As per FMI, the Japan is expected to register US$ 332.2 Mn transformer oil market opportunity by the end of 2032. Sales in Japan are poised to grow at 8.3% CAGR between 2022 and 2032. Regionally, East Asia is likely to witness robust growth opportunity, registering 8.7% CAGR during the forecast period. Demand in the Japan transformer oil market is expected to increase from US$ 150.2 Mn in 2022.
Growing investment in transmission & distribution sectors is expected to boost the demand for transformer oil in Japan. Hence, key players are establishing their manufacturing facilities to capitalize on the growing demand for bio-based transformer oil in Japan.
Backed by these aforementioned factors, the demand in Japan is expected to increase at 209 KT by 2022, in terms of volume.
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Key Takeaways from the Transformer Oil Market
- The transformer oil market in Japan is projected to advance at a robust pace, registering a CAGR of 8.3% during the forecast period.
- The transformer oils market in Japan accounted for a market valuation of US$ 139.9 Mn in the base year.
- By the end of 2032, the transformer oil market in Japan is estimated to reach a high of US$ 332.2 Mn.
- Growing demand for bio-based lubricants is likely to drive the growth of the forum in the upcoming years.
“Increasing demand for bio-based lubricants and expansion of transmission & distribution sectors will propel the growth in Japan transformer oil market over the forecast period. This is expected to create remunerative growth prospects for Japan transformer oil manufacturers.” – Says an FMI Analyst.
Competition Landscape in the Transformer Oil Market
The players operating in Japan’s transformer oil industry have adopted new product launches as their key development strategy to expand their share and increase their profitability. They are indulging in frequent collaborations, M&As, and more for gaining a foothold in the global market.
Nynas AB, Sanmi Corporation, and NIITECH Co. Ltd. are some of the key players identified in the transformer oil market.
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Transformer Oil Market Segmentation
By Oil Type:
Mineral Oil
Paraffinic
Naphthenic
Silicone Oil
Bio-based Oil
By Application:
Transformer
Switchgear
Reactor
By End Use Industry:
Transmission & Distribution
Power Generation
Railways & Metros
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Recent Developments
- Sanmi Corporation is considered to be the leading manufacturer of refined transformer oil and is focusing on development of oil purifier and gas treatment plan.
- In May 2022, Nynas AB partnered with KONCAR, Croatia’s leading manufacturer of instrument transformers to conduct a test of its NYTRO® BIO 300X on KONCAR’s instrument transformers. The tests confirmed that the use of NYTRO® BIO 300X to provide outstanding electric properties, equivalent in all aspects to conventional mineral oil with a reduced environmental impact.
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