Transformer Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Transformer Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028


Market Overview:

The global transformer oil market size reached US$ 2.3 Billion in ​2022​. Looking forward, IMARC Group expects the market to reach US$ 3.5 Billion by ​2028​, exhibiting a growth rate (CAGR) of 6.9% during ​2023-2028​.

Transformer oil is used in electrical power transformers to serve as a coolant and suppress corona discharge. Also known as insulating oil, it is a specialty product that remains stable at high temperatures and offers excellent electrical insulation. As a result, it is also used in high-voltage capacitors, fluorescent lamp ballasts, and high-voltage switches as well as circuit breakers. It acts as a barrier between oxygen and cellulose to avoid direct contact with different components of transformers and prevent oxidation.

One of the major factors driving the transformer oil market is the rising transmission and distribution of electricity across the globe. Owing to rapid urbanization and industrialization, a rise in the consumption of electricity is being witnessed, particularly in emerging markets with a high population density, such as India and China. In line with this, governments in these countries are undertaking initiatives to provide an uninterrupted power supply and expanding the existing grid infrastructure, which in turn is influencing the market growth. Moreover, increasing investments in the improvement of power grids in developed regions like Europe and North America also act as a major growth-inducing factor. Although mineral-based transformer oil currently dominates the market, manufacturers are focusing on introducing safer and green products owing to the increasing environmental consciousness across the globe. For instance, bio-based transformer oils, which are produced using renewable raw materials such as vegetable oils, are gaining traction in the market due to their biodegradable and eco-friendly nature.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global transformer oil market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, function, end-use and application.

Breakup by Type:

Napthenic Oil
Paraffinic Oil
Silicone-Based
Bio-Based
Others

Breakup by Function:

Insulator
Cooling Agent
Lubricant
Chemical Stabilizer

Breakup by End-Use:

Small Transformers
Large Transformers
Utility
Others

Breakup by Application:

Residential
Commercial
Industrial

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Calumet Specialty Products Partners L.P., Cargill, Incorporated, Engen Petroleum Limited, Ergon Inc., Edens Garden, Inc., Hydrodec Group plc, Nynas AB, PetroChina Company Limited, San Joaquin Refining Co. Inc., China Petroleum & Chemical Corporation (SINOPEC), and Valvoline Inc.

Key Questions Answered in This Report:
How has the global transformer oil market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global transformer oil market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the function?
What is the breakup of the market based on the end-use?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global transformer oil market and who are the key players?
What is the degree of competition in the market?


1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Transformer Oil Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Napthenic Oil
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Paraffinic Oil
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Silicone-Based
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Bio-Based
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Function
7.1 Insulator
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cooling Agent
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Lubricant
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Chemical Stabilizer
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by End-Use
8.1 Small Transformers
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Large Transformers
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Utility
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Application
9.1 Residential
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Industrial
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Indicators
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Calumet Specialty Products Partners L.P.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Cargill, Incorporated
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.3 Engen Petroleum Limited
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 Ergon Inc.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 SWOT Analysis
15.3.5 Edens Garden, Inc.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 Hydrodec Group plc
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.7 Nynas AB
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 SWOT Analysis
15.3.8 PetroChina Company Limited
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 SWOT Analysis
15.3.8.4 Financials
15.3.9 San Joaquin Refining Co. Inc.
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 China Petroleum & Chemical Corporation (SINOPEC)
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.11 Valvoline Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio

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