Transformer Oil Market Size Worth $6.56 Billion By 2032 | CAGR:12.4%

The global transformer oil market size is expected to reach USD 6.56 billion by 2032, according to a new study by Polaris Market Research. The report “Transformer Oil Market Share, Size, Trends, Industry Analysis Report, By Product (Mineral-based Oils, Silicone-based Oils, and Bio-based Oils); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The extensive rise in the power generation sector across the globe to fulfill the increasing demand and requirements of electricity coupled with the rapid growth in industrialization and investments in grid networks by several developing nations are key factors expected to boost the growth of the global market over the course of the projected period. Moreover, increasing prevalence of mineral-based transformer oil, as a type of dielectric fluid in most of the existing as well as new transformers owing to its low-cost indices and easy availability as compared to other heat transfer fluids.

For instance, in November 2022, The US Department of Energy announced an investment of USD 13 billion for the expansion and upgradation of the country’s electric grid. It is the largest single direct federal investment in the transmission and distribution infrastructure. With this investment, the US Government is aiming to build new innovative transformative projects for the enhancement and improvement of power grids.

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In recent years, the cross-border electricity trade had gained high traction and momentum with the continuously rising number of economies entering the electricity trade, which are ultimately boosting the need and demand for transformers and switch gears and also for transformer oils. With the rapid increase in focus on bilateral power purchase agreements and various renewable projects, ASEAN is expected to make high progress towards the diversification and bolstering of electric supply and helps to decarbonize the electricity mix. Cross-border electricity trade in ASEAN would also be benefitted by ensuring new electricity generation from sustainable sources.

Transformer oil is mainly made up of polychlorinated biphenyls, nanofluids, & several other materials and is gaining prevalence as a coolant in the railways, used to regulate the temperature of a system more effectively & also protect the electrical equipment from getting damaged, that is positively influencing the market.

Transformer Oil Market Report Highlights

• Mineral-based oils segment accounted for a significant global market share in 2021 owing to the adoption of these oils in a variety of applications including circuit breakers and capacitors
• Large-scale transformers segment is expected to grow at the fastest CAGR, which is accelerated by a rapid surge in the industrial sector’s large consumer base for electricity consumption in developing countries like India and China
• Asia Pacific region dominated the global market in 2021 with a holding of significant market share, which is mainly driven by high investments in the power generation sector and the wide presence of domestic manufacturers of electricity in the region
• The global key market players include Sinopec Lubricant Company, Cargill Inc., Calumet Specialty Products, Chevron Corporation, and Exxon Mobil Corporation

Polaris Market Research has segmented the Transformer Oil market report based on product, application, and region:

Transformer Oil, Product Outlook (Revenue - USD Billion, 2019-2032)

• Mineral-based Oils
• Silicone-based Oils
• Bio-based Oils

Transformer Oil, Application Outlook (Revenue - USD Billion, 2019-2032)

• Small-scale transformers
• Large-scale transformers
• Utilities
• Others

Transformer Oil, Regional Outlook (Revenue - USD Billion, 2019-2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa