Home > Chemicals & Materials > Lubricant and Greases > Industrial Lubricants > Naphthenic Transformer Oil Market

Naphthenic Transformer Oil Market Trends

Report ID: GMI5936
Published Date: Jun 2023
Report Format: PDF

Download Free Sample

Naphthenic Transformer Oil Market Trends

Naphthenic Transformer Oil Market Size, By Region, 2021 - 2032, (USD Billion)

The global demand for electricity is increasing due to factors such as population growth, rapid industrialization, and urbanization. This rising demand is expected to fuel the need for transformers in the transmission and distribution industry, subsequently driving the growth of the naphthenic transformer oil market. Aging electric grid and the necessity for grid modernization are significant drivers behind the mineral-based transformer oil demand growth. Power utilities and companies are making investments in upgrading their power grids, along with deployment of efficient transformer technologies, to ensure reliable and effective electricity transmission and distribution.

Furthermore, the adoption of renewable energy sources like wind and solar is impacting the transformer oil market, owing to the growing demand for reliable transformers which can effectively step up or down the electricity to safe levels, further propelling the need for efficient transformer oil to offer longevity and optimal performance to the device.

Stringent environmental regulations that aim to minimize the adverse impact of transformer fluids on the environment are also exerting influence on the transformer oil market. Manufacturers are focusing on the development of various type of transformer oils which offers low environmental impact, characterized by low toxicity and biodegradability, to meet these regulations. Additionally, continuous research and development endeavors are driving advancements in transformer oil technology. Manufacturers are developing state-of-the-art products that offer improved electrical and thermal properties, enhanced safety features and extended lifespan.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of naphthenic transformer oil exceeded USD 1.2 billion in 2023 and will cross USD 2.1 billion by 2032, due to the surging need for preventing electrical arcing and ensuring the efficient operation of transformers.

Demand for power naphthenic transformer oil is anticipated to witness over 5.5% from 2023 to 2032, owing to the increasing demand for effective equipment across electricity grid infrastructure.

APAC market share was reached USD 500 million in 2022 and will record USD 900 million by 2032, driven by the growing energy demand across countries with high industrialization rate.

Some of the leading companies are APAR, CASTROL LIMITED, HCS Group, Exxon Mobil Corporation, Ergon, Inc., Hydrodec Group plc, China Petroleum & Chemical Corporation, and Calumet Specialty Products Partners.