Newark, Oct. 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global transformer oil market is expected to grow from USD 2.23 billion in 2022 to USD 3.67 billion by 2030, at a CAGR of 6.40% during the forecast period 2022-2030.
The increase in customer needs and exponential development in distribution networks are anticipated to expand the transformer oil industry demand during the projection period. Moreover, the growing focus on rural electrification in emerging economies like China and India, coupled with a general awareness about equipment maintenance, is also helping to propel market growth. However, the increasing demand for dry-type transformers and the growing adoption of renewable and green technologies are restraining market growth. Furthermore, the ever-increasing research and development activities to explore the potential of sulfur-free mineral-based transformer oil with excellent compositional consistency are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global transformer oil market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The growth of the transformer oil market is driven by rapid urbanization & industrialization and a rise in electricity consumption. Moreover, the growing focus on enhancing the reliance on transformers is the market growth trend. In addition, the rising transmission & distribution of electricity across the globe are the driving factor of the market growth. Further, the governments in emerging countries are undertaking initiatives to provide an uninterrupted power supply, and growing the existing grid infrastructure propels market growth during the forecast period. Also, the manufacturers are concentrating on introducing green and safer products owing to the increasing worldwide environmental consciousness, which is helping to drive market growth in this region. In addition, the growing focus on boosting the reliance on transformers in power systems and energy grids for uninterrupted electricity supply for industrial, residential, and commercial activities is also encouraging to propel the market growth during the forecast period. Moreover, the increasing demand for transformer oils that offer enhanced efficiency, corrosion resistance, and raised durability drives the market growth.
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Key Findings
• In 2022, the insulator segment dominated the market with the largest market share of 29.15% and market revenue of 0.65 billion.
The function segment is divided into chemical stabilizer, insulator, lubricant, and cooling agent. In 2022, the insulator segment dominated the market with the largest market share of 29.15% and market revenue of 0.65 billion. This growth is attributed to the increasing the development of the power industry.
• In 2022, the naphthenic oil segment dominated the market with the largest market share of 27.14% and market revenue of 0.60 billion.
The type segment is divided into paraffinic oil, naphthenic oil, bio-based oil, silicone-based oil, and others. In 2022, the naphthenic oil segment dominated the market with the largest market share of 27.14% and market revenue of 0.60 billion. This growth is attributed to the different advantages associated with mineral oil, such as cost-effectiveness, high thermal, oxidation durability, and easy availability.
• In 2022, the small transformer segment dominated the market with the largest market share of 21.16% and market revenue of 0.47 billion.
The end-use segment is divided into distribution transformers, small transformer, utility transformers, power transformers, large transformer, and others. In 2022, the small transformer segment dominated the market with the largest market share of 21.16% and market revenue of 0.47 billion. This growth is attributed to the increasing electricity consumption in developing and developed countries.
• In 2022, the industrial segment dominated the market with the largest market share of 41.12% and market revenue of 0.91 Billion.
The application segment is divided into industrial, residential, and commercial. In 2022, the industrial segment dominated the market with the largest market share of 41.12% and market revenue of 0.91 billion. This growth is attributed to the rapid growth of industries such as oil & gas, building & construction, chemicals, and railways.
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Regional Segment Analysis of the Transformer Oil Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global transformer oil industry, with a market share of 46.35% and a market value of around 1.03 billion in 2022. The Asia Pacific dominates the transformer oil market due to the increasing industrial and commercial sectors. Moreover, the ever-increasing population, urbanization growth, and demand for transformer oil are also helping to drive the region's market growth. In addition, the increasing power requirements, coupled with the long upgradation of the aging electrical infrastructure, are expected to propel the market growth in this region. Further, the North American region is expected to show the fastest CAGR of 9.03% over the projection period. This growth is attributed to the maturing of the industrial & manufacturing sectors. In addition, the modernization of existing transformers and technical upgradation, along with declining crude oil prices, are also propelling market growth in this region.
Key players operating in the global transformer oil market are:
• Exxon Mobil Corporation
• Royal Dutch Shell
• PetroChina Company Limited
• Repsol
• Savita Oil Technologies Limited
• Sinopec Lubricant Company
• Ergon, Inc.
• APAR Industries
• Nynas AB
• Petro-Canada
• Chevron Corporation
• Phillips 66 Company
• Gandhar Oil
• M&I Materials Limited
• Lubrita
• Gulf Oil International
• Cargill, Incorporated.
• Calumet Specialty Products Partners, L.P.
• Hydrodec Group plc.
• Hyrax Oil Sdn Bhd.
• Valvoline Cummins
• Engen Petroleum Limited
• San Joaquin Refining Co
• Sasol
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global transformer oil market based on below mentioned segments:
Global Transformer Oil Market by Function:
• Chemical Stabilizer
• Insulator
• Lubricant
• Cooling Agent
Global Transformer Oil Market by Type:
• Paraffinic Oil
• Naphthenic Oil
• Bio-based Oil
• Silicone-based Oil
• Others
Global Transformer Oil Market by End-Use:
• Distribution Transformers
• Small Transformer
• Utility Transformers
• Power Transformers
• Large Transformer
• Others
Global Transformer Oil Market by Application:
• Industrial
• Residential
• Commercial
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About the report:
The global transformer oil market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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