Transformer Oil Market Analysis, Promising Growth Opportunities and Outlook by 2030

Transformer Oil Market by Type, Function, End-Use, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030. Rise in power consumption, increase in investment in the power sector, and expansion of electrical grids in developing countries are the major factors driving the growth of the global transformer oil market. In addition, rapid industrialization and modernization in the electrical grids supplement the demand for power transformers, which, in turn, is expected to increase the consumption of transformer oil. However, increase in adoption of dry transformers and volatility in raw material prices impede the market growth. On the contrary, R&D toward development of sustainable and recyclable transformer oil products such as bio-based oil is projected to create opportunity for key players operating in the market.

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Expansion of power grids in developing countries, increase in investment in the power sector, and growth in production of transformers technology have boosted the growth of the global transformer oil market. On the contrary, rise in demand for oil-free transformer and volatile prices of raw materials hinder the market growth. However, surge in adoption of bio-based transformer oil and corrosion-free transformer oil is expected to open new opportunities for the market players in the future.

The report offers detailed segmentation of the global transformer oil market based type, function, end-use, and application, and region.

Depending on the type, the Paraffinic Oil segment garnered the highest market share of in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for transformer oil from electric utilities such as transmission system, power plants, and other industrial applications. In addition, benefits associated with mineral oil include high thermal, oxidation durability, cost-effectiveness, and easy availability, which are anticipated to fuel the growth of the transformer oil market in the coming years.

By application, the industrial segment accounted for more than half of the global transformer oil market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to rise in installation of standalone power generation systems in industrial applications, due to varying loads and power demand in industrial applications. The commercial segment, however, would showcase the fastest CAGR of 6.5% by 2030. The report also includes an analysis of the residential segment. This is attributed to the government initiatives and urban development policies and programs which will contribute to the demand for real estate infrastructure.

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Based on end-use, the small transformer segment held the lion's share in 2020, contributing to more than one-third of the global transformer oil market, and is expected to continue its lead during the forecast period. This is attributed to the extensive use of these systems to meet the increasing needs for electricity in rural areas. However, the power transformers segment is expected to witness the highest CAGR of 7.0% by 2030. Power transformers are one of the most important components of the transmission and distribution energy grid and enable the efficient transportation of electrical energy from a generation source to the location where the energy is consumed. This drives the demand for the segment.

Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base, rapid expansion of the energy sector, high-voltage direct current (HVDC) systems, and the existence of key players in the region. Moreover, presence of the high-power consuming countries such as China, Japan, and India are anticipated to contribute toward the growth of the transformer oil market share in the region.

The global transformer oil market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Neste, Petronas, Sinopec Lubricant Company, Royal Dutch Shell, Exxon Mobil Corporation, Total SE, Chevron Corporation, Exxon Mobil, Repsol, and Gulf Oil International.

Other players operating in the market are Lubrita, Phillips 66 Company, Dow, Cargill Incorporated, Hydrodec Group Plc., Calumet Specialty Products Partners, L.P., Sasol, Hyrax Oil Sdn Bhd., and San Joaquin Refining Co.

Key Findings Of The Study
• By region, Asia-Pacific accounted for the largest market share in 2020.
• By type, Naphthenic Oil segment holds the largest market share in 2020.
• By function, the insulation segment accounted for the largest market share in 2020.
• By end-use, the small transformer segment accounted for the largest market share in 2020.
• By Application, the horizontal segment accounted for the largest market share in 2020

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