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Mineral Based Transformer Oil Market Trends

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

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Mineral Based Transformer Oil Market Trends

Increasing demand for electricity globally owing to rising population, rapid industrialization, and urbanization will boost the need for transformers from transmission & distribution industry, which in turn will enhance the industry growth. Aging power infrastructure and the need for grid modernization are key factors driving the demand for mineral-based transformer oil. Utilities and power companies are investing in upgrading and refurbishing their power grids, including transformers, to ensure reliable and efficient electricity transmission and distribution.

The shift towards renewable energy sources, such as solar and wind power, is influencing the transformer oil sector. The integration of renewable energy into the power grid requires the installation of new transformers and the use of suitable transformer oil to ensure optimal performance and longevity, which is proliferating the business landscape.

The mineral based transformer oil market is influenced by strict environmental regulations aimed at reducing the environmental impact of transformer fluids. Manufacturers are focusing on developing mineral-based transformer oils with low environmental impact, such as low toxicity and biodegradability, to comply with these regulations. Moreover, Ongoing research and development efforts are leading to advancements in transformer oil technology. Manufacturers are introducing innovative products with improved thermal and electrical properties, extended lifespan, and enhanced safety features, which is further anticipated to propel the industry statistics by 2032.

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.