NEWARK, Del, July 11, 2023 (GLOBE NEWSWIRE) -- The demand for transformer oil continues to increase notably on a global scale which was valued at around US$ 4,021.7 million in 2022. According to FMI analysis, over the years from 2023 to 2033, the overall market size is anticipated to expand at a 7.9% CAGR. By the end of this forecast period, the net valuation is further predicted to reach around US$ 9,243.2 million.
Surging global demand for transformer oils from the power industry is a prominent factor in the growth of the market. An efficient infrastructure for power generation, transmission, and distribution depends heavily on transformer oils.
Currently, the sales of transformer oils are being driven by the rising power sector, particularly in emerging nations. This increment is also being aided by updating and modernizing outdated electrical infrastructure to improve productivity, dependability, and security in other developed nations.
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Certain other large industrial units with their power supply sources are also responsible for the emerging trends and opportunities besides the power sector. Transformer oils improved by great dielectric strength and high cooling capabilities, are expected to further drive its demand by private consumers in the coming days.
The growing use of bio-based transformer oils is a recent development that is also fueling the emerging trends in the market. For instance, ABB introduced a transformer oil consisting of bio-based components in 2022, claiming it to be environment-friendly and sustainable.
Compared to conventional mineral-based oils, bio-based oils provide the benefits of high fire resistance and increased environmental sustainability. As governments and businesses are now placing a high priority on eco-friendly options, this new segment is anticipated to increase at a faster rate.
Key Takeaways from this Study Report:
- The overall market is anticipated to develop globally from 2023 to 2033 at 7.9% CAGR experiencing an absolute dollar growth of US$ 4,922 million.
- The United States contributed nearly 14.2% of the revenue generated by the market globally in the year 2022.
- Germany is the leading supplier of transformer oils in Europe and it held a global market share of 6% in 2022.
- China and India showcase a remarkable growth in demand for transformer oils and could witness 8.8% and 9.1% CAGRs respectively through 2033.
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Competitive Landscape:
The market competition is getting shaped by the emergence of many regional payers surrounding the use and disposal of transformer oils. So, manufacturers have upped their spending on research and development to create transformer oils that adhere to strict safety and environmental regulations to outcompete their rivals.
Recent Developments in this Industry:
- A new additive from GE Oil & Gas was introduced in 2021 to enhance the functionality and durability of transformer oils. It is claimed to increase the lifespan of transformer oils by up to 20% and assist in preventing the development of sludge and other hazardous deposits.
- Castrol released a new transformer oil in the market in the year 2020 and claims it to be more oxidation- and corrosion-resistant. According to the report, this new oil is perfect for usage in abrasive settings like those found in power plants and substations.
Major Companies Profiled:
- Royal Dutch Shell
- Exxon Mobil Corporation
- Repsol,
- 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
- Ergon, Inc.
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Market Segmentation:
By Oil Type:
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone Oil
- Bio-based Oil
- Other Types of Oils
By Application:
- Transformer
- Switchgear
- Reactor
By End Use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
By Region:
- North America
- Latin America
- Europe
- East Asia
- SAPeI
- The Middle East & Africa
- India
Explore FMI’s Extensive Ongoing Coverage on Chemicals & Materials Domain:
Industrial Oil Market Size: Growing demand to enhance equipment reliability and uptime in various industries may benefit the sales of industrial oil in the coming decade. Mineral and synthetic oil demand are predicted to remain significant in the power generation industry.
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Compressor Oil Market Sales: The global compressor oil market will reach US$ 10,300 million in 2033 and grow at a CAGR of 5.2% between 2023 and 2033.
Cutting Fluid Market Trends: The global cutting fluid market is expected to register a CAGR of 4.1% from 2023 to 2033, garnering a market value of US$ 16.3 billion by 2033.
Specialty Oils Market Demand: With rising consumption of specialty oils across automotive and manufacturing industries, the overall demand for specialty oils is projected to rise at 3.3% CAGR between 2023 and 2033, totaling a valuation of US$ 178.8 billion by 2033.
Lubricant Additives Market Growth: The global lubricant additives market is expected to attain a valuation of US$ 13.46 billion in 2023 and is projected to reach US$ 21.7 billion by 2033, expanding at a CAGR of 4.8% during the forecast period.
Thermic Fluid Market Overview: The thermic fluid market is anticipated to grow by a CAGR of more than 6.2% from 2022 to 2032.
Metalworking Fluids Market Analysis: The metalworking fluids market size is estimated to be valued at US$ 10 billion in 2023 and is expected to surpass US$ 15 billion by 2033. The adoption of metalworking fluids is likely to advance at a CAGR of 4.1% during the forecast period.
Automotive Die-casting Lubricants Market Growth: Growing demand for lightweight automotive vehicles, coupled with increasing research and development initiatives intended at developing eco-friendly automotive die-casting lubricants are identified chief growth factors.
Mining Lubricants Market Value: Growing demand for lubricants in mining equipment and mining processes are anticipated to bolster its consumption rate in the coming years.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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