Transformer Oil Market Size By Product (Mineral Based {Naphthenic, Paraffinic} [Distribution Transformer, Power Transformer, Instrument Transformer, Others], Silicon Based [Distribution Transformer, Power Transformer, Instrument Transformer, Others], Bio Based [Distribution Transformer, Power Transformer, Instrument Transformer, Others]), By Application (Distribution Transformer, Power Transformer, Instrument Transformer, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024

Published Date: Jun 2018  |  Report ID: GMI2550  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 600   |   Base Year: 2017

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Transformer Oil Market size was valued over USD 2 billion in 2017 and is set to witness an annual consumption of over 2,000 Million Litres by 2024.

Transformer Oil Market

Get more details on this report - Request Free Sample PDF

Increasing demand for modernization of aging grid infrastructure coupled with large scale capacity addition will boost the market. For instance, in 2016, the U.S. DOE announced an investment of USD 220 million under the Grid Modernization Initiative. The funding was done to revitalize the power grid thereby making it resilient, affordable and sustainable. Rapid urbanization along with increasing expenditure across infrastructure sector in developed economies will further stimulate the business scenario.

Stringent legislative measures for the development of reliable grid network along with rising electricity demand will augment the market. Favorable regulatory reforms supporting the expansion of sustainable energy networks coupled with government aided policies consisting of feed-in-tariffs will further drive the industry landscape. The European Union proposes the Infrastructure Package for the allocation of USD 10.6 billion from the EU budget for the funding of energy network infrastructure from 2013 to 2020.

Increasing demand for electricity across the globe has propelled the deployment of new transformers which in turn will boost the market. Rising focus toward rural electrification along with massive funding from nonprofit organizations will further fuel the industry growth. The World Bank under the Sustainable Energy for All initiative has committed to achieve universal access to electricity by 2030 with an investment of USD 37 billion per year for the extension of traditional electricity grid.

Transformer Oil Market Report Coverage
Report Coverage Details
Base Year: 2017 Market Size in 2017: 2 Billion (USD)
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Pages: 600 Tables, Charts & Figures: 1170
Geographies covered (33): U.S, Canada, Mexico, UK, Germany, France, Italy, Spain, Denmark, Netherlands, Sweden, Russia, China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Oman, Turkey, Egypt, South Africa, Nigeria, Brazil, Peru, Argentina
Segments covered: Product, Application and Region
Companies covered (23): Apar Industries, Calumet Specialty Product Partners, Cargill, Castrol, Clearco Products, DOW Chemical Company, Electrical Oil Services Limited, Engen Petroleum Limited, Ergon International, Exxon Mobil, Gandhar Oil Refinery India, Hydrodec Group, Novvi LLC, Nynas AB, Royal Dutch Shell plc, San Joaquin Refining Co. Inc., Sinopec Corporation, Valvoline, Hyrax Oil Sdn. Bhd., Eden Oil Company, Inc., Lubrita Europe B.V., Yi-Chiu Chemical & Technical Co. Ltd., Columbia Petro Chem Pvt. Ltd.
Growth Drivers:
  • North America
  • Refurbishment of existing grid networks
  • Rising electric infrastructure spending
  • Europe
  • Rapid smart grid adoption
  • Expansion of sustainable electricity networks
  • Asia Pacific and MEA
  • Increasing demand for electricity
  • Large scale renewable integration
  • Latin America
  • Increasing demand for sustainable electrical networks
Pitfalls & Challenges:
  • Industry pitfalls and challenges
  • Increasing adoption of alternate transformer technologies

Get more details on this report - Request Free Sample PDF

Transformer Oil Market, By Product

Mineral based transformer oil market is anticipated to expand over 5% by 2024. High compatibility to operate in high voltage transformers and ease of availability has accelerated the adoption of these products across the industry landscape. High temperature viscosity and good oxidation stability are some other imperatives contributing to the increased product demand growth. However, growing prominence of bio-based counterparts are expected to offer competitive edge to the mineral based oils.

Naphthenic mineral based transformer oil market is set to grow on account of low temperature performance and greater solvating power as compared to paraffinic oils. Increasing adoption of naphthenic based oil across developed nations with regard to their easy availability and large reserve base will further boost the product landscape.

Bio based transformer oil market is expected to witness strong growth on account of increasing awareness regarding biodegradability and environmental sustainability. Stringent government regulations pertaining to environmental conservation and emission reduction along with massive investments in the renewable energy sector will further drive the industry growth.

Transformer Oil Market, By Application

Power transformers in 2017 held over 57% of the global market share. Increasing investment in the power sector coupled with expansion of power grids across developing nations will propel the product penetration. Increased usage of power transformers at the receiving and finishing end of high voltage transmission lines will further fuel the industry landscape.

Distribution transformer oil industry is set to grow over 6.5% by 2024. High end applicability across low voltage areas and the ability to step down high voltage electricity will boost the utilization of transformer oil in distribution transformers. Rapid adoption of these transformers for utilization at consumer terminals will further boost the product adoption.

Transformer Oil Market, By Region

China market is anticipated to expand over 5% by 2024. Rising need for upgradation and transformation of existing electricity infrastructure along with favorable regulatory reforms supporting the expansion of sustainable energy networks will drive the industry landscape. Rapid expansion of cross border transmission networks coupled with government initiatives for the modernization of electricity grid will further propel the business landscape. For instance, in March 2017, the Government of China signed a MoU with the Nepal Energy Ministry for the joint development of cross border transmission lines between two countries.


The U.S. market in 2017, was valued over USD 200 million.  Increasing demand for refurbishment of existing grid infrastructure coupled with considerable investment for the integration of effective grid systems will enhance the industry outlook. Deployment of reliable grid support mechanism along with rapid technological advancements will further fuel the industry growth.

Upgradation of existing power supply infrastructure coupled with increasing per capita electricity consumption will boost the Europe market. As per the Agora Energiewende, a joint initiative of the European Climate Foundation and the Mercator Foundation, the electricity consumption in Europe rose consecutively for the third year with an increase by 0.7% in 2017. Technological upgradation of aging transformers along with increasing awareness toward environmental conservation will boost the adoption of bio-based transformer oils.

Competitive Market Share

Notable industry players across the global market include Nynas, Cargill, Calumet, APAR Industries, Hydrodec, Valvoline, Clearco, DOW Chemical, Electrical Oil Services and Engen amongst others. Cost competitiveness, product accreditations along with an extensive distribution network are the significant strategic assets to gain a competitive position across the industry.

Transformer Oil Industry Background

Transformer oil also known as insulating oil is an oil that acts as a dielectric medium in oil filled transformers. The oil acts as a liquid insulation & coolant in an electrical transformer by dumping heat of the transformer. In addition, the transformer oil preserves the winding and core of the transformer. Transformer oils are suitable for reducing electrical clearances and augmenting cooling performance in a variety of applications as it is durable & remains stable at high temperatures.

Frequently Asked Questions (FAQ) :

The registered value for transformer oil market was USD 2 bn in 2017.
Predicted revenue share of transformer oil market is USD 3 bn by 2024.

Buy NowImmediate delivery available

Need a Discount? Get in touch with us for special pricing

Request Discount

Connect with our sales team

Premium Report Details

  • Published Date: Jun 2018
  • Pages: 600
  • Tables: 1146
  • Charts / Figures: 24
  • Companies covered: 23
  • Countries covered: 33

Benefits of Association

Data Coverage & Quality

GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.

Client Trust & Security

GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.

Customer Service

Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.

GMIPulse, our report store

We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X