Thumbnail

Transformer Oil Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2020 - 2025)

Looking to buy the report?

Insulating oil in an electrical transformer is commonly known as transformer oil. Transformer oil is used in oil-filled transformers, switch gears, fluorescent ballast lamps, and some types of high voltage capacitors. The rising energy demand and increasing number of smart grid distribution systems are expected to drive the demand for transformer oil. In 2017, the global energy demand grew by 2.1%, which is more than twice the previous year’s rate. The electricity sector is now attracting more investments compared to oil & gas, resulting in expanding transmission and distribution network and hence transformer oil.

Expansion of Electric Grids in the Emerging Economies Driving the Market

Electricity demand growth in the emerging economies such as China and India remains strongly linked to the rising economic output. The global electricity demand witnessed a 3.1% jump in 2017 with the major contribution from China and India. According to the International Energy Agency, these two nations together accounted for 70% of the rise. For example, in India, the government is working hard to provide an uninterrupted power supply to all, which is likely to increase the energy consumption per capita. The focus is now on the T&D sectors, which has set a target of increasing the installed system transformer capacity up by 1375 MVA in this year. This increase in the transmission and distribution infrastructure reflects the increasing demand for power and distribution transformers which in turn drives the demand for transformer oil during the forecast period.

Asia-Pacific is one of the Largest Market

Asia-Pacific has emerged as one of the largest transformer oil markets in the recent years. With the rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which in turn increased the demand for transformer oil market in this region. Driven by changing demographic trends, Asia-Pacific’s increasing investments in T&D networks and smart grid infrastructure is expected to increase the demand for transformer oil. Countries such as China, Japan, and India are expected to be the fastest growing markets owing to their T&D expansion and smart grid infrastructure plans in the coming years. In 2017, China invested around USD 3.34 billion in the smart distribution networks followed by Japan (USD 0.48 billion) and India (USD 0.41 billion). Rising investments in T&D network expansion in the emerging economies such as China and India is expected to bolster the demand for transformer oil during the forecast period.

                                             

Small Transformers– A Huge Market Potential

Small power transformers are the distribution transformers that are used in distribution networks to connect the power plants to the consumers across the world. Rising investments in the infrastructural sector subject to the widely spreading commercial and residential establishments are expected to drive the demand for distribution transformers. Rapid industrial expansion along with favorable inclination towards the integration of a sustainable electrical network is expected to drive the demand for small transformers which in turn drives the demand for transformer oil. Increasing expansion of microgrid networks and rising energy demand from residential and commercial establishments offer a better platform for the growth of the transformer oil in the emerging economies such as China and India.

                         

Key Developments in the Market

  • April 2018: Calumet Speciality Products Partners, L.P. announced the acquisition of Biosynthetic Technologies, LLC, a startup company and developer of proprietary renewable technology focused on the conversion of sustainable plant oils into high-performance synthetic base stocks that can be used in industrial lubricants.

The major players include – Nynas AB, Ergon, Inc., Calumet Speciality Products Partners, L.P., Clearco Products Co., Inc., Hydrodec Group Plc, Cargill, Incorporated, Engen Petroleum Limited, San Joaquin Refining Co., Inc., Apar Industries Limited, Gandhar Oil Refinery (India) Ltd. amongst others.

Transformer Oil Market Report Summary

Metrics

Details

Industry

Transformer Oil Market

Study Period

(2016 – 2023)

Key Developments

Calumet Speciality Products Partners, L.P. announced the acquisition of Biosynthetic Technologies, LLC.

Regions covered

North America, South America, Middle East & Africa, Asia Pacific and Europe

Companies Covered

Nynas AB, Ergon, Inc., Calumet Speciality Products Partners, L.P., Clearco Products Co., Inc., Hydrodec Group Plc, Cargill, Incorporated, Engen Petroleum Limited, San Joaquin Refining Co., amongst others

Report coverage

Revenue forecast, market share analysis, and market dynamics

 

Reasons to Purchase This Report

  • Current and future transformer oil market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, and strategies employed by the major market players
  • 3 months analyst support along with the Market Estimate sheet (in excel)

Customization of the Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.

Looking to buy the report?

Want some specific customizations?

Our clients include:

prev-arrow
next-arrow

Looking to Customize Report?

Please Enter Email ID

Please Enter Message