Transformer Oil Market Size, Trends and Insights By Product (Mineral-based oils, Naphthenic Base Oil, Paraffinic Base Oil, Silicone-based oils, Bio-based oil), By Application (Utility Transformer Oils, Small-scale Transformers, Large-scale Transformers), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030


Report Code: CMI18071

Published Date: September 2022

Pages: 220+

Category: Energy And Power

Reports Description

Electric grid and T&D expansion are boosting the Transformer Oil market

The size of the global Transformer Oil market was worth around USD 2.5 billion in 2021 and is predicted to grow to around USD 3.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7% between 2022 and 2030.

The report analyses the Transformer Oil market’s drivers and restraints, as well as the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Transformer Oil market.

Transformer Oil Market Size

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Transformer Oil Market: Overview

Crude petroleum serves as the source of transformer oil. In a transformer, transformer oil performs two crucial tasks: it prevents arcing and dissipates the heat produced by the device. It is additionally utilized as insulation and for chemical stabilization. Transformer oil has improved electrical insulation, is more stable at high temperatures, and inhibits oxidation. Synthetic oil, as well as mineral oil, are the two types of transformer oils that are most frequently utilized in transformer applications.

Transformer Oil Market: COVID – 19 Impact Analysis

Manufacturers of specialized chemicals have experienced a range of effects from the COVID-19 pandemic. Most transformer oil producers have been able to lower their raw material costs as a result of the fall in crude oil prices. However, because of the supply chain disruption, firms are having problems with logistics and procurement. In addition, since storage requirements for transformer oil producers have increased due to the drop in demand, production costs have increased, which will have a drastic impact on the selling price of transformer oil.

Transformer oil producers have implemented a variety of measures to adjust to these dynamic market conditions, including improving manufacturing efficiency, expanding refineries and storage depots, expanding product lines through new product releases, and other inorganic strategies.

Transformer Oil Market: Growth Drivers

Electric grid expansion in the Asia Pacific region

According to the estimates, the Asia Pacific region is anticipated to take the lead in T&D investment globally during the coming few years. This investment relates to grid extension, grid reinforcement, and replacement of outdated T&D infrastructure. Additionally, it is anticipated that T&D investment in the Indian subcontinent will increase at an exponential rate between 2020 and 2030, significantly expanding the region’s electric grid network.

Developing nations in the APAC area are investing in the expansion of the T&D system and grid network to meet the expected rise in power consumption brought on by the region’s quick industrialization and urbanization. New transformers and switchgear will be installed as a result of the grid network and T&D system expansion, increasing the demand for transformer oil.

The surging cross-border electricity trade

The transfer of electricity across borders has recently acquired momentum, and the number of countries taking part in it has grown significantly over time. For instance, the European Union intends to build a pan-European grid and reinforce the electrical networks of the various nations. Recent proposals by the Indian Energy Exchange to trade electricity across borders with nations including Myanmar, Sri Lanka, Bhutan, Bangladesh, and Nepal aim to establish an interconnected South Asian regional power market.

During the coming years, these advancements are projected to lead to the grid network’s expansion and the construction of additional transmission lines, which will ultimately increase demand for transformers, switchgear, and transformer oils.

Transformer Oil Market (By Application)

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Transformer Oil Market: Segmentation Analysis

The Transformer Oil market is segmented into product and application in our research scope. By product, the mineral-based oils segment is anticipated to hold the largest share globally throughout the forecast period. It is widely used in circuit breakers, high voltage switches, and capacitors due to its widespread availability and great compatibility with a variety of equipment.

Naphthenic base oils and paraffinic base oils are further divided within this sector. Due to its inexpensive cost and wide availability throughout numerous global regions, the paraffinic base oil is used. Only a few countries, including China, Australia, Brazil, the US, and Venezuela, produce crude naphthenic oil, which limits its market penetration.

On the basis of application, the small-scale transformers led the transformer oil market in 2021. These systems are widely used to address the rising demand for electricity in rural or small-town settings. Growing urbanization and rural electrification in Southeast Asian nations like India, Bangladesh, and Sri Lanka have made a substantial contribution to category growth. In order to counterbalance the high costs associated with complex filling processes, consumers also frequently make bulk purchases, which has led to an increase in market volume and sales in recent years.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 2.5 Billion
Projected Market Size in 2030 USD 3.8 Billion
CAGR Growth Rate 7% CAGR
Base Year 2021
Forecast Period 2022-2030
Prominent Players Royal Dutch Shell, Exxon Mobil Corporation, Repsol, Ergon Inc., Nynas AB, Sinopec Lubricant Company, APAR Industries, PetroChina Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limite, Petro-Canada, Gandhar Oil, Lubrita, Phillips 66 Company, Gulf Oil International, Cargill Incorporated., Hydrodec Group plc, Calumet Specialty Products Partners L.P., Sasol, Hyrax Oil Sdn Bhd, San Joaquin Refining Co, Valvoline Cummins, Engen Petroleum Limited. and Others
Key Segment By Product, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Regional Landscape

The Asia Pacific region dominated the transformer oil market in 2021. The rise in power demand and the upgrading of deteriorating infrastructure throughout developing countries is attributable to the rising need for transformer oil. Opportunities for the expansion of the transformer oil market in the Asia Pacific region lie in the region’s expanding industrial and commercial sectors. Additionally, it is anticipated that factors like rising urbanization and population expansion will broaden the market for transformer oil in the Asia Pacific region.

Transformer Oil Market (trends by region)

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Competitive Landscape

To obtain a competitive edge in the market, new businesses are anticipated to carry out considerable R&D or engage in M&A through partnerships with established competitors. Existing multinationals are also implementing expanding & acquisitive strategies to strengthen their market positions.

List of the prominent players in the global Transformer Oil market:

  • Royal Dutch Shell
  • Exxon Mobil Corporation
  • Repsol
  • Ergon, Inc.
  • Nynas AB
  • Sinopec Lubricant Company
  • APAR Industries
  • PetroChina Company Limited
  • Savita Oil Technologies Limited
  • Chevron Corporation
  • M&I Materials Limited
  • Petro-Canada
  • Gandhar Oil
  • Lubrita
  • Phillips 66 Company
  • Gulf Oil International
  • Cargill, Incorporated.
  • Hydrodec Group plc
  • Calumet Specialty Products Partners, L.P.
  • Sasol
  • Hyrax Oil Sdn Bhd
  • San Joaquin Refining Co
  • Valvoline Cummins
  • Engen Petroleum Limited

Key Insights:

  • As per the analysis shared by our research analyst, the Transformer Oil market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2022-2030).
  • In terms of revenue, the Transformer Oil market size was valued at around USD 4 billion in 2021 and is projected to reach USD 8 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • Based on product segmentation, the bio-based oils segment is anticipated to witness the highest CAGR during 2022-2030.
  • Based on application segmentation, the large-scale transformers segment is expected to witness tremendous growth.
  • On the basis of geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

  • August 2022:  The Central Power Research Institute, based in Bengaluru (India), and the Chhattisgarh government entered into a memorandum of understanding (MoU) for the establishment of a regional testing facility in the Raipur area. The national-level testing unit will be formed on a 10-acre site and will have test facilities for transformers, transformer oil, energy meters, switch fuse units, as well as other equipment associated with electricity.
  • March 2020: Nynas AB added a new bio-based high-performance transformer fluid to its portfolio. With the launch of NYTRO BIO 300X, the company completes its line of high-performance transformer fluids by introducing the first item in its new bio-based line.

The global Transformer Oil market is segmented as follows:

By Product

  • Mineral-based oils
    • Naphthenic Base Oil
    • Paraffinic Base Oil
  • Silicone-based oils
  • Bio-based oil

By Application

  • Utility Transformer Oils
  • Small-scale Transformers
  • Large-scale Transformers

On the basis of Geography

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Transformer Oil Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Transformer Oil Market: snapshot
  • Chapter 3. Global Transformer Oil Market – Industry Analysis
    • 3.1 Transformer Oil Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Power Sector’s Expansion
      • 3.2.2 Customer Demands
      • 3.2.3 Exponential Distribution Network
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Product
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Transformer Oil Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Transformer Oil Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Transformer Oil Market – Product Analysis
    • 5.1 Global Transformer Oil Market overview: By Product
      • 5.1.1 Global Transformer Oil Market share, By Product, 2021 and 2030
    • 5.2 Mineral-Based Oils
      • 5.2.1 Global Transformer Oil Market by Mineral-Based Oils, 2022 – 2030 (USD Billion)
    • 5.3 Naphthenic Base Oil
      • 5.3.1 Global Transformer Oil Market by Naphthenic Base Oil, 2022 – 2030 (USD Billion)
    • 5.4 Paraffinic Base Oil
      • 5.4.1 Global Transformer Oil Market by Paraffinic Base Oil, 2022 – 2030 (USD Billion)
    • 5.5 Silicone-Based Oils
      • 5.5.1 Global Transformer Oil Market by Silicone-Based Oils, 2022 – 2030 (USD Billion)
    • 5.6 Bio-Based Oil
      • 5.6.1 Global Transformer Oil Market by Bio-Based Oil, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Transformer Oil Market – Application Analysis
    • 6.1 Global Transformer Oil Market overview: By Application
      • 6.1.1 Global Transformer Oil Market share, By Application, 2021 and 2030
    • 6.2 Utility Transformer Oils
      • 6.2.1 Global Transformer Oil Market by Utility Transformer Oils, 2022 – 2030 (USD Billion)
    • 6.3 Small-Scale Transformers
      • 6.3.1 Global Transformer Oil Market by Small-Scale Transformers, 2022 – 2030 (USD Billion)
    • 6.4 Large-Scale Transformers
      • 6.4.1 Global Transformer Oil Market by Large-Scale Transformers, 2022 – 2030 (USD Billion)
  • Chapter 7. Transformer Oil Market – Regional Analysis
    • 7.1 Global Transformer Oil Market Regional Overview
    • 7.2 Global Transformer Oil Market Share, by Region, 2021 & 2030 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Transformer Oil Market, 2022 – 2030 (USD Billion)
        • 7.3.1.1 North America Transformer Oil Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 North America Transformer Oil Market, by Product, 2022 – 2030
      • 7.4.1 North America Transformer Oil Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 North America Transformer Oil Market, by Application, 2022 – 2030
      • 7.5.1 North America Transformer Oil Market, by Application, 2022 – 2030 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Transformer Oil Market, 2022 – 2030 (USD Billion)
        • 7.6.1.1 Europe Transformer Oil Market, by Country, 2022 – 2030 (USD Billion)
    • 7.7 Europe Transformer Oil Market, by Product, 2022 – 2030
      • 7.7.1 Europe Transformer Oil Market, by Product, 2022 – 2030 (USD Billion)
    • 7.8 Europe Transformer Oil Market, by Application, 2022 – 2030
      • 7.8.1 Europe Transformer Oil Market, by Application, 2022 – 2030 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Transformer Oil Market, 2022 – 2030 (USD Billion)
        • 7.9.1.1 Asia Pacific Transformer Oil Market, by Country, 2022 – 2030 (USD Billion)
    • 7.10 Asia Pacific Transformer Oil Market, by Product, 2022 – 2030
      • 7.10.1 Asia Pacific Transformer Oil Market, by Product, 2022 – 2030 (USD Billion)
    • 7.11 Asia Pacific Transformer Oil Market, by Application, 2022 – 2030
      • 7.11.1 Asia Pacific Transformer Oil Market, by Application, 2022 – 2030 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Transformer Oil Market, 2022 – 2030 (USD Billion)
        • 7.12.1.1 Latin America Transformer Oil Market, by Country, 2022 – 2030 (USD Billion)
    • 7.13 Latin America Transformer Oil Market, by Product, 2022 – 2030
      • 7.13.1 Latin America Transformer Oil Market, by Product, 2022 – 2030 (USD Billion)
    • 7.14 Latin America Transformer Oil Market, by Application, 2022 – 2030
      • 7.14.1 Latin America Transformer Oil Market, by Application, 2022 – 2030 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Transformer Oil Market, 2022 – 2030 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Transformer Oil Market, by Country, 2022 – 2030 (USD Billion)
    • 7.16 The Middle-East and Africa Transformer Oil Market, by Product, 2022 – 2030
      • 7.16.1 The Middle-East and Africa Transformer Oil Market, by Product, 2022 – 2030 (USD Billion)
    • 7.17 The Middle-East and Africa Transformer Oil Market, by Application, 2022 – 2030
      • 7.17.1 The Middle-East and Africa Transformer Oil Market, by Application, 2022 – 2030 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Royal Dutch Shell
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Exxon Mobil Corporation
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Repsol
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Ergon Inc.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Nynas AB
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Sinopec Lubricant Company
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 APAR Industries
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 PetroChina Company Limited
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Savita Oil Technologies Limited
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Chevron Corporation
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 M&I Materials Limite
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Petro-Canada
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments
    • 8.13 Gandhar Oil
      • 8.13.1 Overview
      • 8.13.2 Financials
      • 8.13.3 Product Portfolio
      • 8.13.4 Business Strategy
      • 8.13.5 Recent Developments
    • 8.14 Lubrita
      • 8.14.1 Overview
      • 8.14.2 Financials
      • 8.14.3 Product Portfolio
      • 8.14.4 Business Strategy
      • 8.14.5 Recent Developments
    • 8.15 Phillips 66 Company
      • 8.15.1 Overview
      • 8.15.2 Financials
      • 8.15.3 Product Portfolio
      • 8.15.4 Business Strategy
      • 8.15.5 Recent Developments
    • 8.16 Gulf Oil International
      • 8.16.1 Overview
      • 8.16.2 Financials
      • 8.16.3 Product Portfolio
      • 8.16.4 Business Strategy
      • 8.16.5 Recent Developments
    • 8.17 Cargill Incorporated.
      • 8.17.1 Overview
      • 8.17.2 Financials
      • 8.17.3 Product Portfolio
      • 8.17.4 Business Strategy
      • 8.17.5 Recent Developments
    • 8.18 Hydrodec Group plc
      • 8.18.1 Overview
      • 8.18.2 Financials
      • 8.18.3 Product Portfolio
      • 8.18.4 Business Strategy
      • 8.18.5 Recent Developments
    • 8.19 Calumet Specialty Products Partners L.P.
      • 8.19.1 Overview
      • 8.19.2 Financials
      • 8.19.3 Product Portfolio
      • 8.19.4 Business Strategy
      • 8.19.5 Recent Developments
    • 8.20 Sasol
      • 8.20.1 Overview
      • 8.20.2 Financials
      • 8.20.3 Product Portfolio
      • 8.20.4 Business Strategy
      • 8.20.5 Recent Developments
    • 8.21 Hyrax Oil Sdn Bhd
      • 8.21.1 Overview
      • 8.21.2 Financials
      • 8.21.3 Product Portfolio
      • 8.21.4 Business Strategy
      • 8.21.5 Recent Developments
    • 8.22 San Joaquin Refining Co
      • 8.22.1 Overview
      • 8.22.2 Financials
      • 8.22.3 Product Portfolio
      • 8.22.4 Business Strategy
      • 8.22.5 Recent Developments
    • 8.23 Valvoline Cummins
      • 8.23.1 Overview
      • 8.23.2 Financials
      • 8.23.3 Product Portfolio
      • 8.23.4 Business Strategy
      • 8.23.5 Recent Developments
    • 8.24 Engen Petroleum Limited
      • 8.24.1 Overview
      • 8.24.2 Financials
      • 8.24.3 Product Portfolio
      • 8.24.4 Business Strategy
      • 8.24.5 Recent Developments

List Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Transformer Oil Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Transformer Oil Market Attractiveness, By Product
  • 6. Global Transformer Oil Market Attractiveness, By Application
  • 7. Global Transformer Oil Market share by Product, 2022 and 2030 (USD Billion)
  • 8. Global Transformer Oil Market by Mineral-Based Oils, 2022 – 2030 (USD Billion)
  • 9. Global Transformer Oil Market by Naphthenic Base Oil, 2022 – 2030 (USD Billion)
  • 10. Global Transformer Oil Market by Paraffinic Base Oil, 2022 – 2030 (USD Billion)
  • 11. Global Transformer Oil Market by Silicone-Based Oils, 2022 – 2030 (USD Billion)
  • 12. Global Transformer Oil Market by Bio-Based Oil, 2022 – 2030 (USD Billion)
  • 13. Global Transformer Oil Market share by Application, 2022 and 2030 (USD Billion)
  • 14. Global Transformer Oil Market by Utility Transformer Oils, 2022 – 2030 (USD Billion)
  • 15. Global Transformer Oil Market by Small-Scale Transformers, 2022 – 2030 (USD Billion)
  • 16. Global Transformer Oil Market by Large-Scale Transformers, 2022 – 2030 (USD Billion)
  • 17. Global Transformer Oil Market share, by Region, 2022 and 2030
  • 18. North America Transformer Oil Market, 2022 – 2030 (USD Billion)
  • 19. Europe Transformer Oil Market, 2022 – 2030 (USD Billion)
  • 20. Asia Pacific Transformer Oil Market, 2022 – 2030 (USD Billion)
  • 21. Latin America Transformer Oil Market, 2022 – 2030 (USD Billion)
  • 22. The Middle-East and Africa Transformer Oil Market, 2022 – 2030 (USD Billion)

List Of Tables

  • 1. Global Transformer Oil Market: Snapshot
  • 2. Drivers of the Transformer Oil Market: impact analysis
  • 3. North America Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 4. North America Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 5. U.S. Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 6. U.S. Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 7. Canada Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 8. Canada Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 9. Europe Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 10. Europe Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 11. Germany Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 12. Germany Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 13. France Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 14. France Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 15. U.K. Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 16. U.K. Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 17. Italy Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 18. Italy Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 19. Spain Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 20. Spain Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 21. Rest of Europe Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 22. Rest of Europe Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 23. Asia Pacific Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 24. Asia Pacific Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 25. China Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 26. China Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 27. Japan Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 28. Japan Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 29. India Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 30. India Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 31. South Korea Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 32. South Korea Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 33. South-East Asia Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 34. South-East Asia Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 35. Rest of Asia Pacific Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 36. Rest of Asia Pacific Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 37. Latin America Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 38. Latin America Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 39. Brazil Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 40. Brazil Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 41. Mexico Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 42. Mexico Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 43. Rest of Latin America Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 44. Rest of Latin America Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 45. The Middle-East and Africa Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 46. The Middle-East and Africa Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 47. GCC Countries Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 48. GCC Countries Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 49. South Africa Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 50. South Africa Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)
  • 51. Rest of Middle-East Africa Transformer Oil Market revenue, By Product, 2022 – 2030 (USD Billion)
  • 52. Rest of Middle-East Africa Transformer Oil Market revenue, By Application, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

List of the prominent players in the global Transformer Oil market:

  • Royal Dutch Shell
  • Exxon Mobil Corporation
  • Repsol
  • Ergon, Inc.
  • Nynas AB
  • Sinopec Lubricant Company
  • APAR Industries
  • PetroChina Company Limited
  • Savita Oil Technologies Limited
  • Chevron Corporation
  • M&I Materials Limited
  • Petro-Canada
  • Gandhar Oil
  • Lubrita
  • Phillips 66 Company
  • Gulf Oil International
  • Cargill, Incorporated.
  • Hydrodec Group plc
  • Calumet Specialty Products Partners, L.P.
  • Sasol
  • Hyrax Oil Sdn Bhd
  • San Joaquin Refining Co
  • Valvoline Cummins
  • Engen Petroleum Limited

FAQs

The “Asia Pacific” region will lead the global Transformer Oil market during the forecast period 2022 to 2030.

The key factor driving the market is the power sector’s expansion.

The key players operating in the Transformer Oil market are Royal Dutch Shell, Exxon Mobil Corporation, Repsol, Ergon Inc., Nynas AB, Sinopec Lubricant Company, APAR Industries, PetroChina Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limite, Petro-Canada, Gandhar Oil,  Lubrita, Phillips 66 Company, Gulf Oil International, Cargill Incorporated., Hydrodec Group plc, Calumet Specialty Products Partners L.P., Sasol, Hyrax Oil Sdn Bhd, San Joaquin Refining Co, Valvoline Cummins, Engen Petroleum Limited.

The global Transformer Oil market is expanding growth with a CAGR of approximately 8.5% during the forecast period (2022 to 2030).

The global Transformer Oil market size was valued at USD 4 billion in 2021 and it is projected to reach around USD 8 billion by 2030.

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