Market Leaders - Transformer Oil Market
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.
The APAC region is estimated to be the largest market for the transformer oils, followed by North America. The APAC region is also projected to be the fastest-growing market during the forecast period. Government initiatives towards the adoption of renewable energy sources, increased investment in T&D and power generation sectors are the factors driving the transformer oil market in the APAC region.
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The transformer oil market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global transformer oil market include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Apar Industries (India), Sinopec Lubricant (China). The major strategy adopted by the players include investments & expansions.
Nynas AB (Sweden) is a global producer and distributor of refined petroleum products. The primary business of Nynas AB is the production of specialty oils such as transformer oils, base oils, rubber oils, process oils, and bitumen for paving and industrial applications. Nynas AB produces both inhibited and uninhibited variants of naphthenic transformer oil. The applications of Nynas AB’s transformer oil include high-voltage distribution and power transformers, switchgears, and circuit breakers. Nynas AB has established its presence in more than 30 countries. The company operates 4 refineries, 32 sales offices, and 47 depots & supply points across the globe. Nynas AB’s major presence is in the European region. The company has been mainly adopting inorganic strategies for enhancing its business operations. For instance, in the year 2020, the company had expanded the capacity at the Perth Amboy depot, located in the US, to accommodate the storage 0f NYTRO 11GBX US transformer oil. The expansion was done as a measure to enhance the service provided to the existing and the potential customers in the North-Eastern US region, Furthermore, the company also expanded the storage capabilities at the Nynäshamn refinery situated in Sweden. Nynas AB recently launched and added the first Bio-based transformer oil to its portfolio, the NYTRO BIO 300X.
Ergon, Inc. (US) is a global oil and gas company engaged in refining and marketing specialty oils, asphalts, thermoplastic resins and petrochemicals. The company conducts its business through 6 segments—Refining & Marketing, Specialty Chemicals, Asphalts & Emulsions, Midstream & Logistics, Oil & Gas, and Construction & Real Estate. Ergon, Inc. offers transformer oils through the Refining & Marketing business segment. This segment makes up the company’s largest business segment. The other products offered through this segment include base oils, process oils, and printing oils. Ergon, Inc. manufactures transformer oil through its subsidiary Ergon Refining, Inc., which is the world’s largest manufacturer of specialty naphthenic products. The company markets and distributes specialty oils in Latin America through Ergon Latin America, LLC. and in Europe, the Middle East, Africa and Asia through Ergon International, Inc. The company has a major operational presence in the North American market and has established its presence in more than 90 countries across the globe. Ergon, Inc. has adopted a mix of organic and inorganic strategies to develop and sustain its business. For instance, the company had launched a new transformer oil, HyVolt C50A. This transformer oil is an Arctic grade transformer fluid that is ideal for customers located in cold-weather regions. Ergon, Inc. recently expanded the storage capacity at the Antwerp terminal to enhance the supply of specialty oils in the European region. The company also added new bulk storage in Ulsan, South Korea, and established a regional office in Singapore to provide enhanced services to the customers, thus expanding its presence into the Asian market. In 2018, the company acquired Resinall Corporation, a thermoplastic resins and polymer manufacturing company. The objective of this acquisition was to leverage the manufacturing capabilities and the customer base of Resinall to support the company’s development into a global market leader in the refining and marketing of specialty products.
Related Reports:
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
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