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
TABLE 224 EUROPE: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (USD MILLION) 172
TABLE 225 EUROPE: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (USD MILLION) 172
TABLE 226 EUROPE: TRANSFORMER OIL MARKET, BY COUNTRY, 2018–2022 (MILLION LITERS) 173
TABLE 227 EUROPE: TRANSFORMER OIL MARKET, BY COUNTRY, 2023–2030 (MILLION LITERS) 173
9.4.5.1 UK 173
9.4.5.1.1 Growing investments in renewables to drive market 173
TABLE 228 UK: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 174
TABLE 229 UK: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 174
TABLE 230 UK: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 174
TABLE 231 UK: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 174
TABLE 232 UK: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 175
TABLE 233 UK: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 175
TABLE 234 UK: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 175
TABLE 235 UK: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 175
TABLE 236 UK: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 176
TABLE 237 UK: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 176
9.4.5.2 Germany 176
9.4.5.2.1 Expansion of transmission lines to boost demand for transformer oil 176
TABLE 238 GERMANY: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 177
TABLE 239 GERMANY: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 177
TABLE 240 GERMANY: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 177
TABLE 241 GERMANY: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 178
TABLE 242 GERMANY: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 178
TABLE 243 GERMANY: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 178
TABLE 244 GERMANY: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 178
TABLE 245 GERMANY: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 179
TABLE 246 GERMANY: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 179
TABLE 247 GERMANY: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 179
9.4.5.3 Russia 180
9.4.5.3.1 Investments in oil & gas sector and government focus on renewable energy production to augment market growth 180
TABLE 248 RUSSIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 180
TABLE 249 RUSSIA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 180
TABLE 250 RUSSIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 181
TABLE 251 RUSSIA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 181
TABLE 252 RUSSIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 181
TABLE 253 RUSSIA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 181
TABLE 254 RUSSIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 182
TABLE 255 RUSSIA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 182
TABLE 256 RUSSIA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 182
TABLE 257 RUSSIA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 183
9.4.5.4 France 183
9.4.5.4.1 Increased adoption of renewable energy to fuel market growth 183
TABLE 258 FRANCE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 183
TABLE 259 FRANCE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 184
TABLE 260 FRANCE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 184
TABLE 261 FRANCE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 184
TABLE 262 FRANCE: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 184
TABLE 263 FRANCE: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 185
TABLE 264 FRANCE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 185
TABLE 265 FRANCE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 185
TABLE 266 FRANCE: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 185
TABLE 267 FRANCE: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 186
9.4.5.5 Rest of Europe 186
TABLE 268 REST OF EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 186
TABLE 269 REST OF EUROPE: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 186
TABLE 270 REST OF EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 187
TABLE 271 REST OF EUROPE: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 187
TABLE 272 REST OF EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 187
TABLE 273 REST OF EUROPE: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 187
TABLE 274 REST OF EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 188
TABLE 275 REST OF EUROPE: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 188
TABLE 276 REST OF EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 188
TABLE 277 REST OF EUROPE: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 189
9.5 REST OF THE WORLD 189
9.5.1 REST OF THE WORLD: RECESSION IMPACT 189
9.5.2 BY OIL TYPE 190
TABLE 278 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 190
TABLE 279 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 190
9.5.2.1 Mineral oil - by sub-oil type 190
TABLE 280 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 190
TABLE 281 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 191
9.5.2.2 Mineral oil - by inhibition type 191
TABLE 282 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 191
TABLE 283 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 191
9.5.2.2.1 Naphthenic mineral oil - by inhibition type 192
TABLE 284 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2018–2022 (USD MILLION) 192
TABLE 285 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (NAPHTHENIC MINERAL OIL), 2023–2030 (USD MILLION) 192
9.5.2.2.2 Paraffinic mineral oil - by inhibition type 192
TABLE 286 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2018–2022 (USD MILLION) 192
TABLE 287 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY INHIBITION TYPE (PARAFFINIC MINERAL OIL), 2023–2030 (USD MILLION) 193
9.5.3 BY APPLICATION 193
TABLE 288 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 193
TABLE 289 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 193
9.5.3.1 Transformer - by sub-application 194
TABLE 290 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 194
TABLE 291 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 194
9.5.4 BY END USER 194
TABLE 292 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 194
TABLE 293 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 195
9.5.5 BY REGION 195
TABLE 294 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (USD MILLION) 195
TABLE 295 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (USD MILLION) 195
TABLE 296 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY REGION, 2018–2022 (MILLION LITTERS) 196
TABLE 297 REST OF THE WORLD: TRANSFORMER OIL MARKET, BY REGION, 2023–2030 (MILLION LITTERS) 196
9.5.5.1 Middle East 196
9.5.5.1.1 Growing investments in oil & gas industry and infrastructural developments to increase demand for transformer oil 196
TABLE 298 MIDDLE EAST: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 197
TABLE 299 MIDDLE EAST: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 197
TABLE 300 MIDDLE EAST: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 197
TABLE 301 MIDDLE EAST: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 198
TABLE 302 MIDDLE EAST: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 198
TABLE 303 MIDDLE EAST: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 198
TABLE 304 MIDDLE EAST: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 199
TABLE 305 MIDDLE EAST: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 199
TABLE 306 MIDDLE EAST: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 199
TABLE 307 MIDDLE EAST: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 200
9.5.5.2 Africa 200
9.5.5.2.1 Focus on reducing blackouts and power outages to fuel demand for transformer oil 200
TABLE 308 AFRICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 201
TABLE 309 AFRICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 201
TABLE 310 AFRICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 201
TABLE 311 AFRICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 202
TABLE 312 AFRICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022 (USD MILLION) 202
TABLE 313 AFRICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 202
TABLE 314 AFRICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 203
TABLE 315 AFRICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 203
TABLE 316 AFRICA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 203
TABLE 317 AFRICA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 204
9.5.5.3 South America 204
9.5.5.3.1 Growing investments in power generation to enhance market growth 204
TABLE 318 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2018–2022 (USD MILLION) 204
TABLE 319 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY OIL TYPE, 2023–2030 (USD MILLION) 205
TABLE 320 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2018–2022 (USD MILLION) 205
TABLE 321 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-OIL TYPE (MINERAL OIL), 2023–2030 (USD MILLION) 205
TABLE 322 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2018–2022(USD MILLION) 206
TABLE 323 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY APPLICATION, 2023–2030 (USD MILLION) 206
TABLE 324 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2018–2022 (USD MILLION) 206
TABLE 325 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY SUB-APPLICATION (TRANSFORMER), 2023–2030 (USD MILLION) 207
TABLE 326 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2018–2022 (USD MILLION) 207
TABLE 327 SOUTH AMERICA: TRANSFORMER OIL MARKET, BY END USER, 2023–2030 (USD MILLION) 207
10 COMPETITIVE LANDSCAPE 208
10.1 OVERVIEW 208
TABLE 328 KEY DEVELOPMENTS IN TRANSFORMER OIL MARKET, 2018–2023 208
10.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2022 209
TABLE 329 TRANSFORMER OIL MARKET: COMPETITIVE ANALYSIS 209
FIGURE 35 MARKET SHARE ANALYSIS OF TOP PLAYERS IN
TRANSFORMER OIL MARKET, 2022 210
10.3 MARKET EVALUATION FRAMEWORK 210
TABLE 330 MARKET EVALUATION FRAMEWORK, 2018–2023 211
10.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS, 2018–2022 212
FIGURE 36 SEGMENTAL REVENUE ANALYSIS, 2018–2022 212
10.5 COMPETITIVE SCENARIOS & TRENDS 213
10.5.1 DEALS 213
TABLE 331 TRANSFORMER OIL MARKET: DEALS, 2018–2023 213
10.5.2 PRODUCT LAUNCHES & DEVELOPMENTS 215
TABLE 332 TRANSFORMER OIL MARKET: PRODUCT LAUNCHES & DEVELOPMENTS, 2018–2023 215
10.6 COMPANY EVALUATION QUADRANT 215
10.6.1 STARS 215
10.6.2 EMERGING LEADERS 215
10.6.3 PERVASIVE PLAYERS 216
10.6.4 PARTICIPANTS 216
FIGURE 37 TRANSFORMER OIL MARKET: COMPANY EVALUATION QUADRANT, 2022 216
TABLE 333 COMPANY OIL-TYPE FOOTPRINT 217
TABLE 334 COMPANY REGION FOOTPRINT 218
11 COMPANY PROFILES 219
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
11.1 KEY PLAYERS 219
11.1.1 NYNAS AB 219
TABLE 335 NYNAS AB: BUSINESS OVERVIEW 219
FIGURE 38 NYNAS AB: COMPANY SNAPSHOT 220
TABLE 336 NYNAS AB: PRODUCT LAUNCHES & DEVELOPMENTS 221
TABLE 337 NYNAS AB: OTHERS 222
11.1.2 ERGON, INC. 223
TABLE 338 ERGON, INC.: BUSINESS OVERVIEW 223
TABLE 339 ERGON, INC.: PRODUCT LAUNCHES & DEVELOPMENTS 224
TABLE 340 ERGON, INC.: DEALS 224
TABLE 341 ERGON, INC.: OTHERS 225
11.1.3 PETROCHINA COMPANY LIMITED 226
TABLE 342 PETROCHINA COMPANY LIMITED: BUSINESS OVERVIEW 226
FIGURE 39 PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT 226
TABLE 343 PETROCHINA COMPANY LIMITED: OTHERS 227
11.1.4 APAR INDUSTRIES LIMITED 229
TABLE 344 APAR INDUSTRIES LIMITED: BUSINESS OVERVIEW 229
FIGURE 40 APAR INDUSTRIES LIMITED: COMPANY SNAPSHOT 230
11.1.5 SHELL 233
TABLE 345 SHELL: BUSINESS OVERVIEW 233
FIGURE 41 SHELL: COMPANY SNAPSHOT 234
TABLE 346 SHELL: PRODUCT LAUNCHES & DEVELOPMENTS 235
11.1.6 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. 236
TABLE 347 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: BUSINESS OVERVIEW 236
FIGURE 42 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: COMPANY SNAPSHOT 236
TABLE 348 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: DEALS 237
11.1.7 SINOPEC LUBRICANT COMPANY 239
TABLE 349 SINOPEC LUBRICANT COMPANY: BUSINESS OVERVIEW 239
TABLE 350 SINOPEC LUBRICANT COMPANY: OTHERS 240
11.1.8 CARGILL, INCORPORATED. 241
TABLE 351 CARGILL, INCORPORATED.: BUSINESS OVERVIEW 241
TABLE 352 CARGILL, INCORPORATED.: DEALS 242
11.1.9 EXXON MOBIL CORPORATION 243
TABLE 353 EXXON MOBIL CORPORATION: BUSINESS OVERVIEW 243
FIGURE 43 EXXON MOBIL CORPORATION: COMPANY SNAPSHOT 244
TABLE 354 EXXON MOBIL CORPORATION: OTHERS 245
11.1.10 GULF OIL INTERNATIONAL LTD 246
TABLE 355 GULF OIL INTERNATIONAL LTD: BUSINESS OVERVIEW 246
TABLE 356 GULF OIL INTERNATIONAL LTD: DEALS 247
TABLE 357 GULF OIL INTERNATIONAL LTD: OTHERS 248
11.1.11 M&I MATERIALS LTD 249
TABLE 358 M&I MATERIALS LTD: BUSINESS OVERVIEW 249
TABLE 359 M&I MATERIALS LTD: PRODUCT LAUNCHES & DEVELOPMENTS 250
TABLE 360 M&I MATERIALS LTD: DEALS 250
TABLE 361 M&I MATERIALS LTD: OTHERS 251
11.1.12 PHILLIPS 66 COMPANY 252
TABLE 362 PHILLIPS 66 COMPANY: BUSINESS OVERVIEW 252
FIGURE 44 PHILLIPS 66 COMPANY: COMPANY SNAPSHOT 253
TABLE 363 PHILLIPS 66 COMPANY: DEALS 254
11.1.13 DOW 255
TABLE 364 DOW: BUSINESS OVERVIEW 255
FIGURE 45 DOW: COMPANY SNAPSHOT 256
11.1.14 REPSOL 257
TABLE 365 REPSOL: BUSINESS OVERVIEW 257
FIGURE 46 REPSOL: COMPANY SNAPSHOT 258
TABLE 366 REPSOL: DEALS 259
11.1.15 CHEVRON CORPORATION 260
TABLE 367 CHEVRON CORPORATION: BUSINESS OVERVIEW 260
FIGURE 47 CHEVRON CORPORATION: COMPANY SNAPSHOT 261
TABLE 368 CHEVRON CORPORATION: DEALS 262
11.2 OTHER PLAYERS 264
11.2.1 GANDHAR OIL REFINERY (INDIA) LIMITED 264
11.2.2 HYDRODEC GROUP PLC 265
11.2.3 ENGEN PETROLEUM LIMITED 265
11.2.4 LUBRITA 266
11.2.5 PETRO-CANADA 266
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
12 APPENDIX 267
12.1 INSIGHTS FROM INDUSTRY EXPERTS 267
12.2 DISCUSSION GUIDE 267
12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 271
12.4 CUSTOMIZATION OPTIONS 273
12.5 RELATED REPORTS 273
12.6 AUTHOR DETAILS 274
