Transformer Oil Market Size - By Product (Mineral Based {Naphthenic, Paraffinic}, Silicon Based, Bio Based), By Application (Distribution Transformer, Power Transformer, Instrument Transformer) & Global Forecasts, 2024 – 2032

Some of the key industry players are APAR, Calumet Specialty Products Partners, L.P., Cargill, Incorporated, ENGEN PETROLEUM LTD, CASTROL LIMITED, Gandhar Oil Refinery (India) Limited, and Clearco Products Co., Inc.

The market size of transformer oil exceeded USD 2.9 billion in 2023 and is estimated to reach USD 5.2 billion by 2032, driven by the surging electricity consumption due to the growing global population, industrialization, and urbanization.

Mineral-based transformer oil industry is anticipated to grow at over 6.5% CAGR from 2023 to 2032, due to the widespread availability and compatibility of mineral-based oils with high-voltage transformers.

Asia Pacific market is projected to record more than 6.5% CAGR through 2032, owing to the rapid development of transmission & distribution networks across the region.