Overview and Scope
Transformer oil is a type of oil that is stable at high temperatures and has outstanding electrical insulating properties. It is produced by distilling refined crude oil at temperatures between +300 °C and +400 °C (752 °F). The quality of crude base stock oil varies depending on where it is sourced, which impacts the characteristics of the oil.
Sizing and Forecast
The transformer oil market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rise in power demand, aging power grids, electrification projects, industrialization and urbanization, expansion of renewable energy, stringent regulations on transformer efficiency.
The transformer oil market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to transition to smart grids, focus on fire safety, demand for biobased transformer oils, emergence of compact and efficient transformers, resilience planning for extreme weather events. Major trends in the forecast period include replacement of aging transformers, digitalization and iot in transformer monitoring, growing popularity of dry type transformers, strategic alliances in the oil industry, technological advancements in transformer designs..
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Segmentation & Regional Insights
The transformer oil market covered in this report is segmented –
1) By Type: Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, Other Types
2) By Function: Insulator, Cooling Agent, Lubricant, Chemical Stabilizer
3) By Application: Residential, Commercial, Industrial
4) By End User: Transmission And Distribution, Railways And Metros, Power generation, Other End Users
Asia-Pacific was the largest region in the transformer oil market share in 2023. North America was the second-largest region in the transformer oil market analysis. The regions covered in the transformer oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of power generation and distribution projects are expected to boost the growth of the transformer oil market. Power generation and distribution projects refer to facilities responsible for safe, secure, reliable, and sustainable electricity generation, transmission, and distribution. The increasing number of power generation and distribution projects leads to rising demand for transformers, switches, capacitors, and circuit breakers, increasing the demand for transformer oils. For instance, in November 2022, according to the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, 8 new natural gas-fired combined-cycle gas turbine (CCGT) power plants were launched in the US electricity market. The ability of these new plants to produce electricity will increase the US electric system by 7,775 megawatts (MW). Therefore, the increasing number of power generation and distribution projects are driving the growth of the transformer oil market.
Key Industry Players
Major companies operating in the transformer oil market report are Royal Dutch Shell plc, Exxon Mobil Corporation, Repsol SA, Ergon Inc., Nynas AB, PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners L.P., Cargill Incorporated, China Petroleum & Chemical Corporation (Sinopec), Valvoline Inc., San Joaquin Refining Co. Inc., Gandhar Oil Refinery Limited, Savita Oil Technologies Limited, Hydrodec Group plc, Engen Petroleum Limited, Castrol Limited, Chevron Corporation, TotalEnergies SE, Fuchs Petrolub SE, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Gulf Oil Corporation Limited, Sinopec Lubricant Company, Petroliam Nasional Berhad, CNOOC Oil & Petrochemicals Co. Ltd., SK Lubricants Co. Ltd., GS Caltex Corporation
The transformer oil market report table of contents includes:
1. Executive Summary
2. Transformer Oil Market Characteristics
3. Transformer Oil Market Trends And Strategies
4. Transformer Oil Market – Macro Economic Scenario
5. Global Transformer Oil Market Size and Growth
…..
31. Global Transformer Oil Market Competitive Benchmarking
32. Global Transformer Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Transformer Oil Market
34. Transformer Oil Market Future Outlook and Potential Analysis
35. Appendix
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