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Transformer Oil Market Size, Share & Forecast Analysis, 2032
The global transformer oil market size was USD 2.97 billion in 2022. The market is slated to surge
from USD 3.15 billion in 2023 to USD 4.88 billion by 2030, exhibiting a CAGR of 6.4% over the study
period.
Transformer oils are used in numerous applications on account of several advantages. These
applications comprise circuit breakers, rectifiers, distribution and power transformers, switch gears,
and others. The rising electricity demand from numerous emerging sectors, such as the electric
vehicles industry, is set to fuel industry expansion over the coming years.
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104024
Segmentation:
Mineral Oil Segment Dominates Due to its Cooling Properties
On the basis of type, the market for
transformer oil is segregated into
silicon oil, mineral oil (naphthenic and
paraffinic), and ester liquids. The
mineral oil segment held a prominent
share of the global market owing to
its tremendous cooling properties.
Transformers Segment Accounts for
Dominant Market Share Due to
Product Deployment for
Temperature Maintenance
By application, the market is
subdivided into electrical components
and transformers. The transformers
segment registers the largest share in the global market. In this equipment, the oils help maintain
temperature and conductivity and ensure smooth operation, which is a key factor driving the
segmental dominance.
Transmission & Distribution Segment Registers Prominent Share Driven by Rising Transformer
Deployment for Distribution Purposes
Based on end-use, the market for transformer oil is categorized into power generation, transmission
& distribution, locomotives & railway lines, and others. The transmission & distribution segment
accounts for a key share of the market. The growing deployment of distribution transformers for
commercial and residential use is one of the major factors driving the segmental expansion.
On the basis of geography, the market for transformer oil has been studied across Europe, North
America, Latin America, Asia Pacific, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
 Apar Industries Limited (India)
 Cargill (U.S.)
 Sinopec Corp (China)
 Nynas AB (Sweden)
 Total Energies (France)
 Dow (U.S.)
 Calumet Specialty Products Partners, L.P. (U.S.)
 Powerlink Oil Refinery Ltd (India)
 Wacker Chemie AG (Germany)
 HP Lubricants (India)
Report Coverage:
The report presents an overview of the pivotal factors driving the industry expansion. It also delves
into the major strategies implemented by industry players to consolidate their transformer oil
market share. It further offers an analysis of the market on the basis of numerous segments: type,
application, end use, and geography.
Drivers and Restraints:
Market Value to Rise Owing to Surging Emphasis on Long Distance Transmission
There has been an increasing emphasis on
the development of UHV (ultra-high
voltage) power transformers for the
transmission of high power over very long
distances. In addition, there has been an
upsurge in the energy production from
renewable sources of energy. This
enhances the demand for long-distance
transmission as these sources are
dependent on the location. These factors
are expected to drive the transformer oil
market growth.
However, various drawbacks associated
with liquid-filled transformers may restrain
market expansion.
Regional Insights:
Asia Pacific Records Key Share Driven by Rising Investments in Grid Network Expansion
Asia Pacific market size was valued at USD 1.48 billion in 2022. The region holds a prominent share in
the global market. The regional growth can be attributed to the increasing investments in
developing nations for the expansion of their electric grid network.
Europe records a considerable product demand. This can be credited to the escalating need for the
replacement of aging grid infrastructure.

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Competitive Landscape:
Companies Offer Bio-based Products to Strengthen Industry Position
In a bid to go green, industry players, such as Nynas, Cargill, and others, are providing bio-based
products as part of their offerings. Industry players are also focusing on organic strategies. These
steps are being adopted for increasing their brand value in the market.
Key Industry Development:
October 2022 – Nynas AB introduced NYTRO BIO 300X, a bio-based insulating liquid, for meeting the
surging bio-based oil demand. The product offers enhanced convective heat transfer in power
transformer applications.
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