Insulating oil used in an electrical transformer is usually known as transformer oil. These oils are widely used in switch gears, florescent ballast lamps, oil-filled transformers, and various types of high voltage capacitors. Transformer oil acts as a coolant. Such oil is mainly derived from crude oil through the process of fractional distillation. In a transformer, transformer oil serves two crucial functions such as dissipation of heat which is generated inside of the transformers and suppression of arcing. Such oil exhibits excellent properties such as high resistivity, di-electricity, chemical stability, minimum power loss, and thermal conductivity. Transformer oils are stable at high temperature. Such USPs are driving the global transformer oil market. Apart from this, increasing rate of power consumption, and rapid expansion of electrical grids in developing economies are further fueling growth in the global transformer oil market. Along with this, growing demand for electrical energy worldwide is also propelling expansion in the global transformer oi market.
According to experts, the global transformer oil market is anticipated to register revenue valued at US$3.26 bn by 2024 end. The growth is prophesized to occur at a promising CAGR of 5.70% during the assessment period from 2016 to 2024. Transformer oil is required for repairing and renovating the existing power sector infrastructure. The market is mainly segmented on the basis of product type, application, and region.
Power Transformers Anticipated to Hold an Insignificant Share in Market
From the perspective of product type, the global transformer oil market is segmented into silicone-based oil, mineral oil, and bio-based oil. Among these segments, mineral oil is expected to showcase fantastic expansion in the next few years, especially during the forecast period – 2016 to 2024. This is because of the mushrooming industrialization, rapid urbanization, and huge demand for mineral oil from various industries. However, apart from mineral oil, bio-based oil is the next segment to witness largest sale due to their high performance properties along with a wide range of application areas.
In terms of application, the global transformer oil market is bifurcated into following segments – distribution transformers and power transformers. Among these applications, the distribution transformers segment is expected to witness highest proliferation due to the ability of distribution transformers to outnumber power transformers to a high extent. The maximum demand for transformer oil is coming from distribution transformers, thanks to the governments’ initiatives in expanding the power infrastructure in developing economies. Power transformers is expected to become the next dominating segment during the forecast period due to their significant uptake of transformer oil and broadening application areas such as circuit boards and switchgears.
Asia Pacific Showcases Largest Share in Transformer Oil Market
On the regional front, the global transformer oil market is segmented into Latin America, Asia Pacific, the Middle East and Africa, North America, and Europe. Among these, Asia Pacific dominated the global transformer oil market with a lion’s share of above 43%. This is because the region has seen the rapid advancement in the power infrastructure. In Europe, rapid development of offshore wind farms for power generation is driving demand for transformer oil market.
Some of the prominent players operating in the global transformer oil market are Dow Corning Corp, Cargill, Gulf oil Middle East Ltd, Electrical Oil Services Ltd, and ExxonMobil Corp. These players are expanding their product portfolio to gain a competitive edge in the market.
Rising Demand for Electricity to Benefit Global Transformer Oil Market
The transformers industry has made considerable progress as the power sector expands to meet rising electricity demands. The demand for transformer oil has been driven by an increased emphasis on rural electrification in developing regions such as China and India. In addition to that, widespread awareness about equipment maintenance is further likely to bolster growth of the global transformer oil market in near future.
In many parts of Asia Pacific's rural areas, rapid urbanization, industrialization, and increasing access to conventional electricity grids have resulted in a rise in electricity consumption. In the last few years, the demand for electricity in this region has almost doubled. Market demands are increasing, and distribution networks are expanding at an exponential pace, which is likely to add to the growth of the global transformer oil market in near future.
Accelerated Pace of Rural Electrification to Open Up Revenue Streams for the Market
These oils are utilized in various applications, such as cooling systems, heat dissipation, and power isolation equipment. In developed countries such as Europe and North America, the replacement and modernization of existing transformers has had a significant impact on the development. Strict energy waste legislation enacted by the Electricity & Cogeneration Regulatory Authority, the US Environmental Protection Agency, and various other federal agencies has also boosted oil demand in order to reduce pollution and electricity waste. Extensive uses of small-scale transformers are likely to leave considerable positive impact on the global transformer oil market. These systems are widely used to meet the growing demand for electricity in small towns and rural areas with space constraints.
In the countries of Asia Pacific like Sri Lanka, Bangladesh and India, increasing urbanization and electrification of rural areas have made a significant contribution towards the development of the global transformer oil market. Consumers often prefer to buy in bulk so as to offset the high costs of complex filling systems, which has resulted in increased market sales and production in the recent years.
The installation of transformers is quite a time-consuming and cost-effective process, which is further indicated by unpredictable raw material prices for copper and electric steel. This factor is likely to hamper market growth in the recent years.
This report segments the global transformer oil market as follows:
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By Product |
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1. Preface
1.1. Report Scope and Market Segmentation
1.2. Research Highlights
2. Assumptions and Research Methodology
2.1. Assumptions and Acronyms Used
2.2. Research Methodology
3. Executive Summary
4. Market Overview
4.1. Product Overview
4.2. Drivers and Restraints Snapshot Analysis
4.3. Drivers
4.4. Restraints
4.5. Opportunity Analysis
4.6. Porter’s Analysis
4.7. Threat of Substitutes
4.8. Bargaining Power of Buyers
4.9. Bargaining Power of Suppliers
4.10. Threat of New Entrants
4.11. Degree of Competition
4.12. Value Chain Analysis
4.12.1. List of Transformer Oil Manufacturers
4.12.2. List of Transformer Oil Raw Materials
5. Global Transformer Oil Market Analysis and Forecasts, by Product Type
5.1. Key Findings
5.2. Introduction
5.3. Key Trends
5.4. Global Transformer Oil Market Value Share Analysis, by Product Type
5.5. Global Transformer Oil Market Forecast, by Product Type
5.6. Transformer Oil Market Analysis, by Product Type
5.6.1. Mineral Oil
5.6.1.1. Naphthenic Oil
5.6.1.2. Paraffinic Oil
5.6.2. Silicone based
5.6.3. Bio based
5.7. Transformer Oil Market Attractiveness Analysis, by Product Type
6. Global Transformer Oil Market Analysis and Forecasts, by Application
6.1. Key Findings
6.2. Introduction
6.3. Key Trends
6.4. Global Transformer Oil Market Value Share Analysis, by Application Type
6.5. Global Transformer Oil Market Forecast, by Application
6.6. Transformer Oil Market Analysis, by Application
6.6.1. Power Transformers
6.6.2. Distribution Transformers
6.6.3. Others
6.7. Transformer Oil Market Attractiveness Analysis, by Application
6.8. Application Comparison Matrix
7. Global Transformer Oil Market Analysis, by Region
7.1. Global Regulatory Scenario
7.2. Global Transformer Oil Market Value Share Analysis, by Region
7.3. Global Transformer Oil Market Forecast, by Region
7.4. Global Transformer Oil Market Attractiveness Analysis, by Region
8. North America Transformer Oil Market Analysis
8.1. Key Findings
8.2. North America Transformer Oil Market Overview
8.3. North America Transformer Oil Market Value Share Analysis, by Product
8.4. North America Transformer Oil Market Forecast, by Product
8.5. North America Transformer Oil Market Forecast, by Mineral Oil Type
8.6. North America Transformer Oil Market Value Share Analysis, by Application
8.7. North America Transformer Oil Market Forecast, by Application
8.8. North America Transformer Oil Market Value Share Analysis, by Country
8.9. North America Transformer Oil Market Forecast, by Country
8.9.1. U.S.
8.9.2. Canada
8.10. North America Transformer Oil Market Analysis, by Country
8.11. North America Transformer Oil Market Attractiveness Analysis
8.12. North America Market Trends
9. Europe Transformer Oil Market Analysis
9.1. Key Findings
9.2. Europe Transformer Oil Market Overview
9.3. Europe Transformer Oil Market Value Share Analysis, by Product
9.4. Europe Transformer Oil Market Forecast, by Product
9.5. Europe Transformer Oil Market Forecast, by Mineral Oil Type
9.6. Europe Transformer Oil Market Value Share Analysis, by Application
9.7. Europe Transformer Oil Market Forecast, by Application
9.8. Europe Transformer Oil Market Value Share Analysis, by Country
9.9. Europe Transformer Oil Market Forecast, by Country
9.9.1. U.K.
9.9.2. Germany
9.9.3. Spain
9.9.4. France
9.9.5. Italy
9.9.6. Rest of Europe
9.10. Europe Transformer Oil Market Analysis, by Country
9.11. Europe Transformer Oil Market Attractiveness Analysis
9.12. Europe Market Trends
10. Asia Pacific Transformer Oil Market Analysis
10.1. Key Findings
10.2. Asia Pacific Transformer Oil Market Overview
10.3. Asia Pacific Transformer Oil Market Value Share Analysis, by Product
10.4. Asia Pacific Transformer Oil Market Forecast, by Product
10.5. Asia Pacific Transformer Oil Market Forecast, by Mineral Oil Type
10.6. Asia Pacific Transformer Oil Market Value Share Analysis, by Application
10.7. Asia Pacific Transformer Oil Market Forecast, by Application
10.8. Asia Pacific Transformer Oil Market Value Share Analysis, by Country
10.9. Asia Pacific Transformer Oil Market Forecast, by Country
10.9.1. China
10.9.2. India
10.9.3. Japan & Korea
10.9.4. ASEAN
10.9.5. Rest of Asia Pacific
10.10. Asia Pacific Transformer Oil Market Analysis, by Country
10.11. Asia Pacific Transformer Oil Market Attractiveness Analysis
10.12. Asia Pacific Market Trends
11. Latin America Transformer Oil Market Analysis
11.1. Key Findings
11.2. Latin America Transformer Oil Market Overview
11.3. Latin America Transformer Oil Market Value Share Analysis, by Product
11.4. Latin America Transformer Oil Market Forecast, by Product
11.5. Latin America Transformer Oil Market Forecast, by Mineral Oil Type
11.6. Latin America Transformer Oil Market Value Share Analysis, by Application
11.7. Latin America Transformer Oil Market Forecast, by Application
11.8. Latin America Transformer Oil Market Value Share Analysis, by Country
11.9. Latin America Transformer Oil Market Forecast, by Country
11.9.1. Brazil
11.9.2. Mexico
11.9.3. Rest of Latin America
11.10. Latin America Transformer Oil Market Analysis, by Country
11.11. Latin America Transformer Oil Market Attractiveness Analysis
11.12. Latin America Market Trends
12. Middle East and Africa Transformer Oil Market Analysis
12.1. Key Findings
12.2. MEA Transformer Oil Market Overview
12.3. MEA Transformer Oil Market Value Share Analysis, by Product
12.4. MEA Transformer Oil Market Forecast, by Product
12.5. MEA Transformer Oil Market Forecast, by Mineral Oil Type
12.6. MEA Transformer Oil Market Value Share Analysis, by Application
12.7. MEA Transformer Oil Market Forecast, by Application
12.8. MEA Transformer Oil Market Value Share Analysis, by Country
12.9. MEA Transformer Oil Market Forecast, by Country
12.9.1. GCC
12.9.2. South Africa
12.9.3. Rest of Middle East & Africa
12.10. MEA Transformer Oil Market Analysis, by Country
12.11. MEA Transformer Oil Market Attractiveness Analysis
12.12. MEA Market Trends
13. Company Profiles
13.1. Transformer Oil Market Share Analysis By Company (2015)
13.2. Competition Matrix
13.3. Key Global Players
13.3.1. ExxonMobil Corporation
13.3.1.1. Company Description
13.3.1.2. Business Overview
13.3.1.3. Company Revenue
13.3.1.4. SWOT Analysis
13.3.1.5. Strategic Overview
13.3.2. China Petroleum & Chemical Corporation
13.3.2.1. Company Description
13.3.2.2. Business Overview
13.3.2.3. Company Revenue
13.3.2.4. SWOT Analysis
13.3.2.5. Strategic Overview
13.3.3. Nynas AB
13.3.3.1. Company Description
13.3.3.2. Business Overview
13.3.3.3. Company Revenue
13.3.3.4. SWOT Analysis
13.3.3.5. Strategic Overview
13.3.4. Royal Dutch Shell Plc
13.3.4.1. Company Description
13.3.4.2. Business Overview
13.3.4.3. Company Revenue
13.3.4.4. SWOT Analysis
13.3.4.5. Strategic Overview
13.3.5. Dow Corning Corporation
13.3.5.1. Company Description
13.3.5.2. Business Overview
13.3.5.3. Company Revenue
13.3.5.4. SWOT Analysis
13.3.5.5. Strategic Overview
13.3.6. Apar Industries Ltd.
13.3.6.1. Company Description
13.3.6.2. Business Overview
13.3.6.3. Company Revenue
13.3.6.4. SWOT Analysis
13.3.6.5. Strategic Overview
13.3.7. Cargill Incorporated
13.3.7.1. Company Description
13.3.7.2. Business Overview
13.3.7.3. Company Revenue
13.3.7.4. SWOT Analysis
13.3.7.5. Strategic Overview
13.4. Other Players
13.4.1. Calumet Specialty Products Partners L.P.
13.4.1.1. Company Description
13.4.1.2. Business Overview
13.4.2. Gulf Oil Middle East Limited (GOMEL)
13.4.2.1. Company Description
13.4.2.2. Business Overview
13.4.3. Engen Petroleum Ltd
13.4.3.1. Company Description
13.4.3.2. Business Overview
13.4.4. Electrical Oil Services Ltd
13.4.4.1. Company Description
13.4.4.2. Business Overview
13.4.5. Ergon Inc.
13.4.5.1. Company Description
13.4.5.2. Business Overview
13.4.6. San Joaquin Refining Co., Inc.
13.4.6.1. Company Description
13.4.6.2. Business Overview
14. Key Takeaways
List of Tables
Table 01 Table 01 Global Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product Type, 2015–2024
Table 02 Global Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil Type, 2015–2024
Table 03 Global Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application Type, 2015–2024
Table 04 Global Transformer Oil Market Size (US$ Mn) and Volume (Tons) Forecast, by Region, 2015–2024
Table 05 North America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product, 2015–2024
Table 06 North America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil Type, 2015–2024
Table 07 North America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2015–2024
Table 08 North America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Country, 2015–2024
Table 09 Europe Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product, 2015–2024
Table 10 Europe Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil Type, 2015–2024
Table 11 Europe Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2015–2024
Table 12 Europe Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Country, 2015–2024
Table 13 Asia Pacific Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product Type, 2015–2024
Table 14 Asia Pacific Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil Type, 2015–2024
Table 15 Asia Pacific Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2015–2024
Table 16 Asia Pacific Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Country, 2015–2024
Table 17 Latin America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product, 2015–2024
Table 18 Latin America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil, 2015–2024
Table 19 Latin America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2015–2024
Table 20 Latin America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Country/Sub-region, 2015–2024
Table 21 MEA Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Product, 2015–2024
Table 22 MEA Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Mineral Oil, 2015–2024
Table 23 MEA Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Application, 2015–2024
Table 24 MEA Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, by Country/Sub-region, 2015–2024
List of Figures
Figure 01 Global Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 02 Global Transformer Oil Average Price (US$/ Ton) 2015–2024
Figure 03 Global Transformer Oil Market Value Share Analysis, by Product Type, 2016 and 2024
Figure 04 Mineral Oil, 2015–2024 (US$ Mn)
Figure 05 Silicone based, 2015–2024 (US$ Mn)
Figure 06 Bio based, 2015–2024 (US$ Mn)
Figure 07 Transformer Oil Market Attractiveness Analysis, by Product Type
Figure 08 Global Transformer Oil Market Value Share Analysis, by Application Type, 2015 and 2024
Figure 09 Power Transformers, 2015–2024 (Kilo Tons) (US$ Mn)
Figure 10 Distribution Transformers, 2015–2024 (Kilo Tons) (US$ Mn)
Figure 11 Others, 2015–2024 (Kilo Tons) (US$ Mn)
Figure 12 Transformer Oil Market Attractiveness Analysis,
Figure 13 Global Transformer Oil Market Value Share Analysis,
Figure 14 Global Transformer Oil Market Attractiveness Analysis,
Figure 15 North America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 16 North America Transformer Oil Market Attractiveness Analysis, by Country
Figure 17 North America Transformer Oil Market Value Share Analysis, by Product, 2015 and 2024
Figure 18 North America Transformer Oil Market Value Share Analysis, by Application, 2015 and 2024
Figure 19 North America Transformer Oil Market Value Share Analysis, by Country, 2015 and 2024
Figure 20 U.S. Transformer Oil Market Analysis, 2015–2024
Figure 21 Canada Transformer Oil Market Analysis, 2015–2024
Figure 22 North America Transformer Oil Market Attractiveness Analysis, by Application
Figure 23 Europe Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 24 Europe Transformer Oil Market Attractiveness Analysis, by Country/Sub-region
Figure 25 Europe Transformer Oil Market Value Share Analysis, by Product, 2015 and 2024
Figure 26 Europe Transformer Oil Market Value Share Analysis, by Application, 2015 and 2024
Figure 27 Europe Transformer Oil Market Value Share Analysis, by Country/Sub-region, 2015 and 2024
Figure 28 U.K. Transformer Oil Market Analysis, 2015–2024
Figure 29 Germany Transformer Oil Market Analysis, 2015–2024
Figure 30 Spain Transformer Oil Market Analysis, 2015–2024
Figure 31 France Transformer Oil Market Analysis, 2015–2024
Figure 32 Italy Transformer Oil Market Analysis, 2015–2024
Figure 33 Rest of Europe Transformer Oil Market Analysis, 2015–2024
Figure 34 Europe Transformer Oil Market Attractiveness Analysis, by Application
Figure 35 Asia Pacific Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 36 Asia Pacific Transformer Oil Market Attractiveness Analysis, by Country/Sub-region
Figure 37 Asia Pacific Transformer Oil Market Value Share Analysis, by Product, 2015 and 2024
Figure 38 Asia Pacific Transformer Oil Market Value Share Analysis, by Application, 2015 and 2024
Figure 39 Asia Pacific Transformer Oil Market Value Share Analysis, by Country/Sub-region, 2015 and 2024
Figure 40 China Transformer Oil Market Analysis, 2015–2024
Figure 41 India Transformer Oil Market Analysis, 2015–2024
Figure 42 Japan & Korea Transformer Oil Market Analysis, 2015–2024
Figure 43 ASEAN Transformer Oil Market Analysis, 2015–2024
Figure 44 Rest of Asia Pacific Transformer Oil Market Analysis, 2015–2024
Figure 45 Asia Pacific Transformer Oil Market Attractiveness Analysis, by Application
Figure 46 Latin America Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 47 Latin America Transformer Oil Market Attractiveness Analysis, by Country/Sub-region
Figure 48 Latin America Transformer Oil Market Value Share Analysis, by Product, 2015 and 2024
Figure 49 Latin America Transformer Oil Market Value Share Analysis, by Application, 2015 and 2024
Figure 50 Latin America Transformer Oil Market Value Share Analysis, by Country/Sub-region, 2015 and 2024
Figure 51 Brazil Transformer Oil Market Analysis, 2015–2024
Figure 52 Mexico Transformer Oil Market Analysis, 2015–2024
Figure 53 Rest of Latin America Transformer Oil Market Analysis, 2015–2024
Figure 54 Latin America Transformer Oil Market Attractiveness Analysis, by Application
Figure 55 MEA Transformer Oil Market Size (US$ Mn) and Volume (Kilo Tons) Forecast, 2015–2024
Figure 56 MEA Transformer Oil Market Attractiveness Analysis, by Country/Sub-region
Figure 57 MEA Transformer Oil Market Value Share Analysis, by Product, 2015 and 2024
Figure 58 MEA Transformer Oil Market Value Share Analysis, by Application, 2015 and 2024
Figure 59 MEA Transformer Oil Market Value Share Analysis, by Country/Sub-region, 2015 and 2024
Figure 60 GCC Transformer Oil Market Analysis, 2015–2024
Figure 61 South Africa Transformer Oil Market Analysis, 2015–2024
Figure 62 Rest of MEA Transformer Oil Market Analysis, 2015–2024
Figure 63 MEA Transformer Oil Market Attractiveness Analysis, by Application
Figure 64 Global Transformer Oil Market Share Analysis by Company (2015)
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Transformer Oil Market
