Transformer Oil Market

Nynas AB (Sweden) and Ergon International (Belgium) are the Leading Players in the Transformer Oil Market

The global transformer oil market is projected to reach USD 3.0 billion by 2025 from an estimated market size of USD 2.2 billion in 2020, at a CAGR of 6.9% during the forecast period. The factors driving the growth for transformer oil are the upgradation of electric grids in developing countries along with the expansion of electric grids due to growing industrialization and urbanization.

Both global and regional players dominate the global power device analyzer market. The leading players in the global power device analyzer market include Nynas AB (Sweden), Ergon International (Belgium), Petrochina Company Limited (China), Apar Industries (India), Sinopec Lubricant (China). The major strategies adopted by the players include investments & expansions, contracts & agreements, mergers & acquisitions, and new product launches. Investments & expansions were the most commonly utilized strategy from January 2014 to March 2020.

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Nynas AB (Sweden) is an oil company that transforms crude oil into high-quality bitumen and naphthenic specialty oil. The company conducts business through its Naphthenic and Bitumen segments. Through the Naphthenic segment, the company offers transformer, base, and tire and rubber oils. The company’s transformer oil is used in a wide range of applications, such as power transformers, distribution transformers, switchgears, and reactors. The Naphthenic segment accounted for 50.8% of the company’s total revenue in 2018. Nynas AB has 20 naphthenic depots and 3 naphthenic hubs, 4 owned refineries, and 3 partner refineries in regions such as Europe, North America, and APAC. The company has a strong global presence with strongholds in Europe. The company uses organic strategies for its growth related to transformer oil. For instance, in February 2020, Nynas AB extended the product reach of NYTRO BIO 300X transformer oil in the Middle East, the world’s first high-performance bio-based transformer hydrocarbon fluid made from renewable sources. NYTRO BIO 300X keeps transformers cool in the hot climate of the Middle East.

Ergon International (Belgium) is a part of Ergon, Inc. and is one of the leading global producers of naphthenic oil. The company conducts business through 4 business segments: HyVolt Insulating Oil, HyPrene Process Oil, HyGold Base Oil, and HyPrint Ink Oil. It offers transformer oil under its HyVolt Insulating Oil segment with an extremely low pour point and high oxidation stability for various applications, such as power and distribution transformers, circuit breakers, and switchgears. Ergon International has a global presence with its strong supply network of specialty naphthenic transformer oils, process oils, and base oils to the Middle East, Europe, Africa, India, and APAC. With a storage terminal in Belgium, Ergon International has a network of licensed distributors located in Eastern Europe and the UAE. The company is adopting organic strategies to enhance its customer base and revenue in the transformer oil market. For instance, in January 2020, Ergon International expanded its naphthenic refinery in Vicksburg, Mississippi, which will help the company grow its business in North America and ensure its longevity of systems and operations.

Related Reports:

Transformer Oil Market by Type (Mineral Oil, Silicone, and Bio-based), Application (Transformer, Switchgear, and Reactor), End-user (Transmission and Distribution, Power Generation, Railways & Metros, and Others), and Region - Global Forecast to 2025

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Report Code
EP 2454
RI Published ON
4/16/2020
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