Transformer Oil Market

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Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End-User (Transmission & Distribution, Power Generation, Railways & Metros), Region - Global Forecast to 2030

Published ON Jun, 2023
Report Code EP 2454
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Report Code: EP 2454 Jun, 2023, by marketsandmarkets.com

[274 Pages Report] The global Transformer Oil market is estimated to grow from USD 2.0 billion in 2023 to USD 3.0 billion by 2030; it is expected to record a CAGR of 5.9% during the forecast period. The growth in transformer oil demand in recent years is due to the increased investment in transmission and distribution projects due to growing urbanization. The market for transformer oils is projected to benefit greatly from the rising expansion of smart electricity grids and networks.

Transformer Oil Market

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Transformer Oil Market

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Transformer Oil Market Dynamics

Driver: Modernization of electric grids and adoption of smart grids in developed economies

To conduct business without interruption and to reinforce the growth of the global economy, reliable delivery of electricity is critical. The growing energy demand has resulted in the need for a stable and reliable T&D network. The electric grid and the T&D equipment have aged over the years in the US, European regions, and a few parts of APAC. For instance, 70% of the power transformer and transmission lines in the US are over 25 years old. Similarly, as of 2022, one-third of the European Union's grid network is over 42 years old, and this share is projected to surpass 50% by 2030. The aging of the grid network will result in a drop in the efficiency of power delivery and affect the reliability of the electric grid and T&D network. This has led the US and European economies to modernize their electric grids by transitioning towards adopting smart grids. Recently, Western Europe is reportedly to invest USD 133.7 billion in smart grid infrastructure by 2027 to accommodate the rising electricity demand and upgrade aging power assets. Similarly, in the APAC region, India and South Asian participants have agreed to invest USD 25.9 billion to modernize their grid network over 2020–2029.

Restraint: Increasing demand for dry-type transformers

Dry-type transformers are constructed with their windings and the core placed inside a sealed tank pressurized with air, unlike oil-filled transformers where the windings and the core are immersed in an insulating liquid. Further, installing dry-type transformers involves less stringent regulatory requirements for operation and maintenance. Dry-type transformers are less flammable, unlike oil-filled transformers, which are usually filled with flammable liquids such as mineral oil. Due to safety concerns and growing environmental awareness, dry-type transformers are favored over oil-filled transformers. This drives the demand for dry-type transformers, particularly in regions such as Europe and the US. This increase in the demand for dry-type transformers will have a negative impact on the adoption of oil-filled transformers, which will be a restraint for the market.

Opportunities:  Increased investment in HVDC transmission systems

The world economies are transitioning towards adopting renewable energy sources such as solar, wind (onshore and offshore), biomass, hydroelectric, and geothermal power. As these resources are often sourced at remote locations far from population centers, companies deploy HVDC transmission systems to connect such remotely located power generation sources and minimize transmission losses. The significance of the HVDC transmission system lies in its efficient bulk power transmission capabilities over long distances. Further, HVDC transmission systems offer enhanced stability, reliability, and transmission capacity. Thus, they become an integral part of the electrical power system.

Challenges: Constand Fluctuations in crude oil prices

Crude oil plays a vital role as the primary energy source for conducting economic activities, and the unpredictability surrounding the fluctuations of crude oil prices significantly impacts economic stability. Transformer oil is a by-product of crude oil, which is highly refined, processed, and purified. Thus, the fluctuations in crude oil prices directly impact transformer oil manufacturers. In 2017 and 2018, crude oil prices experienced an upward trajectory, increasing demand for production enhancement activities. However, prices subsequently declined in 2019 and 2020, followed by a consistent increase in 2021. These fluctuations in crude oil prices created an environment of uncertainty, making it challenging for transformer oil manufacturers to make informed decisions regarding the purchase of crude oil at favorable prices.

Transformer Oil Market Ecosystem

Prominent companies in this market include well-established, financially stable transformer oil manufacturers. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries (India), and Calumet specialty products partners, L.P. (US).

Transformer Oil Market

The bio-based segment, by oil type, is expected to be the second-fastest growing market during the forecast period.

This report segments the transformer oil market based on type into three types: mineral oil, silicone oil, and bio-based oil. The bio-based oil segment is expected to be the second fastest-growing market during the forecast period. Bio-based transformer oil is derived from various vegetable feedstocks and formulated depending on requirements and market conditions. Bio-based oil is less hazardous than mineral oil or silicone oil; thus, the rising environmental concerns drive the bio-based oil market.

By application, the transformer segment is expected to be the fastest growing during the forecast period

This report segments the transformer oil market based on application into three segments: transformer, reactor, and switchgear. The transformer segment is expected to grow at the fastest rate during the forecast period. Transformer oils are extensively used in power and distribution transformers. Growing power demands and aging transformers will likely lead to installing new transformers, which is anticipated to increase the demand for transformer oils.

"Asia Pacific": The fastest in the transformer oil market"

Asia Pacific is expected to fastest growing region in the transformer oil market between 2023–2030, followed by Europe and North America. Urbanization and population growth have resulted in the need for vast infrastructure development, which has propelled the energy demand across the region. This has further resulted in an energy demand-supply gap, resulting in a power supply shortage. Electricity shortage is expected to support market growth as it can be attributed to the increasing demand for power leading to the installation of new substations, increasing the demand for transformers, reactors, and switchgear, and increasing the demand for transformer oil.

Transformer Oil Market Size, and Share

Key Market Players

The market is dominated by a few major players that have a wide regional presence. The major players in the transformer Oil market include Nynas AB (Sweden), Ergon, Inc., Petrochina Company Limited (China), Shell (UK), Calumet specialty products partners, L.P. (US). Between 2018 and 2022, these companies followed strategies such as contracts, agreements, partnerships, mergers, acquisitions, and expansions to capture a larger share of the market.

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Scope of the Report

Report Metric

Details

Market size available for years

2018–2030

Base year considered

2022

Forecast period

2023–2030

Forecast units

Value (USD Million/USD Billion), Volume (Units)

Segments covered

Transformer oil market by oil type, application, end-user, and region.

Geographies covered

Asia Pacific, North America, Europe, and the Rest of the World.

Companies covered

Nynas AB (Sweden), Ergon, Inc. (US), Shell (UK), Calumet Specialty Products Partners, L.P. (US), APAR Industries Limited (India), PetroChina Company Limited (China), Exxon Mobil Corporation (US), Repsol (Spain), Sinopec Lubricant Company (China), Savita Oil Technologies Limited (India), Chevron Corporation (US), M&I Materials Limited (UK), Petro-Canada (Canada), Gandhar Oil (India), Lubrita (Netherlands), Phillips 66 Company (US), Gulf Oil International (UK), Dow (US), Cargill, Incorporated. (US), Hydrodec Group plc (UK), Sasol (South Africa), Farabi Petrochemicals Co. (Saudi Arabia), San Joaquin Refining Co (US), and Engen Petroleum Limited (South Africa)

This research report categorizes the market by oil type, application, end-user, and region.

On the basis of oil type, the transformer oil market has been segmented as follows:
  • Mineral Oil
    • Naphthenic Oil
      • Inhibited
      • Uninhibited
    • Paraffinic Oil
      • Inhibited
      • Uninhibited
  • Silicone Oil
  • Bio-based Oil
On the basis of application, the market has been segmented as follows:
  • Transformer
    • Power transformer
    • Distribution transformer
  • Reactor
  • Switchgear
On the basis of end-user, the market has been segmented as follows:
  • Transmission and Distribution
  • Railways & Metros
  • Power generation
  • Others
On the basis of region, the market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Rest of the World

Recent Developments

  • In October 2022, Nynas AB launched the new transformer fluid named NYTRO RR 900X. It is a circular transformer fluid based on refining technology. NYTRO RR 900X is high-grade oil used in various electrical applications, including high voltage and high-power transformers.
  • In December 2021, MIDEL, a transformer oil manufacturing brand of M&I Materials Limited, was awarded a three-year contract by First Philec Inc, to supply MIDEL transformer oil for their transformers to minimize the risk of fire and damage
  • In May 2021, Calumet Specialty Products Partners, L.P. partnered with Aevitas, Inc. to improve access to exclusive transformer oil products in the Canadian market. The company's new arctic-grade transformer oil will be distributed exclusively by Aevitas, Inc. across Canada, as a result of this partnership.
  • In May 2021, Cargill, Incorporated. partnered up with Delta Star, Inc. to provide retro-filling services for its Envirotemp range of dielectric fluids to its consumers in the Western United States. The agreement designates Delta Star, Inc. as a Cargill, Incorporated service center in the Western United States market.  

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 43)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 TRANSFORMER OIL MARKET, BY END USER: INCLUSIONS & EXCLUSIONS
           1.2.2 MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE 
           1.3.1 MARKETS COVERED
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 LIMITATIONS 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
    1.8 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 49)
    2.1 RESEARCH DATA 
           FIGURE 1 TRANSFORMER OIL MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN & DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key industry insights
                    2.2.2.2 Breakdown of primaries
                               FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.3.3 DEMAND-SIDE ANALYSIS
                    FIGURE 6 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND FOR TRANSFORMER OIL
                    2.3.3.1 Calculation for demand side
                    2.3.3.2 Assumptions for demand-side metrics
           2.3.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 7 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF TRANSFORMER OIL
                    FIGURE 8 TRANSFORMERS OIL MARKET: SUPPLY-SIDE ANALYSIS, 2022
                    2.3.4.1 Calculations for supply side
                    2.3.4.2 Assumptions for supply-side metrics
                               FIGURE 9 COMPANY REVENUE ANALYSIS, 2022
           2.3.5 FORECAST
                    2.3.5.1 Impact of recession
 
3 EXECUTIVE SUMMARY (Page No. - 60)
    TABLE 1 TRANSFORMER OIL MARKET SNAPSHOT 
    FIGURE 10 MINERAL OIL SEGMENT TO DOMINATE TRANSFORMERS OIL MARKET DURING FORECAST PERIOD 
    FIGURE 11 TRANSFORMER SEGMENT TO LEAD TRANSFORMERS OIL MARKET DURING FORECAST PERIOD 
    FIGURE 12 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT TO LEAD TRANSFORMER OIL MARKET DURING FORECAST PERIOD 
    FIGURE 13 ASIA PACIFIC DOMINATED MARKET IN 2022 
 
4 PREMIUM INSIGHTS (Page No. - 64)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRANSFORMER OIL MARKET 
           FIGURE 14 GROWING DEMAND FOR BIO-BASED TRANSFORMER OIL DUE TO ENVIRONMENTAL CONCERNS TO DRIVE MARKET DURING 2023–2030
    4.2 TRANSFORMER OIL MARKET, BY REGION 
           FIGURE 15 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 MARKET, BY OIL TYPE 
           FIGURE 16 MINERAL OIL SEGMENT DOMINATED MARKET IN 2022
    4.4 MARKET, BY APPLICATION 
           FIGURE 17 TRANSFORMER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2022
    4.5 TRANSFORMERS OIL MARKET, BY END USER 
           FIGURE 18 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT CAPTURED LARGEST SHARE OF MARKET IN 2022
    4.6 ASIA PACIFIC: MARKET, BY OIL TYPE & COUNTRY 
           FIGURE 19 MINERAL OIL AND CHINA HELD LARGEST SHARES OF MARKET IN ASIA PACIFIC IN 2022
 
5 MARKET OVERVIEW (Page No. - 68)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 20 TRANSFORMER OIL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Expansion of electric grid network in Asia Pacific
                               FIGURE 21 GLOBAL T&D INVESTMENT PROJECTION, 2020–2040
                    5.2.1.2 Modernization of electric grids and adoption of smart grids in developed economies
           5.2.2 RESTRAINTS
                    5.2.2.1 Environmental concerns over use of mineral transformer oil
                    5.2.2.2 Increasing demand for dry-type transformers
                    5.2.2.3 Competition from players in unorganized sector
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing demand for bio-based transformer oil due to environmental concerns
                    5.2.3.2 Increase in cross-border electricity trade
                    5.2.3.3 Increasing investments in HVDC transmission systems
           5.2.4 CHALLENGES
                    5.2.4.1 Constant fluctuations in crude oil prices
                               FIGURE 22 WEST TEXAS INTERMEDIATE (WTI) CRUDE OIL PRICES, JANUARY 2018–MARCH 2023
    5.3 IMPACT OF DEVELOPMENTS IN RENEWABLE ENERGY & TRANSITION TOWARD CLEAN ENERGY ON MARKET 
    5.4 IMPACT OF EV ADOPTION & EV INFRASTRUCTURE DEVELOPMENTS ON MARKET 
           FIGURE 23 GLOBAL EV SALES VOLUME, 2021–2022
    5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.5.1 REVENUE SHIFTS & NEW REVENUE POCKETS IN MARKET
                    FIGURE 24 REVENUE SHIFTS FOR TRANSFORMER OIL PROVIDERS
    5.6 AVERAGE SELLING PRICING ANALYSIS 
           5.6.1 AVERAGE SELLING PRICING ANALYSIS, BY OIL TYPE
                    TABLE 2 TRANSFORMERS OIL MARKET: PRICING ANALYSIS
    5.7 VALUE CHAIN ANALYSIS 
           FIGURE 25 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS
           TABLE 3 MARKET: VALUE CHAIN ANALYSIS
           5.7.1 RAW MATERIAL SUPPLIERS
           5.7.2 TRANSFORMER OIL PRODUCERS
           5.7.3 EQUIPMENT MANUFACTURERS
           5.7.4 DISTRIBUTORS
           5.7.5 END USERS
    5.8 MARKET MAP 
           FIGURE 26 TRANSFORMER OIL: MARKET MAP
    5.9 TECHNOLOGY ANALYSIS 
           TABLE 4 TRANSFORMERS OIL MARKET: REGULATIONS
    5.10 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 27 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS
           TABLE 5 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.10.1 THREAT OF NEW ENTRANTS
           5.10.2 BARGAINING POWER OF SUPPLIERS
           5.10.3 BARGAINING POWER OF BUYERS
           5.10.4 THREAT OF SUBSTITUTES
           5.10.5 INTENSITY OF COMPETITIVE RIVALRY
    5.11 CASE STUDY ANALYSIS 
           5.11.1 TATA POWER INSTALLS DISTRIBUTION TRANSFORMERS IN MUMBAI TO ADDRESS SPACE- AND SAFETY-RELATED CONCERNS AND REDUCE COST AND ENVIRONMENTAL IMPACT
 
6 TRANSFORMER OIL MARKET, BY OIL TYPE (Page No. - 83)
    6.1 INTRODUCTION 
           FIGURE 28 MARKET, BY OIL TYPE, 2022 (USD MILLION)
           TABLE 6 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
           TABLE 7 MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
           TABLE 8 MARKET, BY OIL TYPE, 2018–2022 (MILLION LITERS)
           TABLE 9 MARKET, BY OIL TYPE, 2023–2030 (MILLION LITERS)
    6.2 MINERAL OIL 
           6.2.1 EASY AVAILABILITY AND LOW-PRICE INDEX TO INCREASE DEMAND FOR MINERAL TRANSFORMER OIL
                    TABLE 10 MINERAL OIL: TRANSFORMERS OIL MARKET, BY SUB-OIL TYPE, 2018–2022 (USD MILLION)
                    TABLE 11 MINERAL OIL: MARKET, BY SUB-OIL TYPE, 2023–2030 (USD MILLION)
                    TABLE 12 MINERAL OIL: MARKET, BY SUB-OIL TYPE, 2018–2022 (MILLION LITERS)
                    TABLE 13 MINERAL OIL: MARKET, BY SUB-OIL TYPE, 2023–2030 (MILLION LITERS)
                    TABLE 14 MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION)
                    TABLE 15 MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION)
                    TABLE 16 MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS)
                    TABLE 17 MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS)
                    TABLE 18 MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 19 MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
           6.2.2 NAPHTHENIC OIL
                    TABLE 20 NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 21 NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
                    6.2.2.1 Naphthenic mineral oil, by inhibition type
                               TABLE 22 NAPHTHENIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION)
                               TABLE 23 NAPHTHENIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION)
                               TABLE 24 NAPHTHENIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS)
                               TABLE 25 NAPHTHENIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS)
                               6.2.2.1.1 Inhibited naphthenic mineral oil
                               TABLE 26 INHIBITED NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 27 INHIBITED NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
                               6.2.2.1.2 Uninhibited naphthenic mineral oil
                    TABLE 28 UNINHIBITED NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 29 UNINHIBITED NAPHTHENIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
           6.2.3 PARAFFINIC OIL
                    TABLE 30 PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 31 PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
                    6.2.3.1 Paraffinic mineral oil, by inhibition type
                               TABLE 32 PARAFFINIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION)
                               TABLE 33 PARAFFINIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION)
                               TABLE 34 PARAFFINIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS)
                               TABLE 35 PARAFFINIC MINERAL OIL: MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS)
                               6.2.3.1.1 Inhibited paraffinic mineral oil
                               TABLE 36 INHIBITED PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 37 INHIBITED PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
                               6.2.3.1.2 Uninhibited paraffinic mineral oil
                               TABLE 38 UNINHIBITED PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 39 UNINHIBITED PARAFFINIC MINERAL OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
    6.3 BIO-BASED OIL 
           6.3.1 RISING ENVIRONMENTAL CONCERNS TO DRIVE DEMAND FOR BIO-BASED OIL
                    TABLE 40 BIO-BASED OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 41 BIO-BASED OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
    6.4 SILICONE OIL 
           6.4.1 NON-REACTIVE AND NON-TOXIC PROPERTIES TO FUEL NEED FOR SILICONE TRANSFORMER OIL
                    TABLE 42 SILICONE OIL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 43 SILICONE OIL: MARKET, BY REGION, 2023–2030 (USD MILLION)
 
7 TRANSFORMER OIL MARKET, BY END USER (Page No. - 99)
    7.1 INTRODUCTION 
           FIGURE 29 MARKET, BY END USER, 2022 (USD MILLION)
           TABLE 44 TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION)
           TABLE 45 MARKET, BY END USER, 2023–2030 (USD MILLION)
           TABLE 46 MARKET, BY END USER, 2018–2022 (MILLION LITERS)
           TABLE 47 MARKET, BY END USER, 2023–2030 (MILLION LITERS)
    7.2 TRANSMISSION & DISTRIBUTION UTILITIES 
           7.2.1 RISING FOCUS ON UPGRADING AGING T&D INFRASTRUCTURE TO FUEL MARKET GROWTH
                    TABLE 48 TRANSMISSION & DISTRIBUTION UTILITIES: TRANSFORMERS OIL MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 49 TRANSMISSION & DISTRIBUTION UTILITIES: MARKET, BY REGION, 2023–2030 (USD MILLION)
    7.3 RAILWAYS & METROS 
           7.3.1 GROWING INVESTMENTS IN RAILWAYS & METROS TO PROPEL DEMAND FOR TRANSFORMER OIL
                    TABLE 50 RAILWAYS & METROS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 51 RAILWAYS & METROS: MARKET, BY REGION, 2023–2030 (USD MILLION)
    7.4 POWER GENERATION UTILITIES 
           7.4.1 INCREASING NEED FOR POWER GENERATION TO DRIVE MARKET
                    TABLE 52 POWER GENERATION UTILITIES: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 53 POWER GENERATION UTILITIES: MARKET, BY REGION, 2023–2030 (USD MILLION)
    7.5 OTHERS 
           TABLE 54 OTHERS: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 55 OTHERS: MARKET, BY REGION, 2023–2030 (USD MILLION)
 
8 TRANSFORMER OIL MARKET, BY APPLICATION (Page No. - 107)
    8.1 INTRODUCTION 
           FIGURE 30 MARKET, BY APPLICATION, 2022 (USD MILLION)
           TABLE 56 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
           TABLE 57 MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
           TABLE 58 MARKET, BY APPLICATION, 2018–2022 (MILLION LITERS)
           TABLE 59 MARKET, BY APPLICATION, 2023–2030 (MILLION LITERS)
    8.2 TRANSFORMER 
           8.2.1 INCREASING INVESTMENTS IN T&D SECTOR TO CREATE DEMAND FOR TRANSFORMERS
                    TABLE 60 TRANSFORMER: MARKET, BY SUB-APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 61 TRANSFORMER: MARKET, BY SUB-APPLICATION, 2023–2030 (USD MILLION)
                    TABLE 62 TRANSFORMER: MARKET, BY SUB-APPLICATION, 2018–2022 (MILLION LITERS)
                    TABLE 63 TRANSFORMER: MARKET, BY SUB-APPLICATION, 2023–2030 (MILLION LITERS)
                    TABLE 64 TRANSFORMER: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 65 TRANSFORMER: MARKET, BY REGION, 2023–2030 (USD MILLION)
           8.2.2 POWER TRANSFORMER
                    TABLE 66 POWER TRANSFORMER: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 67 POWER TRANSFORMER: MARKET, BY REGION, 2023–2030 (USD MILLION)
           8.2.3 DISTRIBUTION TRANSFORMER
                    TABLE 68 DISTRIBUTION TRANSFORMER: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 69 DISTRIBUTION TRANSFORMER: MARKET, BY REGION, 2023–2030 (USD MILLION)
    8.3 REACTOR 
           8.3.1 LONG-TERM INDUSTRIAL GROWTH AND INCREASED DEMAND FOR ENERGY TO BOOST SEGMENTAL GROWTH
                    TABLE 70 REACTOR: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 71 REACTOR: MARKET, BY REGION, 2023–2030 (USD MILLION)
    8.4 SWITCHGEAR 
           8.4.1 INVESTMENTS IN T&D NETWORK EXPANSION TO PROPEL DEMAND FOR OIL-FILLED SWITCHGEAR
                    TABLE 72 SWITCHGEAR: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 73 SWITCHGEAR: MARKET, BY REGION, 2023–2030 (USD MILLION)
 
9 TRANSFORMER OIL MARKET, BY REGION (Page No. - 116)
    9.1 INTRODUCTION 
           FIGURE 31 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           FIGURE 32 MARKET SHARE (VALUE), BY REGION, 2022
           TABLE 74 TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 75 MARKET, BY REGION, 2023–2030 (USD MILLION)
           TABLE 76 MARKET, BY REGION, 2018–2022 (MILLION LITERS)
           TABLE 77 MARKET, BY REGION, 2023–2030 (MILLION LITTERS)
    9.2 ASIA PACIFIC 
           FIGURE 33 ASIA PACIFIC: MARKET SNAPSHOT
           9.2.1 ASIA PACIFIC: RECESSION IMPACT
           9.2.2 BY OIL TYPE
                    TABLE 78 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                    TABLE 79 ASIA PACIFIC: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                    9.2.2.1 Mineral oil - by sub-oil type
                               TABLE 80 ASIA PACIFIC: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 81 ASIA PACIFIC: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                    9.2.2.2 Mineral oil - by inhibition type
                               TABLE 82 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 83 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               9.2.2.2.1 Naphthenic mineral oil - by inhibition type
                               TABLE 84 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 85 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION)
                               9.2.2.2.2 Paraffinic mineral oil - by inhibition type
                               TABLE 86 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 87 ASIA PACIFIC: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION)
           9.2.3 BY APPLICATION
                    TABLE 88 ASIA PACIFIC: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 89 ASIA PACIFIC: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                    9.2.3.1 Transformer - by sub-application
                               TABLE 90 ASIA PACIFIC: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 91 ASIA PACIFIC: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
           9.2.4 BY END USER
                    TABLE 92 ASIA PACIFIC: MARKET, BY END USER, 2018–2022 (USD MILLION)
                    TABLE 93 ASIA PACIFIC: MARKET, BY END USER, 2023–2030 (USD MILLION)
           9.2.5 BY COUNTRY
                    TABLE 94 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                    TABLE 95 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2030 (USD MILLION)
                    TABLE 96 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (MILLION LITTERS)
                    TABLE 97 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2030 (MILLION LITTERS)
                    9.2.5.1 China
                               9.2.5.1.1 Increasing investments in T&D sector to favor market growth
                               TABLE 98 CHINA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 99 CHINA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 100 CHINA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 101 CHINA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 102 CHINA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 103 CHINA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 104 CHINA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 105 CHINA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 106 CHINA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 107 CHINA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.2.5.2 India
                               9.2.5.2.1 Increasing power generation activities to generate demand for transformer oil
                               TABLE 108 INDIA: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 109 INDIA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 110 INDIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 111 INDIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 112 INDIA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 113 INDIA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 114 INDIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 115 INDIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 116 INDIA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 117 INDIA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.2.5.3 Japan
                               9.2.5.3.1 Renovation of grid infrastructure to drive market
                               TABLE 118 JAPAN: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 119 JAPAN: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 120 JAPAN: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 121 JAPAN: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 122 JAPAN: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 123 JAPAN: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 124 JAPAN: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 125 JAPAN: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 126 JAPAN: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 127 JAPAN: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.2.5.4 Australia
                               9.2.5.4.1 Rising construction and mining activities to spur demand for transformer oil
                               TABLE 128 AUSTRALIA: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 129 AUSTRALIA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 130 AUSTRALIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 131 AUSTRALIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 132 AUSTRALIA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 133 AUSTRALIA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 134 AUSTRALIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 135 AUSTRALIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 136 AUSTRALIA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 137 AUSTRALIA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.2.5.5 South Korea
                               9.2.5.5.1 Government initiatives to boost renewable power generation to increase demand for transformer oil
                               TABLE 138 SOUTH KOREA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 139 SOUTH KOREA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 140 SOUTH KOREA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 141 SOUTH KOREA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 142 SOUTH KOREA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 143 SOUTH KOREA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 144 SOUTH KOREA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 145 SOUTH KOREA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 146 SOUTH KOREA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 147 SOUTH KOREA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.2.5.6 Rest of Asia Pacific
                               TABLE 148 REST OF ASIA PACIFIC: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 149 REST OF ASIA PACIFIC: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 150 REST OF ASIA PACIFIC: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 151 REST OF ASIA PACIFIC: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 152 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 153 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 154 REST OF ASIA PACIFIC: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 155 REST OF ASIA PACIFIC: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 156 REST OF ASIA PACIFIC: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 157 REST OF ASIA PACIFIC: MARKET, BY END USER, 2023–2030 (USD MILLION)
    9.3 NORTH AMERICA 
           FIGURE 34 NORTH AMERICA: MARKET SNAPSHOT
           9.3.1 NORTH AMERICA: RECESSION IMPACT
           9.3.2 BY OIL TYPE
                    TABLE 158 NORTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                    TABLE 159 NORTH AMERICA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                    9.3.2.1 Mineral oil - by sub-oil type
                               TABLE 160 NORTH AMERICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 161 NORTH AMERICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                    9.3.2.2 Mineral oil - by inhibition type
                               TABLE 162 NORTH AMERICA: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 163 NORTH AMERICA: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               9.3.2.2.1 Naphthenic mineral oil - by inhibition type
                               TABLE 164 NORTH AMERICA: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 165 NORTH AMERICA: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION)
                               9.3.2.2.2 Paraffinic mineral oil - by inhibition type
                               TABLE 166 NORTH AMERICA: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 167 NORTH AMERICA: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION)
           9.3.3 BY APPLICATION
                    TABLE 168 NORTH AMERICA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 169 NORTH AMERICA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                    9.3.3.1 Transformer - by sub-application
                               TABLE 170 NORTH AMERICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 171 NORTH AMERICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
           9.3.4 BY END USER
                    TABLE 172 NORTH AMERICA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                    TABLE 173 NORTH AMERICA: MARKET, BY END USER, 2023–2030 (USD MILLION)
           9.3.5 BY COUNTRY
                    TABLE 174 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                    TABLE 175 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2030 (USD MILLION)
                    TABLE 176 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (MILLION LITERS)
                    TABLE 177 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2030 (MILLION LITERS)
                    9.3.5.1 US
                               9.3.5.1.1 Upgrades to existing power infrastructure to drive market
                               TABLE 178 US: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 179 US: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 180 US: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 181 US: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 182 US: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 183 US: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 184 US: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 185 US: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 186 US: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 187 US: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.3.5.2 Canada
                               9.3.5.2.1 Expansion of transmission network to propel market
                               TABLE 188 CANADA: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 189 CANADA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 190 CANADA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 191 CANADA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 192 CANADA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 193 CANADA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 194 CANADA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 195 CANADA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 196 CANADA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 197 CANADA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.3.5.3 Mexico
                               9.3.5.3.1 Growth of industrial sector and surging energy requirements to boost market
                               TABLE 198 MEXICO: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 199 MEXICO: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 200 MEXICO: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 201 MEXICO: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 202 MEXICO: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 203 MEXICO: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 204 MEXICO: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 205 MEXICO: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 206 MEXICO: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 207 MEXICO: MARKET, BY END USER, 2023–2030 (USD MILLION)
    9.4 EUROPE 
           9.4.1 EUROPE: RECESSION IMPACT
           9.4.2 BY OIL TYPE
                    TABLE 208 EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                    TABLE 209 EUROPE: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                    9.4.2.1 Mineral oil - by sub-oil type
                               TABLE 210 EUROPE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 211 EUROPE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                    9.4.2.2 Mineral oil - by inhibition type
                               TABLE 212 EUROPE: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 213 EUROPE: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               9.4.2.2.1 Naphthenic mineral oil - by inhibition type
                               TABLE 214 EUROPE: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 215 EUROPE: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION)
                               9.4.2.2.2 Paraffinic mineral oil - by inhibition type
                               TABLE 216 EUROPE: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 217 EUROPE: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION)
           9.4.3 BY APPLICATION
                    TABLE 218 EUROPE: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 219 EUROPE: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                    9.4.3.1 Transformer - by sub-application
                               TABLE 220 EUROPE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 221 EUROPE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
           9.4.4 BY END USER
                    TABLE 222 EUROPE: MARKET, BY END USER, 2018–2022 (USD MILLION)
                    TABLE 223 EUROPE: MARKET, BY END USER, 2023–2030 (USD MILLION)
           9.4.5 BY COUNTRY
                    TABLE 224 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                    TABLE 225 EUROPE: MARKET, BY COUNTRY, 2023–2030 (USD MILLION)
                    TABLE 226 EUROPE: MARKET, BY COUNTRY, 2018–2022 (MILLION LITERS)
                    TABLE 227 EUROPE: MARKET, BY COUNTRY, 2023–2030 (MILLION LITERS)
                    9.4.5.1 UK
                               9.4.5.1.1 Growing investments in renewables to drive market
                               TABLE 228 UK: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 229 UK: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 230 UK: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 231 UK: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 232 UK: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 233 UK: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 234 UK: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 235 UK: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 236 UK: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 237 UK: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.4.5.2 Germany
                               9.4.5.2.1 Expansion of transmission lines to boost demand for transformer oil
                               TABLE 238 GERMANY: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 239 GERMANY: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 240 GERMANY: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 241 GERMANY: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 242 GERMANY: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 243 GERMANY: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 244 GERMANY: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 245 GERMANY: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 246 GERMANY: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 247 GERMANY: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.4.5.3 Russia
                               9.4.5.3.1 Investments in oil & gas sector and government focus on renewable energy production to augment market growth
                               TABLE 248 RUSSIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 249 RUSSIA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 250 RUSSIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 251 RUSSIA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 252 RUSSIA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 253 RUSSIA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 254 RUSSIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 255 RUSSIA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 256 RUSSIA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 257 RUSSIA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.4.5.4 France
                               9.4.5.4.1 Increased adoption of renewable energy to fuel market growth
                               TABLE 258 FRANCE: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 259 FRANCE: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 260 FRANCE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 261 FRANCE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 262 FRANCE: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 263 FRANCE: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 264 FRANCE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 265 FRANCE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 266 FRANCE: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 267 FRANCE: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.4.5.5 Rest of Europe
                               TABLE 268 REST OF EUROPE: MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 269 REST OF EUROPE: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 270 REST OF EUROPE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 271 REST OF EUROPE: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 272 REST OF EUROPE: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 273 REST OF EUROPE: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 274 REST OF EUROPE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 275 REST OF EUROPE: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 276 REST OF EUROPE: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 277 REST OF EUROPE: MARKET, BY END USER, 2023–2030 (USD MILLION)
    9.5 REST OF THE WORLD 
           9.5.1 REST OF THE WORLD: RECESSION IMPACT
           9.5.2 BY OIL TYPE
                    TABLE 278 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                    TABLE 279 REST OF THE WORLD: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                    9.5.2.1 Mineral oil - by sub-oil type
                               TABLE 280 REST OF THE WORLD: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 281 REST OF THE WORLD: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                    9.5.2.2 Mineral oil - by inhibition type
                               TABLE 282 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 283 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               9.5.2.2.1 Naphthenic mineral oil - by inhibition type
                               TABLE 284 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 285 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION)
                               9.5.2.2.2 Paraffinic mineral oil - by inhibition type
                               TABLE 286 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 287 REST OF THE WORLD: MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION)
           9.5.3 BY APPLICATION
                    TABLE 288 REST OF THE WORLD: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 289 REST OF THE WORLD: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                    9.5.3.1 Transformer - by sub-application
                               TABLE 290 REST OF THE WORLD: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 291 REST OF THE WORLD: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
           9.5.4 BY END USER
                    TABLE 292 REST OF THE WORLD: MARKET, BY END USER, 2018–2022 (USD MILLION)
                    TABLE 293 REST OF THE WORLD: MARKET, BY END USER, 2023–2030 (USD MILLION)
           9.5.5 BY REGION
                    TABLE 294 REST OF THE WORLD: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 295 REST OF THE WORLD: MARKET, BY REGION, 2023–2030 (USD MILLION)
                    TABLE 296 REST OF THE WORLD: MARKET, BY REGION, 2018–2022 (MILLION LITTERS)
                    TABLE 297 REST OF THE WORLD: MARKET, BY REGION, 2023–2030 (MILLION LITTERS)
                    9.5.5.1 Middle East
                               9.5.5.1.1 Growing investments in oil & gas industry and infrastructural developments to increase demand for transformer oil
                               TABLE 298 MIDDLE EAST: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 299 MIDDLE EAST: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 300 MIDDLE EAST: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 301 MIDDLE EAST: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 302 MIDDLE EAST: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 303 MIDDLE EAST: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 304 MIDDLE EAST: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 305 MIDDLE EAST: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 306 MIDDLE EAST: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 307 MIDDLE EAST: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.5.5.2 Africa
                               9.5.5.2.1 Focus on reducing blackouts and power outages to fuel demand for transformer oil
                               TABLE 308 AFRICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 309 AFRICA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 310 AFRICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 311 AFRICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 312 AFRICA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                               TABLE 313 AFRICA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 314 AFRICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 315 AFRICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 316 AFRICA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 317 AFRICA: MARKET, BY END USER, 2023–2030 (USD MILLION)
                    9.5.5.3 South America
                               9.5.5.3.1 Growing investments in power generation to enhance market growth
                               TABLE 318 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION)
                               TABLE 319 SOUTH AMERICA: MARKET, BY OIL TYPE, 2023–2030 (USD MILLION)
                               TABLE 320 SOUTH AMERICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION)
                               TABLE 321 SOUTH AMERICA: MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION)
                               TABLE 322 SOUTH AMERICA: MARKET, BY APPLICATION, 2018–2022(USD MILLION)
                               TABLE 323 SOUTH AMERICA: MARKET, BY APPLICATION, 2023–2030 (USD MILLION)
                               TABLE 324 SOUTH AMERICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION)
                               TABLE 325 SOUTH AMERICA: MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION)
                               TABLE 326 SOUTH AMERICA: MARKET, BY END USER, 2018–2022 (USD MILLION)
                               TABLE 327 SOUTH AMERICA: MARKET, BY END USER, 2023–2030 (USD MILLION)
 
10 COMPETITIVE LANDSCAPE (Page No. - 208)
     10.1 OVERVIEW 
               TABLE 328 KEY DEVELOPMENTS IN TRANSFORMER OIL MARKET, 2018–2023
     10.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2022 
               TABLE 329 MARKET: COMPETITIVE ANALYSIS
               FIGURE 35 MARKET SHARE ANALYSIS OF TOP PLAYERS IN TRANSFORMER OIL MARKET, 2022
     10.3 MARKET EVALUATION FRAMEWORK 
               TABLE 330 MARKET EVALUATION FRAMEWORK, 2018–2023
     10.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS, 2018–2022 
               FIGURE 36 SEGMENTAL REVENUE ANALYSIS, 2018–2022
     10.5 COMPETITIVE SCENARIOS & TRENDS 
             10.5.1 DEALS
                       TABLE 331 TRANSFORMERS OIL MARKET: DEALS, 2018–2023
             10.5.2 PRODUCT LAUNCHES & DEVELOPMENTS
                       TABLE 332 TRANSFORMER OIL MARKET: PRODUCT LAUNCHES & DEVELOPMENTS, 2018–2023
     10.6 COMPANY EVALUATION QUADRANT 
             10.6.1 STARS
             10.6.2 EMERGING LEADERS
             10.6.3 PERVASIVE PLAYERS
             10.6.4 PARTICIPANTS
                       FIGURE 37 TRANSFORMER OIL MARKET: COMPANY EVALUATION QUADRANT, 2022
                       TABLE 333 COMPANY OIL-TYPE FOOTPRINT
                       TABLE 334 COMPANY REGION FOOTPRINT
 
11 COMPANY PROFILES (Page No. - 219)
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
     11.1 KEY PLAYERS 
             11.1.1 NYNAS AB
                       TABLE 335 NYNAS AB: BUSINESS OVERVIEW
                       FIGURE 38 NYNAS AB: COMPANY SNAPSHOT
                       TABLE 336 NYNAS AB: PRODUCT LAUNCHES & DEVELOPMENTS
                       TABLE 337 NYNAS AB: OTHERS
             11.1.2 ERGON, INC.
                       TABLE 338 ERGON, INC.: BUSINESS OVERVIEW
                       TABLE 339 ERGON, INC.: PRODUCT LAUNCHES & DEVELOPMENTS
                       TABLE 340 ERGON, INC.: DEALS
                       TABLE 341 ERGON, INC.: OTHERS
             11.1.3 PETROCHINA COMPANY LIMITED
                       TABLE 342 PETROCHINA COMPANY LIMITED: BUSINESS OVERVIEW
                       FIGURE 39 PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT
                       TABLE 343 PETROCHINA COMPANY LIMITED: OTHERS
             11.1.4 APAR INDUSTRIES LIMITED
                       TABLE 344 APAR INDUSTRIES LIMITED: BUSINESS OVERVIEW
                       FIGURE 40 APAR INDUSTRIES LIMITED: COMPANY SNAPSHOT
             11.1.5 SHELL
                       TABLE 345 SHELL: BUSINESS OVERVIEW
                       FIGURE 41 SHELL: COMPANY SNAPSHOT
                       TABLE 346 SHELL: PRODUCT LAUNCHES & DEVELOPMENTS
             11.1.6 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
                       TABLE 347 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: BUSINESS OVERVIEW
                       FIGURE 42 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: COMPANY SNAPSHOT
                       TABLE 348 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: DEALS
             11.1.7 SINOPEC LUBRICANT COMPANY
                       TABLE 349 SINOPEC LUBRICANT COMPANY: BUSINESS OVERVIEW
                       TABLE 350 SINOPEC LUBRICANT COMPANY: OTHERS
             11.1.8 CARGILL, INCORPORATED.
                       TABLE 351 CARGILL, INCORPORATED.: BUSINESS OVERVIEW
                       TABLE 352 CARGILL, INCORPORATED.: DEALS
             11.1.9 EXXON MOBIL CORPORATION
                       TABLE 353 EXXON MOBIL CORPORATION: BUSINESS OVERVIEW
                       FIGURE 43 EXXON MOBIL CORPORATION: COMPANY SNAPSHOT
                       TABLE 354 EXXON MOBIL CORPORATION: OTHERS
             11.1.10 GULF OIL INTERNATIONAL LTD
                       TABLE 355 GULF OIL INTERNATIONAL LTD: BUSINESS OVERVIEW
                       TABLE 356 GULF OIL INTERNATIONAL LTD: DEALS
                       TABLE 357 GULF OIL INTERNATIONAL LTD: OTHERS
             11.1.11 M&I MATERIALS LTD
                       TABLE 358 M&I MATERIALS LTD: BUSINESS OVERVIEW
                       TABLE 359 M&I MATERIALS LTD: PRODUCT LAUNCHES & DEVELOPMENTS
                       TABLE 360 M&I MATERIALS LTD: DEALS
                       TABLE 361 M&I MATERIALS LTD: OTHERS
             11.1.12 PHILLIPS 66 COMPANY
                       TABLE 362 PHILLIPS 66 COMPANY: BUSINESS OVERVIEW
                       FIGURE 44 PHILLIPS 66 COMPANY: COMPANY SNAPSHOT
                       TABLE 363 PHILLIPS 66 COMPANY: DEALS
             11.1.13 DOW
                       TABLE 364 DOW: BUSINESS OVERVIEW
                       FIGURE 45 DOW: COMPANY SNAPSHOT
             11.1.14 REPSOL
                       TABLE 365 REPSOL: BUSINESS OVERVIEW
                       FIGURE 46 REPSOL: COMPANY SNAPSHOT
                       TABLE 366 REPSOL: DEALS
             11.1.15 CHEVRON CORPORATION
                       TABLE 367 CHEVRON CORPORATION: BUSINESS OVERVIEW
                       FIGURE 47 CHEVRON CORPORATION: COMPANY SNAPSHOT
                       TABLE 368 CHEVRON CORPORATION: DEALS
     11.2 OTHER PLAYERS 
             11.2.1 GANDHAR OIL REFINERY (INDIA) LIMITED
             11.2.2 HYDRODEC GROUP PLC
             11.2.3 ENGEN PETROLEUM LIMITED
             11.2.4 LUBRITA
             11.2.5 PETRO-CANADA
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
12 APPENDIX (Page No. - 267)
     12.1 INSIGHTS FROM INDUSTRY EXPERTS 
     12.2 DISCUSSION GUIDE 
     12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     12.4 CUSTOMIZATION OPTIONS 
     12.5 RELATED REPORTS 
     12.6 AUTHOR DETAILS 

The study involved major activities in estimating the current size of the transformer oil market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the transformer oil market involved the use of extensive secondary sources, directories, and databases, such as Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify information useful for a technical, market-oriented, and commercial study of the transformers oil market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The transformer oil market comprises several stakeholders, such as transformer oil manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for transformer oil in generation, transmission, and distribution applications. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Transformer Oil Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the transformer oil market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Transformer Oil Market Size: Top-Down Approach

Transformer Oil Market Size, and Share

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Data Triangulation

After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

Transformer oil is a dielectric fluid used in power transmission systems, mainly for cooling, insulation, stop arcing, and corona discharge, and for heat dispersion in oil-filled electrical equipment, such as transformers, reactors, and switchgear. Transformer oil is also used to preserve a transformer’s core and windings and acts as a barrier between the atmospheric oxygen and transformer components to avoid direct contact, thereby minimizing oxidation

The growth of the transformer oil market during the forecast period can be attributed to the robust investments in the expansion of electric grids across major countries in North America, Europe, Asia Pacific, and the Rest of the World.

Key Stakeholders

  • Transformer oil manufacturers
  • Technicians and repair personnel
  • T&D utilities
  • Companies in the railways & metro industry
  • Industrial sector end users
  • Commercial sector end users
  • Power generation plants
  • Power and energy associations
  • Government and research organizations
  • State and national regulatory authorities
  • Switchgear component manufacturers

Objectives of the Study

  • To define and describe the transformer oil market based on oil type, application, end-user, and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze each segment/subsegment of the transformer oil market with respect to individual growth trends, future expansions, and their contributions to the overall transformers oil market
  • To analyze market opportunities for stakeholders and the competitive landscape for market leaders
  • To forecast the growth of the transformer oil market with respect to four main regions: North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW)
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To analyze competitive developments such as investments & expansions, mergers & acquisitions, new product launches, contracts & agreements, and joint ventures & collaborations in the transformers oil market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

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Company Information

  • Detailed analyses and profiling of additional market players
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