Transformer Oil Market to hit US$ 8.7 Bn by 2032, says Persistence Market Research, Inc.
The global market for transformer oil is estimated at US$ 4 Bn in 2022. Transformer oil demand is anticipated to increase at 8% CAGR through 2032. By 2032, the market is anticipated to reach a value of US$ 8.7 Bn,
Transformers and switchgear are the key application areas of transformer oil, accounting for 88% of overall consumption. Top countries driving the global transformer oil market are China, India, and the U.S.
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The Transformer Oil Market is an ever-growing industry with a wide range of applications. Transformer oil, also known as dielectric oil or insulating oil, is used to provide insulation and cooling in electrical transformers. Transformer oils are mainly used in power generation and distribution systems as well as industrial processes. Transformer oils have been subject to increasing global scrutiny due to their potential environmental and health hazards.
The transformer oil market can be segmented based on type, application, and geography.
Based on type, the market can be segmented into mineral oil, silicone oil, and bio-based oil. The mineral oil segment holds the largest market share due to its low cost and high demand.
Based on application, the market can be segmented into power transformers, distribution transformers, and instrument transformers. The power transformers segment holds the largest market share due to the increasing demand for high-voltage transformers.
Geographically, the transformer oil market can be segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is expected to be the largest market due to the increasing demand for electricity and the growing power sector in countries such as China and India. North America and Europe are also expected to grow due to the increasing demand for renewable energy sources and the upgrading of existing power infrastructure.
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Key Takeaways from Market Study
• Between 2022 and 2032, the global market for transformer oil is anticipated to expand rapidly at a CAGR of 8%.
• Key market growth factors are increasing power consumption and major growth in power generation & distribution.
• It is expected that China will continue to be a significant market for transformer oil in the world.
• In terms of oil type, mineral oil is predicted to continue being one of the fastest-growing segment and account for 82.1% market share.
• Transmission and distribution is likely to continue to be a major end-use industry and expand at 8.3% CAGR in terms of value.
"Leading market players are concentrating on strategic growth tactics and acquisitions and are implementing advanced technology for bio-based transformer oil to sustain in the long run," says a Persistence Market Research analyst.
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• Apar Industries Limited
• Chevron Corporation
• Exxon Mobil Corporation
• Ergon, Inc.
• Gandhar Oil Refinery (India) Limited
• China Petroleum & Chemical Corp (Sinopec Corporation)
• Shell plc.
• Nynas AB
• Savita Oil Technologies Ltd.
• Repsol SA
• Philips 66
• PetroChina Company Limited
• Petro-Canada Lubricants Inc.
• M&I Materials Limited
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