Transformer Oil Market 2023 Growth Opportunities and Competitive Landscape 2030 - Exxon Mobil Corporation, Royal Dutch Shell, PetroChina Company Limited

As per the report published by The Brainy Insights, the global transformer oil market is expected to grow from USD 2.23 billion in 2022 to USD 3.67 billion by 2030, at a CAGR of 6.40% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the global transformer oil market, with a 46.35% share of the market revenue in 2022. The increasing demand for circuit breakers, switch gears, generators, transformers, reactors, coolants, and others is propelling the market's growth in this region. Furthermore, the increasing number of substations and the expanding industrialization are helping to drive the market growth in this region. In addition, the North American region is expected to show the fastest CAGR growth over the projection period due to the rising demand for power and the upgrades of the aging infrastructure across developing countries.

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Transformer Oil Market Size by Function (Chemical Stabilizer, Insulator, Lubricant, and Cooling Agent), Type (Paraffinic Oil, Naphthenic Oil, Bio-based Oil, Silicone-based Oil, and Others), End-Use (Distribution Transformers, Small Transformer, Utility Transformers, Power Transformers, Large Transformer, and Others), Application (Industrial, Residential, and Commercial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Exxon Mobil Corporation, Royal Dutch Shell, PetroChina Company Limited, Repsol, Savita Oil Technologies Limited, Sinopec Lubricant Company, Ergon, Inc., APAR Industries, Nynas AB, Petro-Canada, Chevron Corporation, Phillips 66 Company, Gandhar Oil, M&I Materials Limited, Lubrita, Gulf Oil International, Cargill, Incorporated., Calumet Specialty Products Partners, L.P., Hydrodec Group plc., Hyrax Oil Sdn Bhd., Valvoline Cummins, Engen Petroleum Limited, San Joaquin Refining Co, Sasol, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The function segment is divided into chemical stabilizer, insulator, lubricant, and cooling agent. The insulator segment led the market with a market share of 29.15% in 2022. This growth is attributed to increased Transmission and Demand (T&D) infrastructure demand. The type segment is divided into paraffinic oil, naphthenic oil, bio-based oil, silicone-based oil, and others. The naphthenic oil segment led the market with a market share of 27.14% in 2022. This growth is attributed to the ever-increasing investments in power grids. The end-use segment is divided into distribution transformers, small transformers, utility transformers, power transformers, large transformers, and others. The small transformer segment led the market with a market share of 21.16% in 2022. This growth is attributed to high voltage transmission technologies such as HVDC, HVAC power, and UHV. The application segment is divided into industrial, residential, and commercial. The industrial segment led the market with a market share of 41.12% in 2022. This growth is attributed to the rising urbanization along with a growing population.

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The growing demand for electricity in emerging & developed countries, the ever-increasing customer requirements, and the exponential development in distribution networks are propelling the transformer oil market's growth. Further, the ever-increasing infrastructure investment for energy access, the rising power consumption, and the growing demand for transformer oil in the railway industry is helping to stimulate the transformer oil market growth during the forecast period.

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