According to Market Research Future (MRFR), the global transformer oil market is estimated to reach USD 7.35 Billion, with a CAGR of 12.45% from 2023 to 2030 (forecast period). The report also provides an overview of critical factors that are likely to significantly stimulate or impede the growth of the transformer oil market. The report also sheds light on the potential impact of the Covid-19 on the growth of the transformer oil market.
Transformer oil is nothing but an insulating oil used in an electrical transformer that serves as a coolant. These oils are extracted from crude oil by a fractional distillation process. They offer a number of properties, including excellent di-electricity, high resistivity, thermal conductivity, minimum power loss, and chemical stability, among others.
Market Segmentation
The global Transformer Oil Industry has been categorized on the basis of type and application.
On the basis of type, the global market for transformer oil has been segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% market share in overall transformer oil sales revenue.
On the basis of the application, the global market for transformer oil has been segmented into large transformers, small transformers, utility & others.
Key Players
Some of the prominent players identified by MRFR in the global transformer oils market are Nynas AB (Sweden), Ergon Inc. (U.S.), Calumet Specialty Products (U.S.), APAR Industries Limited (India), PetroChina Company (China), Sinopec Group (China), Hydrodec Group Plc. (U.K), Cargill Inc. (U.S.), Engen Petroleum Limited (South Africa), Valvoline Inc. (U.S.), San Joaquin Refining (U.S.), Gandhar Oil Refining (India), and others.
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Market Dynamics
The expansion of power grids in developing countries in the Asia Pacific region is the key driver of the global oil transformer market. Other key drivers include increased power consumption and increased investment in the power sector. Increased demand for high-tech electronic devices, combined with an increasing population and high disposable income, has increased energy demand in developed regions. In addition, changing trends towards renewable energy sources is anticipated to push market growth over the assessment period.
Nevertheless, the fluctuating cost of raw materials and the demand for dry transformers may limit the growth of the market during the evaluation period.
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Regional Analysis
On the basis of the region, the global market for Transformer oil Price has been segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Asia Pacific evolved as the leading Transformer Oil Market 2023. It was led by the expansion of energy grids to meet energy demand in developing countries such as China and India. The Asia Pacific region accounted for 37.63% of the total value in 2016 and is anticipated to rise at a CAGR of 10.57% during the forecast period. China has emerged as a global manufacturing hub that has developed its industrial manufacturing and accelerated the sales of transformers and the use of transformer oils.
North America is the second largest region, accounted for about 30% of the total market share in terms of value in 2016, and is projected to rise with substantial CAGR over the forecast period. Such a rise can be attributed to the modernization of existing transformers and technological improvements in the U.S. and Canada.
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