Transformer Oil Market

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

Report Code: EP 2454 Aug, 2021, by marketsandmarkets.com

[220 Pages Report] The global transformer oil market is projected to reach USD 3.3 billion by 2030 from an estimated market size of USD 1.9 billion in 2021, at a CAGR of 6.5% during the forecast period. The factors driving the growth for transformer oil are the expansion of electric grids in developing countries along with the modernization of electric grids in the developed economies due to growing industrialization and urbanization.

Transformer Oil Market

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COVID-19 Impact on the transformer Oil Market

The COVID-19 pandemic has had a mixed impact on specialty chemical manufacturers. The decline in the prices of crude oil has enabled a majority of transformer oil manufacturers to achieve reduced raw material costs. However, the manufacturers are facing issues related to procurement and logistics due to the supply chain breakdown. Further, the decline in the demand for transformer oils has created increasing storage demand for the transformer oil manufacturers, increasing the cost of production which will have a cascading effect on the selling price of the transformer oil. To adapt to these dynamic market circumstances, the transformer oil manufacturers have adopted various strategies such as enhancing the manufacturing efficiency, expansion of refineries and storage depots, product line extension through new product launches, and other inorganic strategies.

Transformer Oil Market Dynamics

Driver: Expansion of electric grids in APAC region

The estimated investment in T&D systems in 2020 was around USD 250 billion and is expected to grow at a CAGR of 4.15% to reach an investment of ~USD 386 billion by 2030. Asia leads the T&D investment in 2020 by accounting for about 44.5% of the global investment in T&D system. This investment corresponds to grid reinforcement, replacement of old T&D infrastructure, and grid expansion. Further, T&D investment of the Indian subcontinent is projected to grow at a CAGR of 6.72% over the period 2020–2030, representing a major expansion in the electric grid network of the region.

The investments in the expansion of T&D system and grid network by developing economies in the APAC region is to accommodate the potential increase in power demand due to the rapid industrialization and urbanization in the region. The expansion of the grid network and T&D system will result in the installation of new transformer and switchgears, thereby driving the demand for transformer oil.

Restraint: Environmental concerns associated with the usage of mineral-based transformer oil

Naphthenic mineral oil has long been the most preferred transformer oil because of its high efficiency, easy availability, and its useful chemical properties such as good pour point at low temperature and exceptional thermal cooling capacity. Adoption of paraffinic mineral oil had gained traction over the years, owing to its excellent oxidation stability. However, both paraffinic and naphthenic variants of the mineral oil are products of highly refined, purified, and processed petroleum, thus being highly non-biodegradable. The mineral oil is characterized by biodegradability ranging from 0–40% and is sourced from a non-renewable resource. 

The global economies, both the developed and the developing, are transitioning towards adopting green and environmentally friendly technologies. This transition might hinder the adoption of mineral-based transformer oils in the near future, and become a restraint to the mineral oil market over the long run.

Opportunities:  Expansion in cross-border electricity trade

Cross-border electricity trade has gained traction in the recent past and the number of economies participating in the electricity trade has exponentially increased over the years. For instance, the European Union (EU) is planning to strengthen the power grids of individual countries and establish a pan-European grid. Recently, the Indian Energy Exchange (IEX) has proposed to create an integrated South Asian regional power market through cross-border electricity trade involving countries such as Myanmar, Bhutan, Sri Lanka, Bangladesh, and Nepal. These developments are likely to result in the expansion of the grid network and the setting up of new transmission lines, ultimately increasing the demand for transformer and switchgears, and also for transformer oils over the coming years.

Challenges: Fluctuations in crude oil prices

Crude oil is the most important energy resource to conduct economic activities, and the uncertainty in the evolution of crude oil prices have a significant effect on economic stability. Transformer oil is a highly refined, processed, and purified product of crude oil. Therefore, the fluctuations in the price of crude oil will have a direct impact on the transformer oil manufacturers, creating a situation of uncertainty. Crude Oil prices have been constantly fluctuating since the drop in 2014, and the declining trend has continued until 2016. However, prices had witnessed a rising trend in 2017 and 2018, which resulted in higher demand for production enhancement activities. The prices again dipped in 2019 and 2020, with a slight increase in the first quarter of 2021. Because of these situations of uncertainty, brought about by the fluctuation of crude oil prices, the decision to buy crude oil for the right price becomes difficult for the transformer oil manufacturers.

Transformer Oil Market Interconnection

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The mineral oil segment is expected to be the largest segment of the transformer oil market, by type, during the forecast period

The market has been segmented by oil type into mineral oil, silicone and bio-based. The mineral oil segment is expected to have the largest market share and is projected to grow at the highest rate during the forecast period. Mineral oil is mainly used for cooling and insulation purposes in transformers, reactors, and switchgears. It is also used for heat dispersion and to protect the transformer’s internal windings. Mineral oil is further segmented into naphthenic and paraffinic oil, and a majority of the existing and new transformers manufactured use mineral oil as the insulation fluid. The demand for mineral oil is expected to grow during the forecast period because of its low cost index and easy availability compared to other transformer oils.

The transformer segment is expected to be the largest contributor to the transformer oil market, by application, during the forecast period

The market has been segmented by application into transformer, switchgears and reactors. The transformer segment accounted for the largest share of the entire transformer oil market in 2020 and is likely to retain its dominance during the forecast period. Rising electricity requirements due to the exponential increase in the global population have resulted in investments for the expansion of the existing power grids, as well as strengthening of the power infrastructure, in both developed and developing countries. Upgrade and expansion of electric grids due to rising power demands will increase the installation of transformers, which is expected to eventually propel the growth of the transformer segment.

The transmission and distribution is expected to be the fastest-growing market, by end user, during the forecast period

The market has been segmented by end user into transmission and distribution, power generation, and railways & metros. The transmission & distribution segment is projected to be the most significant transformer oil market, by end-user, during the forecast period. It has the largest share of the transformer oil market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.

APAC is expected to dominate the global transformer oil market

APAC was the largest market, for transformer oil market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.

Transformer Oil Market by Region

Key Market Players

The major players in the transformer oil market Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China). Between 2014 and 2021, the companies adopted growth strategies such as Investments and expansions,  partnerships, collaborations, alliances & joint ventures to capture a larger share of the transformer oil market.

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Scope of the Report

Report Metric

Details

Market size available for years

2018–2030

Base year considered

2020

Forecast period

2021–2030

Forecast units

Value (USD)

Segments covered

Oil type, Applications, End User and Region

Geographies covered

North America, Europe, Asia Pacific, and RoW

Companies covered

Royal Dutch Shell (Netherlands), Exxon Mobil Corporation (US), Repsol (Spain), Ergon, Inc. (US), Nynas AB (Sweden), Sinopec Lubricant Company (China), APAR Industries (India), PetroChina Company Limited (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), Calumet Specialty Products Partners, L.P. (US), Sasol (South Africa), Hyrax Oil Sdn Bhd. (Malaysia), San Joaquin Refining Co, (US), Valvoline Cummins (India), and Engen Petroleum Limited (South Africa)

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

On the basis of by oil type, the transformer oil market has been segmented as follows:

  • Mineral oil
    • Naphthenic
      • Inhibited
      • Uninhibited
    • Paraffinic
      • Inhibited
      • Uninhibited
  • Silicone
  • Bio-based

On the basis of by application, the transformer oil market has been segmented as follows:

On the basis of by end user, the transformer oil market has been segmented as follows:

  • Transmission and Distribution
  • Railways & Metros
  • Power generation
  • Others

On the basis of region, the transformer oil market has been segmented as follows:

  • Asia Pacific
  • North America
  • Europe
  • RoW

Recent Developments

  • In May 2021, Cargill, Incorporated. partnered up with Delta Star, Inc. to provide retro-filling services of its Envirotemp range of dielectric fluids to its customers in the Western United States. The agreement designates Delta Star, Inc. as a service center of Cargill, Incorporated. in the Western United States market.
  • In May 2021, The company has partnered with Aevitas, Inc. to bring improved access to premier transformer oil products to the Canadian market. As a result of this partnership, the company’s new arctic grade transformer oil will be distributed exclusively by Aevitas, Inc. across Canada. The new Caltran line of arctic-grade transformer oil offers exceptional low-temperature performance and high oxidation stability, making it ideal for use in cold weather regions such as Canada.
  • In December 2020, Chevron Lubricants and Petrol Ofisi, the marketer of lubricants in Turkey have signed an agreement. As a result of this development, Petrol Ofisi will manufacture and distribute the products of Chevron Lubricants in Turkey, under the Texaco brand. The portfolio includes Chevron Lubricants’ industrial and automotive lubricants.
  • In October 2020, Ergon International, Inc., a division under Ergon Refinery, Inc. has increased the storage capacity at the Antwerp terminal in Belgium. The capacity after the expansion is 39,000 m3. This expansion was done to secure the constant supply of specialty oils to its customers.
  • In September 2020, PetroChina Company Limited had expanded the crude oil processing capacity at the Daqing refinery, situated in the Heilongjiang province, China. The refinery’s capacity was expanded to 10 million tons per annum from 6.5 million tons. The expansion was done as a part of RMB 4.45 billion (USD 651 Million) investment and is likely to result in the additional production of transformer oil.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 30)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
           1.2.1 TRANSFORMER OIL MARKET, BY END USER: INCLUSIONS & EXCLUSIONS
           1.2.2 TRANSFORMER OIL 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
    1.5 LIMITATION
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 36)
    2.1 RESEARCH DATA
           FIGURE 1 TRANSFORMER OIL MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND 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
    2.4 DEMAND-SIDE METRICS
           FIGURE 6 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING  DEMAND FOR TRANSFORMER OIL
           2.4.1 CALCULATION FOR DEMAND-SIDE METRICS
           2.4.2 RESEARCH ASSUMPTIONS FOR DEMAND-SIDE METRICS
    2.5 SUPPLY-SIDE ANALYSIS
           FIGURE 7 KEY STEPS CONSIDERED FOR ASSESSING THE SUPPLY OF TRANSFORMER OIL
           FIGURE 8 TRANSFORMER OIL MARKET: SUPPLY-SIDE ANALYSIS, 2020
           2.5.1 CALCULATIONS FOR SUPPLY-SIDE
           2.5.2 ASSUMPTIONS FOR SUPPLY-SIDE
    2.6 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 46)
    TABLE 1 TRANSFORMER OIL MARKET SNAPSHOT
    FIGURE 9 MINERAL OIL SEGMENT IS EXPECTED TO DOMINATE TRANSFORMER OIL MARKET, BY OIL TYPE, DURING FORECAST PERIOD
    FIGURE 10 TRANSFORMER SEGMENT IS EXPECTED TO DOMINATE TRANSFORMER OIL MARKET, BY APPLICATION, DURING FORECAST PERIOD
    FIGURE 11 T&D IS EXPECTED TO BE THE LARGEST END USER SEGMENT OF TRANSFORMER OIL MARKET, DURING FORECAST PERIOD
    FIGURE 12 ASIA PACIFIC DOMINATED TRANSFORMER OIL MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 50)
    4.1 ATTRACTIVE OPPORTUNITIES IN TRANSFORMER OIL MARKET
           FIGURE 13 GROWING DEMAND FOR BIO-BASED TRANSFORMER OIL DUE TO ENVIRONMENTAL CONCERNS AND INCREASING INVESTMENTS IN HVDC TRANSMISSION SYSTEMS ARE EXPECTED TO DRIVE THE TRANSFORMER OIL MARKET, 2021–2030
    4.2 TRANSFORMER OIL MARKET (VALUE), BY REGION
           FIGURE 14 TRANSFORMER OIL MARKET TO REGISTER THE HIGHEST GROWTH IN ASIA PACIFIC DURING THE FORECAST PERIOD
    4.3 TRANSFORMER OIL MARKET, BY OIL TYPE
           FIGURE 15 MINERAL OIL SEGMENT DOMINATED TRANSFORMER OIL MARKET, BY OIL TYPE, IN 2020
    4.4 TRANSFORMER OIL MARKET, BY APPLICATION
           FIGURE 16 TRANSFORMER SEGMENT DOMINATED TRANSFORMER OIL MARKET, BY APPLICATION, IN 2020
    4.5 TRANSFORMER OIL MARKET, BY END USER
           FIGURE 17 T&D SEGMENT DOMINATED TRANSFORMER OIL MARKET, BY END USER,  IN 2020
    4.6 TRANSFORMER OIL MARKET IN ASIA PACIFIC,  BY OIL TYPE & COUNTRY
           FIGURE 18 MINERAL OIL & CHINA DOMINATED THE ASIA PACIFIC TRANSFORMER OIL MARKET, BY OIL TYPE & COUNTRY, IN 2020

5 MARKET OVERVIEW (Page No. - 54)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 19 COVID-19 GLOBAL PROPAGATION
           FIGURE 20 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.3 ROAD TO RECOVERY
           FIGURE 21 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.4 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 22 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.5 MARKET DYNAMICS
           FIGURE 23 TRANSFORMER OIL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.5.1 DRIVERS
                    5.5.1.1 Expansion of electric grid in APAC region
                               FIGURE 24 GLOBAL T&D INVESTMENT PROJECTION, 2020–2040, (USD BILLION)
                    5.5.1.2 Modernization of electric grids and adoption of smart grids in developed economies
           5.5.2 RESTRAINTS
                    5.5.2.1 Environmental concerns associated with the usage of mineral-based transformer oil
                    5.5.2.2 Increasing demand for dry-type transformers
                    5.5.2.3 Increased intervention from the unorganized sector
           5.5.3 OPPORTUNITIES
                    5.5.3.1 Growing demand for bio-based transformer oil due to environmental concerns
                    5.5.3.2 Expansion in cross-border electricity trade
                    5.5.3.3 Increased investment in HVDC transmission systems
           5.5.4 CHALLENGES
                    5.5.4.1 Fluctuations in crude oil prices
                               FIGURE 25 WEST TEXAS INTERMEDIATE (WTI) CRUDE OIL PRICES,  JANUARY 2018–JULY 2021
    5.6 COVID-19 IMPACT
    5.7 IMPACT OF DEVELOPMENTS IN RENEWABLE ENERGY GROWTH AND CLEAN ENERGY TRANSITION
    5.8 IMPACT OF EV ADOPTION AND EV INFRASTRUCTURE
           FIGURE 26 GLOBAL EV SALES VOLUME, 2019–2020
    5.9 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.9.1 REVENUE SHIFT AND NEW REVENUE POCKETS IN TRANSFORMER OIL MARKET
                    FIGURE 27 REVENUE SHIFT OF TRANSFORMER OIL PROVIDERS
    5.10 AVERAGE PRICING ANALYSIS
            TABLE 2 TRANSFORMER OIL MARKET: PRICING ANALYSIS
    5.11 VALUE CHAIN ANALYSIS
            FIGURE 28 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS
            TABLE 3 TRANSFORMER OIL MARKET: VALUE CHAIN
           5.11.1 RAW MATERIAL SUPPLIERS
           5.11.2 TRANSFORMER OIL MANUFACTURERS
           5.11.3 EQUIPMENT MANUFACTURERS (OEM AND ODM)
           5.11.4 DISTRIBUTORS
           5.11.5 END USERS
    5.12 MARKET MAP
            FIGURE 29 TRANSFORMER OIL: MARKET MAP
    5.13 TECHNOLOGY ANALYSIS
    5.14 TRANSFORMER OIL MARKET: REGULATIONS
    5.15 PORTER’S FIVE FORCES ANALYSIS
            FIGURE 30 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS
            TABLE 4 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.15.1 THREAT OF NEW ENTRANTS
           5.15.2 BARGAINING POWER OF SUPPLIERS
           5.15.3 BARGAINING POWER OF BUYERS
           5.15.4 THREAT OF SUBSTITUTES
           5.15.5 DEGREE OF COMPETITION
    5.16 CASE STUDY ANALYSIS
           5.16.1 TATA POWER’S IMPACTFUL DECISION TO ADDRESS MUMBAI’S POPULATION AND SAFETY CONSTRAINTS TO THE INSTALLATION OF NEW T&D UTILITIES

6 TRANSFORMER OIL MARKET, BY OIL TYPE (Page No. - 74)
    6.1 INTRODUCTION
           FIGURE 31 TRANSFORMER OIL MARKET, BY OIL TYPE, 2020
           TABLE 5 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2030 (USD MILLION)
           TABLE 6 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2030 (MILLION LITERS)
    6.2 MINERAL OIL
           6.2.1 LOW PRICE INDEX & EASY AVAILABILITY TO INCREASE DEMAND FOR MINERAL OIL-BASED TRANSFORMER OIL
                    TABLE 7 TRANSFORMER OIL MARKET FOR MINERAL OIL, BY SUB OIL TYPE, 2018–2030 (USD MILLION)
                    TABLE 8 TRANSFORMER OIL MARKET FOR MINERAL OIL, BY SUB OIL TYPE, 2018–2030 (MILLION LITERS)
                    TABLE 9 TRANSFORMER OIL MARKET FOR MINERAL OIL, BY INHIBITION TYPE, 2018–2030 (USD MILLION)
                    TABLE 10 TRANSFORMER OIL MARKET FOR MINERAL OIL, BY INHIBITION TYPE, 2018–2030 (MILLION LITERS)
                    TABLE 11 TRANSFORMER OIL MARKET FOR MINERAL OIL, BY REGION, 2018–2030 (USD MILLION)
           6.2.2 NAPHTHENIC OIL
                    TABLE 12 TRANSFORMER OIL MARKET FOR NAPHTHENIC MINERAL OIL, BY REGION,  2018–2030 (USD MILLION)
                    6.2.2.1 Inhibition Type (Naphthenic Mineral Oil)
                                TABLE 13 TRANSFORMER OIL MARKET FOR NAPHTHENIC MINERAL OIL, BY INHIBITION TYPE,  2018–2030 (USD MILLION)
                                TABLE 14 TRANSFORMER OIL MARKET FOR NAPHTHENIC MINERAL OIL, BY INHIBITION TYPE,  2018–2030 (MILLION LITERS)
                               6.2.2.1.1 Inhibited Naphthenic Mineral Oil
                                             TABLE 15 TRANSFORMER OIL MARKET FOR INHIBITED NAPHTHENIC MINERAL OIL, BY REGION,  2018–2030 (USD MILLION)
                               6.2.2.1.2 Uninhibited Naphthenic Mineral Oil
                                             TABLE 16 TRANSFORMER OIL MARKET FOR UNINHIBITED NAPHTHENIC MINERAL OIL, BY REGION, 2018–2030 (USD MILLION)
           6.2.3 PARAFFINIC OIL
                    TABLE 17 TRANSFORMER OIL MARKET FOR PARAFFINIC MINERAL OIL, BY REGION,  2018–2030 (USD MILLION)
                    6.2.3.1 Inhibition Type (Paraffinic Mineral Oil)
                                TABLE 18 TRANSFORMER OIL MARKET FOR PARAFFINIC MINERAL OIL, BY INHIBITION TYPE,  2018–2030 (USD MILLION)
                                TABLE 19 TRANSFORMER OIL MARKET FOR PARAFFINIC MINERAL OIL, BY INHIBITION TYPE,  2018–2030 (MILLION LITERS)
                               6.2.3.1.1 Inhibited Paraffinic Mineral Oil
                                             TABLE 20 TRANSFORMER OIL MARKET FOR INHIBITED PARAFFINIC MINERAL OIL, BY REGION,  2018–2030 (USD MILLION)
                               6.2.3.1.2 Uninhibited Paraffinic Mineral Oil
                                             TABLE 21 TRANSFORMER OIL MARKET FOR UNINHIBITED PARAFFINIC MINERAL OIL, BY REGION,  2018–2030 (USD MILLION)
    6.3 BIO-BASED OIL
           6.3.1 RISING ENVIRONMENTAL CONCERNS TO DRIVE MARKET  FOR BIO-BASED OIL
                    TABLE 22 TRANSFORMER OIL MARKET FOR BIO-BASED OIL, BY REGION, 2018–2030 (USD MILLION)
    6.4 SILICONE OIL
           6.4.1 HIGH HEAT RESISTANCE IS EXPECTED TO DRIVE DEMAND FOR SILICONE-BASED TRANSFORMER OIL
                    TABLE 23 TRANSFORMER OIL MARKET FOR SILICONE OIL, BY REGION, 2018–2030 (USD MILLION)

7 TRANSFORMER OIL MARKET, BY APPLICATION (Page No. - 85)
    7.1 INTRODUCTION
           FIGURE 32 TRANSFORMER OIL MARKET, BY APPLICATION, 2020
           TABLE 24 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2030 (USD MILLION)
           TABLE 25 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2030 (MILLION LITERS)
    7.2 TRANSFORMER
           7.2.1 INCREASING INVESTMENTS IN T&D SECTOR TO BOOST THE TRANSFORMER SEGMENT DURING FORECAST PERIOD
                    TABLE 26 TRANSFORMER OIL MARKET FOR TRANSFORMER, BY SUB-APPLICATION,  2018–2030 (USD MILLION)
                    TABLE 27 TRANSFORMER OIL MARKET FOR TRANSFORMER, BY SUB-APPLICATION, 2018–2030 (MILLION LITERS)
                    TABLE 28 TRANSFORMER OIL MARKET FOR TRANSFORMER, BY REGION, 2018–2030 (USD MILLION)
           7.2.2 POWER TRANSFORMER
                    TABLE 29 TRANSFORMER OIL MARKET FOR POWER TRANSFORMER, BY REGION,  2018–2030 (USD MILLION)
           7.2.3 DISTRIBUTION TRANSFORMER
                    TABLE 30 TRANSFORMER OIL MARKET FOR DISTRIBUTION TRANSFORMER, BY REGION,  2018–2030 (USD MILLION)
    7.3 REACTOR
           7.3.1 LONG-TERM INDUSTRIAL GROWTH AND INCREASED DEMAND FOR ENERGY TO BOOST GROWTH OF THE REACTOR SEGMENT
                    TABLE 31 TRANSFORMER OIL MARKET FOR REACTOR, BY REGION, 2018–2030 (USD MILLION)
    7.4 SWITCHGEAR
           7.4.1 RENEWABLE POWER TRANSMISSION AND MEDIUM-VOLTAGE SUB-STATIONS TO DIRECTLY PROPEL DEMAND FOR SWITCHGEAR SEGMENT
                    TABLE 32 TRANSFORMER OIL MARKET FOR SWITCHGEAR, BY REGION, 2018–2030 (USD MILLION)

8 TRANSFORMER OIL MARKET, BY END USER (Page No. - 92)
    8.1 INTRODUCTION
           FIGURE 33 TRANSFORMER OIL MARKET, BY END USER, 2020 (VALUE)
           TABLE 33 TRANSFORMER OIL MARKET, BY END USER, 2018–2030 (USD MILLION)
           TABLE 34 TRANSFORMER OIL MARKET, BY END USER, 2018–2030 (MILLION LITERS)
    8.2 TRANSMISSION AND DISTRIBUTION
           8.2.1 UPGRADING OF AGING T&D INFRASTRUCTURE TO FUEL TRANSFORMER OIL MARKET GROWTH
                    TABLE 35 TRANSFORMER OIL MARKET FOR TRANSMISSION AND DISTRIBUTION, BY REGION,  2018–2030 (USD MILLION)
    8.3 RAILWAYS & METROS
           8.3.1 GROWING INVESTMENTS IN RAILWAYS & METROS LIKELY TO PROPEL DEMAND FOR TRANSFORMER OIL
                    TABLE 36 TRANSFORMER OIL MARKET FOR RAILWAYS & METROS, BY REGION, 2018–2030 (USD MILLION)
    8.4 POWER GENERATION
           8.4.1 RISE IN POWER GENERATION CAPACITY EXPECTED TO DRIVE THE MARKET FOR TRANSFORMER OIL
                    TABLE 37 TRANSFORMER OIL MARKET FOR POWER GENERATION, BY REGION, 2018–2030 (USD MILLION)
    8.5 OTHERS
           TABLE 38 TRANSFORMER OIL MARKET FOR OTHERS, BY REGION, 2018–2030 (USD MILLION)

9 TRANSFORMER OIL MARKET, BY REGION (Page No. - 98)
    9.1 INTRODUCTION
           FIGURE 34 REGIONAL SNAPSHOT: MARKET IN ASIA PACIFIC IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
           FIGURE 35 TRANSFORMER OIL MARKET SHARE (VALUE), BY REGION, 2020
           TABLE 39 TRANSFORMER OIL MARKET, BY REGION, 2018–2030 (USD MILLION)
           TABLE 40 TRANSFORMER OIL MARKET, BY REGION, 2018–2030 (MILLION LITERS)
    9.2 ASIA PACIFIC
           FIGURE 36 ASIA PACIFIC: REGIONAL SNAPSHOT
           9.2.1 BY OIL TYPE
                    TABLE 41 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY OIL TYPE, 2018–2030 (USD MILLION)
                    9.2.1.1 Mineral Oil - By Sub Oil Type
                                TABLE 42 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                    9.2.1.2 Mineral Oil - By Inhibition Type
                                TABLE 43 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY INHIBITION TYPE (MINERAL OIL), 2018–2030 (USD MILLION)
                               9.2.1.2.1 Naphthenic Mineral Oil - By Inhibition Type
                                             TABLE 44 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2030 (USD MILLION)
                               9.2.1.2.2 Paraffinic Mineral Oil - By Inhibition Type
                                             TABLE 45 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2030 (USD MILLION)
           9.2.2 BY APPLICATION
                    TABLE 46 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY APPLICATION, 2018–2030 (USD MILLION)
                    9.2.2.1 Transformer - By Sub-Application
                                TABLE 47 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
           9.2.3 BY END USER
                    TABLE 48 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY END USER, 2018–2030 (USD MILLION)
           9.2.4 BY COUNTRY
                    TABLE 49 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2030 (USD MILLION)
                    TABLE 50 TRANSFORMER OIL MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2030 (MILLION LITERS)
                    9.2.4.1 China
                               9.2.4.1.1 Long term industrial growth and increasing investments in T&D sector expected to drive China’s transformer oil market
                                             TABLE 51 TRANSFORMER OIL MARKET IN CHINA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 52 TRANSFORMER OIL MARKET IN CHINA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 53 TRANSFORMER OIL MARKET IN CHINA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 54 TRANSFORMER OIL MARKET IN CHINA, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 55 TRANSFORMER OIL MARKET IN CHINA, BY END USER, 2018–2030 (USD MILLION)
                    9.2.4.2 India
                               9.2.4.2.1 Increased demand for electricity and increasing investments in power generation to drive India’s transformer oil market
                                             TABLE 56 TRANSFORMER OIL MARKET IN INDIA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 57 TRANSFORMER OIL MARKET IN INDIA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 58 TRANSFORMER OIL MARKET IN INDIA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 59 TRANSFORMER OIL MARKET IN INDIA, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 60 TRANSFORMER OIL MARKET IN INDIA, BY END USER, 2018–2030 (USD MILLION)
                    9.2.4.3 Japan
                               9.2.4.3.1 Renovation of grid infrastructure to drive Japan’s market for transformer oil
                                             TABLE 61 TRANSFORMER OIL MARKET IN JAPAN, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 62 TRANSFORMER OIL MARKET IN JAPAN, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 63 TRANSFORMER OIL MARKET IN JAPAN, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 64 TRANSFORMER OIL MARKET IN JAPAN, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 65 TRANSFORMER OIL MARKET IN JAPAN, BY END USER, 2018–2030 (USD MILLION)
                    9.2.4.4 Australia
                               9.2.4.4.1 Rapid industrialization with rising construction & mining activities expected to boost Australia’s demand for transformer oil
                                             TABLE 66 TRANSFORMER OIL MARKET IN AUSTRALIA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 67 TRANSFORMER OIL MARKET IN AUSTRALIA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 68 TRANSFORMER OIL MARKET IN AUSTRALIA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 69 TRANSFORMER OIL MARKET IN AUSTRALIA, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                             TABLE 70 TRANSFORMER OIL MARKET IN AUSTRALIA, BY END USER, 2018–2030 (USD MILLION)
                    9.2.4.5 South Korea
                               9.2.4.5.1 Government initiatives toward renewable power generation expected to increase South Korea’s demand for transformer oil
                                             TABLE 71 TRANSFORMER OIL MARKET IN SOUTH KOREA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 72 TRANSFORMER OIL MARKET IN SOUTH KOREA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 73 TRANSFORMER OIL MARKET IN SOUTH KOREA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 74 TRANSFORMER OIL MARKET IN SOUTH KOREA, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                             TABLE 75 TRANSFORMER OIL MARKET IN SOUTH KOREA, BY END USER, 2018–2030 (USD MILLION)
                    9.2.4.6 Rest of Asia Pacific
                                TABLE 76 TRANSFORMER OIL MARKET IN REST OF ASIA PACIFIC, BY OIL TYPE, 2018–2030 (USD MILLION)
                                TABLE 77 TRANSFORMER OIL MARKET IN REST OF ASIA PACIFIC, BY SUB OIL TYPE (MINERAL OIL), 2018–2030 (USD MILLION)
                                TABLE 78 TRANSFORMER OIL MARKET IN REST OF ASIA PACIFIC, BY APPLICATION,  2018–2030 (USD MILLION)
                                TABLE 79 TRANSFORMER OIL MARKET IN REST OF ASIA PACIFIC, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                TABLE 80 TRANSFORMER OIL MARKET IN REST OF ASIA PACIFIC, BY END USER, 2018–2030 (USD MILLION)
    9.3 NORTH AMERICA
           FIGURE 37 NORTH AMERICA: REGIONAL SNAPSHOT
           9.3.1 BY OIL TYPE
                    TABLE 81 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY OIL TYPE, 2018–2030 (USD MILLION)
                    9.3.1.1 Mineral Oil - By Sub Oil Type
                                TABLE 82 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                    9.3.1.2 Mineral Oil - By Inhibition Type
                                TABLE 83 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY INHIBITION TYPE (MINERAL OIL), 2018–2030 (USD MILLION)
                               9.3.1.2.1 Naphthenic Mineral Oil - By Inhibition Type
                                             TABLE 84 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2030 (USD MILLION)
                               9.3.1.2.2 Paraffinic Mineral Oil - By Inhibition Type
                                             TABLE 85 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2030 (USD MILLION)
           9.3.2 BY APPLICATION
                    TABLE 86 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY APPLICATION, 2018–2030 (USD MILLION)
                    9.3.2.1 Transformer - By Sub-Application
                                TABLE 87 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
           9.3.3 BY END USER
                    TABLE 88 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY END USER, 2018–2030 (USD MILLION)
           9.3.4 BY COUNTRY
                    TABLE 89 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2030 (USD MILLION)
                    TABLE 90 TRANSFORMER OIL MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2030 (MILLION LITERS)
                    9.3.4.1 US
                               9.3.4.1.1 Upgrades to the existing power infrastructure expected to drive the US transformer oil market
                                             TABLE 91 TRANSFORMER OIL MARKET IN US, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 92 TRANSFORMER OIL MARKET IN US, BY SUB OIL TYPE (MINERAL OIL), 2018–2030 (USD MILLION)
                                             TABLE 93 TRANSFORMER OIL MARKET IN US, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 94 TRANSFORMER OIL MARKET IN US, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 95 TRANSFORMER OIL MARKET IN US, BY END USER, 2018–2030 (USD MILLION)
                    9.3.4.2 Canada
                               9.3.4.2.1 Growing demand for replacement of aging electricity infrastructure expected to drive the Canadian transformer oil market
                                             TABLE 96 TRANSFORMER OIL MARKET IN CANADA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 97 TRANSFORMER OIL MARKET IN CANADA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 98 TRANSFORMER OIL MARKET IN CANADA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 99 TRANSFORMER OIL MARKET IN CANADA, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 100 TRANSFORMER OIL MARKET IN CANADA, BY END USER, 2018–2030 (USD MILLION)
                    9.3.4.3 Mexico
                               9.3.4.3.1 Growth of industrial sector and energy requirements are expected to boost the Mexican transformer oil market
                                             TABLE 101 TRANSFORMER OIL MARKET IN MEXICO, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 102 TRANSFORMER OIL MARKET IN MEXICO, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 103 TRANSFORMER OIL MARKET IN MEXICO, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 104 TRANSFORMER OIL MARKET IN MEXICO, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 105 TRANSFORMER OIL MARKET IN MEXICO, BY END USER, 2018–2030 (USD MILLION)
    9.4 EUROPE
           9.4.1 BY OIL TYPE
                    TABLE 106 TRANSFORMER OIL MARKET IN EUROPE, BY OIL TYPE, 2018–2030 (USD MILLION)
                    9.4.1.1 Mineral Oil - By Sub Oil Type
                                TABLE 107 TRANSFORMER OIL MARKET IN EUROPE, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                    9.4.1.2 Mineral Oil - By Inhibition Type
                                TABLE 108 TRANSFORMER OIL MARKET IN EUROPE, BY INHIBITION TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                               9.4.1.2.1 Naphthenic Mineral Oil - By Inhibition Type
                                             TABLE 109 TRANSFORMER OIL MARKET IN EUROPE, BY INHIBITION TYPE (NAPHTHENIC  MINERAL OIL), 2018–2030 (USD MILLION)
                               9.4.1.2.2 Paraffinic Mineral Oil - By Inhibition Type
                                             TABLE 110 TRANSFORMER OIL MARKET IN EUROPE, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2030 (USD MILLION)
           9.4.2 BY APPLICATION
                    TABLE 111 TRANSFORMER OIL MARKET IN EUROPE, BY APPLICATION, 2018–2030 (USD MILLION)
                    9.4.2.1 Transformer - By Sub-Application
                                TABLE 112 TRANSFORMER OIL MARKET IN EUROPE, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
           9.4.3 BY END USER
                    TABLE 113 TRANSFORMER OIL MARKET IN EUROPE, BY END USER, 2018–2030 (USD MILLION)
           9.4.4 BY COUNTRY
                    TABLE 114 TRANSFORMER OIL MARKET IN EUROPE, BY COUNTRY, 2018–2030 (USD MILLION)
                    TABLE 115 TRANSFORMER OIL MARKET IN EUROPE, BY COUNTRY, 2018–2030 (MILLION LITERS)
                    9.4.4.1 UK
                               9.4.4.1.1 Increasing investments in renewables and high industrialization expected to drive UK’s transformer oil market
                                             TABLE 116 TRANSFORMER OIL MARKET IN UK, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 117 TRANSFORMER OIL MARKET IN UK, BY SUB OIL TYPE (MINERAL OIL), 2018–2030 (USD MILLION)
                                             TABLE 118 TRANSFORMER OIL MARKET IN UK, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 119 TRANSFORMER OIL MARKET IN UK, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 120 TRANSFORMER OIL MARKET IN UK, BY END USER, 2018–2030 (USD MILLION)
                    9.4.4.2 Germany
                               9.4.4.2.1 Growth in renewable sector & construction sector is expected to boost Germany’s transformer oil market
                                             TABLE 121 TRANSFORMER OIL MARKET IN GERMANY, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 122 TRANSFORMER OIL MARKET IN GERMANY, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 123 TRANSFORMER OIL MARKET IN GERMANY, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 124 TRANSFORMER OIL MARKET IN GERMANY, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 125 TRANSFORMER OIL MARKET IN GERMANY, BY END USER, 2018–2030 (USD MILLION)
                    9.4.4.3 Russia
                               9.4.4.3.1 Investment in oil & gas sector and Government’s focus on renewable energy to boost Russia’s transformer oil market growth
                                             TABLE 126 TRANSFORMER OIL MARKET IN RUSSIA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 127 TRANSFORMER OIL MARKET IN RUSSIA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 128 TRANSFORMER OIL MARKET IN RUSSIA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 129 TRANSFORMER OIL MARKET IN RUSSIA, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 130 TRANSFORMER OIL MARKET IN RUSSIA, BY END USER, 2018–2030 (USD MILLION)
                    9.4.4.4 France
                               9.4.4.4.1 Increased demand for power generation systems owing to growth in adoption of renewable energy to fuel the growth of transformer oil market in France
                                             TABLE 131 TRANSFORMER OIL MARKET IN FRANCE, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 132 TRANSFORMER OIL MARKET IN FRANCE, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 133 TRANSFORMER OIL MARKET IN FRANCE, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 134 TRANSFORMER OIL MARKET IN FRANCE, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 135 TRANSFORMER OIL MARKET IN FRANCE, BY END USER, 2018–2030 (USD MILLION)
                    9.4.4.5 Rest of Europe
                                TABLE 136 TRANSFORMER OIL MARKET IN REST OF EUROPE, BY OIL TYPE, 2018–2030 (USD MILLION)
                                TABLE 137 TRANSFORMER OIL MARKET IN REST OF EUROPE, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                TABLE 138 TRANSFORMER OIL MARKET IN REST OF EUROPE, BY APPLICATION, 2018–2030 (USD MILLION)
                                TABLE 139 TRANSFORMER OIL MARKET IN REST OF EUROPE, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                TABLE 140 TRANSFORMER OIL MARKET IN REST OF EUROPE, BY END USER, 2018–2030 (USD MILLION)
    9.5 ROW
           9.5.1 BY OIL TYPE
                    TABLE 141 TRANSFORMER OIL MARKET IN ROW, BY OIL TYPE, 2018–2030 (USD MILLION)
                    9.5.1.1 Mineral Oil - By Sub Oil Type
                                TABLE 142 TRANSFORMER OIL MARKET IN ROW, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                    9.5.1.2 Mineral Oil - By Inhibition Type
                                TABLE 143 TRANSFORMER OIL MARKET IN ROW, BY INHIBITION TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                               9.5.1.2.1 Naphthenic Mineral Oil - By Inhibition Type
                                             TABLE 144 TRANSFORMER OIL MARKET IN ROW, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2030 (USD MILLION)
                               9.5.1.2.2 Paraffinic Mineral Oil - By Inhibition Type
                                             TABLE 145 TRANSFORMER OIL MARKET IN ROW, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2030 (USD MILLION)
           9.5.2 BY APPLICATION
                    TABLE 146 TRANSFORMER OIL MARKET IN ROW, BY APPLICATION, 2018–2030 (USD MILLION)
                    9.5.2.1 Transformer - By Sub-Application
                                TABLE 147 TRANSFORMER OIL MARKET IN ROW, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
           9.5.3 BY END USER
                    TABLE 148 TRANSFORMER OIL MARKET IN ROW, BY END USER, 2018–2030 (USD MILLION)
           9.5.4 BY COUNTRY
                    TABLE 149 TRANSFORMER OIL MARKET IN ROW, BY COUNTRY, 2018–2030 (USD MILLION)
                    TABLE 150 TRANSFORMER OIL MARKET IN ROW, BY COUNTRY, 2018–2030 (MILLION LITERS)
                    9.5.4.1 Middle East
                               9.5.4.1.1 Growing investments in oil & gas industry and investments for infrastructural developments to increase demand for transformer oil in the Middle East
                                             TABLE 151 TRANSFORMER OIL MARKET IN MIDDLE EAST, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 152 TRANSFORMER OIL MARKET IN MIDDLE EAST, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 153 TRANSFORMER OIL MARKET IN MIDDLE EAST, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 154 TRANSFORMER OIL MARKET IN MIDDLE EAST, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                             TABLE 155 TRANSFORMER OIL MARKET IN MIDDLE EAST, BY END USER, 2018–2030 (USD MILLION)
                    9.5.4.2 Africa
                               9.5.4.2.1 Need to avoid black outs and power outages is expected to drive the African transformer oil market
                                             TABLE 156 TRANSFORMER OIL MARKET IN AFRICA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 157 TRANSFORMER OIL MARKET IN AFRICA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 158 TRANSFORMER OIL MARKET IN AFRICA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 159 TRANSFORMER OIL MARKET IN AFRICA, BY SUB-APPLICATION (TRANSFORMER),  2018–2030 (USD MILLION)
                                             TABLE 160 TRANSFORMER OIL MARKET IN AFRICA, BY END USER, 2018–2030 (USD MILLION)
                    9.5.4.3 South America
                               9.5.4.3.1 Growing investments in power generation capacity expected to drive the South American market for transformer oil
                                             TABLE 161 TRANSFORMER OIL MARKET IN SOUTH AMERICA, BY OIL TYPE, 2018–2030 (USD MILLION)
                                             TABLE 162 TRANSFORMER OIL MARKET IN SOUTH AMERICA, BY SUB OIL TYPE (MINERAL OIL),  2018–2030 (USD MILLION)
                                             TABLE 163 TRANSFORMER OIL MARKET IN SOUTH AMERICA, BY APPLICATION, 2018–2030 (USD MILLION)
                                             TABLE 164 TRANSFORMER OIL MARKET IN SOUTH AMERICA, BY SUB-APPLICATION (TRANSFORMER), 2018–2030 (USD MILLION)
                                             TABLE 165 TRANSFORMER OIL MARKET IN SOUTH AMERICA, BY END USER, 2018–2030 (USD MILLION)

10 COMPETITIVE LANDSCAPE (Page No. - 152)
     10.1 OVERVIEW
             FIGURE 38 KEY DEVELOPMENTS IN THE TRANSFORMER OIL MARKET, 2014 TO 2021
     10.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2020
             TABLE 166 TRANSFORMER OIL MARKET: COMPETITIVE ANALYSIS
             FIGURE 39 SHARE ANALYSIS OF TOP PLAYERS IN TRANSFORMER OIL MARKET, 2020
     10.3 MARKET EVALUATION FRAMEWORK
             TABLE 167 MARKET EVALUATION FRAMEWORK, 2014–2021
     10.4 REVENUE ANALYSIS OF TOP 3 MARKET PLAYERS
             FIGURE 40 TOP PLAYERS DOMINATED THE MARKET IN THE LAST 5 YEARS
     10.5 RECENT DEVELOPMENTS
             10.5.1 DEALS
                        10.5.1.1 Transformer Oil Market: Deals,2014–2021
             10.5.2 OTHERS
                        10.5.2.1 Transformer Oil Market: Others,2014–2021
     10.6 COMPETITIVE LEADERSHIP MAPPING
             10.6.1 STAR
             10.6.2 EMERGING LEADER
             10.6.3 PERVASIVE
             10.6.4 PARTICIPANT
                       FIGURE 41 TRANSFORMER OIL MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020
                       TABLE 168 COMPANY PRODUCT FOOTPRINT
                       TABLE 169 COMPANY REGION FOOTPRINT

11 COMPANY PROFILES (Page No. - 164)
(Business overview, Products offered, Recent Developments, MNM view)*
     11.1 KEY COMPANIES
             11.1.1 NYNAS AB
                       TABLE 170 NYNAS AB: BUSINESS OVERVIEW
                       FIGURE 42 NYNAS AB: COMPANY SNAPSHOT
             11.1.2 ERGON, INC.
                       TABLE 171 ERGON, INC.: BUSINESS OVERVIEW
             11.1.3 PETROCHINA COMPANY LIMITED
                       TABLE 172 PETROCHINA COMPANY LIMITED: BUSINESS OVERVIEW
                       FIGURE 43 PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT
             11.1.4 APAR INDUSTRIES
                       TABLE 173 APAR INDUSTRIES: BUSINESS OVERVIEW
                       FIGURE 44 APAR INDUSTRIES: COMPANY SNAPSHOT
             11.1.5 SINOPEC LUBRICANT COMPANY
                       TABLE 174 SINOPEC LUBRICANT COMPANY: BUSINESS OVERVIEW
             11.1.6 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
                       TABLE 175 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: BUSINESS OVERVIEW
                       FIGURE 45 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: COMPANY SNAPSHOT
             11.1.7 CARGILL, INCORPORATED.
                       TABLE 176 CARGILL, INCORPORATED.: BUSINESS OVERVIEW
             11.1.8 EXXON MOBIL CORPORATION
                       TABLE 177 EXXON MOBIL CORPORATION: BUSINESS OVERVIEW
                       FIGURE 46 EXXON MOBIL CORPORATION: COMPANY SNAPSHOT
             11.1.9 ROYAL DUTCH SHELL
                       TABLE 178 ROYAL DUTCH SHELL: BUSINESS OVERVIEW
                       FIGURE 47 ROYAL DUTCH SHELL: COMPANY SNAPSHOT
             11.1.10 GULF OIL INTERNATIONAL LTD
                       TABLE 179 GULF OIL INTERNATIONAL LTD: BUSINESS OVERVIEW
             11.1.11 M&I MATERIALS LTD
                       TABLE 180 M&I MATERIALS LIMITED: BUSINESS OVERVIEW
             11.1.12 PHILLIPS 66 COMPANY
                       TABLE 181 PHILLIPS 66 COMPANY: BUSINESS OVERVIEW
                       FIGURE 48 PHILLIPS 66 COMPANY: COMPANY SNAPSHOT
             11.1.13 DOW
                       TABLE 182 DOW: BUSINESS OVERVIEW
                       FIGURE 49 DOW: COMPANY SNAPSHOT
             11.1.14 REPSOL
                       TABLE 183 REPSOL: BUSINESS OVERVIEW
                       FIGURE 50 REPSOL: COMPANY SNAPSHOT
             11.1.15 CHEVRON CORPORATION
                       TABLE 184 CHEVRON CORPORATION: BUSINESS OVERVIEW
                       FIGURE 51 CHEVRON CORPORATION: COMPANY SNAPSHOT
     11.2 OTHER PLAYERS
             11.2.1 GANDHAR OIL
             11.2.2 HYDRODEC GROUP PLC
             11.2.3 ENGEN PETROLEUM LIMITED
             11.2.4 VALVOLINE CUMMINS
             11.2.5 PETRO-CANADA

*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.

12 APPENDIX (Page No. - 212)
     12.1 INSIGHTS OF INDUSTRY EXPERTS
     12.2 DISCUSSION GUIDE
     12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     12.4 AVAILABLE CUSTOMIZATIONS
     12.5 RELATED REPORTS
     12.6 AUTHOR DETAILS

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

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as Transmission & Distribution data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and power generation journal to identify and collect information useful for a technical, market-oriented, and commercial study of the transformer 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 companies related to the industry, consulting companies in the T&D sector, oil companies, government & research organizations, organizations, forums, alliances & associations, transformer oil providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by increased investment in the T&D sector. The supply side is characterized by investments & expansion and partnerships & collaborations among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

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 have been used to estimate and validate the size of the global transformer oil market and its dependent submarkets. These methods were also extensively used 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 shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through 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, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the transformer oil market.

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 segments/subsegment of the transformer oil market with respect to individual growth trends, future expansions, and their contributions to the overall transformer 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 respective market share and core competencies
  • To analyze competitive developments such as investments & expansions, mergers & acquisitions, new product launches, contracts & agreements, and joint ventures & collaborations in the transformer oil market

Available Customizations:

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

Company Information

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players 
COVID-19

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Report Code
EP 2454
Published ON
Aug, 2021
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