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Insights on the Transformer Oil Global Market to 2027 - Rising Demand for Bio-Based Transformer Oil Drives Growth

December 22, 2022

Dublin, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The "Transformer Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.The global transformer oil market is expected to grow at a CAGR of 6.36% during 2022-2027. Due to the booming construction and infrastructure industry, the electricity demand has increased with the increasing demand for residential housing and the commercial sector over the past few years. Such factors are majorly contributing to the growth of the global transformer oil market. The global transformer oil market volume is expected to reach 2,584.99 kilotons by 2027. Transformers oil or insulating oil, or dielectric fluid, is an oil that is stable at high temperatures with the best electrical insulating properties. This type of oil is used in wet transformers or oil-filled transformers, some high-voltage switches, circuit breakers, and high-voltage capacitors. The primary purpose of transformer oils is to insulate and maintain the temperature. Therefore, transformer oil must have the properties such as dielectric strength, chemical stability, thermal conductivity, and the ability to hold these properties for a longer duration. The electricity distributors and industrial manufacturers regularly perform maintenance activities to avoid any transformers malfunctioning or interrupting electricity distribution. In addition, the increasing global population and use of various appliances have increased the per capita demand for electricity. Therefore, the global transformer oil market is expected to increase significantly due to the abovementioned factors. Further, transformer oil market manufacturers have invested much capital in R&D to develop improved products to offer prolonged service life, oil purification, and low environmental impact. Market Drivers and Opportunities Expansion in Cross-Border Electricity Trade The cross-border electricity trade is increasing in Asia as the countries such as India, Bhutan, Nepal, Bangladesh, Shri Lanka, Thailand, Malaysia, and Singapore have established an electrical grid that helps in electricity trade. This trade can be bilateral unidirectional and bilateral bidirectional. The evolving electricity industry in India is expected to improve the demand for cross-border electricity trade in South Asia. Similarly, the various countries in this region have laid down some net zero emission policies projected to boost the demand for renewable power generation. This increase in renewable power generation is expected to increase the cross-border electricity trade. The existing cross-border electricity trade in south Asian countries such as India, Bhutan, Bangladesh, and Nepal has established a foundation that will build a good relationship that could result in easy electricity trade on a regional level. Expansion of Electric Grid in Emerging Economies Industrialization drives economic growth in emerging economies. Emerging economies contribute almost 60% to the annual global growth as industrial development in China and India is high. In 2021, around 37 emerging countries accounted for 80% of the global population and approximately 70% of the world's gross domestic product (GDP) growth generated through emerging economies, according to the International Monetary Fund (IMF). Emerging economies, especially India, China, and Brazil, represent profitable opportunities for the electricity industry due to their large populations. Oil & gas, agriculture, automotive, and pharmaceutical industries are major demand generators in emerging economies. Therefore, the electrical grid is expanding in emerging economies to cater to the increasing electricity demand due to industrial development. This expansion in the electrical grid is projected to increase the use of various types of transformers for the transmission & distribution of electricity. Hence the demand for the transformer oil market is expected to grow significantly.Industry Restraints Increasing Demand for Dry-Type Transformers Dry-type transformer is a stationary solid-state device that requires minimal maintenance to function properly. There are no moving components in this transformer. Unlike liquid fill transformers, this transformer uses only high-temperature insulating technologies, which are extremely ecologically friendly. These transformers provide a safe and steady power supply that does not require fire-resistant vaults, poisonous gas emissions, or catch basins. These safety features will enable these transformers to be used in various applications where fire safety is necessary, such as schools, buildings, hospitals, factories, and chemical plants. This transformer does not employ a liquid-like silicone or oil to cool the core and coils. Therefore, the demand for dry transformers is expected to grow significantly due to the low cost of production and maintenance. Therefore, the need for oiled transformers is expected to decrease, likely negatively impacting the transformer oil market. Vendor LandscapeThe key companies in the global transformer oil market have formed strategic partnerships with transmission and distribution service providers and the various industries that use oil transformers. This gives companies a competitive advantage that boosts their industry share. The key companies have undertaken different strategies to grow in the transformer oil market. Companies in the transformer oil industry compete strategically. The growth in sustainable processes and initiatives has challenged all companies globally. Investments in R&D, technological advancement, and environmental and economic challenges drive the demand for innovative and sustainable transformer oil products.Some major players in the global transformer oil market include Chevron Corporation (U.S.), Shell (U.K.), Cargill (U.S.), DOW (U.S.), and Total Energies (France). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the transformer oil market. Furthermore, other prominent companies such as HPCL(India), BPCL(India), Phillips 66(US), APAR(India), Nyas AB(Sweden), Petro China (China), and others have invested significant capital in R&D to develop transformer oil products that will appeal to the customers. Therefore, these other prominent companies give tough competition to major companies in the industry.Key Vendors Chevron CorporationDowExxonMobilShell PLCTotalEnergies Other Prominent Vendors APAR IndustriesBharat Petroleum Corporation LimitedCalumet Specialty Products Partners, L.P.Cargill IncorporatedCastrol LimitedEngen Petroleum LimitedErgon Inc.Gandhar OilGulf Oil India Lubricants LimitedHydrodec Group PLCIndian Oil Corporation LimitedNynas ABPetro Canada LubricantsPetroChinaPhilips 66RepsolSinopecValvoline Inc. Key Questions Answered1. What is the revenue from the global transformer oil market?2. What is the projected market size of the global transformer oil market by 2027?3. What is the growth rate of the transformer oil market?4. Which region dominates the global transformer oil market?5. What are the key driving factors in the transformer oil market?6. Who are the key players in the global transformer oil market?Key Topics Covered: 1 Research Methodology2 Research Objectives3 Research Process4 Scope & Coverage4.1 Market Definition4.1.1 Inclusions4.1.2 Exclusions4.1.3 Market Estimation Caveats4.2 Base Year4.3 Scope of the Study4.3.1 Market Segmentation by Geography5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation6 Premium Insights6.1 Market Synopsis6.1.1 Growth Enabler6.1.2 Opportunities6.1.3 Restraint6.2 Segment Review6.2.1 End-Use6.2.2 Oil Type6.2.3 Geography6.3 Companies and Strategies7 Market at a Glance 8 Introduction8.1 Overview9 Market Opportunities & Trends9.1 Expansions of the Electric Grid in Emerging Economies9.2 Increasing Electrification of Railways10 Market Growth Enablers10.1 Growing Demand for Bio-Based Transformer Oil10.2 Growing Cross-Border Electricity Trade11 Market Restraints11.1 Increasing Demand for Dry-Type Transformers11.2 Fluctuations in Crude Oil Prices12 Market Landscape12.1 Market Overview12.2 Market Size & Forecast12.3 Macroeconomic Factors12.3.1 Infrastructure Industry12.3.2 Power Generation12.4 Five Forces Analysis12.4.1 Threat of New Entrants12.4.2 Bargaining Power of Suppliers12.4.3 Bargaining Power of Buyers12.4.4 Threat of Substitutes12.4.5 Competitive Rivalry13 End-Use13.1 Market Snapshot & Growth Engine (Value)13.2 Market Snapshot & Growth Engine (Volume)13.3 Market Overview13.4 Transmission & Distribution13.4.1 Market Overview13.4.2 Market Size & Forecast (Value & Volume)13.4.3 Market by Geography13.5 Power Generation13.5.1 Market Overview13.5.2 Market Size & Forecast (Value & Volume)13.5.3 Market by Geography13.6 Railways & Metros13.6.1 Market Overview13.6.2 Market Size & Forecast (Value & Volume)13.6.3 Market by Geography13.7 Others13.7.1 Market Overview13.7.2 Market Size & Forecast (Value & Volume)13.7.3 Market by Geography14 Oil Type14.1 Market Snapshot & Growth Engine (Value)14.2 Market Snapshot & Growth Engine (Volume)14.3 Market Overview14.4 Mineral Oil14.4.1 Market Overview14.4.2 Market Size & Forecast (Value & Volume)14.4.3 Market by Geography14.5 Bio-Based Oil14.5.1 Market Overview14.5.2 Market Size & Forecast (Value & Volume)14.5.3 Market by Geography14.6 Silicone Oil14.6.1 Market Overview14.6.2 Market Size & Forecast (Value & Volume)14.6.3 Market by Geography15 Geography16 APAC 17 North America18 Europe 19 Latin America20 Middle East & Africa21 Competitive Landscape22 Key Company Profiles22.1 Chevron Corporation22.1.1 Financial Overview22.1.2 Product Offerings22.1.3 Key Strategies22.1.4 Key Strengths22.1.5 Key Opportunities22.2 Dow22.2.1 Business Overview22.2.2 Financial Overview22.2.3 Product Offerings22.2.4 Key Strategies22.2.5 Key Strengths22.2.6 Key Opportunities22.3 Exxonmobil Corporation22.3.1 Business Overview22.3.2 Financial Overview22.3.3 Product Offerings22.3.4 Key Strategies22.3.5 Key Strengths22.3.6 Key Opportunities22.4 Shell22.4.1 Business Overview22.4.2 Financial Overview22.4.3 Product Offerings22.4.4 Key Strategies22.4.5 Key Strengths22.4.6 Key Opportunities22.5 Totalenergies22.5.1 Business Overview22.5.2 Financial Overview22.5.3 Product Offerings22.5.4 Key Strategies22.5.5 Key Strengths22.5.6 Key Opportunities23 Other Prominent Vendors23.1 Apar Industries23.1.1 Company Overview23.1.2 Business Overview23.1.3 Product Offerings23.2 Bharat Petroleum Corporation Limited23.2.1 Company Overview23.2.2 Business Overview23.2.3 Product Offerings23.3 Calumet Specialty Products Partners, L.P.23.3.1 Company Overview23.3.2 Business Overview23.3.3 Product Offerings23.4 Cargill23.4.1 Company Overview23.4.2 Business Overview23.4.3 Product Offerings23.5 Castrol Limited23.5.1 Company Overview23.5.2 Business Overview23.5.3 Product Offerings23.6 Engen Petroleum Limited23.6.1 Company Overview23.6.2 Business Overview23.6.3 Product Offerings23.7 Ergon Inc.23.7.1 Company Overview23.7.2 Product Offerings23.8 Gandhar Oil23.8.1 Company Overview23.8.2 Product Offerings23.9 Gulf Oil India Lubricants Limited23.9.1 Company Overview23.9.2 Business Overview23.9.3 Product Offerings23.10 Hydrodec Group23.10.1 Company Overview23.10.2 Product Offerings23.11 Indian Oil Corporation Limited23.11.1 Company Overview23.11.2 Business Overview23.11.3 Product Offerings23.12 Nynas23.12.1 Company Overview23.12.2 Business Overview23.12.3 Product Offerings23.13 Petro-Canada Lubricants23.13.1 Company Overview23.13.2 Product Offerings23.14 Petrochina23.14.1 Company Overview23.14.2 Product Offerings23.15 Phillips 6623.15.1 Company Overview23.15.2 Business Overview23.15.3 Product Offerings23.16 Repsol23.16.1 Company Overview23.16.2 Business Overview23.16.3 Product Offerings23.17 Sinopec23.17.1 Company Overview23.17.2 Product Offerings23.18 Valvoline23.18.1 Business Overview23.18.2 Product Offerings24 Report Summary 25 Quantitative Summary26 Appendix For more information about this report visit https://www.researchandmarkets.com/r/22izfz

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