Press release
2024 Transformer Oil Market Size, Growth, Share, Trends And Outlook By 2033
Transformer Oil Market Size
As per the report, the transformer oil market size has grown strongly in recent years. It will grow from $2.21 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The transformer oil market size is expected to see strong growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
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Transformer Oil Market Surges With The Rise In Power Generation And Distribution Projects
The increasing number of power generation and distribution projects are expected to boost the growth of the transformer oil market. Power generation and distribution projects refer to facilities responsible for safe, secure, reliable, and sustainable electricity generation, transmission, and distribution. The increasing number of power generation and distribution projects leads to rising demand for transformers, switches, capacitors, and circuit breakers, increasing the demand for transformer oils. For instance, in November 2022, according to the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing, and disseminating energy information, 8 new natural gas-fired combined-cycle gas turbine (CCGT) power plants were launched in the US electricity market. The ability of these new plants to produce electricity will increase the US electric system by 7,775 megawatts (MW). Therefore, the increasing number of power generation and distribution projects are driving the growth of the transformer oil market.
Nynas Ab's Nytro Bio 300X Revolutionizes Transformer Oil Market
Product innovation is a key trend in the transformer oil market. Major companies operating in the transformer oil market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils and bitumen products launched the NYTRO BIO 300X. The NYTRO BIO 300X is an innovative insulating liquid that is a sustainable alternative to mineral insulating oil and ester liquids. The low viscosity, even at low temperature, made it very easy to handle and provides enhanced cooling in the transformer. The innovation supports transformer operators by enabling their equipment to fulfil stringent environmental needs and helps to lower the Total Cost of Ownership of the transformer.
The transformer oil market covered in this report is segmented -
1) By Type: Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, Other Types
2) By Function: Insulator, Cooling Agent, Lubricant, Chemical Stabilizer
3) By Application: Residential, Commercial, Industrial
4) By End User: Transmission And Distribution, Railways And Metros, Power generation, Other End Users
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Major companies operating in the transformer oil market report are Royal Dutch Shell plc, Exxon Mobil Corporation, Repsol SA, Ergon Inc., Nynas AB, PetroChina Company Limited, Apar Industries Limited, Calumet Specialty Products Partners L.P., Cargill Incorporated, China Petroleum & Chemical Corporation (Sinopec), Valvoline Inc., San Joaquin Refining Co. Inc., Gandhar Oil Refinery Limited, Savita Oil Technologies Limited, Hydrodec Group plc, Engen Petroleum Limited, Castrol Limited, Chevron Corporation, TotalEnergies SE, Fuchs Petrolub SE, Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Gulf Oil Corporation Limited, Sinopec Lubricant Company, Petroliam Nasional Berhad, CNOOC Oil & Petrochemicals Co. Ltd., SK Lubricants Co. Ltd., GS Caltex Corporation
Contents of the report:
1. Executive Summary
2. Transformer Oil Market Report Structure
3. Transformer Oil Market Trends And Strategies
4. Transformer Oil Market - Macro Economic Scenario
5. Transformer Oil Market Size And Growth
…..
27. Transformer Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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