Transformer Oil Market is reaching US$ 8.70 Bn at a gracious rate of 8.0% by the year 2032
The global market of transformer oil is anticipated to reach a value of US$ 8,703.2 Mn by the end 2032, opines Future Market Insights (FMI). Rising power and electricity demand, growing installation of transformers, and expansion of electric grids are some prominent factors boosting the growth in the transformer oil market.
Consumption of transformer oil is predicted to surge amid rapid industrialization, increasing technological advancements, and expansion in cross-border electricity trade. Further, with growing energy transitions, and increasing shift toward green and environmentally-friendly technologies, the market is expected to gain traction over the upcoming decade.
Further, significant expansion of power generation sector is aiding the demand for transformer oil in oil-filled power and distribution transformers. Various emerging economies including China, India, Brazil, and ASEAN are aiming to provide electricity distribution infrastructure & networks to undeveloped rural areas.
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- The global market of transformer oil is projected to witness a CAGR of 8.0% during the period of 2022 and 2032.
- China is anticipated to remain one of the prominent market in the global market of transformer oils.
- By oil type, mineral oil is expected to remain one of the fastest growing segments, and is further estimated to account for about 81.2% of the overall market share.
- Transformer and switchgears segment is expected to remain key application for the consumption of transformer oil, collectively accounting for more than 80% of the overall consumption.
- By end use industry, transmission and distribution is expected to witness a consumption rate of about 7.8% CAGR in the transformer oil market.
“Rising power consumption, development in power generation and distribution network sectors, and growing need for fault-free power supply in industrial, commercial, and residential sector are driving the sales of the transformer oil market.” says an FMI analyst.
The market of transformer oils is estimated to be a consolidated market, where key players are expected to account for a key share of the market. Some of the top manufacturers include Royal Dutch Shell, Exxon Mobil Corporation, Repsol, Nynas AB, Sinopec Lubricant Company, APAR Industries, PetroChina Company Limited, Savita Oil Technologies Limited, Chevron Corporation, M&I Materials Limited, Petro-Canada, Gandhar Oil, Lubrita, Phillips 66 Company, Ergon, Inc., and many others are the some of the manufacturers of transformer oil profiled in the full version of the report.
Key players are focusing on expanding their production capacity to increase their market presence. Further, they are also adopting strategies such as acquisitions and collaborations of large and small players to capitalize on the growing demand for transformer oil in emerging economies.
For instance, in May 2022, Saudi Aramco Base Oil Company – Luberef signed an Memorandum of Understanding (MOU) with APAR Industries Limited to build a Transformer Oil/White Oil plant at the LubeHub, which will support localization of specialty products in KSA.
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Transformer Oil Market Segmentation
By Oil Type:
- Mineral Oil
- Silicone Oil
- Bio-based Oil
By End Use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
- North America
- Latin America
- East Asia
- Middle East & Africa
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