Product Code: GVR-1-68038-799-5
Transformer Oil Market Growth & Trends:
The global transformer oil market size is expected to reach USD 6.12 billion by 2030, registering a CAGR of 12.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is driven by the high utilization of transformer oil in the power generation sector along with an increase in demand for electric grids in emerging economies.
The product is used to insulate high-voltage electrical transformers. It is developed to operate at very high temperatures. Transformer oil surrounds the windings and the core of transformers to prevent their wiring and cellulose-based insulation from corroding and oxidizing.
Recent market expansion is driven by technological development and rising R&D activities by key industry players. For instance, Cargill received an award from the U.S. Environmental Protection Agency, for developing transformer oil through natural esters. Market players are also focusing on manufacturing bio-based products to dominate the market.
Crude oil is the major raw material utilized for manufacturing transformer oil. Key industry participants involved in the production of this raw material are Saudi Aramco, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Shell Plc., and others. Some of the leading market players such as Exxon Mobil Corporation, China Petroleum & Chemical Corporation, and others are integrated across the value chain to produce crude oil, base oil, and transformer oil which increases their profitability margin.
Transformer Oil Market Report Highlights:
- By product, the bio-based segment is expected to register the fastest CAGR of 14.8% over the forecast period in terms of revenue due to growing regulations that are focused on reducing carbon emissions and increasing energy conservation
- By end-use, the residential segment is expected to register the fastest CAGR of 12.7% in terms of revenue over the forecast period owing to the growing population across the globe leading to an increase in the residential sector
- Asia Pacific is expected to register the fastest CAGR of 13.8% in terms of revenue over the forecast period owing to rapid industrialization in rural areas and investments by foreign bodies in the developing economies
- There is a significant demand for silicone-based products because of their capacity to extinguish themselves, making them acceptable for high-risk areas with possible fire threats. Due to their durability and lack of major maintenance requirements, silicones also contribute to longer transformer life
- In developing countries, the replacement of outdated transformers with new ones and technological advancements are anticipated to create numerous attractive job opportunities
- The U.S. Environmental Protection Agency, the Electricity & Cogeneration Regulatory Authority, and other federal agencies have adopted strict restrictions surrounding energy waste, and this has fueled demand for oil to reduce emissions and electricity waste.
Table of Contents
Chapter 1 Methodology And Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definition
- 1.3 Information Procurement
- 1.3.1 Purchased Database
- 1.3.2 GVR's Internal Database
- 1.4 Information Analysis
- 1.5 Market Formulation & Data Visualization
- 1.6 Data Validation & Publishing
- 1.6.1 Research Scope And Assumptions
- 1.6.2 List Of Data Sources
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Transformer Oil Market Variables, Trends & Scope
- 3.1 Market Lineage Outlook
- 3.2 Industry Value Chain Analysis
- 3.2.1 Raw Material Trends
- 3.2.2 Manufacturing/Technology Trends
- 3.2.3 Sales Channel Analysis
- 3.3 Price Trend Analysis, 2018 - 2030
- 3.3.1 Factors Influencing Prices
- 3.4 Regulatory Framework
- 3.5 Impact Of COVID-19 Pandemic
- 3.6 Impact Of Eastern European Geopolitical Conflict
- 3.7 Market Dynamics
- 3.7.1 Market Driver Analysis
- 3.7.1.1 Ongoing Rapid Electrification Of Rural Areas
- 3.7.1.2 Increasing Investments In the Power Sector
- 3.7.2 Market Restraint Impact Analysis
- 3.7.2.1 Volatile Raw Material Prices
- 3.7.3 Market Challenges Analysis
- 3.7.4 Market Opportunity Analysis
- 3.8 Business Environment Analysis
- 3.8.1 Industry Analysis - Porter
- 3.8.2 PESTEL Analysis
Chapter 4 Transformer Oil Market: Suppliers Portfolio Analysis
- 4.1 List Of Key Raw Material Suppliers
- 4.2 Portfolio Analysis/Kraljic Matrix Of Transformer Oil Market
- 4.3 Engagement Model
- 4.4 Negotiation Strategies
- 4.5 Sourcing Best Practices
Chapter 5 Transformer Oil Market: Product Estimates & Trend Analysis
- 5.1 Product Movement Analysis & Market Share, 2023 & 2030
- 5.1.1 Mineral-Based Oils
- 5.1.1.1 Mineral-Based Transformer Oil Market Estimates & Forecast And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 5.1.2 Silicone-Based Oils
- 5.1.2.1 Silicon-Based Transformer Oil Market Estimates & Forecast And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 5.1.3 Bio-Based Oils
- 5.1.3.1 Bio-Based Transformer Oil Market Estimates & Forecast And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 6 Transformer Oil Market: Rating Estimates & Trend Analysis
- 6.1 Rating Movement Analysis & Market Share, 2023 & 2030
- 6.1.1 <100 MVA
- 6.1.1.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, By <100 MVA, 2018 - 2030 (Kilotons) (USD Billion)
- 6.1.2 100 MVA To 500 MVA
- 6.1.2.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, By 100 MVA To 500 MVA, 2018 - 2030 (Kilotons) (USD Billion)
- 6.1.3 501 MVA To 800 MVA
- 6.1.3.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, By 501 MVA To 800 MVA, 2018 - 2030 (Kilotons) (USD Billion)
- 6.1.4 >800 MVA
- 6.1.4.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, By >800 MVA, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 7 Transformer Oil Market: End-Use Estimates & Trend Analysis
- 7.1 End-Use Movement Analysis & Market Share, 2023 & 2030
- 7.1.1 Utilities
- 7.1.1.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, In Utilities, 2018 - 2030 (Kilotons) (USD Billion)
- 7.1.2 Industrial
- 7.1.2.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, In Industrial, 2018 - 2030 (Kilotons) (USD Billion)
- 7.1.3 Residential
- 7.1.3.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, In Residential, 2018 - 2030 (Kilotons) (USD Billion)
- 7.1.4 Commercial
- 7.1.4.1 Transformer Oil Market Estimates & Forecast And Trend Analysis, IN Commercial, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 8 Transformer Oil Market: Regional Estimates & Trend Analysis
- 8.1 Transformer Oil Market: Regional Outlook
- 8.2 North America
- 8.2.1 North America Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.2.2 U.S.
- 8.2.2.1 Key Country Dynamics
- 8.2.2.1.1 U.S. Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.2.3 Canada
- 8.2.3.1 Key Country Dynamics
- 8.2.3.1.1 Canada Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.2.4 Mexico
- 8.2.4.1 Key Country Dynamics
- 8.2.4.1.1 Mexico Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3 Europe
- 8.3.1 Europe Transformer Oil Market Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3.2 Germany
- 8.3.2.1 Key Country Dynamics
- 8.3.2.1.1 Germany Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3.3 UK
- 8.3.3.1 Key Country Dynamics
- 8.3.3.1.1 UK Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3.4 France
- 8.3.4.1 Key Country Dynamics
- 8.3.4.1.1 France Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3.5 Italy
- 8.3.5.1 Key Country Dynamics
- 8.3.5.1.1 Italy Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.3.6 Russia
- 8.3.6.1 Key Country Dynamics
- 8.3.6.1.1 Russia Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4 Asia Pacific
- 8.4.1 Asia Pacific Transformer Oil Market Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.2 China
- 8.4.2.1 Key Country Dynamics
- 8.4.2.1.1 China Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.3 India
- 8.4.3.1 Key Country Dynamics
- 8.4.3.1.1 India Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.4 Japan
- 8.4.4.1 Key Country Dynamics
- 8.4.4.1.1 Japan Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.5 South Korea
- 8.4.5.1 Key Country Dynamics
- 8.4.5.1.1 South Korea Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.6 Australia
- 8.4.6.1 Key Country Dynamics
- 8.4.6.1.1 Australia Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.4.7 Indonesia
- 8.4.7.1 Key Country Dynamics
- 8.4.7.1.1 Indonesia Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.5 Central & South America
- 8.5.1 Central & South America Transformer Oil Market Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 8.5.2 Brazil
- 8.5.2.1 Key Country Dynamics
- 8.5.2.1.1 Brazil Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.5.3 Argentina
- 8.5.3.1 Key Country Dynamics
- 8.5.3.1.1 Argentina Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.6 Middle East & Africa
- 8.6.1 Middle East & Africa Transformer Oil Market Estimates & Forecasts And Trend Analysis, 2018 - 2030 (Kilotons) (USD Billion)
- 8.6.2 Saudi Arabia
- 8.6.2.1 Key Country Dynamics
- 8.6.2.1.1 Saudi Arabia Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.6.3 South Africa
- 8.6.3.1 Key Country Dynamics
- 8.6.3.1.1 South Africa Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 8.6.4 Turkey
- 8.6.4.1 Key Country Dynamics
- 8.6.4.1.1 Turkey Transformer Oil Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 9 Transformer Oil Market - Competitive Landscape
- 9.1 Company Listing
- 9.1.1 China Petroleum & Chemical Corporation
- 9.1.2 Cargill Inc.
- 9.1.3 Shell Plc.
- 9.1.4 Nynas AB
- 9.1.5 Ergon, Inc.
- 9.1.6 Engen Petroleum Ltd.
- 9.2 Financial Performance
- 9.3 Product Benchmarking
- 9.4 Company Categorization
- 9.5 Company Market Positioning Analysis, 2023
- 9.6 Vendor Landscape
- 9.7 List Of Key Distributors & Channel Partners
- 9.8 List Of End-Users
- 9.9 Company Heat Map Analysis
- 9.10 Key Strategy Mapping
- 9.10.1 Partnerships
- 9.10.2 Product Launches
- 9.10.3 Innovations