トランスフォーマーオイルの市場:オイルタイプ(鉱物性(ナフテン系、パラフィン系)、シリコン、バイオベース)、用途(トランス、スイッチギア、リアクター)、エンドユーザー(送電・配電、発電、鉄道・メトロ)、地域別 - 2030年までの世界予測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 トランスオイルの世界市場は、2023年の20億米ドルから2030年には30億米ドルに成長すると予測されており、予測期間中のCAGRは5.9%を記録すると予想されています。トランスオイル市場の成長は、工業化と都市化の進... もっと見る
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サマリートランスオイルの世界市場は、2023年の20億米ドルから2030年には30億米ドルに成長すると予測されており、予測期間中のCAGRは5.9%を記録すると予想されています。トランスオイル市場の成長は、工業化と都市化の進展による先進国での電力網の近代化とともに、発展途上国での電力網の強化に起因しています。"ミネラルオイル":変圧器用オイル市場の最大セグメント、オイルタイプ別 " 油種に基づき、トランスオイル市場は、ミネラルオイル、シリコーンオイル、バイオベースオイルの3種類に分類されています。鉱油は、さらにナフテン系とパラフィン系に分類される。鉱油の成長は、他のトランスオイルに比べて便利なコストと入手のしやすさに起因しています。既存および新規の変圧器の大部分は、絶縁油として鉱油を使用しており、これが変圧器油市場の鉱油セグメントの成長を後押ししています。また、鉱油は冷却性に優れており、トランスのコアから熱を放散させ、過熱を防ぐことができるため、鉱油分野の成長を後押ししています。 "用途別ではトランスフォーマーセグメントが最大となる見込み" 用途別では、トランスフォーマーオイル市場は、変圧器、スイッチギア、リアクターに区分されています。発展途上国における発電需要の増加による変電所の増加は、変圧器分野の成長を促進する主な要因の1つです。変圧器は、発電、鉄道・地下鉄、電力会社など、さまざまな産業に対応し、安定した信頼性の高い電力供給を実現するため、変圧器オイル市場における同分野の成長を後押ししています。予測期間中、アジア太平洋地域は、変圧器用アプリケーションセグメント内の変圧器用オイル市場をリードすると推定されます。 "エンドユーザー別では、送電・配電セグメントが予測期間中に市場をリードすると予想される" エンドユーザーに基づき、トランスオイル市場は、予測期間中、送配電、発電、鉄道・メトロ、その他に区分されます。送配電部門は、電力需要の増加に対応するために送配電網の拡張と近代化に多額の投資を行っており、予測期間中、トランスオイル市場をリードすると予想されます。送配電網の拡張は、冷却と絶縁のために電力変圧器に組み込まれるトランスオイルの需要を生み出し、最終的にトランスオイルの市場成長を促進することになるでしょう。 北米はトランスオイル市場で2番目に大きな地域になると予想される 北米は、予測期間中、トランスオイル市場で2番目に大きな地域になると予想されています。信頼性の高い電力への需要の高まりと、老朽化したインフラを改善するためのT&D部門への投資により、変圧器への要求が高まり、北米の変圧器オイルの需要を押し上げると予想されます。さらに、カナダの送電網の拡張は、トランスオイル市場の成長に重要な役割を果たします。このため、送電網のインフラを拡張・改善するための投資が増加しており、同地域のトランスオイルのプロバイダーに十分な機会を提供するものと期待されています。 プライマリーの内訳 主要な業界関係者、専門家、主要な市場関係者のCレベル幹部、業界コンサルタントなどの専門家に詳細なインタビューを行い、重要な定性・定量情報を入手・検証し、将来の市場見通しを評価しています。一次インタビューの分布は以下の通りです: 企業タイプ別ティア1- 55%、ティア2- 25%、ティア3- 20 役職別C-レベル:35%、ディレクターレベル:30%、その他:35%。 地域別欧州35%、北米25%、アジア太平洋25%、RoW-15 注)その他には、セールスマネージャー、エンジニア、リージョナルマネージャーが含まれます。 注:企業の階層は、2022年時点の総収益に基づいて定義されています。ティア1:>10億米ドル、ティア2:5億米ドルから10億米ドル、ティア3:<5億米ドル トランスオイル市場は、幅広い地域で存在感を発揮する少数の主要プレーヤーによって支配されています。トランスオイル市場の主要プレーヤーは、Nynas AB(スウェーデン)、Ergon, Inc.(米国)、PetroChina Company Limited(中国)、Shell(英国)、APAR Industries Limited(インド)、Calumet Specialty Products Partners, L.P. (米国)です。各社が採用した主な戦略には、新製品の発売、投資と拡張が含まれます。 調査範囲 本レポートでは、世界のトランスオイル市場をオイルタイプ、エンドユーザー、アプリケーション、地域別に定義、説明、予測しています。また、市場の詳細な質的・量的分析も行っています。主要な市場促進要因、阻害要因、機会、課題などを包括的にレビューしています。また、市場の様々な重要な側面もカバーしています。これらには、競争環境、市場力学、金額ベースの市場推定、トランスオイル市場の将来動向の分析が含まれます。 本レポートを購入する主なメリット - 電力需要の増加に伴う送電網の近代化プロジェクトに対する投資の増加は、トランスオイル市場を牽引する主な要因である。トランスオイルは生分解性がないため、鉱油を採用することによる環境への懸念が依然として市場を抑制しています。老朽化した送電網インフラの更新や、特にアジア太平洋地域における環境問題への関心の高まりによるバイオベースのトランスオイルの需要増は、トランスオイル市場の成長機会を提供しています。しかし、トランスオイルは原油の精製・加工品であり、原油価格の変動がトランスオイル市場に大きな課題をもたらしています。 - 製品開発/イノベーション:トランスオイル市場は、再生可能エネルギーへの需要の高まりを背景に、大幅な製品開発と技術革新が行われています。企業は、送電網のインフラから排出される二酸化炭素を削減し、再生可能なエネルギー源を促進するために特別に設計されたバイオベースオイルなどの高度なトランスオイルの開発に投資しています。これらのオイルは生物学的に分解可能で、主に植物油と酸化防止剤で構成されており、変圧器の動作効率を高め、環境への影響を低減します。 - 市場の発展:電力網のインフラにおいて、再生可能エネルギー源の重要性はますます高まっています。再生可能エネルギーには、太陽光、風力、水力、地熱、バイオマスなどのソースが含まれます。このため、太陽エネルギーや風力タービン用変圧器、通常は生分解性オイルフィルド変圧器の開発が進んでいる。 - 市場の多様化:Ergon, Inc.は、極寒の気候条件に耐えるように設計されたアークティックグレードのトランスオイル、HyVolt C50Aを発表しました。HyVolt C50Aは、酸化安定性、高い絶縁耐力、冷却特性を備えています。 競合他社の評価:トランスオイル市場におけるNynas AB(スウェーデン)、Ergon, Inc.(米国)、PetroChina Company Limited(中国)、Shell(英国)、APAR Industries Limited(インド)、Calumet Specialty Products Partners, L.P. (米国)などの主要企業の市場シェア、成長戦略、サービス提供について詳細に評価しています。 目次1 INTRODUCTION 431.1 STUDY OBJECTIVES 43 1.2 MARKET DEFINITION 43 1.2.1 TRANSFORMER OIL MARKET, BY END USER: INCLUSIONS & EXCLUSIONS 44 1.2.2 TRANSFORMER OIL MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS 44 1.3 MARKET SCOPE 45 1.3.1 MARKETS COVERED 45 1.3.2 REGIONAL SCOPE 45 1.3.3 YEARS CONSIDERED 46 1.4 CURRENCY CONSIDERED 46 1.5 LIMITATIONS 46 1.6 STAKEHOLDERS 47 1.7 SUMMARY OF CHANGES 47 1.8 IMPACT OF RECESSION 48 2 RESEARCH METHODOLOGY 49 2.1 RESEARCH DATA 49 FIGURE 1 TRANSFORMER OIL MARKET: RESEARCH DESIGN 49 2.2 MARKET BREAKDOWN & DATA TRIANGULATION 50 FIGURE 2 DATA TRIANGULATION METHODOLOGY 50 2.2.1 SECONDARY DATA 51 2.2.1.1 Key data from secondary sources 51 2.2.2 PRIMARY DATA 52 2.2.2.1 Key industry insights 52 2.2.2.2 Breakdown of primaries 52 FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION 53 2.3 MARKET SIZE ESTIMATION 53 2.3.1 BOTTOM-UP APPROACH 54 FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 54 2.3.2 TOP-DOWN APPROACH 55 FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 55 2.3.3 DEMAND-SIDE ANALYSIS 56 FIGURE 6 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND FOR TRANSFORMER OIL 56 2.3.3.1 Calculation for demand side 56 2.3.3.2 Assumptions for demand-side metrics 56 2.3.4 SUPPLY-SIDE ANALYSIS 57 FIGURE 7 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF TRANSFORMER OIL 57 FIGURE 8 TRANSFORMER OIL MARKET: SUPPLY-SIDE ANALYSIS, 2022 58 2.3.4.1 Calculations for supply side 58 2.3.4.2 Assumptions for supply-side metrics 59 FIGURE 9 COMPANY REVENUE ANALYSIS, 2022 59 2.3.5 FORECAST 59 2.3.5.1 Impact of recession 59 3 EXECUTIVE SUMMARY 60 TABLE 1 TRANSFORMER OIL MARKET SNAPSHOT 60 FIGURE 10 MINERAL OIL SEGMENT TO DOMINATE TRANSFORMER OIL MARKET DURING FORECAST PERIOD 61 FIGURE 11 TRANSFORMER SEGMENT TO LEAD TRANSFORMER OIL MARKET DURING FORECAST PERIOD 62 FIGURE 12 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT TO LEAD TRANSFORMER OIL MARKET DURING FORECAST PERIOD 62 FIGURE 13 ASIA PACIFIC DOMINATED TRANSFORMER OIL MARKET IN 2022 63 4 PREMIUM INSIGHTS 64 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRANSFORMER OIL MARKET 64 FIGURE 14 GROWING DEMAND FOR BIO-BASED TRANSFORMER OIL DUE TO ENVIRONMENTAL CONCERNS TO DRIVE MARKET DURING 2023–2030 64 4.2 TRANSFORMER OIL MARKET, BY REGION 65 FIGURE 15 TRANSFORMER OIL MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 65 4.3 TRANSFORMER OIL MARKET, BY OIL TYPE 65 FIGURE 16 MINERAL OIL SEGMENT DOMINATED TRANSFORMER OIL MARKET IN 2022 65 4.4 TRANSFORMER OIL MARKET, BY APPLICATION 66 FIGURE 17 TRANSFORMER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2022 66 4.5 TRANSFORMER OIL MARKET, BY END USER 66 FIGURE 18 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT CAPTURED LARGEST SHARE OF TRANSFORMER OIL MARKET IN 2022 66 4.6 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE & COUNTRY 67 FIGURE 19 MINERAL OIL AND CHINA HELD LARGEST SHARES OF TRANSFORMER OIL MARKET IN ASIA PACIFIC IN 2022 67 5 MARKET OVERVIEW 68 5.1 INTRODUCTION 68 5.2 MARKET DYNAMICS 68 FIGURE 20 TRANSFORMER OIL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 68 5.2.1 DRIVERS 69 5.2.1.1 Expansion of electric grid network in Asia Pacific 69 FIGURE 21 GLOBAL T&D INVESTMENT PROJECTION, 2020–2040 69 5.2.1.2 Modernization of electric grids and adoption of smart grids in developed economies 69 5.2.2 RESTRAINTS 70 5.2.2.1 Environmental concerns over use of mineral transformer oil 70 5.2.2.2 Increasing demand for dry-type transformers 70 5.2.2.3 Competition from players in unorganized sector 70 5.2.3 OPPORTUNITIES 71 5.2.3.1 Growing demand for bio-based transformer oil due to environmental concerns 71 5.2.3.2 Increase in cross-border electricity trade 71 5.2.3.3 Increasing investments in HVDC transmission systems 71 5.2.4 CHALLENGES 72 5.2.4.1 Constant fluctuations in crude oil prices 72 FIGURE 22 WEST TEXAS INTERMEDIATE (WTI) CRUDE OIL PRICES, JANUARY 2018–MARCH 2023 72 5.3 IMPACT OF DEVELOPMENTS IN RENEWABLE ENERGY & TRANSITION TOWARD CLEAN ENERGY ON TRANSFORMER OIL MARKET 72 5.4 IMPACT OF EV ADOPTION & EV INFRASTRUCTURE DEVELOPMENTS ON TRANSFORMER OIL MARKET 73 FIGURE 23 GLOBAL EV SALES VOLUME, 2021–2022 74 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 74 5.5.1 REVENUE SHIFTS & NEW REVENUE POCKETS IN TRANSFORMER OIL MARKET 74 FIGURE 24 REVENUE SHIFTS FOR TRANSFORMER OIL PROVIDERS 74 5.6 AVERAGE SELLING PRICING ANALYSIS 75 5.6.1 AVERAGE SELLING PRICING ANALYSIS, BY OIL TYPE 75 TABLE 2 TRANSFORMER OIL MARKET: PRICING ANALYSIS 75 5.7 VALUE CHAIN ANALYSIS 75 FIGURE 25 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS 76 TABLE 3 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS 76 5.7.1 RAW MATERIAL SUPPLIERS 77 5.7.2 TRANSFORMER OIL PRODUCERS 77 5.7.3 EQUIPMENT MANUFACTURERS 77 5.7.4 DISTRIBUTORS 77 5.7.5 END USERS 77 5.8 MARKET MAP 78 FIGURE 26 TRANSFORMER OIL: MARKET MAP 78 5.9 TECHNOLOGY ANALYSIS 79 TABLE 4 TRANSFORMER OIL MARKET: REGULATIONS 79 5.10 PORTER’S FIVE FORCES ANALYSIS 80 FIGURE 27 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS 80 TABLE 5 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS 81 5.10.1 THREAT OF NEW ENTRANTS 81 5.10.2 BARGAINING POWER OF SUPPLIERS 81 5.10.3 BARGAINING POWER OF BUYERS 81 5.10.4 THREAT OF SUBSTITUTES 82 5.10.5 INTENSITY OF COMPETITIVE RIVALRY 82 5.11 CASE STUDY ANALYSIS 82 5.11.1 TATA POWER INSTALLS DISTRIBUTION TRANSFORMERS IN MUMBAI TO ADDRESS SPACE- AND SAFETY-RELATED CONCERNS AND REDUCE COST AND ENVIRONMENTAL IMPACT 82 6 TRANSFORMER OIL MARKET, BY OIL TYPE 83 6.1 INTRODUCTION 84 FIGURE 28 TRANSFORMER OIL MARKET, BY OIL TYPE, 2022 (USD MILLION) 84 TABLE 6 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 84 TABLE 7 TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 85 TABLE 8 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (MILLION LITERS) 85 TABLE 9 TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (MILLION LITERS) 85 6.2 MINERAL OIL 85 6.2.1 EASY AVAILABILITY AND LOW-PRICE INDEX TO INCREASE DEMAND FOR MINERAL TRANSFORMER OIL 85 TABLE 10 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2018–2022 (USD MILLION) 86 TABLE 11 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2023–2030 (USD MILLION) 86 TABLE 12 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2018–2022 (MILLION LITERS) 86 TABLE 13 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2023–2030 (MILLION LITERS) 87 TABLE 14 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 87 TABLE 15 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 87 TABLE 16 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 87 TABLE 17 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 88 TABLE 18 MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 88 TABLE 19 MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 88 6.2.2 NAPHTHENIC OIL 89 TABLE 20 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 89 TABLE 21 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 89 6.2.2.1 Naphthenic mineral oil, by inhibition type 89 TABLE 22 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 90 TABLE 23 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 90 TABLE 24 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 90 TABLE 25 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 90 6.2.2.1.1 Inhibited naphthenic mineral oil 91 TABLE 26 INHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 91 TABLE 27 INHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 91 6.2.2.1.2 Uninhibited naphthenic mineral oil 91 TABLE 28 UNINHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 92 TABLE 29 UNINHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 92 6.2.3 PARAFFINIC OIL 92 TABLE 30 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 93 TABLE 31 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 93 6.2.3.1 Paraffinic mineral oil, by inhibition type 93 TABLE 32 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 93 TABLE 33 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 94 TABLE 34 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 94 TABLE 35 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 94 6.2.3.1.1 Inhibited paraffinic mineral oil 94 TABLE 36 INHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 95 TABLE 37 INHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 95 6.2.3.1.2 Uninhibited paraffinic mineral oil 95 TABLE 38 UNINHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 96 TABLE 39 UNINHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 96 6.3 BIO-BASED OIL 96 6.3.1 RISING ENVIRONMENTAL CONCERNS TO DRIVE DEMAND FOR BIO-BASED OIL 96 TABLE 40 BIO-BASED OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 97 TABLE 41 BIO-BASED OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 97 6.4 SILICONE OIL 97 6.4.1 NON-REACTIVE AND NON-TOXIC PROPERTIES TO FUEL NEED FOR SILICONE TRANSFORMER OIL 97 TABLE 42 SILICONE OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 98 TABLE 43 SILICONE OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 98 7 TRANSFORMER OIL MARKET, BY END USER 99 7.1 INTRODUCTION 100 FIGURE 29 TRANSFORMER OIL MARKET, BY END USER, 2022 (USD MILLION) 100 TABLE 44 TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 100 TABLE 45 TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 101 TABLE 46 TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (MILLION LITERS) 101 TABLE 47 TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (MILLION LITERS) 101 7.2 TRANSMISSION & DISTRIBUTION UTILITIES 102 7.2.1 RISING FOCUS ON UPGRADING AGING T&D INFRASTRUCTURE TO FUEL MARKET GROWTH 102 TABLE 48 TRANSMISSION & DISTRIBUTION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 102 TABLE 49 TRANSMISSION & DISTRIBUTION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 103 7.3 RAILWAYS & METROS 103 7.3.1 GROWING INVESTMENTS IN RAILWAYS & METROS TO PROPEL DEMAND FOR TRANSFORMER OIL 103 TABLE 50 RAILWAYS & METROS: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 104 TABLE 51 RAILWAYS & METROS: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 104 7.4 POWER GENERATION UTILITIES 104 7.4.1 INCREASING NEED FOR POWER GENERATION TO DRIVE MARKET 104 TABLE 52 POWER GENERATION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 105 TABLE 53 POWER GENERATION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 105 7.5 OTHERS 105 TABLE 54 OTHERS: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 106 TABLE 55 OTHERS: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 106 8 TRANSFORMER OIL MARKET, BY APPLICATION 107 8.1 INTRODUCTION 108 FIGURE 30 TRANSFORMER OIL MARKET, BY APPLICATION, 2022 (USD MILLION) 108 TABLE 56 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 108 TABLE 57 TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 108 TABLE 58 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (MILLION LITERS) 109 TABLE 59 TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (MILLION LITERS) 109 8.2 TRANSFORMER 109 8.2.1 INCREASING INVESTMENTS IN T&D SECTOR TO CREATE DEMAND FOR TRANSFORMERS 109 TABLE 60 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2018–2022 (USD MILLION) 110 TABLE 61 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2023–2030 (USD MILLION) 110 TABLE 62 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2018–2022 (MILLION LITERS) 110 TABLE 63 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2023–2030 (MILLION LITERS) 110 TABLE 64 TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 111 TABLE 65 TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 111 8.2.2 POWER TRANSFORMER 111 TABLE 66 POWER TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 112 TABLE 67 POWER TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 112 8.2.3 DISTRIBUTION TRANSFORMER 112 TABLE 68 DISTRIBUTION TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 113 TABLE 69 DISTRIBUTION TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 113 8.3 REACTOR 113 8.3.1 LONG-TERM INDUSTRIAL GROWTH AND INCREASED DEMAND FOR ENERGY TO BOOST SEGMENTAL GROWTH 113 TABLE 70 REACTOR: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 114 TABLE 71 REACTOR: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 114 8.4 SWITCHGEAR 114 8.4.1 INVESTMENTS IN T&D NETWORK EXPANSION TO PROPEL DEMAND FOR OIL-FILLED SWITCHGEAR 114 TABLE 72 SWITCHGEAR: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 115 TABLE 73 SWITCHGEAR: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 115 9 TRANSFORMER OIL MARKET, BY REGION 116 9.1 INTRODUCTION 117 FIGURE 31 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 117 FIGURE 32 TRANSFORMER OIL MARKET SHARE (VALUE), BY REGION, 2022 117 TABLE 74 TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 118 TABLE 75 TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 118 TABLE 76 TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (MILLION LITERS) 118 TABLE 77 TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (MILLION LITTERS) 119 9.2 ASIA PACIFIC 119 FIGURE 33 ASIA PACIFIC: TRANSFORMER OIL MARKET SNAPSHOT 120 9.2.1 ASIA PACIFIC: RECESSION IMPACT 120 9.2.2 BY OIL TYPE 121 TABLE 78 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 121 TABLE 79 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 121 9.2.2.1 Mineral oil - by sub-oil type 121 TABLE 80 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 121 TABLE 81 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 122 9.2.2.2 Mineral oil - by inhibition type 122 TABLE 82 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 122 TABLE 83 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 122 9.2.2.2.1 Naphthenic mineral oil - by inhibition type 123 TABLE 84 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 123 TABLE 85 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 123 9.2.2.2.2 Paraffinic mineral oil - by inhibition type 123 TABLE 86 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 123 TABLE 87 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 124 9.2.3 BY APPLICATION 124 TABLE 88 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 124 TABLE 89 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 124 9.2.3.1 Transformer - by sub-application 125 TABLE 90 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 125 TABLE 91 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 125 9.2.4 BY END USER 125 TABLE 92 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 125 TABLE 93 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 126 9.2.5 BY COUNTRY 126 TABLE 94 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 126 TABLE 95 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 127 TABLE 96 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (MILLION LITTERS) 127 TABLE 97 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (MILLION LITTERS) 128 9.2.5.1 China 128 9.2.5.1.1 Increasing investments in T&D sector to favor market growth 128 TABLE 98 CHINA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 129 TABLE 99 CHINA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 129 TABLE 100 CHINA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 129 TABLE 101 CHINA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 129 TABLE 102 CHINA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 130 TABLE 103 CHINA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 130 TABLE 104 CHINA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 130 TABLE 105 CHINA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 130 TABLE 106 CHINA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 131 TABLE 107 CHINA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 131 9.2.5.2 India 131 9.2.5.2.1 Increasing power generation activities to generate demand for transformer oil 131 TABLE 108 INDIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 132 TABLE 109 INDIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 132 TABLE 110 INDIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 133 TABLE 111 INDIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 133 TABLE 112 INDIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 133 TABLE 113 INDIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 133 TABLE 114 INDIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 134 TABLE 115 INDIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 134 TABLE 116 INDIA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 134 TABLE 117 INDIA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 135 9.2.5.3 Japan 135 9.2.5.3.1 Renovation of grid infrastructure to drive market 135 TABLE 118 JAPAN: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 136 TABLE 119 JAPAN: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 136 TABLE 120 JAPAN: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 136 TABLE 121 JAPAN: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 137 TABLE 122 JAPAN: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 137 TABLE 123 JAPAN: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 137 TABLE 124 JAPAN: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 137 TABLE 125 JAPAN: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 138 TABLE 126 JAPAN: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 138 TABLE 127 JAPAN: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 138 9.2.5.4 Australia 139 9.2.5.4.1 Rising construction and mining activities to spur demand for transformer oil 139 TABLE 128 AUSTRALIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 139 TABLE 129 AUSTRALIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 139 TABLE 130 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 140 TABLE 131 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 140 TABLE 132 AUSTRALIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 140 TABLE 133 AUSTRALIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 140 TABLE 134 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 141 TABLE 135 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 141 TABLE 136 AUSTRALIA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 141 TABLE 137 AUSTRALIA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 142 9.2.5.5 South Korea 142 9.2.5.5.1 Government initiatives to boost renewable power generation to increase demand for transformer oil 142 TABLE 138 SOUTH KOREA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 143 TABLE 139 SOUTH KOREA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 143 TABLE 140 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 143 TABLE 141 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 143 TABLE 142 SOUTH KOREA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 144 TABLE 143 SOUTH KOREA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 144 TABLE 144 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 144 TABLE 145 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 145 TABLE 146 SOUTH KOREA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 145 TABLE 147 SOUTH KOREA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 145 9.2.5.6 Rest of Asia Pacific 146 TABLE 148 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 146 TABLE 149 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 146 TABLE 150 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 147 TABLE 151 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 147 TABLE 152 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 147 TABLE 153 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 148 TABLE 154 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 148 TABLE 155 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 148 TABLE 156 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 149 TABLE 157 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 149 9.3 NORTH AMERICA 150 FIGURE 34 NORTH AMERICA: TRANSFORMER OIL MARKET SNAPSHOT 150 9.3.1 NORTH AMERICA: RECESSION IMPACT 151 9.3.2 BY OIL TYPE 151 TABLE 158 NORTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 151 TABLE 159 NORTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 151 9.3.2.1 Mineral oil - by sub-oil type 151 TABLE 160 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 151 TABLE 161 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 152 9.3.2.2 Mineral oil - by inhibition type 152 TABLE 162 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 152 TABLE 163 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 152 9.3.2.2.1 Naphthenic mineral oil - by inhibition type 152 TABLE 164 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 152 TABLE 165 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 153 9.3.2.2.2 Paraffinic mineral oil - by inhibition type 153 TABLE 166 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 153 TABLE 167 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 153 9.3.3 BY APPLICATION 154 TABLE 168 NORTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 154 TABLE 169 NORTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 154 9.3.3.1 Transformer - by sub-application 154 TABLE 170 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 154 TABLE 171 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 155 9.3.4 BY END USER 155 TABLE 172 NORTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 155 TABLE 173 NORTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 155 9.3.5 BY COUNTRY 156 TABLE 174 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 156 TABLE 175 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 156 TABLE 176 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (MILLION LITERS) 156 TABLE 177 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (MILLION LITERS) 157 9.3.5.1 US 157 9.3.5.1.1 Upgrades to existing power infrastructure to drive market 157 TABLE 178 US: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 158 TABLE 179 US: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 158 TABLE 180 US: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 158 TABLE 181 US: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 158 TABLE 182 US: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 159 TABLE 183 US: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 159 TABLE 184 US: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 159 TABLE 185 US: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 159 TABLE 186 US: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 160 TABLE 187 US: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 160 9.3.5.2 Canada 160 9.3.5.2.1 Expansion of transmission network to propel market 160 TABLE 188 CANADA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 161 TABLE 189 CANADA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 161 TABLE 190 CANADA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 161 TABLE 191 CANADA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 161 TABLE 192 CANADA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 162 TABLE 193 CANADA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 162 TABLE 194 CANADA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 162 TABLE 195 CANADA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 162 TABLE 196 CANADA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 163 TABLE 197 CANADA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 163 9.3.5.3 Mexico 163 9.3.5.3.1 Growth of industrial sector and surging energy requirements to boost market 163 TABLE 198 MEXICO: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 164 TABLE 199 MEXICO: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 164 TABLE 200 MEXICO: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 164 TABLE 201 MEXICO: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 164 TABLE 202 MEXICO: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 165 TABLE 203 MEXICO: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 165 TABLE 204 MEXICO: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 165 TABLE 205 MEXICO: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 165 TABLE 206 MEXICO: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 166 TABLE 207 MEXICO: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 166 9.4 EUROPE 166 9.4.1 EUROPE: RECESSION IMPACT 167 9.4.2 BY OIL TYPE 167 TABLE 208 EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 167 TABLE 209 EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 167 9.4.2.1 Mineral oil - by sub-oil type 168 TABLE 210 EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 168 TABLE 211 EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 168 9.4.2.2 Mineral oil - by inhibition type 168 TABLE 212 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 168 TABLE 213 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 168 9.4.2.2.1 Naphthenic mineral oil - by inhibition type 169 TABLE 214 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 169 TABLE 215 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 169 9.4.2.2.2 Paraffinic mineral oil - by inhibition type 169 TABLE 216 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 169 TABLE 217 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 170 9.4.3 BY APPLICATION 170 TABLE 218 EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 170 TABLE 219 EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 170 9.4.3.1 Transformer - by sub-application 171 TABLE 220 EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 171 TABLE 221 EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 171 9.4.4 BY END USER 171 TABLE 222 EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 171 TABLE 223 EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 172
SummaryThe 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 of the transformer oil market is attributed to the strengthing of electric grids in developing economies along with the modernization of electric grids in developed economies due to growing industrialization and urbanization. Table of Contents1 INTRODUCTION 431.1 STUDY OBJECTIVES 43 1.2 MARKET DEFINITION 43 1.2.1 TRANSFORMER OIL MARKET, BY END USER: INCLUSIONS & EXCLUSIONS 44 1.2.2 TRANSFORMER OIL MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS 44 1.3 MARKET SCOPE 45 1.3.1 MARKETS COVERED 45 1.3.2 REGIONAL SCOPE 45 1.3.3 YEARS CONSIDERED 46 1.4 CURRENCY CONSIDERED 46 1.5 LIMITATIONS 46 1.6 STAKEHOLDERS 47 1.7 SUMMARY OF CHANGES 47 1.8 IMPACT OF RECESSION 48 2 RESEARCH METHODOLOGY 49 2.1 RESEARCH DATA 49 FIGURE 1 TRANSFORMER OIL MARKET: RESEARCH DESIGN 49 2.2 MARKET BREAKDOWN & DATA TRIANGULATION 50 FIGURE 2 DATA TRIANGULATION METHODOLOGY 50 2.2.1 SECONDARY DATA 51 2.2.1.1 Key data from secondary sources 51 2.2.2 PRIMARY DATA 52 2.2.2.1 Key industry insights 52 2.2.2.2 Breakdown of primaries 52 FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION 53 2.3 MARKET SIZE ESTIMATION 53 2.3.1 BOTTOM-UP APPROACH 54 FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 54 2.3.2 TOP-DOWN APPROACH 55 FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 55 2.3.3 DEMAND-SIDE ANALYSIS 56 FIGURE 6 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND FOR TRANSFORMER OIL 56 2.3.3.1 Calculation for demand side 56 2.3.3.2 Assumptions for demand-side metrics 56 2.3.4 SUPPLY-SIDE ANALYSIS 57 FIGURE 7 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF TRANSFORMER OIL 57 FIGURE 8 TRANSFORMER OIL MARKET: SUPPLY-SIDE ANALYSIS, 2022 58 2.3.4.1 Calculations for supply side 58 2.3.4.2 Assumptions for supply-side metrics 59 FIGURE 9 COMPANY REVENUE ANALYSIS, 2022 59 2.3.5 FORECAST 59 2.3.5.1 Impact of recession 59 3 EXECUTIVE SUMMARY 60 TABLE 1 TRANSFORMER OIL MARKET SNAPSHOT 60 FIGURE 10 MINERAL OIL SEGMENT TO DOMINATE TRANSFORMER OIL MARKET DURING FORECAST PERIOD 61 FIGURE 11 TRANSFORMER SEGMENT TO LEAD TRANSFORMER OIL MARKET DURING FORECAST PERIOD 62 FIGURE 12 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT TO LEAD TRANSFORMER OIL MARKET DURING FORECAST PERIOD 62 FIGURE 13 ASIA PACIFIC DOMINATED TRANSFORMER OIL MARKET IN 2022 63 4 PREMIUM INSIGHTS 64 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRANSFORMER OIL MARKET 64 FIGURE 14 GROWING DEMAND FOR BIO-BASED TRANSFORMER OIL DUE TO ENVIRONMENTAL CONCERNS TO DRIVE MARKET DURING 2023–2030 64 4.2 TRANSFORMER OIL MARKET, BY REGION 65 FIGURE 15 TRANSFORMER OIL MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 65 4.3 TRANSFORMER OIL MARKET, BY OIL TYPE 65 FIGURE 16 MINERAL OIL SEGMENT DOMINATED TRANSFORMER OIL MARKET IN 2022 65 4.4 TRANSFORMER OIL MARKET, BY APPLICATION 66 FIGURE 17 TRANSFORMER SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2022 66 4.5 TRANSFORMER OIL MARKET, BY END USER 66 FIGURE 18 TRANSMISSION & DISTRIBUTION UTILITIES SEGMENT CAPTURED LARGEST SHARE OF TRANSFORMER OIL MARKET IN 2022 66 4.6 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE & COUNTRY 67 FIGURE 19 MINERAL OIL AND CHINA HELD LARGEST SHARES OF TRANSFORMER OIL MARKET IN ASIA PACIFIC IN 2022 67 5 MARKET OVERVIEW 68 5.1 INTRODUCTION 68 5.2 MARKET DYNAMICS 68 FIGURE 20 TRANSFORMER OIL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 68 5.2.1 DRIVERS 69 5.2.1.1 Expansion of electric grid network in Asia Pacific 69 FIGURE 21 GLOBAL T&D INVESTMENT PROJECTION, 2020–2040 69 5.2.1.2 Modernization of electric grids and adoption of smart grids in developed economies 69 5.2.2 RESTRAINTS 70 5.2.2.1 Environmental concerns over use of mineral transformer oil 70 5.2.2.2 Increasing demand for dry-type transformers 70 5.2.2.3 Competition from players in unorganized sector 70 5.2.3 OPPORTUNITIES 71 5.2.3.1 Growing demand for bio-based transformer oil due to environmental concerns 71 5.2.3.2 Increase in cross-border electricity trade 71 5.2.3.3 Increasing investments in HVDC transmission systems 71 5.2.4 CHALLENGES 72 5.2.4.1 Constant fluctuations in crude oil prices 72 FIGURE 22 WEST TEXAS INTERMEDIATE (WTI) CRUDE OIL PRICES, JANUARY 2018–MARCH 2023 72 5.3 IMPACT OF DEVELOPMENTS IN RENEWABLE ENERGY & TRANSITION TOWARD CLEAN ENERGY ON TRANSFORMER OIL MARKET 72 5.4 IMPACT OF EV ADOPTION & EV INFRASTRUCTURE DEVELOPMENTS ON TRANSFORMER OIL MARKET 73 FIGURE 23 GLOBAL EV SALES VOLUME, 2021–2022 74 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 74 5.5.1 REVENUE SHIFTS & NEW REVENUE POCKETS IN TRANSFORMER OIL MARKET 74 FIGURE 24 REVENUE SHIFTS FOR TRANSFORMER OIL PROVIDERS 74 5.6 AVERAGE SELLING PRICING ANALYSIS 75 5.6.1 AVERAGE SELLING PRICING ANALYSIS, BY OIL TYPE 75 TABLE 2 TRANSFORMER OIL MARKET: PRICING ANALYSIS 75 5.7 VALUE CHAIN ANALYSIS 75 FIGURE 25 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS 76 TABLE 3 TRANSFORMER OIL MARKET: VALUE CHAIN ANALYSIS 76 5.7.1 RAW MATERIAL SUPPLIERS 77 5.7.2 TRANSFORMER OIL PRODUCERS 77 5.7.3 EQUIPMENT MANUFACTURERS 77 5.7.4 DISTRIBUTORS 77 5.7.5 END USERS 77 5.8 MARKET MAP 78 FIGURE 26 TRANSFORMER OIL: MARKET MAP 78 5.9 TECHNOLOGY ANALYSIS 79 TABLE 4 TRANSFORMER OIL MARKET: REGULATIONS 79 5.10 PORTER’S FIVE FORCES ANALYSIS 80 FIGURE 27 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS 80 TABLE 5 TRANSFORMER OIL MARKET: PORTER’S FIVE FORCES ANALYSIS 81 5.10.1 THREAT OF NEW ENTRANTS 81 5.10.2 BARGAINING POWER OF SUPPLIERS 81 5.10.3 BARGAINING POWER OF BUYERS 81 5.10.4 THREAT OF SUBSTITUTES 82 5.10.5 INTENSITY OF COMPETITIVE RIVALRY 82 5.11 CASE STUDY ANALYSIS 82 5.11.1 TATA POWER INSTALLS DISTRIBUTION TRANSFORMERS IN MUMBAI TO ADDRESS SPACE- AND SAFETY-RELATED CONCERNS AND REDUCE COST AND ENVIRONMENTAL IMPACT 82 6 TRANSFORMER OIL MARKET, BY OIL TYPE 83 6.1 INTRODUCTION 84 FIGURE 28 TRANSFORMER OIL MARKET, BY OIL TYPE, 2022 (USD MILLION) 84 TABLE 6 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 84 TABLE 7 TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 85 TABLE 8 TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (MILLION LITERS) 85 TABLE 9 TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (MILLION LITERS) 85 6.2 MINERAL OIL 85 6.2.1 EASY AVAILABILITY AND LOW-PRICE INDEX TO INCREASE DEMAND FOR MINERAL TRANSFORMER OIL 85 TABLE 10 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2018–2022 (USD MILLION) 86 TABLE 11 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2023–2030 (USD MILLION) 86 TABLE 12 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2018–2022 (MILLION LITERS) 86 TABLE 13 MINERAL OIL: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE, 2023–2030 (MILLION LITERS) 87 TABLE 14 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 87 TABLE 15 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 87 TABLE 16 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 87 TABLE 17 MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 88 TABLE 18 MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 88 TABLE 19 MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 88 6.2.2 NAPHTHENIC OIL 89 TABLE 20 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 89 TABLE 21 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 89 6.2.2.1 Naphthenic mineral oil, by inhibition type 89 TABLE 22 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 90 TABLE 23 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 90 TABLE 24 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 90 TABLE 25 NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 90 6.2.2.1.1 Inhibited naphthenic mineral oil 91 TABLE 26 INHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 91 TABLE 27 INHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 91 6.2.2.1.2 Uninhibited naphthenic mineral oil 91 TABLE 28 UNINHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 92 TABLE 29 UNINHIBITED NAPHTHENIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 92 6.2.3 PARAFFINIC OIL 92 TABLE 30 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 93 TABLE 31 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 93 6.2.3.1 Paraffinic mineral oil, by inhibition type 93 TABLE 32 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (USD MILLION) 93 TABLE 33 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (USD MILLION) 94 TABLE 34 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2018–2022 (MILLION LITERS) 94 TABLE 35 PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY INHIBITION TYPE, 2023–2030 (MILLION LITERS) 94 6.2.3.1.1 Inhibited paraffinic mineral oil 94 TABLE 36 INHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 95 TABLE 37 INHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 95 6.2.3.1.2 Uninhibited paraffinic mineral oil 95 TABLE 38 UNINHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 96 TABLE 39 UNINHIBITED PARAFFINIC MINERAL OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 96 6.3 BIO-BASED OIL 96 6.3.1 RISING ENVIRONMENTAL CONCERNS TO DRIVE DEMAND FOR BIO-BASED OIL 96 TABLE 40 BIO-BASED OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 97 TABLE 41 BIO-BASED OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 97 6.4 SILICONE OIL 97 6.4.1 NON-REACTIVE AND NON-TOXIC PROPERTIES TO FUEL NEED FOR SILICONE TRANSFORMER OIL 97 TABLE 42 SILICONE OIL: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 98 TABLE 43 SILICONE OIL: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 98 7 TRANSFORMER OIL MARKET, BY END USER 99 7.1 INTRODUCTION 100 FIGURE 29 TRANSFORMER OIL MARKET, BY END USER, 2022 (USD MILLION) 100 TABLE 44 TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 100 TABLE 45 TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 101 TABLE 46 TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (MILLION LITERS) 101 TABLE 47 TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (MILLION LITERS) 101 7.2 TRANSMISSION & DISTRIBUTION UTILITIES 102 7.2.1 RISING FOCUS ON UPGRADING AGING T&D INFRASTRUCTURE TO FUEL MARKET GROWTH 102 TABLE 48 TRANSMISSION & DISTRIBUTION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 102 TABLE 49 TRANSMISSION & DISTRIBUTION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 103 7.3 RAILWAYS & METROS 103 7.3.1 GROWING INVESTMENTS IN RAILWAYS & METROS TO PROPEL DEMAND FOR TRANSFORMER OIL 103 TABLE 50 RAILWAYS & METROS: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 104 TABLE 51 RAILWAYS & METROS: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 104 7.4 POWER GENERATION UTILITIES 104 7.4.1 INCREASING NEED FOR POWER GENERATION TO DRIVE MARKET 104 TABLE 52 POWER GENERATION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 105 TABLE 53 POWER GENERATION UTILITIES: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 105 7.5 OTHERS 105 TABLE 54 OTHERS: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 106 TABLE 55 OTHERS: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 106 8 TRANSFORMER OIL MARKET, BY APPLICATION 107 8.1 INTRODUCTION 108 FIGURE 30 TRANSFORMER OIL MARKET, BY APPLICATION, 2022 (USD MILLION) 108 TABLE 56 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 108 TABLE 57 TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 108 TABLE 58 TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (MILLION LITERS) 109 TABLE 59 TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (MILLION LITERS) 109 8.2 TRANSFORMER 109 8.2.1 INCREASING INVESTMENTS IN T&D SECTOR TO CREATE DEMAND FOR TRANSFORMERS 109 TABLE 60 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2018–2022 (USD MILLION) 110 TABLE 61 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2023–2030 (USD MILLION) 110 TABLE 62 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2018–2022 (MILLION LITERS) 110 TABLE 63 TRANSFORMER: TRANSFORMER OIL MARKET, BY SUB-APPLICATION, 2023–2030 (MILLION LITERS) 110 TABLE 64 TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 111 TABLE 65 TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 111 8.2.2 POWER TRANSFORMER 111 TABLE 66 POWER TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 112 TABLE 67 POWER TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 112 8.2.3 DISTRIBUTION TRANSFORMER 112 TABLE 68 DISTRIBUTION TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 113 TABLE 69 DISTRIBUTION TRANSFORMER: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 113 8.3 REACTOR 113 8.3.1 LONG-TERM INDUSTRIAL GROWTH AND INCREASED DEMAND FOR ENERGY TO BOOST SEGMENTAL GROWTH 113 TABLE 70 REACTOR: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 114 TABLE 71 REACTOR: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 114 8.4 SWITCHGEAR 114 8.4.1 INVESTMENTS IN T&D NETWORK EXPANSION TO PROPEL DEMAND FOR OIL-FILLED SWITCHGEAR 114 TABLE 72 SWITCHGEAR: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 115 TABLE 73 SWITCHGEAR: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 115 9 TRANSFORMER OIL MARKET, BY REGION 116 9.1 INTRODUCTION 117 FIGURE 31 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 117 FIGURE 32 TRANSFORMER OIL MARKET SHARE (VALUE), BY REGION, 2022 117 TABLE 74 TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 118 TABLE 75 TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 118 TABLE 76 TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (MILLION LITERS) 118 TABLE 77 TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (MILLION LITTERS) 119 9.2 ASIA PACIFIC 119 FIGURE 33 ASIA PACIFIC: TRANSFORMER OIL MARKET SNAPSHOT 120 9.2.1 ASIA PACIFIC: RECESSION IMPACT 120 9.2.2 BY OIL TYPE 121 TABLE 78 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 121 TABLE 79 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 121 9.2.2.1 Mineral oil - by sub-oil type 121 TABLE 80 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 121 TABLE 81 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 122 9.2.2.2 Mineral oil - by inhibition type 122 TABLE 82 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 122 TABLE 83 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 122 9.2.2.2.1 Naphthenic mineral oil - by inhibition type 123 TABLE 84 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 123 TABLE 85 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 123 9.2.2.2.2 Paraffinic mineral oil - by inhibition type 123 TABLE 86 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 123 TABLE 87 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 124 9.2.3 BY APPLICATION 124 TABLE 88 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 124 TABLE 89 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 124 9.2.3.1 Transformer - by sub-application 125 TABLE 90 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 125 TABLE 91 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 125 9.2.4 BY END USER 125 TABLE 92 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 125 TABLE 93 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 126 9.2.5 BY COUNTRY 126 TABLE 94 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 126 TABLE 95 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 127 TABLE 96 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (MILLION LITTERS) 127 TABLE 97 ASIA PACIFIC: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (MILLION LITTERS) 128 9.2.5.1 China 128 9.2.5.1.1 Increasing investments in T&D sector to favor market growth 128 TABLE 98 CHINA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 129 TABLE 99 CHINA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 129 TABLE 100 CHINA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 129 TABLE 101 CHINA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 129 TABLE 102 CHINA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 130 TABLE 103 CHINA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 130 TABLE 104 CHINA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 130 TABLE 105 CHINA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 130 TABLE 106 CHINA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 131 TABLE 107 CHINA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 131 9.2.5.2 India 131 9.2.5.2.1 Increasing power generation activities to generate demand for transformer oil 131 TABLE 108 INDIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 132 TABLE 109 INDIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 132 TABLE 110 INDIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 133 TABLE 111 INDIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 133 TABLE 112 INDIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 133 TABLE 113 INDIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 133 TABLE 114 INDIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 134 TABLE 115 INDIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 134 TABLE 116 INDIA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 134 TABLE 117 INDIA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 135 9.2.5.3 Japan 135 9.2.5.3.1 Renovation of grid infrastructure to drive market 135 TABLE 118 JAPAN: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 136 TABLE 119 JAPAN: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 136 TABLE 120 JAPAN: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 136 TABLE 121 JAPAN: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 137 TABLE 122 JAPAN: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 137 TABLE 123 JAPAN: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 137 TABLE 124 JAPAN: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 137 TABLE 125 JAPAN: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 138 TABLE 126 JAPAN: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 138 TABLE 127 JAPAN: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 138 9.2.5.4 Australia 139 9.2.5.4.1 Rising construction and mining activities to spur demand for transformer oil 139 TABLE 128 AUSTRALIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 139 TABLE 129 AUSTRALIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 139 TABLE 130 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 140 TABLE 131 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 140 TABLE 132 AUSTRALIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 140 TABLE 133 AUSTRALIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 140 TABLE 134 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 141 TABLE 135 AUSTRALIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 141 TABLE 136 AUSTRALIA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 141 TABLE 137 AUSTRALIA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 142 9.2.5.5 South Korea 142 9.2.5.5.1 Government initiatives to boost renewable power generation to increase demand for transformer oil 142 TABLE 138 SOUTH KOREA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 143 TABLE 139 SOUTH KOREA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 143 TABLE 140 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 143 TABLE 141 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 143 TABLE 142 SOUTH KOREA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 144 TABLE 143 SOUTH KOREA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 144 TABLE 144 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 144 TABLE 145 SOUTH KOREA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 145 TABLE 146 SOUTH KOREA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 145 TABLE 147 SOUTH KOREA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 145 9.2.5.6 Rest of Asia Pacific 146 TABLE 148 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 146 TABLE 149 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 146 TABLE 150 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 147 TABLE 151 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 147 TABLE 152 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 147 TABLE 153 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 148 TABLE 154 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 148 TABLE 155 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 148 TABLE 156 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 149 TABLE 157 REST OF ASIA PACIFIC: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 149 9.3 NORTH AMERICA 150 FIGURE 34 NORTH AMERICA: TRANSFORMER OIL MARKET SNAPSHOT 150 9.3.1 NORTH AMERICA: RECESSION IMPACT 151 9.3.2 BY OIL TYPE 151 TABLE 158 NORTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 151 TABLE 159 NORTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 151 9.3.2.1 Mineral oil - by sub-oil type 151 TABLE 160 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 151 TABLE 161 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 152 9.3.2.2 Mineral oil - by inhibition type 152 TABLE 162 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 152 TABLE 163 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 152 9.3.2.2.1 Naphthenic mineral oil - by inhibition type 152 TABLE 164 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 152 TABLE 165 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 153 9.3.2.2.2 Paraffinic mineral oil - by inhibition type 153 TABLE 166 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 153 TABLE 167 NORTH AMERICA: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 153 9.3.3 BY APPLICATION 154 TABLE 168 NORTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 154 TABLE 169 NORTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 154 9.3.3.1 Transformer - by sub-application 154 TABLE 170 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 154 TABLE 171 NORTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 155 9.3.4 BY END USER 155 TABLE 172 NORTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 155 TABLE 173 NORTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 155 9.3.5 BY COUNTRY 156 TABLE 174 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 156 TABLE 175 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 156 TABLE 176 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (MILLION LITERS) 156 TABLE 177 NORTH AMERICA: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (MILLION LITERS) 157 9.3.5.1 US 157 9.3.5.1.1 Upgrades to existing power infrastructure to drive market 157 TABLE 178 US: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 158 TABLE 179 US: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 158 TABLE 180 US: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 158 TABLE 181 US: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 158 TABLE 182 US: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 159 TABLE 183 US: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 159 TABLE 184 US: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 159 TABLE 185 US: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 159 TABLE 186 US: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 160 TABLE 187 US: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 160 9.3.5.2 Canada 160 9.3.5.2.1 Expansion of transmission network to propel market 160 TABLE 188 CANADA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 161 TABLE 189 CANADA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 161 TABLE 190 CANADA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 161 TABLE 191 CANADA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 161 TABLE 192 CANADA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 162 TABLE 193 CANADA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 162 TABLE 194 CANADA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 162 TABLE 195 CANADA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 162 TABLE 196 CANADA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 163 TABLE 197 CANADA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 163 9.3.5.3 Mexico 163 9.3.5.3.1 Growth of industrial sector and surging energy requirements to boost market 163 TABLE 198 MEXICO: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 164 TABLE 199 MEXICO: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 164 TABLE 200 MEXICO: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 164 TABLE 201 MEXICO: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 164 TABLE 202 MEXICO: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 165 TABLE 203 MEXICO: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 165 TABLE 204 MEXICO: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 165 TABLE 205 MEXICO: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 165 TABLE 206 MEXICO: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 166 TABLE 207 MEXICO: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 166 9.4 EUROPE 166 9.4.1 EUROPE: RECESSION IMPACT 167 9.4.2 BY OIL TYPE 167 TABLE 208 EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 167 TABLE 209 EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 167 9.4.2.1 Mineral oil - by sub-oil type 168 TABLE 210 EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 168 TABLE 211 EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 168 9.4.2.2 Mineral oil - by inhibition type 168 TABLE 212 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 168 TABLE 213 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 168 9.4.2.2.1 Naphthenic mineral oil - by inhibition type 169 TABLE 214 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 169 TABLE 215 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 169 9.4.2.2.2 Paraffinic mineral oil - by inhibition type 169 TABLE 216 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 169 TABLE 217 EUROPE: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 170 9.4.3 BY APPLICATION 170 TABLE 218 EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 170 TABLE 219 EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 170 9.4.3.1 Transformer - by sub-application 171 TABLE 220 EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 171 TABLE 221 EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 171 9.4.4 BY END USER 171 TABLE 222 EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 171 TABLE 223 EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 172
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