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

Quick Summary:

The global transformer oil market is experiencing significant growth, driven by a rapidly changing global electricity landscape. Transformer oil, more commonly known as insulating oil, plays a crucial role in the operation of electrical power transformers and other high-voltage equipment. Its high thermal stability and excellent electrical insulation properties make it an essential commodity in sectors such as energy, manufacturing, and utilities.

One of the key catalysts driving the growth of the transformer oil market is the growing demand for electricity resulting from rapid urbanization and industrialization, especially in emerging economies such as China and India. In response to this increasing demand, governments are significantly investing in enhancing existing grid infrastructures and ensuring reliable electricity supplies. Meanwhile, the environmentally conscious manufacturing sector is paving the way for the introduction of greener alternatives. An example of this trend is the growing popularity of bio-based transformer oils, made from renewable raw materials, which demonstrate the industry's shift towards sustainability and eco-friendliness.

Beyond emerging market trends, this comprehensive market research report provides insightful details into market segmentation, pinpointing opportunities in different transformer oil types, functions, and applications. It also offers a thoughtful analysis of the competitive landscape, illuminating the critical strategies of key market players. Stay ahead of the curve and equip your business with the knowledge to navigate the fluctuating dynamics of this rapidly expanding market.

Understanding the intricacies of this market is essential for any forward-thinking business looking to capitalize on new opportunities.

The global transformer oil market size reached US$ 2.3 Billion in ?2022?. Looking forward, the publisher 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:

The publisher 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. The 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?

Frequently Asked Questions about the Global Transformer Oil Market

What is the estimated value of the Global Transformer Oil Market?

The Global Transformer Oil Market was estimated to be valued at $2.3 Billion in 2022.

What is the growth rate of the Global Transformer Oil Market?

The growth rate of the Global Transformer Oil Market is 7.2%, with an estimated value of $3.5 Billion by 2028.

What is the forecasted size of the Global Transformer Oil Market?

The Global Transformer Oil Market is estimated to be worth $3.5 Billion by 2028.

Who are the key companies in the Global Transformer Oil Market?

Key companies in the Global Transformer Oil Market include Calumet Specialty Products Partners L.P., Cargill, Incorporated, Engen Petroleum Limited, Ergon Inc., Edens Garden Inc., Hydrodec Group plc, Nynas AB, PetroChina Company Limited and San Joaquin Refining Co. Inc..

Report Attribute	Details
No. of Pages	149
Published	September 2023
Forecast Period	2022 - 2028
Estimated Market Value ( USD ) in 2022	$ 2.3 Billion
Forecasted Market Value ( USD ) by 2028	$ 3.5 Billion
Compound Annual Growth Rate	7.2%
Regions Covered	Global
No. of Companies Mentioned	11

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

List of Tables

Figure 1: Global: Transformer Oil Market: Major Drivers and Challenges
Figure 2: Global: Transformer Oil Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Transformer Oil Market: Breakup by Type (in %), 2022
Figure 4: Global: Transformer Oil Market: Breakup by Function (in %), 2022
Figure 5: Global: Transformer Oil Market: Breakup by End-Use (in %), 2022
Figure 6: Global: Transformer Oil Market: Breakup by Application (in %), 2022
Figure 7: Global: Transformer Oil Market: Breakup by Region (in %), 2022
Figure 8: Global: Transformer Oil Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: Transformer Oil (Napthenic Oil) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Transformer Oil (Napthenic Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Transformer Oil (Paraffinic Oil) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Transformer Oil (Paraffinic Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Transformer Oil (Silicone-Based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Transformer Oil (Silicone-Based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Transformer Oil (Bio-Based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Transformer Oil (Bio-Based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Transformer Oil (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Transformer Oil (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Transformer Oil (Insulator) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Transformer Oil (Insulator) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Transformer Oil (Cooling Agent) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Transformer Oil (Cooling Agent) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Transformer Oil (Lubricant) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Transformer Oil (Lubricant) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Transformer Oil (Chemical Stabilizer) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Transformer Oil (Chemical Stabilizer) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Transformer Oil (Small Transformers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Transformer Oil (Small Transformers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Transformer Oil (Large Transformers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Transformer Oil (Large Transformers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Transformer Oil (Utility) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Transformer Oil (Utility) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Transformer Oil (Other End-Uses) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Transformer Oil (Other End-Uses) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Global: Transformer Oil (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Global: Transformer Oil (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Global: Transformer Oil (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Global: Transformer Oil (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Global: Transformer Oil (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Global: Transformer Oil (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: North America: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: North America: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: United States: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: United States: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Canada: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Canada: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Asia Pacific: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Asia Pacific: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: China: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: China: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Japan: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Japan: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: India: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: India: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: South Korea: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: South Korea: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Australia: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Australia: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Indonesia: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Indonesia: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Others: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Others: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Europe: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Europe: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Germany: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Germany: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: France: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: France: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: United Kingdom: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: United Kingdom: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Italy: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Italy: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Spain: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Spain: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Russia: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Russia: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Others: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Others: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Latin America: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Latin America: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Brazil: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Brazil: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Mexico: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 84: Mexico: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Others: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 86: Others: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 87: Middle East and Africa: Transformer Oil Market: Sales Value (in Million US$), 2017 & 2022
Figure 88: Middle East and Africa: Transformer Oil Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 89: Global: Transformer Oil Industry: SWOT Analysis
Figure 90: Global: Transformer Oil Industry: Value Chain Analysis
Figure 91: Global: Transformer Oil Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Transformer Oil Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Transformer Oil Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Transformer Oil Market Forecast: Breakup by Function (in Million US$), 2023-2028
Table 4: Global: Transformer Oil Market Forecast: Breakup by End-Use (in Million US$), 2023-2028
Table 5: Global: Transformer Oil Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Transformer Oil Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Transformer Oil Market: Competitive Structure
Table 8: Global: Transformer Oil Market: Key Players