SAN FRANCISCO, Dec. 20, 2022 /PRNewswire/ -- The global transformer oil market size is expected to reach USD 5.4 billion by 2030, as per the new report by Grand View Research, Inc., expanding at a CAGR of 12.5% from 2023 to 2030. The growth is driven by the high utilization of transformer oil in the power generation sector along with an increase in demand for electric grids in emerging economies.
Key Industry Insights & Findings from the report:
- By product, bio-based oils are expected to register the fastest growth rate of 14.7% over the forecast period in terms of revenue due to growing regulations that are focused on reducing carbon emissions and increasing energy conservation.
- By application, small-scale transformers are expected to register the fastest growth rate of 13.2% in terms of revenue over the forecast period as these systems are highly used to meet rising electricity needs in small areas or rural areas with limited space.
- Asia Pacific is expected to register the fastest growth rate of 14.8% in terms of revenue over the forecast period owing to rapid industrialization in rural areas and investments by foreign bodies in the developing economies.
- There is a significant demand for silicone-based oils because of their capacity to extinguish themselves, making them acceptable for high-risk areas with possible fire threats. Due to their durability and lack of major maintenance requirements, silicones also contribute to longer transformer life.
- In developing countries, the replacement of outdated transformers with new ones and technological advancements are anticipated to create numerous attractive job opportunities.
- The U.S. Environmental Protection Agency, the Electricity & Cogeneration Regulatory Authority, and other federal agencies have adopted strict restrictions surrounding energy waste, and this has fueled demand for oil to reduce emissions and electricity waste.
Read 125-page market research report, "Transformer Oil Market Size, Share & Trends Analysis Report By Product (Mineral-based, Silicone-based, Bio-based), By Application (Small-scale Transformers, Utilities), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Transformer Oil Market Growth & Trends
The growth is fueled by the power generation industry's rapid expansion to fulfill the expanding demand for electricity. One of the key factors driving an increase in transformer installation is the need for more electricity, which is expected to drive up the demand for transformer oil globally and accelerate the growth of the product over the forecast period.
Recent market expansion is driven by technological development and rising R&D activities by key industry players. For instance, Cargill received an award from U.S. Environmental Protection Agency, for developing transformer oil through natural esters. Market players are also focusing on manufacturing bio-based products to dominate the market.
The Covid-19 outbreak had affected the producers of specialty chemicals. Key industry participants were impacted by the decline in crude oil prices to attain lower raw material costs. However, because of the supply chain breakdown, manufacturers were having issues with logistics and purchasing, which, in turn, impacted the market growth significantly.
Transformer Oil Market Segmentation
Grand View Research has segmented the global transformer oil market on the basis of product, application, and region:
Transformer Oil Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Mineral-based Oils
- Naphthenic Base Oils
- Paraffinic Base Oils
- Silicone-based Oils
- Bio-based Oils
Transformer Oil Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Small-scale Transformers
- Large-scale Transformers
- Utilities
- Others
Transformer Oil Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Saudi Arabia
- UAE
- Oman
List of Key Players of Transformer Oil Market
- Sinopec Lubricant Company
- Valvoline
- Cargill Inc.
- Nynas AB
- Ergon International Inc.
- PetroChina Lubricant Company
- Calumet Specialty Products
- Apar Industries Ltd.
- Engen Petroleum Ltd.
- Hydrodec Group Plc.
Check out more related studies published by Grand View Research:
- Mineral Oil Market - The global mineral oil market size is projected to reach USD 4.29 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.0% during the forecast period. Increasing demand for benzene, ethylene, and propylene, among others from multiple end-user industries are among primary growth stimulants for the market.
- Compressor Oil Market - The global compressor oil market size is estimated to reach USD 5.59 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.1% during the forecast period. Growing industrial sector in the Middle East and Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.
- Hydraulic Fluids Market - The global hydraulic fluids market size is anticipated to reach USD 12.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2022 to 2030. In recent years, industrialization has been on a rise, particularly in emerging economies such as India, China, and Brazil, among others.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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