Transformer Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Transformer Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032



Growth Factors of Transformer Oil Market

The transformer oil market size was valued at USD 2.97 billion in 2022, and the market is now projected to grow from USD 3.15 billion in 2023 to USD 4.88 billion by 2030, exhibiting a CAGR of 6.4% during the forecast period of 2023-2030.

The COVID-19 pandemic affected the transportation of equipment and closed many plants, affecting the transformer oil market growth in several ways. During lockdown many companies were either unable to manufacture transformers or were unable to continue construction work, implying that there was decreased demand and therefore reduced sales of transformers. Similarly, travel bans across countries affected project delivery, as the movement was also limited. However, the transformers market recovered in the post-pandemic period, so sales increased and there was positive growth in 2021.

High-performance computing is responsible for high electricity consumption due to areas of application such as fraud detection and healthcare. With this increasing demand, the transformer oil market share is anticipated to increase. At the same time, the increasing popularity of electric cars puts pressure on governments to expand utility networks around the world. For instance, based on the statistics from the International Energy Agency, electric vehicles used approximately 110 TWh of electricity in 2022. Such escalation in transmission and distribution levels will lead to high demand for new transmission and distribution transformers.

Further, with the rapid advancement of UHV DC transmission technology, UHV power transformers have become necessary for long-distance power transmission. The energy demand is growing all over the world still need to adopt renewable energy which led to the need to transmit electricity from far areas. These renewable resources are mainly dependent on the place and therefore, the need for long-distance transmission is vital. For this process, nearly 2 kiloliters of transformer oil is used and hence UHV power transformers are crucial. Therefore, long-distance transmission is anticipated to dictate the trading of the transmission oil market in the future.

Comprehensive Analysis of Transformer Oil Market

The transformer oil market and chemicals & advanced materials industry are rising at an exponential rate due to their market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the chemicals & advanced materials industry. These segmentations are methodically segregated by type, by application and by end-user. The type includes, Mineral Oil, Ester Liquids and Silicone Oil. The application includes, Transformers and Electrical Components. The end-user include, Transmission & Distribution, Power Generation, Locomotives & Railway Lines and Others.

Asia Pacific reached a market size of USD 1.48 billion in 2022, making it the largest electric consumer globally, led by China, India and Japan. The region's extensive distribution and power transformer infrastructure support its high electricity demand. Consequently, Asia Pacific held the largest global transformer oil market share in 2022. Both China and India are investing significantly to expand their electric grid networks. This ongoing development is expected to sustain the region’s market dominance in the forecast period.

The top players in the market play a crucial role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include, Apar Industries Limited (India), Cargill (U.S.), Sinopec Corp (China), Nynas AB (Sweden), Total Energies (France), Dow (U.S.), Calumet Specialty Products Partners, L.P. (U.S.), Powerlink Oil Refinery Ltd (India), Wacker Chemie AG (Germany) and HP Lubricants (India). These market players provide a level-playing competitive landscape.

In June 2023, M&I Materials Ltd. introduced a new product within its ester transformer fluid lineup. This ester transformer fluid is created through the recycling of used fluids, making it an environmentally friendly option.

Segmentation Table

Global Transformer Oil Market Scope

Study Period 2019-2030

Base Year 2022

Forecast Period 2023-2030

Growth Rate CAGR of 6.4% during 2023-2030

Historical Period 2019-2021

Unit Value (USD Billion) and Volume (Million liter)

Segmentation By Type, Application, End- Use, and Region

By Type Mineral Oil

Naphthenic

Paraffinic

Ester Liquids

Silicone Oil

By Application Transformers

Electrical Components

By End-use Transmission & Distribution

Power Generation

Locomotives & Railway Lines

Others

By Region North America (By Type, Application, End-use, Country)

U.S. (By End-use)

Canada (By End-use)

Europe (By Type, Application, End-use, Country)

Russia (By End-use)

Germany (By End-use)

U.K. (By End-use)

France (By End-use)

Italy (By End-use)

Rest of Europe (By End-use)

Asia Pacific (By Type, Application, End-use, Country)

China (By End-use)

India (By End-use)

Japan (By End-use)

Rest of Asia Pacific (By End-use)

Latin America (By Type, Application, End-use, Country)

Brazil (By End-use)

Mexico (By End-use)

Rest of Latin America (By End-use)

Middle East and Africa (By Type, Application, End-use, Country)

GCC (By End-use)

South Africa (By End-use)

Rest of the Middle East & Africa (By End-use)


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1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Insights on Regulatory Scenario
4.5. Porters Five Forces Analysis
5. Qualitative Insights on Impact of COVID-19 on Global Transformer Oil Market Market
5.1. Supply Chain Analysis & Challenges due to Covid-19
5.2. Steps taken by Government / Companies to Overcome this Impact
5.3. Potential Challenges and Opportunities due to COVID-19 Outbreak
6. Global Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
6.1. Key Findings / Summary
6.2. By Type (Value & Volume)
6.2.1. Mineral Oil
6.2.2. Ester Liquids
6.2.3. Silicone Oil
6.3. By Application (Value & Volume)
6.3.1. Transformers
6.3.2. Electrical Components
6.4. By End Use (Value & Volume)
6.4.1. Transmission & Distribution
6.4.2. Power Generation
6.4.3. Locomotives & Railway Lines
6.4.4. Others
6.5. By Region (Value & Volume)
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
7. North America Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
7.1. Key Findings / Summary
7.2. By Type (Value & Volume)
7.2.1. Mineral Oil
7.2.2. Ester Liquids
7.2.3. Silicone Oil
7.3. By Application (Value & Volume)
7.3.1. Transformers
7.3.2. Electrical Components
7.4. By End Use (Value & Volume)
7.4.1. Transmission & Distribution
7.4.2. Power Generation
7.4.3. Locomotives & Railway Lines
7.4.4. Others
7.5. By Country (Value & Volume)
7.5.1. U.S
7.5.1.1. By End Use (Value & Volume)
7.5.1.1.1.
7.5.1.1.1.1. Transmission & Distribution
7.5.1.1.1.2. Power Generation
7.5.1.1.1.3. Locomotives & Railway Lines
7.5.1.1.1.4. Others
7.5.2. Canada
7.5.2.1. By End Use (Value & Volume)
7.5.2.1.1. Transmission & Distribution
7.5.2.1.2. Power Generation
7.5.2.1.3. Locomotives & Railway Lines
7.5.2.1.4. Others
8. Europe Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
8.1. Key Findings / Summary
8.2. By Type (Value & Volume)
8.2.1. Mineral Oil
8.2.2. Ester Liquids
8.2.3. Silicone Oil
8.3. By Application (Value & Volume)
8.3.1. Transformers
8.3.2. Electrical Components
8.4. By End Use (Value & Volume)
8.4.1. Transmission & Distribution
8.4.2. Power Generation
8.4.3. Locomotives & Railway Lines
8.4.4. Others
8.5. By Country (Value & Volume)
8.5.1. Russia
8.5.1.1. By End Use (Value & Volume)
8.5.1.1.1. Transmission & Distribution
8.5.1.1.2. Power Generation
8.5.1.1.3. Locomotives & Railway Lines
8.5.1.1.4. Others
8.5.2. Germany
8.5.2.1. By End Use (Value & Volume)
8.5.2.1.1. Transmission & Distribution
8.5.2.1.2. Power Generation
8.5.2.1.3. Locomotives & Railway Lines
8.5.2.1.4. Others
8.5.3. U.K.
8.5.3.1. By End Use (Value & Volume)
8.5.3.1.1. Transmission & Distribution
8.5.3.1.2. Power Generation
8.5.3.1.3. Locomotives & Railway Lines
8.5.3.1.4. Others
8.5.4. France
8.5.4.1. By End Use (Value & Volume)
8.5.4.1.1. Transmission & Distribution
8.5.4.1.2. Power Generation
8.5.4.1.3. Locomotives & Railway Lines
8.5.4.1.4. Others
8.5.5. Italy
8.5.5.1. By End Use (Value & Volume)
8.5.5.1.1. Transmission & Distribution
8.5.5.1.2. Power Generation
8.5.5.1.3. Locomotives & Railway Lines
8.5.5.1.4. Others
8.5.6. Rest of Europe
8.5.6.1. By End Use (Value & Volume)
8.5.6.1.1. Transmission & Distribution
8.5.6.1.2. Power Generation
8.5.6.1.3. Locomotives & Railway Lines
8.5.6.1.4. Others
9. Asia-Pacific Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
9.1. Key Findings / Summary
9.2. By Type (Value & Volume)
9.2.1. Mineral Oil
9.2.2. Ester Liquids
9.2.3. Silicone Oil
9.3. By Application (Value & Volume)
9.3.1. Transformers
9.3.2. Electrical Components
9.4. By End Use (Value & Volume)
9.4.1. Transmission & Distribution
9.4.2. Power Generation
9.4.3. Locomotives & Railway Lines
9.4.4. Others
9.5. By Country (Value & Volume)
9.5.1. China
9.5.1.1. By End Use (Value & Volume)
9.5.1.1.1. Transmission & Distribution
9.5.1.1.2. Power Generation
9.5.1.1.3. Locomotives & Railway Lines
9.5.1.1.4. Others
9.5.2. Japan
9.5.2.1. By End Use (Value & Volume)
9.5.2.1.1. Transmission & Distribution
9.5.2.1.2. Power Generation
9.5.2.1.3. Locomotives & Railway Lines
9.5.2.1.4. Others
9.5.3. India
9.5.3.1. By End Use (Value & Volume)
9.5.3.1.1. Transmission & Distribution
9.5.3.1.2. Power Generation
9.5.3.1.3. Locomotives & Railway Lines
9.5.3.1.4. Others
9.5.4. Rest of Asia Pacific
9.5.4.1. By End Use (Value & Volume)
9.5.4.1.1. Transmission & Distribution
9.5.4.1.2. Power Generation
9.5.4.1.3. Locomotives & Railway Lines
9.5.4.1.4. Others
10. Latin America Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
10.1. Key Findings / Summary
10.2. By Type (Value & Volume)
10.2.1. Mineral Oil
10.2.2. Ester Liquids
10.2.3. Silicone Oil
10.3. By Application (Value & Volume)
10.3.1. Transformers
10.3.2. Electrical Components
10.4. By End Use (Value & Volume)
10.4.1. Transmission & Distribution
10.4.2. Power Generation
10.4.3. Locomotives & Railway Lines
10.4.4. Others
10.5. By Country (Value & Volume)
10.5.1. Brazil
10.5.1.1. By End Use (Value & Volume)
10.5.1.1.1. Transmission & Distribution
10.5.1.1.2. Power Generation
10.5.1.1.3. Locomotives & Railway Lines
10.5.1.1.4. Others
10.5.2. Mexico
10.5.2.1. By End Use (Value & Volume)
10.5.2.1.1. Transmission & Distribution
10.5.2.1.2. Power Generation
10.5.2.1.3. Locomotives & Railway Lines
10.5.2.1.4. Others
10.5.3. Rest of Latin America
10.5.3.1. By End Use (Value & Volume)
10.5.3.1.1. Transmission & Distribution
10.5.3.1.2. Power Generation
10.5.3.1.3. Locomotives & Railway Lines
10.5.3.1.4. Others
11. Middle East & Africa Transformer Oil Market Market Analysis, Insights and Forecast, 2019-2030
11.1. Key Findings / Summary
11.2. By Type (Value & Volume)
11.2.1. Mineral Oil
11.2.2. Ester Liquids
11.2.3. Silicone Oil
11.3. By Application (Value & Volume)
11.3.1. Transformers
11.3.2. Electrical Components
11.4. By End Use (Value & Volume)
11.4.1. Transmission & Distribution
11.4.2. Power Generation
11.4.3. Locomotives & Railway Lines
11.4.4. Others
11.5. By Country (Value)
11.5.1. GCC
11.5.1.1. By End Use (Value & Volume)
11.5.1.1.1. Transmission & Distribution
11.5.1.1.2. Power Generation
11.5.1.1.3. Locomotives & Railway Lines
11.5.1.1.4. Others
11.5.2. South Africa
11.5.2.1. By End Use (Value & Volume)
11.5.2.1.1. Transmission & Distribution
11.5.2.1.2. Power Generation
11.5.2.1.3. Locomotives & Railway Lines
11.5.2.1.4. Others
11.5.3. Rest of Middle East and Africa
11.5.3.1. By End Use (Value & Volume)
11.5.3.1.1. Transmission & Distribution
11.5.3.1.2. Power Generation
11.5.3.1.3. Locomotives & Railway Lines
11.5.3.1.4. Others
12. Company Profiles
12.1. Apar Industries Limited
12.1.1. Overview
12.1.2. Description
12.1.3. Type Portfolio
12.1.4. Financials (Data as available in public domain and/or on paid databases)
12.1.5. Recent Developments
12.2. Cargill
12.2.1. Overview
12.2.2. Description
12.2.3. Type Portfolio
12.2.4. Financials (Data as available in public domain and/or on paid databases)
12.2.5. Recent Developments
12.3. Dow
12.3.1. Overview
12.3.2. Description
12.3.3. Type Portfolio
12.3.4. Financials (Data as available in public domain and/or on paid databases)
12.3.5. Recent Developments
12.4. Nynas AB
12.4.1. Overview
12.4.2. Description
12.4.3. Type Portfolio
12.4.4. Financials (Data as available in public domain and/or on paid databases)
12.4.5. Recent Developments
12.5. Calumet Specialty Products Partners, L.P.
12.5.1. Overview
12.5.2. Description
12.5.3. Type Portfolio
12.5.4. Financials (Data as available in public domain and/or on paid databases)
12.5.5. Recent Developments
12.6. Powerlink Oil Refinery Ltd
12.6.1. Overview
12.6.2. Description
12.6.3. Type Portfolio
12.6.4. Financials (Data as available in public domain and/or on paid databases)
12.6.5. Recent Developments
12.7. Sinopec Lubricating Oil
12.7.1. Overview
12.7.2. Description
12.7.3. Type Portfolio
12.7.4. Financials (Data as available in public domain and/or on paid databases)
12.7.5. Recent Developments
12.8. Total Energies
12.8.1. Overview
12.8.2. Description
12.8.3. Type Portfolio
12.8.4. Financials (Data as available in public domain and/or on paid databases)
12.8.5. Recent Developments
12.9. Wacker Chemie AG
12.9.1. Overview
12.9.2. Description
12.9.3. Type Portfolio
12.9.4. Financials (Data as available in public domain and/or on paid databases)
12.9.5. Recent Developments
12.10. HP Lubricants
12.10.1. Overview
12.10.2. Description
12.10.3. Type Portfolio
12.10.4. Financials (Data as available in public domain and/or on paid databases)
12.10.5. Recent Developments
13. Strategic Recommendations

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