Transformer Oil Market worth $3.0 billion by 2030

CHICAGO, June 9, 2023 /PRNewswire/ -- Transformer Oil Market is projected to reach USD 3.0 billion in 2030 from USD 2.0 billion in 2023 at a CAGR of 5.9% according to a new report by MarketsandMarkets™. Transformer oil is a special kind of oil that is primarily used in transformers to facilitate insulation and cooling. Transformer oil caters to the T&D, railways and metros, power generation, industrial, and commercial end users. The most commonly used transformer oil is mineral oil-based, which includes naphthenic and paraffinic types. The other variants of transformer oil include bio-based and silicone-based transformer oils. The increasing energy demand has pushed developing and developed economies to expand their electric grids and modernize their grid network, respectively. These developments are expected to drive the transformer oil demand. On the contrary, environmental concerns associated with mineral-based transformer oil and competition from the unorganized sector can negatively impact the growth of the Transformer Oil Market.

Browse in-depth TOC on "Transformer Oil Market" 220 - Tables 51 - Figures 200 – Pages

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Transformer Oil Market Scope:

Report Coverage

Details

Market Size

USD 3.0 billion in 2030

Growth Rate

5.9% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2030

Forecast Units

Value (USD Million/Billion), Volume (Units)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Transformer Oil Market by oil type, application, end-user, and region

Geographies Covered

Asia Pacific, North America, Europe, and the Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increased investment in HVDC transmission systems

Key Market Drivers

Modernization of electric grids and adoption of smart grids in developed economies

The Mineral Oil segment, by oil type, is expected to grow at the highest CAGR during the forecast period.

Based on oil type, the Transformer Oil Market has been segmented into mineral oil, silicone, and bio-based. Mineral Oil further categorized into inhibited napthanic & parrafinic oil and uninhibited napthanic & parrafinic oil. The mineral oil segment is expected to have the largest market share followed by bio-based oil. It is projected to grow at the highest rate during the forecast period. Mineral oil provides reliable insulation and cooling properties which contributes to the longevity of the transformers. The growth of the mineral oil segment is attributed to its proven performance, cost-effectiveness, and widespread adoption in the industry.

The transmission & distribution segment, by end-user, is expected to be the largest segment during the forecast period

This report segments the Transformer Oil Market based on end-user into four segments: transmission and distribution, power generation, railways and metros, and others. The transmission and distribution segment is expected to be the largest segment during the forecast period. Aging transmission and distribution infrastructure demands repair and improvement in various regions. Increasing investments in smart grids coupled with the upgradation and modernization of the new and existing infrastructure will propel the growth of the transmission and distribution segment in the Transformer Oil Market. Railways and metros is expected to be second largest segment during the forecast period. Growing focus on the enhancement of transportation sector along with investment in railways and metros is expected to drive the Transformer Oil Market.

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Asia Pacific is expected to be the largest region in the Transformer Oil Industry

Asia Pacific is expected to be the largest Transformer Oil Market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and Australia, are witnessing significant investments for expanding the number of substations owing to increased demand for electricity driven by the robust growth in industrial and commercial sectors. Electricity shortage is expected to support market grow in Asia Pacific as it can attribute to the increasing demand for power leading to installations of transmission & distribution infrastructure, which in turn increases the demand for the transformer oil.

Key Market Players:

Some of the major players in the Transformer Oil Companies are Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries Limited (India), and Calumet Specialty Products Partners, L.P. (US). The major strategies these players adopt include new product launches, contracts, agreements, partnerships, acquisitions, and investments & expansions.

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Recent Developments

In October 2022, Nynas AB launched the new transformer fluid named NYTRO RR 900X. It is a circular transformer fluid based on refining technology. NYTRO RR 900X is high-grade oil used in various electrical applications, including high voltage and high-power transformers.

In December 2021, MIDEL, a transformer oil manufacturing brand of M&I Materials Limited, was awarded a three-year contract by First Philec Inc, to supply MIDEL transformer oil for their transformers to minimize the risk of fire and damage

In May 2021, Calumet Specialty Products Partners, L.P. partnered with Aevitas, Inc. to improve access to exclusive transformer oil products in the Canadian market. The company's new arctic-grade transformer oil will be distributed exclusively by Aevitas, Inc. across Canada, as a result of this partnership.

In May 2021, Cargill, Incorporated. partnered up with Delta Star, Inc. to provide retro-filling services for its Envirotemp range of dielectric fluids to its consumers in the Western United States. The agreement designates Delta Star, Inc. as a Cargill, Incorporated service center in the Western United States market.

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