The global Transformer Oil market is expected to reach $8,703.2 million by the end of 2032, according to Future Market Insights (FMI). Increasing demand for power and electricity, increasing installation of transformers, and expansion of power grids are some of the major factors driving the growth of the transformer oil market.
Transformer oil consumption is increasing amid rapid industrialization and increasing technological advances and Expansion. in cross-border electricity trading. In addition, the market is expected to gain momentum in the course of the increasing energy transition and the increasing switch to green and environmentally friendly technologies in the next ten years.
In addition, the significant expansion of the power generation sector is contributing to the demand for transformer oil in oil-immersed power and distribution transformers. Several emerging economies, including China, India, Brazil, and ASEAN, are looking to deploy infrastructure and power distribution grids in underdeveloped rural areas.
Transformer Oil Market Segmentation
By Oil Type:
- Mineral Oil
- Silicone Oil
- Bio-based Oil
By Application:
- Transformer
- Switchgear
- Reactor
By End Use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
Competitive Landscape
The Transformer Oil Market is estimated as a consolidated market, in which key players are expected to represent a significant market share. Some of the major manufacturers are Royal Dutch Shell, ExxonMobil Corporation, Petro-Canada, Gandhar Oil, Lubrita, Phillips 66 Company, Ergon, Inc., Repsol, Nynas AB, Sinopec Lubricant Company, APAR Industries, Petro China Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limited, and many others are some of the transformer oil manufacturers that are included in the full version of the report.
Key players are focusing on increasing their production capacity to expand their market presence. In addition, they are also pursuing strategies such as acquisitions and collaborations with players large and small to capitalize on the growing demand for transformer oil in emerging markets.
For example, in May 2022, Saudi Aramco Base Oil Company – Luberef signed a Memorandum of Understanding (MOU) with APAR Industries Limited to construct a transformer oil/white oil facility at LubeHub, which will support the localization of specialty products in KSA.
