Multiple environmental friendly fluids in developing economies such as China, India, and Other developing economies is expected to provide potential opportunities for the transformer oil market growth.
The global transformer oil market is projected to reach more than USD 2.5 billion by 2028, growing at a CAGR of more than 7% over the forecast period. In transformers, transformer oil serves as a cooling and isolating medium. Not only does this insulating oil fill the pores such as paper in the fibrous insulation, but also the holes between the turns of the winding and the spacing between the winding and the tank. As well as acting as a dielectric, the oil also acts as a cooling medium and also internally protects the metal parts by submerging them. From mineral oil to vegetable oils, there are so many oils used in transformers.
In terms of type the global market is segmented into mineral oil, silicone, bio-based oil. In terms of application the global market is divided into transformer, reactor, switchgear. Similarly, in terms of end-user the transformer oil market is bifurcated into Transmission and distribution, Power generation, Railways & metros, and others.
The key players operating in this market include Sinopec Lubricant Company, Valvoline, Cargill Inc., Nynas AB, Ergon International Inc., PetroChina Lubricant Company, Calumet Specialty Products, Apar Industries Ltd., Engen Petroleum Ltd., Hydrodec Group Plc., San Joaquin Refining Co. Ltd., Royal Dutch Shell, Hyrax Oil Sdn Bhd, HILUBO Oil Co. Ltd., Eden Oil, Emirates Lube Oil Company, and Electrical Oil Services.
Segment Overview of Global Transformer Oil Market
Oil Type Overview, 2018-2028 (USD Million)
- Mineral oil
- Bio-based oil
Application Overview, 2018-2028 (USD Million)
End-User Overview, 2018-2028 (USD Million)
- Transmission and distribution
- Power generation
- Railways & metros
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- Rest of South America