transformer oil industry Latest Research, Driver, Demand and Forecast 2022-2030

 Market Research Future (MRFR) has launched a new release on the global Transformer Oils Market. The report provides data and actionable insights into the probable growth trajectory of the global transformer oil market over the forecast period from 2022 to 2030, relying on information about the market’s past growth to provide a basis for forecasts and projections about the market’s probable future growth trajectory. The global transformer oil market is expected to exhibit a robust 12.45% CAGR over the forecast period, rising to a valuation of USD 4,002.8 million.

Transformer oil is used in electrical transformers to provide electrical insulation and cooling. The key attributes of transformer oils include high chemical stability, high electrical insulation, and thermal conductivity. Transformer oils are usually derived from fossil fuels, although more environmentally viable, biobased alternatives are starting to become more popular in the global transformer oil market. This is likely to be a key aspect of the global transformer oil market’s development over the forecast period, as the environmental viability of the power sector is likely to emerge as a key attribute in the coming years.

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The global transformer oils market is majorly driven by the growing demand for power grid network across the world, as emerging countries around the world have made earnest efforts to maximize the reach and efficacy of power distribution. The development of new electricity distribution infrastructure is likely to be a major driver for the global transformer oil market over the forecast period, as new grid construction efforts are likely to utilize the latest technology and products in every aspect. The growing demand for power in developed countries is also likely to be a major driver for further electrical grid enhancements and construction, leading to a growing demand from the transformer oil market.

On the other hand, the fluctuating raw material costs and the growing demand for dry transformers are likely to be a key restraint against the global transformer oils market over the forecast period.

Regional Analysis:

The global transformer oil industry is segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific on the basis of geography.

Asia Pacific was the leading regional segment of the global transformer oil market in 2016 and is likely to retain a dominant share in the market over the forecast period due to the growing demand for mainline power in emerging countries in the region. Strong development of stable electricity distribution infrastructure is likely to be high on the agenda of countries in Asia Pacific in the next few years, as large parts of the region are still not connected to mainline grid power or suffer massive power cuts and blackouts on a regular basis. The efforts being taken by emerging APAC countries to extend the availability of electricity to their hinterlands are likely to be a major driver for the transformer oil market in the region over the forecast period. China is likely to be the leading country-level market in Asia Pacific, as the transformer manufacturing business in China has grown rapidly over the last few years and looks set for steady growth over the forecast period.

Asia Pacific held a share of 37.63% in the global transformer oil market in 2022 and is expected to exhibit a strong CAGR of 10.57% over the forecast period.

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List of Key Players in the Transformer Oils Market

• Nynas AB (Sweden)
• Calumet Specialty Products (U.S.)
• PetroChina Company (China)
• Hydrodec Group Plc. (U.K)
• Engen Petroleum Limited (South Africa)
• San Joaquin Refining (U.S.)
• Ergon Inc. (U.S.)
• APAR Industries Limited (India)
• Sinopec Group (China)
• Cargill Inc. (U.S.)
• Valvoline Inc. (U.S.)
• Gandhar Oil Refining (India)

Segmentation:

The global transformer oils market is categorized on the basis of type, application, and region.

On the basis of type, the global transformer oils market is segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% of the market in 2022 and is likely to remain the leading revenue generator over the forecast period.

On the basis of application, the market is segmented into large transformers, small transformers, and utility & others.

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Industry Updates:

In January 2019, Lub-rref (Bangladesh) Ltd. announced the launch of a new range of eco-friendly lubricants, including a transformer oil based on technology developed by Nynas AB.

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