The latest report by IMARC Group, titled “Transformer Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global transformer oil market size reached US$ 1.5 Billion in 2020. Transformer oil, or insulating oil, is a type of coolant that is used to provide insulation in an electric power transformer to avoid accidents. It is generally extracted from crude oil through the process of fractional distillation. Transformer oil has high resistivity, excellent di-electricity, thermal conductivity, chemical stability and minimal power loss. Transformers are an essential component of the electrical grid, which transmits and distributes electricity. They are cooled and insulated by the use of transformer oils, such as mineral oils and naphthenic oil, for insulating power equipment, dissipating heat, and contributing to cooling systems.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Transformer Oil Market Trends:
The global transformer oil market is primarily driven by the expanding power generation sector due to rapid industrialization and urbanization. In recent years, increasing awareness regarding the maintenance of electrical equipment such as transformers has contributed to the adoption of transformer oil for preventive maintenance. Besides this, with the growing focus on rural electrification, especially in emerging economies, extensively investing in the transmission and distribution (T&D) infrastructure, and grid reinforcement and replacement. This is escalating the demand for transformer oil across the globe. Moreover, the increasing environmental concerns have encouraged manufacturers to introduce bio-based transformer oils, which are produced using renewable raw materials such as vegetable oils. Looking forward, the market is expected to grow at a CAGR of 11.5% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into naphthenic, paraffinic, silicone-based, bio-based and other oils.
- On the basis of the function, the market has been classified into insulators, cooling agents, lubricants, and chemical stabilizers.
- The market has been categorized based on the end use into small transformers, large transformers, utility, and others.
- On the basis of the application, the market has been segregated into residential, commercial, and industrial.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Calumet Specialty Products Partners L.P., Cargill, Incorporated, Engen Petroleum Limited, Ergon Inc., Edens Garden, Inc., Hydrodec Group plc, Nynas AB, PetroChina Company Limited, San Joaquin Refining Co. Inc., China Petroleum & Chemical Corporation (SINOPEC), and Valvoline Inc.
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