is expected to reach a valuation of USD 2,981.5 Million in 2023, and it is projected to experience significant growth at a CAGR of 13.2%
The growth of the transformer oil market is attributed to the increasing demand for electricity, expansion of power grids, and refurbishment of aging transformers.
Market Key Takeaways
The Asia Pacific region is the largest consumer of transformer oil, followed by North America and Europe.
The mineral-based transformer oil segment dominates the market, accounting for over 90% of the global market share.
The transmission and distribution segment is the largest end-user segment of transformer oil, accounting for over 60% of the global market share.
The key market drivers for transformer oil include:
Increasing demand for electricity
Expansion of power grids
Refurbishment of aging transformers
Growing investments in renewable energy projects
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• Nynas AB
• Calumet Specialty Products
• PetroChina Company
• China Petroleum & Chemical Corporation
• Cargill Inc.
• Shell Plc.
• Ergon, Inc.
• Engen Petroleum Ltd.
• Hydrodec Group Plc.
• APAR Industries Limited
• Other Key Players
Market Trends
Increasing adoption of renewable energy sources is driving the demand for transformer oil in renewable energy projects.
Growing awareness of the environmental impact of mineral-based transformer oil is leading to the development of bio-based transformer oils.
The development of smart grids is driving the demand for transformer oil with enhanced electrical insulation and high-temperature stability properties.
Market Demand
The demand for transformer oil is expected to grow in the coming years due to the following factors:
