Transformer Oil Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, Segmented By Type (Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others), By Function (Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer), By End Use (Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Oth

Global Transformer Oil Market

Transformer oil is an insulating fluid that serves as a coolant in the electrical transformer. These oils are produced by fractional distilling crude oil, and have a number of desirable qualities, including outstanding Di electricity, high resistivity, thermal conductivity, minimal power loss, and chemical stability. It is crucial for supplying energy needs for homes, businesses, and industries, including the power supply transformer to run efficiently.

Rising Demand of Mineral Oil is

The biggest market share is projected for mineral oil over the forecasted period. Transformers, boilers, and switchgear are shielded and conditioned with mineral oil. In addition to being utilized for thermal transfer, it can also be employed to protect the transformer's internal field winding. Additionally, its low-cost indices and accessibility compared to other heat transfer fluids, make the mineral oil suitable as a dielectric fluid in the majority of new and existing transformers. During the anticipated period, the market for transformer oil is anticipated to rise at a faster rate, due to the increased usage of mineral oil.

Download Free Sample Report

High Usage of Transformer Oil in Power Generation Sector

Transformer oil market growth has been fueled by the power generation industry's rapid expansion to fulfil the expanding demand for electricity. One of the key factors driving an increase in transformer installation is the desire for more electricity, which is expected to drive up the demand for transformer oil globally and accelerating the growth rate of the transformer oil market over the course of the projected year. Additionally, growing grid network investments by developing economies will handle the anticipated rise in power demand as a result of the speedy industrialization and urbanization of their countries. Thus, the expansion of the grid network will lead to the installation of new transformers and switchgears, increasing the market demand for transformer oil.

Increased Electric Grids and its Modernization to Fuel the Global Transformer Oil Market

The majority of the world's network of resources for energy generation, transmission, and distribution is ageing. Technology upgrades are increasingly necessary in order to dependably include new systems, changing market dynamics, and evolving consumer demands. While everyone tries to find methods to align present rules with a quickly changing energy market, technology advancements are outpacing both infrastructure capacity and policy development. The U.S. electric grid, which is regarded as the greatest prodigy, consists of more than 9,200 electric generating units with a combined generating capacity of more than 1 million megawatts, connected to more than 600,000 miles of transmission lines. In addition, the Office of Electricity (OE) is working with its public and corporate partners to change, reinforce, and improve the energy infrastructure to ensure access to dependable, secure, and clean sources of electricity. In addition, it is anticipated that the rising installation of new transformers and switchgears, as well as investments in the expansion of T&D systems and grid networks by emerging economies, will fuel the demand for transformer oil in order to meet the potential rise in power demand caused by the growing urbanization and industrialization.

Market Segmentation

The Global Transformer Oil Market is divided into Type, Function, End Use and Application. Based on Type, the market is divided into Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others. Based on Function, the market is segmented into Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer. Based on End Use, the market is segmented into Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others. Based on Application, the market is divided into

Market Players

Recent Development

• In May 2022, Nynas AB partnered with KONCAR, Croatia’s leading manufacturer of instrument transformers, to conduct a test of its NYTRO® BIO 300X on KONCAR’s instrument transformers.  The tests confirmed that the use of NYTRO® BIO 300X in Koncar instrument transformers provides outstanding electric properties, equivalent in all aspects to conventional mineral oil with a reduced environmental impact.
• In May 2022, Saudi Aramco Base Oil Company – Luberef, signed a Memorandum of Understanding (MOU) with APAR Industries Limited to build a Transformer Oil/White.