The global transformer oil market size is expected to reach US$ 8,703.2 Mn by 2032 and further expand at 8% CAGR between 2022 and 2032. Demand in the market is predicted to reach US$ 4,021.7 Mn by the end of 2022. In 2021, the sales in transformer oil market reached a valuation of US$ 3,754.8 Mn by 2021.
As per FMI, Europe is expected to be the most remunerative transformer oil market over the upcoming decade. Sales in Europe transformer oil market are projected to surge at 8.2% CAGR over the assessment period. Germany and Italy are expected to witness fastest growth at 9.2% CAGR and 9.0% CAGR, respectively over the upcoming decade.
However, the U.K. transformer oil market is poised to expand at a robust 8.2% CAGR between 2022 and 2032, surpassing US$ 242 Mn by the end of 2032. FMI estimates Germany is expected to witness lucrative growth prospects during the forecast period on the back of rising demand for transformer lubricants in power generation and transmission industries. Backed by this, sales in Germany of transformer oil are expected to reach US$ 579.1 Mn by 2032.
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As transformers are used in a variety of applications, the expansion of energy and utility industry in Germany is providing an impetus to the market. Development of transmission and distribution lines in Germany and Italy will aid the growth in the Europe transformer oil market. According to the study, over 24% of demand share in Europe transformer oil market is expected to be contributed by Germany.
Key Takeaways from the Transformer Oil Market
- In terms of volume, Europe transformer oil market is projected to advance at an impressive pace, registering 8.2% CAGR during the forecast period.
- In the base year, the transformer oil market in Germany accounted for more than 2/5th of demand share.
· In 2021, the market valuation of transformer oils in Europe stood at US$ 1,022 Mn.
- Italy accounted for the second-largest market share in Europe transformer oil market, contributing 15.6% of revenue share in 2022.
“With growing demand for transformer lubricants in transmission & distribution lines in Germany, Italy, and the U.K., key players are likely to witness incredible growth opportunities in Europe.” – Says an FMI Analyst.
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Competition Landscape in the Transformer Oil Market
Key players in the market are establishing their manufacturing facilities to expand their product lines and improve their product portfolio. They are also focusing on developing eco-friendly transformer oils to adhere to the stringent regulations pertaining to the greenhouse gases emissions. Presence of several local and international transformer oil manufacturing companies is likely to make the market fragmented over the decade.
AMETEK Spectro Scientific, GBE S.p.A, Kelvion Inc., and Elkima Transformer are some of the key players gaining momentum in the global transformer oil market.
Recent Developments
- In September 2022, Nynas AB announced the re-refining of used transformer oils at its base manufacturing facilities and is using the refined oils to develop transformer oils to reduce the greenhouse gas footprint. The company is also contributing in the development of sustainable lubricants and raw material efficiency.
- Hitachi Energy announced the launch of its innovative oil-free traction transformer RESIBLOC® Rail, in September 2022, with integrated cooling system and voltages up to 25-kilovolt (kV), at InnoTrans, at the Berlin Messe in Germany.
