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Transformer Oil Market Size

Report ID: GMI2550
Published Date: Jun 2023
Report Format: PDF

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Transformer Oil Market Size

Transformer Oil Market size was valued at USD 2.9 billion in 2023 and is set to grow at over 6.7% CAGR from 2024 to 2032. The growing global population, industrialization, and urbanization have led to a significant rise in electricity consumption. This increased demand for electricity necessitates the expansion of power infrastructure, including transformers, which in turn drives the demand for transformer oil. A large number of power grids worldwide are aging and require modernization and refurbishment. Upgrading existing transformers with new and efficient ones, along with the use of high-quality transformer oil, becomes crucial to ensure the reliable and safe operation of the grid, and further aid in boosting the product penetration globally.

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The transformer oil market growth is due to the ongoing deployment of efficient transformers in response to the increasing electricity demand across the globe. This expansion of the industry will be further propelled by a growing emphasis on rural electrification initiatives and substantial funding support from non-profit organizations. The global transformer market is expected to witness at around 7.1% growth rate during the forecast timeframe. Mineral based transformer oil industry is set to cross USD 3.5 billion by 2032.

Transformer Oil Market Report Attributes
Report Attribute	Details
Base Year:	2023
Transformer Oil Market Size in 2023:	USD 2.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.7%
2032 Value Projection:	USD 5.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	830
Tables, Charts & Figures:	1,172
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 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.

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.