Transformer Oil Market, By Product (Mineral Oil (Paraffinic Oil and Naphthenic Oil), Silicone Based, and Bio Based), By Application (Distribution Transformers, and Power Transformers), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Transformer oil market accounted for US$ 1.82 billion in 2020 and is estimated to be US$ 3.35 billion by 2030 and is anticipated to register a CAGR of 6.5%.

Transformer oil or insulating oil is an oil that is stable at high temperatures and has excellent electrical insulating properties.  It is most often based on mineral oil, but alternative formulations with different engineering or environmental properties are growing in popularity. Its primary function is to insulate and cool down a transformer. It must therefore have high dielectric strength, thermal conductivity, and chemical stability, and must keep these properties when held at high temperatures for extended periods. Three basic types of oil are used in transformers which are mineral oil (mostly naphthenic), silicone, and bio-based. Mineral oil-based oils are much more popular among all others due to its good electrical and cooling properties, and provides cost-effective solutions.

Rising number of global populations

Rising need for more power leading to surging global population is the major driving factor for the target market growth. In addition, rapid urbanization and industrialization is fueling the target market growth. Also, rapidly enhancing power infrastructural is boosting the target market growth. In addition, continuous renovations and repairs occurring in the existing power sector infrastructure is propelling the target market growth. Large industries and power plants consume more energies, which in turn creates a demand for transformers.

However, high costs of oils and its maintenance is expected to hamper the growth of the target market.

The global transformer oil market is segmented based on product, application, and region.

On the basis of product, the global transformer oil market is segmented into mineral oil (paraffinic oil and naphthenic oil), silicone based, and bio based. On the basis of application, the target market is segmented into distribution transformers, and power transformers.

Regional Insights:

The global transformer oil market accounted for US$ 1.82 billion in 2020 and is estimated to be US$ 3.35 billion by 2030 and is anticipated to register a CAGR of 6.5%. On region the global transformer oil market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to be the dominating target market over the forecast period due to the rise in energy demand associated with urbanization, economic modernization, and better living standards. This has resulted into the growth of sustainable power systems, which in turn increased the demand for transformer oil market in this region. Also, increasing investments in transmission & distribution networks and smart grid infrastructure is also anticipated to boost the demand for transformer oil. Countries such as China, Japan, and India are the majorly developing the target market owing to their transmission & distribution expansion and smart grid infrastructure plans

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global transformer oil market report based on product, application, and region.

Global Transformer Oil Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global transformer oil market includes Clearco Products Co., Inc., Nynas AB, Ergon, Inc., Calumet Speciality Products Partners L.P., Sinopec Corporation., Hydrodec Group Plc, Cargill Corporation, Engen Petroleum Limited, San Joaquin Refining Co., Inc., Apar Industries Limited

• Clearco Products Co., Inc.
• Nynas AB
• Ergon, Inc.
• Calumet Speciality Products Partners L.P.
• Sinopec Corporation.
• Hydrodec Group Plc
• Cargill Corporation
• Engen Petroleum Limited
• San Joaquin Refining Co., Inc.
• Apar Industries Limited