Transformer Oil Market to Grow $3.3 Billion by 2030 | Nynas AB, Ergon Inc, PetroChina, APAR Industries, and Sinopec Lubricant.

According to the new market research report "Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End User (Transmission & Distribution, Power Generation, Railways & Metros), and Region - Global Forecast to 2030 ", published by MarketsandMarkets™, the global transformer oil market size is expected to grow from an estimated USD 1.9 billion in 2021 to USD 3.3 billion by 2030, at a CAGR of 6.5%. The expansion of electric grids in developing countries and the modernization of the electric grids in the developed economies are driving the transformer oil market.

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The transformer segment is expected to be the largest contributor to the transformer oil market
The transformer oil market has been segmented by application into transformer, switchgears and reactors. The transformer segment accounted for the largest share of the entire transformer oil market in 2020 and is likely to retain its dominance during the forecast period. Rising electricity requirements due to the exponential increase in the global population have resulted in investments for the expansion of the existing power grids, as well as strengthening of the power infrastructure, in both developed and developing countries. Upgrade and expansion of electric grids due to rising power demands will increase the installation of transformers, which is expected to eventually propel the growth of the transformer segment.

Transmission & distribution is expected to be the most significant segment of the transformer oil market.

The market has been segmented by end user into transmission and distribution, power generation, and railways and metros. The transmission & distribution segment is projected to be the most significant transformer oil market, by end-user, during the forecast period. It has the largest share of the transformer oil market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.

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Asia Pacific is expected to be the largest transformer oil market

Asia Pacific was the largest market, for transformer oil market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Transformer Oil Market. These players include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China).

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