Transformer Oil Market: Latest Trends,Analysis & Insights 2024

According to a new research study by Transparency Market Research (TMR), the global market for transformer oil is consolidated in nature. The top five companies, namely, ExxonMobil, Shell, Nynas AB, and Sinopec held more than 45% of the overall market in 2015. The leading players are focused on developing novel, eco-friendly, and safe bio-based transformer oil at competitive price in a bid to strengthen their positions in this market over the next few years.

As a majority of key market players have established strong distribution and sales channels, the competition in this market is likely to increase at a moderate pace in the years to come, states the research report.

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As per the study, the opportunity in the global market for transformer oil was worth US$1.99 bn in 2015. Researchers anticipate it to rise at a CAGR of 5.70% during the period from 2016 to 2024 and reach a value worth US$3.26 bn by the end of the forecast period. Mineral oil has been the most valued product in this market and is projected to remain so over the forthcoming years, notes the study.

Distribution Transformers to Surface as Leading Application Area

The research report has considered power transformers and distribution transformers as the main application areas for transformer oil. As distribution transformers outnumber power transformers by a large number, the demand for this oil from the former have been higher than the latter. Analysts expect this scenario to continue as it is over the next few years, thanks to the increasing initiatives of various governments, intended for expanding the power infrastructure, specifically in emerging regions, such as Latin America, Asia Pacific, and Africa.

In terms of the geography, the research report segments the worldwide market for transformer oil into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. In 2015, Asia Pacific led the global market with a share of more than 43%. The regional market is anticipated to remain on the top, thanks to the rising emphasis on the advancement of the power infrastructure in various Asian countries, such as India, China, and Korea. On the other hand, the mature status of the market for transformer oil in developed regions such as North America and Europe is anticipated to instigate sluggish growth over the forthcoming years, reports the research study.

Increasing Need to Expand Power Infrastructure in Emerging Economies to Boost Growth
“The global market for transformer oil is experiencing a high growth rate, thanks to the rising need for power across the world,” states the author of this study. The increasing requirement to expand the power infrastructure in emerging economies, such as China and India, is likely to increase the distribution of oil filled transformers in the near future, boosting this market substantially.

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Over the coming years, the ongoing overhaul in existing power infrastructure in developed nations, is expected to fuel the demand for transformer oil, which is also expected to drive this market significant over the next few years. However, the emergence of smart and dry type transformers may limit the growth of this market in the years to come, notes the research study.

The study presented here is based on a report by Transparency Market Research (TMR), titled “Transformer Oil Market (Product - Mineral Oil (Naphthenic Oil and Paraffinic Oil), Silicone-based Oil, and Bio-based Oil; Application - Power Transformers and Distribution Transformers - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024.”

This report segments the global transformer oil market as follows:

By Product
Mineral Oil
Naphthenic Oil
Paraffinic Oil
Silicone based
Bio based

By Application
Power Transformers
Distribution Transformers
Others

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