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Mineral Based Transformer Oil Market Size

Report ID: GMI5927
Published Date: Jun 2023
Report Format: PDF

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Mineral Based Transformer Oil Market Size

Mineral Based Transformer Oil Market size surpassed USD 2 billion in 2022 and is anticipated to grow at 6.5% CAGR from 2023 and 2032. The global market for transformer oil is expected to cross a valuation of USD 5.2 billion by 2032.

Mineral Based Transformer Oil Market

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The industry standards and regulations for electrical insulation and safety, which favors its adoption across a wide range of industries. It is widely accepted and approved by regulatory authorities, providing assurance to utilities and end-users regarding its performance and compliance with safety standards. Furthermore, the oils help in enhancing the reliability and performance of transformers by providing effective cooling, insulation, and protection against electrical discharges, thus ensuring smooth operation and reducing the risk of equipment failure.

Mineral Based Transformer Oil Market Report Attributes
Report Attribute	Details
Base Year:	2023
Mineral Based Transformer Oil Market Size in 2023:	USD 2.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 3.8 Billion
Historical Data for:	2019 to 2023
No. of Pages:	350
Tables, Charts & Figures:	460
Segments covered:	Product, Application
Growth Drivers:	North America Refurbishment of existing grid networks Rising electric infrastructure spending Europe Rapid smart grid adoption Expansion of sustainable electricity networks Asia Pacific and Middle East & Africa Increasing demand for electricity Large scale renewable integration Latin America Increasing demand for sustainable electrical networks
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of mineral based transformer oil reached USD 2.1 billion in 2023 and is anticipated to grow at 6.4% CAGR during 2024 to 2032, explains GMI report.

The naphthenic mineral-based transformer oil industry will witness 6% growth till 2032 as it exhibits excellent electrical insulating properties, making it effective in preventing electrical breakdown and maintaining the integrity of transformer insulation systems.

The Asia Pacific mineral-based transformer oil sector will record 6% growth rate from 2023 to 2032, led by the rapid development of the transmission and distribution network in the region to ensure efficient power supply.

APAR, Calumet Specialty Products Partners, L.P., CASTROL LIMITED, HCS Group, Ergon, Inc., Exxon Mobil Corporation, Gandhar Oil Refinery (India) Limited, China Petroleum & Chemical Corporation, Phillips 66 Company, Sunoco Lubricants, Mineral Oil Corporation, NYNAS AB, Chevron Corporation.