MRFR Press Release/- Market Research Future Published a Cooked Research Report on Global Transformer Oil market. The Transformer Oil Market was valued at USD 5.3 billion in 2023 and is projected to reach USD 15.92 billion by 2032, growing at a CAGR of 13.00% from 2024 to 2032.

Transformer Oil Market Synopsis:

Transformer Oil is used as insulator and coolant in transformers by energy and Power industry. Globe is experiencing a rise of demand for electricity which has led to the installation of new transformer, replacement of old transformer, installation of grid infrastructure. These factors have pushed the global market for Transformer Oil across all the regions, where Asia-Pacific has accounted the largest market share of around 40% followed by North America and Europe. Moreover, old and existing networks are not able to meet the new demand for power demand has resulted to modification of the transmission and distribution grid infrastructure. The global market on the basis of type, naphthenic has acquired the largest market due to abundance availability of naphthenic and is expected to retain its dominance during the forecast period. On the basis of application, large transformer segment is estimated to be valued at USD 3.1 Billion in 2022 and is anticipated to expand at a CAGR of 7.99%. The expansion of power grids in emerging countries in Asia is estimated to primarily drive the small transformers segment. However, the increasing transition from non-renewable to renewable energy sources is estimated to boost demand for large transformers over the forecast period.

Key Players:

The key players of Global Transformer Oil Market report include- Nynas AB, Ergon Inc., Petrochina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners L.P., Sinopec Corporation, Hydrodec Group PLC, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co. Inc., and Gandhar Oil Refinery India Limited.

Segment Analysis:

The Global Transformer Oil Market is majorly ruled by mineral oil forms such as naphthenic and paraffinic, which cumulative accounts for 90.0% of the overall market. The major reason behind this factor is easy availability of naphthenic oil, and as per the analysis, this factor would retain its dominance till the end of forecasted period. However, prominent trends in the market such as increasing environmental concerns and increasing stringent regulations regarding fire safety are anticipated to boost market demand for bio based and silicone oil over the forecast period. Silicone oil is estimated to exhibit highest CAGR over the forecast period.

Scope of the Report:

This study provides an overview of the Global Transformer Oil Industry, tracking market segments across the categorized four geographic regions. The report provides a six-year forecast for the market size in terms of value for North America, Europe, Asia-Pacific, and Rest of the World.

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