Product/Services
14.9. M&I Materials Limited
14.9.1. Business Overview
14.9.2. Key Revenue and Financials
14.9.3. Recent Developments
14.9.4. Key Personnel
14.9.5. Key Product/Services
14.10. PetroChina Company Limited
14.10.1. Business Overview
14.10.2. Key Revenue and Financials
14.10.3. Recent Developments
14.10.4. Key Personnel
14.10.5. Key Product/Services
15. Strategic Recommendations16. About the Analyst & Disclaimer

Companies Mentioned

  • Royal Dutch Shell
  • Exxon Mobil Corporation
  • Repsol
  • Nynas AB
  • Sinopec Lubricant Company
  • APAR Industries
  • Savita Oil Technologies Limited
  • Chevron Corporation.
  • M&I Materials Limited
  • PetroChina Company Limited

Table Information

Report AttributeDetails
No. of Pages188
PublishedSeptember 2023
Forecast Period2022 - 2028
Estimated Market Value ( USD ) in 2022 $ 3.8 Billion
Forecasted Market Value ( USD ) by 2028 $ 5.24 Billion
Compound Annual Growth Rate5.5%
Regions CoveredGlobal
No. of Companies Mentioned10

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