Transformer Oil Market

The global transformer oil market is projected to reach USD 3.0 billion by 2030 from an estimated USD 2.0 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as the rising trend of investments in HVDC transmission systems are driving the growth of the transformer oils market.

Due to their strong supply network, a few global and regional players hold a strong foothold in the transformer oil market. Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Shell (UK), APAR Industries (India), and Calumet specialty products partners, L.P. (US) are the market leaders in the global transformer oil market. These companies have adopted strategies such as product launches, contracts, agreements, mergers, and acquisitions, to increase their market share.

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Shell is engaged in chemical manufacturing, production, exploration, and refining of oil & gas. The company operates through 6 business segments—Integrated Gas, Upstream, Chemicals and Products, Marketing, Renewables & Energy Solutions, and Corporate.

The company provides transformer oil through its Chemicals and Products business segment under the brand name Shell Diala. Other products manufactured under this segment are gasoline, diesel, aviation fuel, heating oil, marine fuel, biofuel, lubricants, and sulfur. The company has established its presence in Asian, African, European, and American regions. Shell currently operates 13 refineries, 32 lubricant blending plants, four base oil manufacturing plants, eight grease plants, and 4 GTL base oil storage hubs across the globe.

PetroChina Company Limited is one of the world's largest oil & gas companies and is among China's leading producers and distributors. China National Petroleum Corporation (CNPC) is the parent company of PetroChina Company Limited. PetroChina Company Limited operates through 5 business segments: Exploration and Production, Refining and Chemicals, Marketing, Natural Gas and Pipelines, and Head Office and Other.

The Refining and Chemicals segment is engaged in refining crude oil, producing primary and derivative petrochemical products, and other chemical products. The range of products offered in this segment includes diesel, gasoline, fuel oil, naphtha, jet fuel, and lubricants. Transformer oil is also offered under the Refining and Chemicals segment. Kunlun Lubrication is associated with PetroChina Company Limited, a supplier of lubricating products and services, including production, R&D, sales, and services.

The parent company CNPC has an operational presence in over 30 countries and governs 26 refineries predominantly situated in northeast and northwest China.

APAR Industries Limited manufactures and supplies conductors, cables, specialty oils, polymers, lubricants, and specialty automotive. The company operates through 4 business segments—Conductor, Transformer & Specialities Oils, Power/Telecom Cables, and Other Segments.

APAR Industries Limited offers paraffinic and naphthenic transformer oil variants through the Transformer & Specialities Oils business segment. This business segment accounted for 32.6% of the company's total revenue in 2022. Other products offered under the segment include white oils, liquid paraffin, industrial/automotive oils, specialty oils for rubber & tire, thermoplastic elastomers, and metalworking fluids.

The company's major presence is in the Indian market, and it has established its operational presence in more than 100 countries. APAR Industries Limited currently owns and controls seven manufacturing units.

Related Reports:

Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End-User (Transmission & Distribution, Power Generation, Railways & Metros), Region - Global Forecast to 2030

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