The global Transformer Oil market reached a value of about USD 2.92 billion in 2021. The industry is projected to grow at a CAGR of around 8.3% in the forecast period of 2022-2027 to reach a value of about USD 4.72 billion by 2027.
The global Transformer Oil industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rapid expansion of electric networks in emerging nations drives the market's growth. In the industry report, the key demand indicator is the highest category spender by region—Asia Pacific.
Transformer oil, often known as insulating oil, is a unique oil with high-temperature stable oil with exceptional electrical insulating qualities. It's found in oil-filled transformers (wet transformers), high-voltage capacitors, fluorescent light ballasts, and high-voltage switches and circuit breakers, among other things. Its functions include insulation, suppression of corona discharge and arcing, and cooling. The Transformer Oil industry report comprises segments by application (power transformers, distribution transformers, and utilities) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
Asia Pacific is dominating the industry due to the region's large consumer base, rapid renewable energy sector development, expansion of direct high-voltage current (HVDC) system networks, and the presence of significant companies. Furthermore, high-power-consuming nations like China, Japan, and India are expected to add to the region's market expansion. Developing economies in the APAC area are investing in developing their T&D systems and grid networks to meet the expected rise in power consumption caused by the region's fast industrialisation and urbanisation.
The industry is being driven by the expansion of electric networks in emerging nations and the modernisation of electric grids in industrialised economies due to increasing industrialisation and urbanisation. The expanding transmission and distribution of energy worldwide are the primary reasons driving the transformer oil industry. As the need for electricity grows, so will the need for transformers, which will drive up the price of transformer oil. Because of the variable loads and power demands in industrial applications, there has been an increase in the installation of independent power production systems. Furthermore, the increasing expansion of sectors like construction, chemicals, oil and gas, and railroads have led to an increase in demand for transformers, which is projected to propel the market forward.
However, the adverse effects of the product on the environment are hindering the market growth.
The global Transformer Oil industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Transformer Oil regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
The present invention relates to fractionating a hydrocracker product to produce a distillate boiling in the transformer oil range, dewaxing the fraction, optionally hydro finishing the fraction, and adding an adequate antioxidant/or pour point depressant to said fraction to create a formulated transformer oil. This procedure creates formulated transformer oil identical to formulated naphthenic transformer oil in terms of characteristics. Combining Group II + base oils or equivalents with specific additives is the fundamental procedure for creating transformer oil.
The market is set to witness growth as cross-border electricity trading has grown in popularity, with the number of economies engaging in the trade increasing rapidly over time. These advances are projected to lead to grid expansion and the construction of additional transmission lines, resulting in increased demand for transformers, switchgear, and transformer oils in the future years. Due to increased demand for transformer oil from electric utilities such as transmission networks, power plants, and other industrial uses, the naphthenic oil category retained the most significant market share. Furthermore, advantages associated with mineral oil, such as high thermal and oxidation durability, cost-effectiveness, and ease of availability, are expected to fuel the worldwide transformer oil market's rise in the upcoming years.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The firms used growth methods such as investments and expansions, partnerships, collaborations, alliances, and joint ventures to get a more significant proportion of the transformer oil market. Many firms are focused on alternative forms of transformer oil because of environmental benefits; nevertheless, due to low usage benefits compared to mineral-based oil, their market share is only predicted to grow little.
1. Executive Summary
2. Transformer Oil Industry Snapshot
2.1. Transformer Oil Market Outlook
2.2. Transformer Oil Industry Analysis by Application
2.2.1. Power Transformers
2.2.2. Distribution Transformers
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Transformer Oil Value Chain Analysis
5. Transformer Oil Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Transformer Oil Cost Structure
9. Transformer Oil Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Transformer Oil Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Nynas AB
14.2. Ergon Inc.
14.3. APAR Industries Ltd.
14.4. China Petroleum & Chemical Corporation
14.5. PetroChina Company Limited
The global Transformer Oil market size was valued at USD 2.92 billion in 2021.
As per the application provided, the Power transformer segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for electrical systems worldwide is one of the essential drivers of the Transformer Oil market growth.
Nynas AB, Ergon, Inc., APAR Industries Limited, Calumet Specialty Products Partners, L.P., and Sinopec Corp are some of the primary players in the market.
The Asia Pacific region of the Transformer Oil industry holds a significant share in the market.
The global Transformer Oil market attained a value of USD 2.92 billion in 2021, driven by the expansion of electric networks in emerging nations and the modernisation of electric grids in industrialised economies due to increasing industrialisation and urbanisation. With the growing need for electricity, transformers will increase, thus resulting in demand for transformer oil. Aided by the increasing advances and growing R&D activities in the sector, the market is expected to witness further growth in 2022-2027, growing at a CAGR of 8.3%. The market is projected to reach USD 4.72 billion by 2027. A few of the leading players in the industry are Nynas AB, Ergon, Inc., APAR Industries Limited, Calumet Specialty Products Partners, L.P., and Sinopec Corp.
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