NEWARK, Del, March 16, 2023 (GLOBE NEWSWIRE) -- The global transformer oil market is anticipated to witness a robust CAGR of 8.0% throughout the forecast period from 2022 to 2032. The global market reached a valuation of US$ 4,021.7 Million in 2022 to surpass a valuation of US$ 8,703.2 Million by 2032.
As per the historical analysis conducted by Future Market Insights, the global transformer oil market witnessed robust growth at a CAGR of 6.4% between 2017 and 2021. A substantial increase in global power consumption is expected to boost the demand for transformer oil over the assessment period.
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Augmenting demand for continuous power supply from diverse industries and its increasing adoption is likely to offer fault-free operations of power transformers. These factors are anticipated to accelerate the demand for transformer oil in the near future.
The growth in the market is underpinned by an increasing number of power generation and distribution projects across the globe. The market is expected to witness high growth owing to expansion in the power sector, and the development of electric grids across emerging economies such as India. China, and others.
According to Future Market Insights (FMI), the East Asian region is anticipated to dominate the global transformer oil market. This is owing to significant growth in the manufacturing and industrial sector, rising consumption of electricity, and an increasing number of power generation and distribution projects. Based on these factors, the global demand for transformer oil is expected to account for about 3.2% of the specialty oil business.
Report Highlights
One of the most preferred transformer oils is naphthenic mineral oil due to its high efficiency, easy availability, and its useful chemical properties such as good pour point at low temperatures and exceptional thermal cooling capacity. The adoption of paraffinic mineral oil had gained traction over the years, owing to its excellent oxidation stability.
Owing to the rising shift toward sustainable energy resources and strict rules laid down by the governments concerning environmental issues, several leading players in the transformer oil industry are focusing on making eco-friendly products, aiding the growth of the market.
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Recent Developments
Both paraffinic and naphthenic variants of the mineral oil are produced of highly refined, purified, and processed petroleum, thus being highly non-biodegradable. The mineral oil is characterized by biodegradability ranging from 0 – 40% and is sourced from a non-renewable resource.
Various developed and developing economies such as India, China, and the U.S. among others are making a transition towards adopting green and environmentally friendly technologies. This transition might hinder the adoption of mineral-based transformer oils over the upcoming decade, and become a restraint to the mineral oil market over the long run.
The demand for bio-based transformer oil is anticipated to propel as it is produced from vegetable feedstocks and is considered a brilliant replacement for mineral oil-based products. Bio-based transformer oil is also bio-degradable and does not contain silicone, petroleum hydrocarbons, and halogens.
Since it is one of the best suitable options with eco-friendly properties and superior performance, therefore, industry operators that produce bio-oil are anticipated to gain prominence in the transformer oil market over the forecast period.
Competitive Landscape
Key players operating in the global transformer oils market are focusing on acquisition to expand their consumer base. Further, they are also adopting strategies including, capacity expansions, and geographical expansions in emerging economies to strengthen their foothold in the market. Key players are also investing in research and innovations for product development and also the introduction of sustainable products to minimize the carbon footprint.
In May 2022, Nynas AB partnered with KONCAR, Croatia’s leading manufacturer of instrument transformers to conduct a test of its NYTRO® BIO 300X on KONCAR’s instrument transformers.
In May 2022, Saudi Aramco Base Oil Company – Luberef signed a Memorandum of Understanding (MOU) with APAR Industries Limited to build a Transformer Oil/White.
Transformer Oil Market Segmentation
By Oil Type:
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone Oil
- Bio-based Oil
By Application:
- Transformer
- Switchgear
- Reactor
By End Use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
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More Insights into the Transformer Oil Market
China is expected to dominate the global transformer oil market over the projection period. The growth of the nation is attributed to the rising applications in diverse industries, including power generation. China is expected to witness growth at an impressive rate of about 8.9% CAGR between 2022 and 2032.
India is expected to remain one of the fastest-growing markets for the consumption of transformer oil all across the globe. The country is expected to be the third largest consumer of electricity.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
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Specialty Oils Market Demand: With rising consumption of specilaity oils across automotive and manufacturing industries, the overall demand for specialty oils is projected to rise at 3.4% CAGR between 2022 and 2032, totaling a valuation of US$175,703.8 Mn by 2032.
Lubricant Additives Market Growth: The global lubricant additives market totaled US$ 12.6 Bn in 2021. Sales are projected to increase at a 3.3% CAGR, pushing the market valuation to reach US$ 18.1 Bn by 2032.
Mining Lubricants Market Value: Future Market Insights (FMI) has anticipated the demand of mining lubricants to witness a year over year growth of 3.1% in 2022 reaching a value of about US$ 2,289.4 Mn by the end of 2022.
Industrial Oil Market Size: The global industrial oil market is estimated to be valued at around US$ 63,690.3 Mn in 2022, registering growth of 3.1%. Sales of industrial oil are projected to increase at a healthy CAGR of 3.6% and are expected to top a valuation of US$ 90,491.1 Mn by 2032.
Turpentine Market Overview: The global turpentine market is estimated to create an incremental dollar opportunity of US$ 1.05 Bn by the end of 2022. Increasing usage of turpentine across paints & coatings and home care sectors is expected to complement the growth in the market.
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