The global market for transformer oil is estimated at US$ 4 Bn in 2022. By 2032, the market is anticipated to reach a value of US$ 8.7 Bn. Transformer oil demand is anticipated to increase at 8% CAGR through 2032. Transformers and switchgear are the key application areas of transformer oil, accounting for 88% of overall consumption.
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The Transformer Oil Market is a rapidly growing industry that has seen significant growth over the past few years. Transformer oil acts as an insulation and cooling medium within electrical transformers, and its use is necessary for efficient operation of power systems. Transformer oils are typically made from mineral oils derived from petroleum, often mixed with additives to improve its thermal stability, dielectric strength and oxidation resistance. The Transformer Oil Market has been experiencing a steady rise in demand due to an increase in electricity consumption across the globe, along with rising standards of living and economic development in emerging markets such as India and China.
Transformer oil is primarily used in power distribution equipment such as switchgear, power transformers, circuit breakers, etc., but it is also used in other applications such as lubricants for industrial machinery, cables, and turbines. Transformer oil market revenue is expected to grow at a CAGR of 5% between 2021-2026, driven by increasing investments in modernizing aging power infrastructure around the world. Furthermore, rising demand for renewable energy sources
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Key Companies-
- Apar Industries Limited
- Chevron Corporation
- Exxon Mobil Corporation
- Ergon, Inc.
- Gandhar Oil Refinery (India) Limited
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Shell plc.
- Nynas AB
- Savita Oil Technologies Ltd.
- Repsol SA
- Philips 66
- PetroChina Company Limited
- Petro-Canada Lubricants Inc.
- M&I Materials Limited
- Lubrita
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