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Transformer Oil Market Trends

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

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Transformer Oil Market Trends

The transformer oil market is poised to grow due to stringent legislative measures aimed at developing a reliable grid network and the increasing demand for electricity. Furthermore, favorable regulatory reforms that support the expansion of sustainable energy networks, along with government policies such as feed-in-tariffs, will contribute to the growth of the industry.

Dielectric insulating fluid, which provides high electrical resistance and helps keep transformers cool, is filled into power and distribution transformers. Among different types of transformer oil, bio-based products are expected to witness the highest growth during the forecast period, attributed to their superior heat resistance properties. Moreover, the rising demand for power has necessitated the installation of new transformers, which is anticipated to accelerate the expansion of the U.S. transformer oil market.

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.