변압기유 시장 보고서 : 유형, 기능, 최종 용도, 용도, 지역별(2024-2032년)

The global transformer oil market size reached US$ 2.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.3 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032. The rising implementation of stricter environmental regulations, rising demand for bio-based and synthetic oil variants, and the accelerating need for new installations as well as maintenance are among the key factors driving the market growth.

Transformer oil, also known as insulating oil, plays a crucial role in the functioning of electrical transformers. Its primary purposes are to insulate and cool the internal components. The oil acts as a dielectric medium that prevents electrical discharges between different parts of the transformer, enhancing its overall performance and longevity. It circulates within the transformer, helping to dissipate the heat generated during the electricity conversion process. Typically, it is derived from refined mineral oil, although synthetic and bio-based alternatives are also available. Over time, the quality of the oil can deteriorate due to moisture, contaminants, or the breakdown of its chemical structure. Regular testing and maintenance are essential to ensure it remains effective. Sub-standard oil can lead to inefficiencies and, in worst-case scenarios, catastrophic failure of the transformer.

The implementation of stricter environmental regulations majorly drives the global market. This inclination toward greener, more eco-friendly solutions is leading to increased scrutiny of conventional mineral-based oils. As a result, the rise in the demand for bio-based and synthetic oils, which are less harmful to the environment and also offer better performance metrics is positively influencing the market. Along with this, the global shift towards renewable energy sources such as wind, solar, and hydroelectric power is positively affecting the market. These renewable energy installations often require transformers to convert and transmit electricity to the grid. The quality and efficiency of these transformers are highly dependent on the oil used. In addition, the accelerating need for the product for new installations as well as maintenance is significantly supporting the market. Apart from this, electric vehicles (EVs), in particular, are influencing the need for more efficient and compact transformers, which in turn drives demand for high-quality oil. Moreover, the increasing consumption of electricity for various applications like manufacturing, data centers, and household usage is creating a positive market outlook.

Transformer Oil Market Trends/Drivers:

Increasing electrification and infrastructure development

One of the key market drivers for the global industry is the increasing rate of electrification and infrastructure development, particularly in emerging economies. As countries focus on modernizing their electrical grids to meet the growing demand for electricity, the need for transformers, and consequently, oil for transformers, rises significantly. In addition, governments and private sectors are making heavy investments in building new power plants, substations, and transmission lines to ensure that electricity is efficiently generated and distributed. High-quality oil for transformers is crucial in these endeavors, serving as an insulating and cooling agent for the transformers' intricate components. Without effective oil for transformers, the risk of transformer failure and the subsequent electrical outage increases, which can have a detrimental impact on essential services and the economy. Therefore, as electrification expands, especially in regions that are working towards enhancing their energy infrastructure, the market demand is expected to experience robust growth.

Technological advancements in the power industry

The power industry is experiencing rapid technological advancements, including the development of smart grids, renewable energy resources, and energy-efficient systems. These advancements necessitate highly reliable and efficient transformers, increasing the demand for high-quality oil for transformers . Along with this, advanced transformers are being designed to handle higher electrical loads, more frequent load fluctuations, and variable voltage requirements. This trend demands superior oil for transformers with nsulating and cooling properties, longevity, and resistance to degradation. Apart from this, innovations in the oil formulations are thus becoming critical, offering opportunities for manufacturers to develop specialized products that meet these evolving needs.

Rapid industrialization and urbanization

Growing industrialization and urbanization worldwide are a set of factors driving the market demand. As cities expand and industries grow, the need for reliable electricity supply becomes paramount. New factories, commercial complexes, and residential areas require the installation of transformers to meet their energy requirements. In addition, the health of these transformers largely depends on the quality of the oil used. Given that these settings cannot afford frequent downtimes due to transformer failures, the requirement for high-grade oil for transformers is inevitably on the rise. Moreover, many industrial processes have specific electrical needs, often requiring specialized types of oil for transformers . Therefore, as industrialization and urbanization continue to trend upwards, the market is facing a positive outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, function, end-use and application.

Breakup by Type:

Napthenic Oil

Paraffinic Oil

Silicone-Based

Bio-Based

Others

Napthenic oil holds the largest market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes napthenic oil, paraffinic oil, silicone-based, bio-based, and others. According to the report, napthenic oil accounted for the largest market share.

The naphthenic oil segment is experiencing rising demand due to several market drivers in the global industry. Known for its excellent low-temperature properties, naphthenic oil is highly desirable in regions with colder climates, where maintaining fluidity at low temperatures is crucial for transformer operation. This oil type also boasts superior electrical insulating properties and oxidation stability, making it well-suited for applications that require high reliability and performance. Furthermore, naphthenic oil is compatible with a broad range of transformer materials, offering flexibility in diverse applications. It can also be quickly processed and refined, thus making it cost-effective for manufacturers and ultimately the end-users. Regulatory agencies have also found naphthenic oils to be more environmentally benign compared to certain other types, which further elevates its appeal amid tightening environmental regulations globally. Moreover, as renewable energy adoption accelerates, the need for transformers that can efficiently handle varying loads is increasing. Naphthenic oil's ability to perform reliably under fluctuating conditions makes it a preferred choice for such applications.

Breakup by Function:

Insulator

Cooling Agent

Lubricant

Chemical Stabilizer

Insulator accounts for the majority of the market share

A detailed breakup and analysis of the market based on the function has also been provided in the report. This includes insulator, cooling agent, lubricant, and chemical stabilizer. According to the report, insulator accounted for the largest market share.

The insulator function is a critical factor driving its market demand. The ability to effectively insulate and prevent electrical discharges is essential for the smooth and safe operation of transformers. As electrical grids become more complex and carry higher loads, the importance of reliable insulation grows exponentially. This has led to a surge in the demand for high-quality oil for transformers with superior insulating properties. Regulations and standards have also become stringent, requiring oils to meet specific insulating criteria, thereby fueling the need for high-performance products. Additionally, the advent of smart grids and renewable energy systems imposes new challenges for insulation, as these systems often involve fluctuating loads and variable frequencies. In addition, the insulator function of the oil plays a pivotal role in these evolving scenarios, maintaining system stability and efficiency. Investments in research and development are also focusing on enhancing the insulating capabilities of these oils, further pushing market growth. Moreover, the aging infrastructure in many developed countries requires retrofitting or replacement, creating an additional need for oil for transformers that excel in insulating functions.

Breakup by End-Use:

Small Transformers

Large Transformers

Utility

Others

Small transformers hold the largest market share

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes small transformers, large transformers, utility, and others. According to the report, small transformers accounted for the largest market share.

The escalating demand for small transformers, particularly in localized and decentralized applications, is a significant market driver in the global market. With the increasing focus on renewable energy projects like small-scale solar and wind farms, there's a corresponding rise in the need for smaller transformers to efficiently convert and transmit electricity. These transformers often require specialized transformer oils that can function reliably even under variable loads and conditions. Additionally, the growth of urban centers and the development of smart cities have led to a proliferation of localized electrical networks, all of which require small transformers for distribution purposes. Another area of growth is within the industrial sector, where small transformers are utilized for machinery and other specific applications. High-quality oil variants are essential for the reliable performance of these units, especially since they are often in settings where operational disruptions can be costly. Furthermore, the expanding electric vehicle (EV) charging infrastructure is contributing to the uptick in small transformer installations, thereby driving demand for transformer oil. Overall, the increasing applications and installations of small transformers across various sectors are contributing to the growth of the market.

Breakup by Application:

Residential

Commercial

Industrial

Industrial accounts for the majority of the market share

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes residential, commercial, and industrial. According to the report, industrial accounted for the largest market share.

The industrial sector is a significant market driver for the transformer oil industry due to its diverse and growing range of electrical requirements. Industrial applications often involve heavy machinery, automated systems, and complex manufacturing processes that necessitate reliable and efficient transformers. High-quality transformer oil plays a vital role in maintaining the optimal performance of these transformers, as it serves both as an insulator and a coolant. As industries continue to evolve towards more automated and energy-intensive processes, the need for robust electrical systems also escalates, thus amplifying the demand for effective transformer oils. Additionally, industries such as chemical, petrochemical, and manufacturing are increasingly adopting advanced technologies that require specialized electrical settings, further fueling the need for high-grade transformer oils. In addition, stringent regulations around industrial safety and environmental responsibility are pushing factories to invest in reliable, high-quality electrical components. Moreover, the growing field of Industry 4.0, characterized by smart factories and IoT devices, requires transformers with high insulating and cooling capabilities to manage fluctuating loads and potential overloads.

Breakup by Region:

North America

United States

Canada

Asia Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Asia Pacific exhibits a clear dominance, accounting for the largest transformer oil market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest segment.

The Asia Pacific region is a significant growth engine for the global industry, fueled by several key market drivers. Rapid urbanization, industrialization, and a growing middle-class population are contributing to an increased demand for electricity, thus necessitating the expansion and modernization of electrical grids. This development has led to a surge in transformer installations, subsequently driving the need for high-quality transformer oils. Emerging economies, such as India and China are investing heavily in infrastructure development, including energy projects that require reliable transformers and transformer oils. Additionally, governments in the region are focusing on renewable energy projects, such as solar and wind farms, further influencing the demand for specialized transformer oils that can meet the specific needs of these applications.

In addition, the region is also a hub for manufacturing activities, including automotive and electronics, where transformers and their maintenance play a crucial role, thereby creating a consistent demand for transformer oils. Stringent regulations for industrial and environmental safety have led to a preference for high-grade and eco-friendly transformer oils, stimulating market growth. Moreover, the diverse and expansive needs for electricity across various sectors in the Asia Pacific region make it a potent market driver for the global market.

Competitive Landscape:

The key players are investing in research and development to create innovative and eco-friendly transformer oil formulations. This includes the development of high-performance oils with enhanced electrical and thermal properties. Along with this, companies are focusing on sustainability by offering biodegradable and environmentally friendly transformers to align with the industry's growing emphasis on reducing the environmental impact of insulating oils. In addition, transformer oil manufacturers are closely monitoring and adhering to regulatory changes and standards related to transformer oil quality and safety. This ensures that their products meet industry requirements. Apart from this, maintaining strict quality control measures is a priority for these companies. They conduct extensive testing to ensure the reliability and performance of their transformer oils. Furthermore, the widespread adoption of digital technologies such as predictive maintenance and monitoring systems to provide value-added services to their customers is contributing to the market.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

Calumet Specialty Products Partners L.P.

Cargill, Incorporated

Engen Petroleum Limited

Ergon Inc.

Edens Garden, Inc.

Hydrodec Group plc

Nynas AB

PetroChina Company Limited

San Joaquin Refining Co. Inc.

China Petroleum & Chemical Corporation (SINOPEC)

Valvoline Inc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Recent Developments:

In September 2023, Cargill, Incorporated, and Soil Health Institute (SHI) partnered to promote soil health and water stewardship. Through the encouragement of water stewardship across agricultural supply chains, the alliance encourages the adoption of regenerative agriculture practices.

In August 2023, Ergon Inc. announced the conclusion of a deal for the purchase of a petroleum station from CITGO Petroleum Corporation in Vicksburg, Mississippi.

In March 2022, China Petroleum & Chemical Corporation (SINOPEC) entered into a contract with Aramco or a possible downstream partnership in China. According to a statement, the parent company, Saudi Aramco Asia Company Ltd., as well as Sinopec want to assist Fujian Refining and Petrochemical Co. in completing a feasibility study into the optimization and growth of capacity.

Key Questions Answered in This Report:

• How has the global transformer oil market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global transformer oil market?
• What is the impact of each driver, restraint, and opportunity on the global transformer oil market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the transformer oil market?
• What is the breakup of the market based on the function?
• Which is the most attractive function in the transformer oil market?
• What is the breakup of the market based on the end-use?
• Which is the most attractive end-use in the transformer oil market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the transformer oil market?
• What is the competitive structure of the global transformer oil market?
• Who are the key players/companies in the global transformer oil market?

Table of Contents

1 Preface

2 Scope and Methodology

• 2.1 Objectives of the Study
• 2.2 Stakeholders
• 2.3 Data Sources
  • 2.3.1 Primary Sources
  • 2.3.2 Secondary Sources
• 2.4 Market Estimation
  • 2.4.1 Bottom-Up Approach
  • 2.4.2 Top-Down Approach
• 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

• 4.1 Overview
• 4.2 Key Industry Trends

5 Global Transformer Oil Market

• 5.1 Market Overview
• 5.2 Market Performance
• 5.3 Impact of COVID-19
• 5.4 Market Forecast

6 Market Breakup by Type

• 6.1 Napthenic Oil
  • 6.1.1 Market Trends
  • 6.1.2 Market Forecast
• 6.2 Paraffinic Oil
  • 6.2.1 Market Trends
  • 6.2.2 Market Forecast
• 6.3 Silicone-Based
  • 6.3.1 Market Trends
  • 6.3.2 Market Forecast
• 6.4 Bio-Based
  • 6.4.1 Market Trends
  • 6.4.2 Market Forecast
• 6.5 Others
  • 6.5.1 Market Trends
  • 6.5.2 Market Forecast

7 Market Breakup by Function

• 7.1 Insulator
  • 7.1.1 Market Trends
  • 7.1.2 Market Forecast
• 7.2 Cooling Agent
  • 7.2.1 Market Trends
  • 7.2.2 Market Forecast
• 7.3 Lubricant
  • 7.3.1 Market Trends
  • 7.3.2 Market Forecast
• 7.4 Chemical Stabilizer
  • 7.4.1 Market Trends
  • 7.4.2 Market Forecast

8 Market Breakup by End-Use

• 8.1 Small Transformers
  • 8.1.1 Market Trends
  • 8.1.2 Market Forecast
• 8.2 Large Transformers
  • 8.2.1 Market Trends
  • 8.2.2 Market Forecast
• 8.3 Utility
  • 8.3.1 Market Trends
  • 8.3.2 Market Forecast
• 8.4 Others
  • 8.4.1 Market Trends
  • 8.4.2 Market Forecast

9 Market Breakup by Application

• 9.1 Residential
  • 9.1.1 Market Trends
  • 9.1.2 Market Forecast
• 9.2 Commercial
  • 9.2.1 Market Trends
  • 9.2.2 Market Forecast
• 9.3 Industrial
  • 9.3.1 Market Trends
  • 9.3.2 Market Forecast

10 Market Breakup by Region

• 10.1 North America
  • 10.1.1 United States
    • 10.1.1.1 Market Trends
    • 10.1.1.2 Market Forecast
  • 10.1.2 Canada
    • 10.1.2.1 Market Trends
    • 10.1.2.2 Market Forecast
• 10.2 Asia Pacific
  • 10.2.1 China
    • 10.2.1.1 Market Trends
    • 10.2.1.2 Market Forecast
  • 10.2.2 Japan
    • 10.2.2.1 Market Trends
    • 10.2.2.2 Market Forecast
  • 10.2.3 India
    • 10.2.3.1 Market Trends
    • 10.2.3.2 Market Forecast
  • 10.2.4 South Korea
    • 10.2.4.1 Market Trends
    • 10.2.4.2 Market Forecast
  • 10.2.5 Australia
    • 10.2.5.1 Market Trends
    • 10.2.5.2 Market Forecast
  • 10.2.6 Indonesia
    • 10.2.6.1 Market Trends
    • 10.2.6.2 Market Forecast
  • 10.2.7 Others
    • 10.2.7.1 Market Trends
    • 10.2.7.2 Market Forecast
• 10.3 Europe
  • 10.3.1 Germany
    • 10.3.1.1 Market Trends
    • 10.3.1.2 Market Forecast
  • 10.3.2 France
    • 10.3.2.1 Market Trends
    • 10.3.2.2 Market Forecast
  • 10.3.3 United Kingdom
    • 10.3.3.1 Market Trends
    • 10.3.3.2 Market Forecast
  • 10.3.4 Italy
    • 10.3.4.1 Market Trends
    • 10.3.4.2 Market Forecast
  • 10.3.5 Spain
    • 10.3.5.1 Market Trends
    • 10.3.5.2 Market Forecast
  • 10.3.6 Russia
    • 10.3.6.1 Market Trends
    • 10.3.6.2 Market Forecast
  • 10.3.7 Others
    • 10.3.7.1 Market Trends
    • 10.3.7.2 Market Forecast
• 10.4 Latin America
  • 10.4.1 Brazil
    • 10.4.1.1 Market Trends
    • 10.4.1.2 Market Forecast
  • 10.4.2 Mexico
    • 10.4.2.1 Market Trends
    • 10.4.2.2 Market Forecast
  • 10.4.3 Others
    • 10.4.3.1 Market Trends
    • 10.4.3.2 Market Forecast
• 10.5 Middle East and Africa
  • 10.5.1 Market Trends
  • 10.5.2 Market Breakup by Country
  • 10.5.3 Market Forecast

11 SWOT Analysis

• 11.1 Overview
• 11.2 Strengths
• 11.3 Weaknesses
• 11.4 Opportunities
• 11.5 Threats

12 Value Chain Analysis

13 Porters Five Forces Analysis

• 13.1 Overview
• 13.2 Bargaining Power of Buyers
• 13.3 Bargaining Power of Suppliers
• 13.4 Degree of Competition
• 13.5 Threat of New Entrants
• 13.6 Threat of Substitutes

14 Price Indicators

15 Competitive Landscape

• 15.1 Market Structure
• 15.2 Key Players
• 15.3 Profiles of Key Players
  • 15.3.1 Calumet Specialty Products Partners L.P.
    • 15.3.1.1 Company Overview
    • 15.3.1.2 Product Portfolio
    • 15.3.1.3 Financials
    • 15.3.1.4 SWOT Analysis
  • 15.3.2 Cargill, Incorporated
    • 15.3.2.1 Company Overview
    • 15.3.2.2 Product Portfolio
    • 15.3.2.3 Financials
  • 15.3.3 Engen Petroleum Limited
    • 15.3.3.1 Company Overview
    • 15.3.3.2 Product Portfolio
  • 15.3.4 Ergon Inc.
    • 15.3.4.1 Company Overview
    • 15.3.4.2 Product Portfolio
    • 15.3.4.3 SWOT Analysis
  • 15.3.5 Edens Garden, Inc.
    • 15.3.5.1 Company Overview
    • 15.3.5.2 Product Portfolio
  • 15.3.6 Hydrodec Group plc
    • 15.3.6.1 Company Overview
    • 15.3.6.2 Product Portfolio
    • 15.3.6.3 Financials
  • 15.3.7 Nynas AB
    • 15.3.7.1 Company Overview
    • 15.3.7.2 Product Portfolio
    • 15.3.7.3 SWOT Analysis
  • 15.3.8 PetroChina Company Limited
    • 15.3.8.1 Company Overview
    • 15.3.8.2 Product Portfolio
    • 15.3.8.3 SWOT Analysis
    • 15.3.8.4 Financials
  • 15.3.9 San Joaquin Refining Co. Inc.
    • 15.3.9.1 Company Overview
    • 15.3.9.2 Product Portfolio
  • 15.3.10 China Petroleum & Chemical Corporation (SINOPEC)
    • 15.3.10.1 Company Overview
    • 15.3.10.2 Product Portfolio
  • 15.3.11 Valvoline Inc.
    • 15.3.11.1 Company Overview
    • 15.3.11.2 Product Portfolio