Transformer Oil Market by Type (Mineral Oil, Silicone Oil, Bio-based Oil), Application (Transmission and Distribution, Power Generation, Railways and Metros, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026134 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 2 billion mark in 2022 and is expected to hit US$ 3.5 billion by 2030, recording a CAGR of 7.0% during the forecast period.

Transformation oil market has been significantly growing with increasing demand for energy grids.

Surging expansion of power sectors to meet the growing demand for electricity in emerging economies, rising focus on electrification in rural area, rapid industrialization and urbanization, and modernization of electric grids and adoption of smart grids in developed economies are some of the major factors driving the growth of the market. The mineral oil segment is expected to pace up owing to high compatibility and ease of application, coupled with increasing application for high voltage switches, capacitors, and circuit breakers. Further, bio-based oil, and silicone oil segment is also expected to gain traction during the forecasted year.

Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into mineral-based oil, silicone-based oil, and bio-based oil. By application, the market is categorized into transmission and distribution, power generation, railways and metros, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Rising expansion in cross-border electricity trade has empowered the growth of futuristic innovations.

Transformer oil is an insulating oil which acts as a coolant is used in electrical transformers. Through the fractional distillation process the transformer oil is derived from crude oil. They offer various properties such as high resistivity, excellent di-electricity, chemical stability, minimum electricity loss, and amongst others. The demand for transformer oil is increasing with surge in expansion of cross-border electricity trade by various economies to meet the growth demand of electricity. Various economies such as India, China, Nepal, Sri Lanka, and others are signing agreements for cross border electricity trade.   

Rising adoption in various industries is one of the major factors accelerating the market growth.

The industries for transformer oil are transmission and distribution, power generation, railways and metros, and others. Within these industries, transmission and distribution industry is one such industry, wherein the use of transformer oil is increasing owing to growing electricity demand coupled with expansion of electricity distribution in various network across residential, industrial, and commercial sector. The railways and metros industry has also witnessed an extensive use of transformer oil owing to growing number of infrastructure and connectivity projects globally.   

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Recent strategic developments in transformer oil market

The transformer oil market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2020, Nynas AS introduced NYTRO® BIO 300X the bio-based high performance transformer fluid. This launch will help to expand it product portfolio and cater the growing demand for high performance fluid. 

The transformer oil market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, Nynas AB, and SINOPEC are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Transformer oil related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of transformer oil industry
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Mineral Oil
    • Silicone Oil
    • Bio-based Oil
  • Application:
    • Transmission and Distribution
    • Power Generation
    • Railways and Metros 
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Royal Dutch Shell plc
    • Exxon Mobil Corporation
    • Chevron Corporation
    • Nynas AB
    • SINOPEC

Companies profiled

- Royal Dutch Shell plc

- Exxon Mobil Corporation

- Chevron Corporation

- Nynas AB

- SINOPEC

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