Global Transformer Oil Market to Grow at 6.1% During 2024-2032, Impelled by Introduction of Bio-Based Variants

August 11, 2021 | Chemical & Materials

The latest report by IMARC Group, titled “Transformer Oil Market Report by Type (Napthenic Oil, Paraffinic Oil, Silicone-Based, Bio-Based, and Others), Function (Insulator, Cooling Agent, Lubricant, Chemical Stabilizer), End-Use (Small Transformers, Large Transformers, Utility, and Others), Application (Residential, Commercial, Industrial), and Region 2024-2032,” finds that the global transformer oil market reached a value of US$ 2.5 Billion in 2023. 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.

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 6.1% during the forecast period (2024-2032).

Market Summary: 

  • Based on the type, the market has been segmented into napthenic, paraffinic, silicone-based, bio-based and other oils.
  • On the basis of the function, the market has been classified into insulator, cooling agent, lubricant, and chemical stabilizer.
  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Function, End-Use, Application, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
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Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
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Global Transformer Oil Market to Grow at 6.1% During 2024-2032, Impelled by Introduction of Bio-Based Variants
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