The global transformer oil market revenue was valued at >USD 1.8 Billion in 2019. The main aim of using oil in a transformer is to provide electrical insulation between the different live parts and to prevent the oxidation of the metal surfaces by serving as a protective coating layer. Another essential feature of oil is to boost the dissipation of heat.
Due to numerous power losses, transformer cores and windings get heated up during operation. Via the conduction phase, oil takes heat away from the core and windings and transports heat to the surrounding tank, which is then radiated out to the atmosphere. A lot of heat is produced by transformers and the heat needs to be removed or the copper will melt and the transformer as a whole will fail.
Transformer Oil Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.5 billion|
|Growth Rate||CAGR of 7% during 2021-2028|
|Segment Covered||Oil Type, Application, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Sinopec Lubricant Company, Valvoline, Cargill Inc., Nynas AB, Ergon International Inc., PetroChina Lubricant Company, Calumet Specialty Products, Apar Industries Ltd., Engen Petroleum Ltd., Hydrodec Group Plc., San Joaquin Refining Co. Ltd., Royal Dutch Shell, Hyrax Oil Sdn Bhd, HILUBO Oil Co. Ltd., Eden Oil, Emirates Lube Oil Company, and Electrical Oil Services.|
Key Segments of the Global Transformer Oil Market
Oil Type Overview, 2018-2028 (USD Million)
- Mineral Oil
- Silicone Oil
- Bio-Based Oil
End-User Overview, 2018-2028 (USD Million)
- Transmission and distribution
- Power generation
- Railways & metros
Application Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global transformer oil market.
- Key industry developments and business growth strategies implemented by top players over the recent years
- Rising requirements of industries to enhance production End-User efficiencies and recycle management of effluent streams
What does the report include?
- The study on the global transformer oil market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Transformer Oil industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global transformer oil market. The report will benefit: Every stakeholder involved in the transformer oil market.
- Managers within the transformer oil industry looking to publish recent and forecasted statistics about the global transformer oil market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global transformer oil market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Some transformers currently use insulating and cooling fluids extracted from crude petroleum oil. Industries have no choice but to create robust contingency plans and thorough protocols involving training workers and the procurement of special equipment to deal with accidental transformer fluid spills and leaks. In transformers, some environmentally friendly fluids recently introduced may be replaced, thus minimizing or eliminating these elaborate procedures.
In terms of type the global market is segmented into mineral oil, silicone, bio-based oil. In terms of application the global market is divided into transformer, reactor, switchgear. Similarly, in terms of end-user the transformer oil market is bifurcated into Transmission and distribution, Power generation, Railways & metros, and others.
The dominant commodity has emerged from mineral-based oils. It has become popular across a wide range of applications due to its ease of accessibility and high compatibility with various equipment. Growth is expected to be positively affected by strict environmental regulations on energy use and pollution, combined with strong investment in the renewable energy sector.
The North America region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. Additionally, the region is anticipated to gather the highest growth over the forecast years. Most of the Asian countries are well equipped with connections lines, electric poles, and has widespread distribution network. Also, increasing need to upgrade & transform existing electricity distribution infrastructure in developing countries is projected to uplift the demand for transformer oil over the forecast period.
The report covers an exhaustive analysis of the segments and factors driving the market's growth. This research exclusively measured a detailed examination of the future demand and developments. Even great observations cover factors which drive regional analysis.
The major players of the global transformer oil market are Sinopec Lubricant Company, Valvoline, Cargill Inc., Nynas AB, Ergon International Inc., PetroChina Lubricant Company, Calumet Specialty Products, Apar Industries Ltd., Engen Petroleum Ltd., Hydrodec Group Plc., San Joaquin Refining Co. Ltd., Royal Dutch Shell, Hyrax Oil Sdn Bhd, HILUBO Oil Co. Ltd., Eden Oil, Emirates Lube Oil Company, and Electrical Oil Services. Furthermore, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.