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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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。

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1 INTRODUCTION 43
1.1 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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Table of Contents

Summary

The global transformer oil market is estimated to grow from USD 2.0 Billion in 2023 to USD 3.0 Billion by 2030; it is expected to record a CAGR of 5.9% during the forecast period. The growth 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.
“Mineral Oil: The largest segment of the transformer oil market, by oil type “
Based on oil type, the transformer oil market has been split into three types: mineral oil, silicone oil, and bio-based oil. Mineral oil is further segmented into naphthenic and paraffinic oil. The growth for mineral oil is owed to its convenient cost and easy availability compared to other transformer oils. Majority of the existing and new transformers manufactured utilizes mineral oil as an insulation fluid which eventually boosts the growth of mineral oil segment in transformer oil market. In addition, mineral oil has good cooling properties which help dissipate heat from tranformers core and prevents overheating which drives the growth of the mineral oil segment.
“Transformer segment is expected to be the largest segment based on application”
By application, the transformer oil market has been segmented into transformer, switchgear, and reactor. The increasing number of substations due to increased demand for power generation in developing countries is one the primary factors driving the growth of the transformer segment. Transformers cater to various industries such as power generation, railways & metros, power utilities, and others to provide a consistent and reliable power supply, boosting the growth of the segment in the transformer oil market. During the forecast period, Asia Pacific is estimated to lead the transformer oil market within the transformer application segment.
“By end-user, the transmission and distribution segment is expected to lead the market during the forecast period.”
Based on end-user, the transformer oil market is segmented into transmission and distribution, power generation, railways & metros, and others during the forecast period. The transmission and distribution segment is expected to lead the transformer oil market during the forecast period owing to the significant investment in expanding and modernizing the transmission and distribution network to accommodate the growing electricity demand. Expanding the T&D network would create demand for transformer oils as they would be integrated into the power transformers for cooling and insulations, eventually propelling the market growth for transformer oils.
North America is expected to be the second-largest region in the transformer oil market
North America is expected to be the second-largest transformer oil market during the forecast period. Growing demand for reliable power and investments in the T&D sector for upgrading the aging infrastructure will enhance the requirement for transformers, which is expected to boost the demand for transformer oil in North America. Moreover, the expansion of Canada’s transmission network plays a crucial role in the growth of transformer oil market. Hence, increasing investments toward expanding and upgrading power grid infrastructure is expected to provide ample opportunities for the providers of transformer oils in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 55%, Tier 2- 25%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Levels- 30%, and Others- 35%
By Region: Europe- 35%, North America- 25%, Asia-Pacific 25%, RoW-15%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The transformer oil market is dominated by a few major players that have a wide regional presence. The leading players in the transformer oil market are Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries Limited (India), and Calumet Specialty Products Partners, L.P. (US). The major strategy adopted by the players includes new product launches and, investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global transformer oil market by oil type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the transformer oil market.
Key Benefits of Buying the Report
• Increasing investments in the modernization of power grid projects owing to increasing demand for electricity is the main factor driving the transformer oil market. Environmental concerns associated with adopting mineral oil due to its non-biodegradable characteristics in transformer oils still restrain the market. The replacement of aging grid infrastructure and increased demand for bio-based transformer oil due to growing environmental concerns, especially in the Asia Pacific, provides opportunities for the transformer oil market to grow. However, transformer oil is the refined and processed product of crude oil, and fluctuations in crude oil prices pose major challenges in the transformer oil market.
• Product Development/ Innovation: The transformer oil market is witnessing significant product development and innovation, driven by the growing demand for renewable energy. Companies are investing in developing advanced transformer oils such as bio-based oil specifically designed to reduce the carbon emissions from grid infrastructure and promote renewable energy sources. These oils are bio-degradable and are majorly composed of vegetable oils and antioxidant additives to enhance the operational efficiency of transformers and reduce environmental impact.
• Market Development: Renewable energy sources are becoming increasingly important in the power grid infrastructure. Renewables include sources such as solar, wind, hydro, geothermal, and biomass, among others. This has led to the development of solar energy and wind turbine transformers, usually biodegradable oil-filled transformers.
• Market Diversification: Ergon, Inc. introduced HyVolt C50A, an Arctic grade transformer oil designed to withstand extreme cold weather conditions. The HyVolt C50A offers oxidation stability, high dielectric strength, and cooling properties.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries Limited (India), and Calumet Specialty Products Partners, L.P. (US) among others in the transformer oil market.

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ご注文は、お電話またはWEBから承ります。お見積もりの作成もお気軽にご相談ください。

本レポートと同分野（環境・エネルギー）の最新刊レポート

MarketsandMarkets社のEnergy & Power分野での最新刊レポート

本レポートと同じKEY WORD（transformer）の最新刊レポート

よくあるご質問

MarketsandMarkets社はどのような調査会社ですか?

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