The Transformer Oil Market size to grow at a CAGR of 8.76% from 2022 to 2027; Emergence of eco-efficient transformers to improve the Market Growth - Technavio

NEW YORK, Aug. 14, 2023 /PRNewswire/ -- The transformer oil market is to grow by USD 1,155.29 million from 2022 to 2027 progressing at a CAGR of 8.76% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The modernization of existing transformers is a key factor driving market growth. This growth is due to the increased installation of new transformers and the replacement of old transformers with new ones. Much of the T&D infrastructure around the world needs to be refurbished, as the existing grid cannot meet the growing power demand. In addition, there is a growing need to replace old systems with new ones or extend existing infrastructure. For example, according to the US Department of Energy, more than 70% of US power lines and transformers are over 25 years old. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

The report on the transformer oil market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as company analysis. 

The transformer oil market covers the following areas:

• Transformer Oil Market Sizing
• Transformer Oil Market Forecast
• Transformer Oil Market Analysis

Transformer Oil Market 2023-2027 - Market Dynamics

Major Trends

The emergence of eco-efficient transformers is a major trend in the market. Several transformer manufacturers have started developing and producing environmentally friendly products due to the growing environmental concerns of consumers. There is a growing demand for transformers that offer improved life cycle costs, minimal maintenance, and longer service life while minimizing environmental risks. In addition, the advanced online monitoring system, a key feature of these transformers, improves operational management and prevents failures and damage from occurring. Hence, these factors are expected to restrict market growth during the forecast period.

Significant Challenges

Fluctuation in crude oil prices is a significant challenge restricting market growth. Demand for mineral oils such as naphthenic and paraffinic oils used in end-use industrial transformer oils is adversely affected by fluctuations in crude oil prices. For example, the average cost of crude oil in 2022 was over USD 100/barrel. Unexpected price fluctuations and recent frequent fluctuations in crude oil prices have seriously affected the petroleum industry. Hence, the Fluctuation in crude oil prices is expected to restrict market growth during the forecast period.

Transformer Oil Market 2023-2027: Market Segmentation

The transformer oil market analysis includes end-user (industrial, utilities, commercial, and residential), product (mineral-based, silicon-based, and bio-based), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The industrial segment will account for a major share of the market's growth during the forecast period. Transformer oils are being used more and more in the industry to take advantage of their reliability. The main reason for using transformer oil in the industrial sector is to ensure a continuous and stable power supply without voltage fluctuations and reduce the risk of downtime. In addition, increased utilization of solar and wind energy in the industrial sector are some factors that will also lead to increased demand for transformers.
• APAC is estimated to contribute 55% to the growth by 2027. This is due to the growing urban population and the increasing importance of the industrial sector. The demand for power energy is increasing every year in countries such as China, India, Vietnam, Thailand, and the Philippines. Furthermore, China is investing heavily in expanding its power grid. For example, the state power grid in China is expected to invest USUSD22 billion in new construction of ultra-high voltage long-distance transmission lines. Hence, such factors will significantly drive the transformer oil market in the region during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Companies Mentioned

• Apar Industries Ltd.
• BP Plc
• Calumet Specialty Products Partners L.P.
• Cargill Inc.
• Chevron Corp.
• Dow Chemical Co.
• Edens Garden Inc.
• Ergon Inc.
• Exxon Mobil Corp.
• Hinduja Group Ltd.
• Lubrita Europe BV
• Neste Corp.
• Nynas AB
• PETRONAS Chemicals Group Berhad
• Phillips 66
• Repsol SA
• Savita Oil Technologies Ltd.
• Shell plc
• Sinopec Shanghai Petrochemical Co. Ltd.
• TotalEnergies SE

Company Offering

• Apar Industries Ltd. - The company offers transformer oils such as Uninhibited, Trace Inhibited, and Inhibited. 
• Cargill Inc. - The company offers transformer oils such as Caltran. 
• Chevron Corp. - The company offers transformer oils such as FR3 fluid. 

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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