Global Transformer Oil Market Value of Size & Share Will Hit USD 6.56 Billion By 2032, at 12.4% CAGR: According to Polaris Market Research

A latest research report [115+] pages with 360-Degree visibility, titled 'Transformer Oil Market Share, Size, Trends, Industry Analysis Report, By Product (Mineral-based Oils, Silicone-based Oils, and Bio-based Oils); By Application; By Region; Segment Forecast, 2023 - 2032' published by Polaris Market Research in its research repository.

NEW YORK, Jan. 19, 2023 /PRNewswire/ -- According to the [115+ Pages] research report, the global transformer oil market size & share value was valued at USD 2.04 billion in 2022 and is expected to reach USD 6.56 Billion by 2032, growing at a CAGR of 12.4% during the forecast period.

What is Transformer Oil? What is the Expected Value of Transformer Oil Market Size & Share?

• Overview

Transformer oil is a special type of oil that has outstanding electrical insulating properties and is stable at high temperatures. The rapid rise in the demand for transformer oil market can be attributed to it being used in oil-filled electrical power transformers to insulate, stop arcing, and corona discharge and to dispense the heat of the transformer. Transformer oil is also used to conserve the transformer's core and windings, as these are totally submerged inside the oil.

The market's growth is attributed to the development of the global power sector and the progression of electric grids in emerging nations. Every power and distribution transformer is brimming with dielectric insulating fluid, which has a robust hostility to electricity and maintains the coolness of the transformer. Bio-based products are more fire-resistant than other kinds of products, thereby anticipating to witness the highest growth over the forecast period.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Key Highlights of the Report

• The report offers an in-depth qualitative and quantitative analysis of the market.
• A comprehensive analysis of factors that drive and restrict the market share is provided
• Estimations and forecasts are based on factors influencing the market forecast in terms of value.
• Profiles of leading players operating in the market and provided to comprehend the global competitive scenario.
• The report offers substantial qualitative insights into the significant segments and regions exhibiting favorable market growth.

Some of the Top Market Players Are:

• Sinopec Lubricant
• Valvoline
• Cargill
• Ergon International
• PetroChina Lubricant
• Apar Industries
• Engen Petroleum
• Hydrodec Group
• Calumet Specialty Products
• Nynas
• Savita Oil Technologies
• Chevron Corporation
• Gandhar Oil
• Sasol
• Hydrax Oil
• Exxon Mobil Corporation
• Royal Dutch Shell

To know an additional revised list of top market players, request a sample report, 2023-2032: https://www.polarismarketresearch.com/industry-analysis/transformer-oil-market/request-for-sample

Transformer Oil Market Report Highlights:

• Mineral-based oils segment accounted for a significant global market share in 2021 owing to the adoption of these oils in a variety of applications including circuit breakers and capacitors.
• Large-scale transformers segment is expected to grow at the fastest CAGR, which is accelerated by a rapid surge in the industrial sector's large consumer base for electricity consumption in developing countries like India and China.
• Asia Pacific region dominated the global market in 2021 with a holding of significant market share, which is mainly driven by high investments in the power generation sector and the wide presence of domestic manufacturers of electricity in the region.

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Growth Driving Factors

• Transformers installation globally to push the market

As bio-based products are entirely nontoxic and devoid of PCBs which further simplifies disposal, they offer dependable and cleaner products. The demand for bio-based products is also expected to grow due to growth in the installation of transformers globally. The transformer oil market size is expanding as the power utilities are concentrating on enhancing the performance and safety of both new and existing transformers, which is anticipated to boost the demand for bio-based products worldwide.

Strict regulations enforced by government bodies regarding energy wastage are anticipated to be the predominant challenge for product demand. For instance, the US Environmental Protection Agency has established strict regulations on the demand for oil to regulate electricity wastage. The transformer oil market sales are soaring due to developed and developing economies shifting towards green and environmentally friendly technologies, thus anticipated to curb the growth of mineral-based products.

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Recent developments

• In September 2022, Nynas AB declared the initiation of its contemporary refined transformer oils by utilizing recycled fluid to have a small and low greenhouse gas footprint. It is at least rare for virgin-based oil plants, which are mainly used for refining. With this new product launch, the company will expand its market and blend its position as a market leader in Sweden.

Segmental Analysis

• Mineral-based oils segment accounted for the highest market share

Based on product, the mineral-based oils segment accounted for the highest market share and is expected to grow at a significant growth rate during the anticipated period. The transformer oil market demand is on the rise as a broad gamut of applications of these kinds of transformer oil, such as circuit breakers and capacitors, along with the high prevalence for use in shielding transformers, switchgear, boilers, and conditioning, are prominent factors pushing the growth of the segment market.

• Large scale transformers segment is likely to witness the fastest growth

Based on application, the large-scale transformers segment is likely to witness the fastest growth due to rapid growth in the industrial sector and a considerable rise in the production and consumption of eco-friendly transformers, particularly in emerging economies such as India, South Korea, and China. Transformer oil market trends include large-scale transformers broadly used in several sectors, including power generation, power utility, railways, and many more, to allot and pass on electricity to the end user from the originating point.

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What is the Transformer Oil Market Report Trends & Scope?

Geographic Overview

• Heavy investments in the power generation sector to drive the Asia Pacific market

Asia Pacific held the largest transformer oil market share as there is a high growth witnessed in renewable energy capacity and heavy investments in the power generation sector in countries such as India and China, together with the presence of robust electricity manufacturers and suppliers in the region.

The North American region is expected to record significant growth over the coming years on account of consistently growing manufacturing and industrial sectors which requires abundant electricity to operate. Further, modernization in prevailing transformers and technical promotion of transformers are additionally likely to have a positive impact on the market.

Browse the Detail Report "Transformer Oil Market Share, Size, Trends, Industry Analysis Report, By Product (Mineral-based Oils, Silicone-based Oils, and Bio-based Oils); By Application; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/transformer-oil-market        

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Polaris Market Research has segmented the Transformer Oil market report based on product, application, and region:

By Product Outlook

• Mineral-based Oils
• Silicone-based Oils
• Bio-based Oils

By Application Outlook

• Small-scale Transformers
• Large-scale Transformers
• Utilities
• Others

By Region outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research