Transformer oil Market Global Transformer oil Market is expected to grow at a CAGR of 6.9% Transformer oil Market and Top Companies Key market players profiled in the Transformer oil market report includes: Nynas AB (Sweden)

Ergon International (Belgium)

PetroChina Company Limited (China)

Apar Industries (India)

Sinopec Lubricant (China)

Royal Dutch Shell (Netherlands)

ExxonMobil (US)

Calumet Specialty Products (US)

Cargill Incorporated (US)

Gulf Oil International (UK)

Nynas AB (Sweden) � Nynas AB is an oil company that transforms crude oil into high-quality bitumen and naphthenic specialty oil. The company conducts its business through Naphthenic and Bitumen segments. The company�s transformer oil is used in a wide range of applications such as power transformers, distribution transformers, switchgear, and reactors. Nynas AB has 20 naphthenic depots and 3 naphthenic hubs, 4 owned refineries, and 3 partner refineries in regions such as Europe, North America, and APAC. The company has a strong global presence with strongholds in Europe.

Nynas AB is an oil company that transforms crude oil into high-quality bitumen and naphthenic specialty oil. The company conducts its business through Naphthenic and Bitumen segments. The company�s transformer oil is used in a wide range of applications such as power transformers, distribution transformers, switchgear, and reactors. Nynas AB has 20 naphthenic depots and 3 naphthenic hubs, 4 owned refineries, and 3 partner refineries in regions such as Europe, North America, and APAC. The company has a strong global presence with strongholds in Europe. Ergon International (Belgium) � Ergon International is a part of Ergon, Inc. and is one of the leading producers of naphthenic oil globally. Ergon International offers naphthenic transformer oil under its HyVolt Insulating Oil segment with an extremely low pour point and high oxidation stability for various applications such as power and distribution transformers, circuit breakers, and switchgear. Ergon International has a global presence with its strong supply network of specialty naphthenic transformer oils, process oils, and base oils to the Middle East, Europe, Africa, India, and APAC.

Ergon International is a part of Ergon, Inc. and is one of the leading producers of naphthenic oil globally. Ergon International offers naphthenic transformer oil under its HyVolt Insulating Oil segment with an extremely low pour point and high oxidation stability for various applications such as power and distribution transformers, circuit breakers, and switchgear. Ergon International has a global presence with its strong supply network of specialty naphthenic transformer oils, process oils, and base oils to the Middle East, Europe, Africa, India, and APAC. PetroChina Company Limited (China) � PetroChina Company Limited is one of the largest oil & gas companies in the world and is among the leading producers and distributors in China. It offers transformer oil through its Refining and Chemicals segment under the brand name Kunlun. PetroChina Company Limited has its business operations in oil & gas in over 30 countries such as the UK, France, Brazil, Japan, and Singapore. It also has a nationwide network of sales terminals along with approximately 21,000 service stations in China and Hong Kong.

PetroChina Company Limited is one of the largest oil & gas companies in the world and is among the leading producers and distributors in China. It offers transformer oil through its Refining and Chemicals segment under the brand name Kunlun. PetroChina Company Limited has its business operations in oil & gas in over 30 countries such as the UK, France, Brazil, Japan, and Singapore. It also has a nationwide network of sales terminals along with approximately 21,000 service stations in China and Hong Kong. Apar Industries (India) � Apar Industries is a manufacturer of synthetic rubbers, latexes, and aluminum conductors that is also operational in the diverse fields of metallurgical and electrical engineering. The company has a global presence in more than 90 countries with a major focus on South East Asia, Africa, the Middle East, and South America. Apar Industries has a manufacturing and distribution model for specialty oils for global transformer OEMs across Australia, Africa, and Asia.

Apar Industries is a manufacturer of synthetic rubbers, latexes, and aluminum conductors that is also operational in the diverse fields of metallurgical and electrical engineering. The company has a global presence in more than 90 countries with a major focus on South East Asia, Africa, the Middle East, and South America. Apar Industries has a manufacturing and distribution model for specialty oils for global transformer OEMs across Australia, Africa, and Asia. Sinopec Lubricant (China) � Sinopec Lubricant is a subsidiary of Sinopec Group and is among the leading manufacturers of lubricants across the globe. Sinopec Lubricant has one of the largest lubricant production capacity, with over 1.46 million tons of packaged lubricants per year. The company has 11 domestic lube oil & grease blending and manufacturing branches and 1 branch company in Singapore. It also has R&D centers in Beijing and Shanghai which integrate the function of lubricant storage, transportation, manufacturing, and sales.

Sinopec Lubricant is a subsidiary of Sinopec Group and is among the leading manufacturers of lubricants across the globe. Sinopec Lubricant has one of the largest lubricant production capacity, with over 1.46 million tons of packaged lubricants per year. The company has 11 domestic lube oil & grease blending and manufacturing branches and 1 branch company in Singapore. It also has R&D centers in Beijing and Shanghai which integrate the function of lubricant storage, transportation, manufacturing, and sales. Royal Dutch Shell (Netherlands ) � Royal Dutch Shell is an energy company engaged in the production, exploration, and refining of oil & gas and chemical manufacturing. The company provides transformer oil under its brand name Shell Diala through the Downstream business segment. The company has its presence in more than 100 countries such as Brazil, Canada, the US, China, Australia, Japan, Germany, the UK, and Saudi Arabia. It has four base oil manufacturing plants, 9 grease plants, 31 lubricant blending plants, and 3 GTL base oil storage hubs.

Royal Dutch Shell is an energy company engaged in the production, exploration, and refining of oil & gas and chemical manufacturing. The company provides transformer oil under its brand name Shell Diala through the Downstream business segment. The company has its presence in more than 100 countries such as Brazil, Canada, the US, China, Australia, Japan, Germany, the UK, and Saudi Arabia. It has four base oil manufacturing plants, 9 grease plants, 31 lubricant blending plants, and 3 GTL base oil storage hubs. ExxonMobil (US) � ExxonMobil manufactures, sells, and transports petroleum products and is also engaged in the production, exploration, and transportation of crude oil and natural gas. The company has 3 business segments� Upstream, Downstream, and Chemical. ExxonMobil has its presence in more than 40 countries such as China, Australia, Saudi Arabia, the UK, Germany, Brazil, the US, and Canada. It has more than 10,000 patents granted globally and has 4 chemical manufacturing plants in Texas and Louisiana in North America.

� ExxonMobil manufactures, sells, and transports petroleum products and is also engaged in the production, exploration, and transportation of crude oil and natural gas. The company has 3 business segments� Upstream, Downstream, and Chemical. ExxonMobil has its presence in more than 40 countries such as China, Australia, Saudi Arabia, the UK, Germany, Brazil, the US, and Canada. It has more than 10,000 patents granted globally and has 4 chemical manufacturing plants in Texas and Louisiana in North America. Calumet Specialty Products (US) � Calumet Specialty Products is a manufacturer of specialty hydrocarbon products and processes crude oil and other feedstocks into customized lubricating oils, waxes, and solvents. The company operates through 2 segments, namely Fuel Products and Specialty Products. It offers transformer oil and various products such as customized lubricating oils, solvents, white mineral oils and petrolatum under its Specialty Products segment.

� Calumet Specialty Products is a manufacturer of specialty hydrocarbon products and processes crude oil and other feedstocks into customized lubricating oils, waxes, and solvents. The company operates through 2 segments, namely Fuel Products and Specialty Products. It offers transformer oil and various products such as customized lubricating oils, solvents, white mineral oils and petrolatum under its Specialty Products segment. Cargill Incorporated (US) ­­­� Cargill Incorporated is a food and beverage manufacturer and also one of the leading producers of bio-based dielectric fluid. Cargill Incorporated has its presence in more than 70 countries such as China, Singapore, Netherlands, the UK, Brazil, and the US. It has its dielectric fluid manufacturing facility in India. It also has more than 1,500 research, development, and technical services and intellectual property specialists working in more than 200 locations such as Beijing and the US.

­­­� Cargill Incorporated is a food and beverage manufacturer and also one of the leading producers of bio-based dielectric fluid. Cargill Incorporated has its presence in more than 70 countries such as China, Singapore, Netherlands, the UK, Brazil, and the US. It has its dielectric fluid manufacturing facility in India. It also has more than 1,500 research, development, and technical services and intellectual property specialists working in more than 200 locations such as Beijing and the US. Gulf Oil International (UK) ­­­� Gulf Oil International, a part of Hinduja Group, is one of the leading manufacturers of lubricants and car care products. The company�s products cater to various applications such as automotive, commercial & fleet transport, general industrial products, agriculture, and Gulf oil marine. The company operates in more than 100 countries such as Brazil, Mexico, Argentina, China, and the US.

Transformer oil Market and Top End User Top end users in transformer oil Market are: Transmission and Distribution

Railways & Metros

Transmission and distribution � Transmission and distribution utilities are the major end users of the transformer oil market as they own the electrical equipment used in transmission and distribution, such as transformers, switchgears, and reactors. Transmission and distribution utilities include non-renewable and renewable sources of energy to fulfil the demand for electricity. Thus, growing investment in transmission and distribution networks will propel the demand for transformer oil.

� Transmission and distribution utilities are the major end users of the transformer oil market as they own the electrical equipment used in transmission and distribution, such as transformers, switchgears, and reactors. Transmission and distribution utilities include non-renewable and renewable sources of energy to fulfil the demand for electricity. Thus, growing investment in transmission and distribution networks will propel the demand for transformer oil. Railways & Metros � Railways & metros purchase electricity from electric utilities, but in some cases, they have their own dedicated generating stations, as well as transmission lines. Mostly railways provide their own transformer and switchgears. Growing investments in railways and metros due to growing urbanization will lead to an increase in investment towards railway electrification system which is likely to boost the growth of the transformer oil market.

Transformer oil Market and Top Application Top application in transformer oil market are: Transformer

Reactor

Transformer � As the transformer operates, it produces large amounts of heat, which can result in fire. To avoid such situations, transformer oils are used to maintain the temperature of transformers. These oils are used in majorly for cooling, insulation, and heat dispersion of oil-filled electrical equipment. They are also used to preserve the core winding of transformers. Transformer oils are extensively used in power and distribution transformers. Growing power demands and aging transformers are likely to lead to the installation of new transformers, which is anticipated to increase the demand for transformer oils.

As the transformer operates, it produces large amounts of heat, which can result in fire. To avoid such situations, transformer oils are used to maintain the temperature of transformers. These oils are used in majorly for cooling, insulation, and heat dispersion of oil-filled electrical equipment. They are also used to preserve the core winding of transformers. Transformer oils are extensively used in power and distribution transformers. Growing power demands and aging transformers are likely to lead to the installation of new transformers, which is anticipated to increase the demand for transformer oils. Reactor � Reactors are used to improve the efficiency and stability of electrical systems. They give reluctance to changes in current or modify phase shifts between voltages and current. In essence, reactors are used for controlling the voltage and are used in parallel or series with the grid. Transformer oils are used in reactors for cooling and insulating purposes. Reactors are used along with the transformers in substations. Thus, growing demand for transformers and investments in the power sector is likely to enhance the demand for transformer oil.

Transformer oil Market and Top Use Cases Top use cases in transformer oil Market are: January 2020 � Ergon International expanded its naphthenic refinery in Vicksburg, Mississippi, which will help the company position itself, helping it to ensure its longevity of systems and operations.

Ergon International expanded its naphthenic refinery in Vicksburg, Mississippi, which will help the company position itself, helping it to ensure its longevity of systems and operations. October 2019 � Nynas AB launched NYTRO BIO 300X, a 100% renewable transformer oil, that reduces a transformer�s winding hot spot temperature and combines biodegradability with superior oxidation stability.

Nynas AB launched NYTRO BIO 300X, a 100% renewable transformer oil, that reduces a transformer�s winding hot spot temperature and combines biodegradability with superior oxidation stability. August 2018 � Ergon International acquired a thermoplastic resins and polymers manufacturing company named Resinall Mississippi, which had its manufacturing facilities in North Carolina. The acquisition is expected to help the company to move into the specialty chemical market and help the company become a key player in refining and specialty products, such as transformer oil.

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

The transmission and distribution segment is expected to be the largest market during the forecast period

The market has been segmented, by end-user, into transmission and distribution, power generation, railways & metros, and others (industrial and commercial sectors). The transmission and distribution segment is expected to be the most significant transformer oil market, by end-user, during the forecast period. This dominance can be attributed to growing power requirements due to rising urbanization along with a growing population, resulting in an increase in the transmission and distribution network across the world. A growing transmission and distribution network will result in an increase in the number of substations, which is expected to boost the demand for transformer oil due to the installation of transformers, reactors, and switchgears in these substations.

The mineral oil segment is expected to be the fastest-growing segment in the transformer oil market, by type, during the forecast period

The transformer oil market has been segmented, by oil type, into mineral oil, silicone oil, and bio-based oil. The mineral oil segment is estimated to be the fastest-growing during the forecast period.

Mineral oil is subdivided into naphthenic oil and paraffinic oil, and a majority of the existing and new transformers manufactured uses mineral oil as the cooling fluid. Mineral oil has low biodegradability and low fire safety potential, which has necessitated the need for other insulating liquids to be used in transformers, reactors, and switchgears installed at high-fire risk areas, such as chemical factories. Mineral oils consist of hydrocarbon components, which usually comes from residual oil fractions of the appropriate viscosity level. In other words, mineral oil is a by-product of petroleum distillation. Naphthenic oil, a subdivision of mineral oil, is more stable in oxidation at different temperatures. In addition, these oils form soluble sludge during the course of operation, which does not affect the transformer�s operational efficiency. Thus, easy availability and the low price of mineral oil compared to other transformer oils are expected to drive the market during the forecast period.

The transformer segment is expected to hold the largest share of the transformer oil market during the forecast period

The transformer oil market has been segmented, by application, into transformers, switchgears, and reactors. The transformer segment is estimated to be the fastest-growing during the forecast period.

Transformer oils are used in applications such as power and distribution transformers. Rising electricity requirements due to an increasing population has resulted in an increase in investments for the expansion of the existing power grids as well as for the construction of new power infrastructure in developed and developing countries. The upgradation and expansion of electric grids due to the rising power demand is expected to increase the demand for transformers, which will eventually propel the transformer oil market for this segment.

APAC is expected to be the fastest-growing transformer oil market during the forecast period

In this report, the transformer oil market has been analyzed with respect to four regions, namely APAC, North America, Europe, and RoW.

APAC is expected to dominate the global transformer oil market during the forecast period. The growth of this market can be attributed to the growing demand for power in developing countries, such as China and India, and established economies, such as Japan and China. Growing power requirements, along with the upgradation of the aging electrical infrastructure, are expected to result in an increase in the number of substations. This will propel the demand for transformers, reactors, and switchgears, which will boost the demand for transformer oil.

Key Market Players

The major players in the global transformer oil market include Nynas AB (Sweden), Ergon International (Belgium), Petrochina Company Limited (China), Apar Industries (India), Sinopec Lubricant (China).

Nynas AB is an oil company that transforms crude oil into high-quality bitumen and naphthenic specialty oil. The company conducts business through Naphthenic and Bitumen segments. Nynas AB offers transformer, base, and tire and rubber oils through the Naphthenic segment. Nynas AB has 20 naphthenic depots and 3 naphthenic hubs, 4 owned refineries, and 3 partner refineries in regions such as Europe, North America, and APAC. The company has a strong global presence with strongholds in Europe.

Ergon International is a part of Ergon, Inc. and is one of the leading global producers of naphthenic oil. The company conducts business through 4 segments: HyVolt Insulating Oil, HyPrene Process Oil, HyGold Base Oil, and HyPrint Ink Oil. Ergon International has a global presence with its strong supply network of specialty naphthenic transformer oils, process oils, and base oils to the Middle East, Europe, Africa, India, and APAC. With a storage terminal in Belgium, Ergon International has a network of licensed distributors located in Eastern Europe and the UAE.

Scope of the Report

Report Metric Details Market size available for years 2018�2025 Base year considered 2019 Forecast period 2020�2025 Forecast units Value (USD) Segments covered Type, Application, End-user, and Region Geographies covered Asia Pacific, North America, Europe, and Rest of the World Companies covered Nynas AB (Sweden), Ergon International (Belgium), Petrochina Company Limited (China), Apar Industries (India), Sinopec Lubricant (China), Calumet Speciality Products (US), Hydrodec Group (US), Cargill, Incorporated (US), and ExxonMobil (US)

This research report categorizes the transformer oil market by type, application, end-user, and region.

By Type:

Mineral

Silicone

Bio-based

By Application:

Transformer

Switchgear

Reactor

By End-user:

Transmission and Distribution

Power Generation

Railways & Metros

Others

By Region:

Asia Pacific

North America

Europe

Rest of the World

Recent Developments

In February 2020, Nynas AB extended the product reach of NYTRO BIO 300X transformer oil in the Middle East, which is the world�s first high-performance bio-based transformer hydrocarbon fluid made from renewable sources. NYTRO BIO 300X is a solution to the challenge of keeping transformers cool in the hot climate of the Middle East.

In January 2020, Nynas AB increased the capacity at its depot in Perth Amboy, US, to enhance its services. Previously, only process and base oils were kept in stock at the New Jersey depot, but now, NYTRO 11GBX transformer oil has been added to bring value to the customers by ensuring smooth and cost-efficient deliveries.

In January 2020, Ergon International expanded its naphthenic refinery in Vicksburg, Mississippi, which will help the company position itself, ensuring its longevity of systems and operations.

In October 2019, Nynas AB launched NYTRO BIO 300X, a 100% renewable transformer oil. NYTRO BIO 300X reduces a transformer�s winding hot spot temperature and combines biodegradability with superior oxidation stability.

Critical questions the report answers:

Which revolutionary technology trends are expected over the next 5 years?

Which elements of the transformer oil market are expected to lead by 2025?

Which type of transformer oil is likely to get the maximum opportunity to grow during the forecast period?

Which region is expected to lead with the highest market share by 2025?

How are companies implementing organic and inorganic strategies to gain an increase in their market share?

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