The global transformer oil market is projected to reach USD 3.0 billion by 2025 from an estimated market size of USD 2.2 billion in 2020, at a CAGR of 6.9% during the forecast period. The factors driving the growth for transformer oil are the upgradation of electric grids in developing countries along with the expansion of electric grids due to growing industrialization and urbanization.
The transformer segment is expected to hold the largest share of the transformer oil market
The transformer oil market has been segmented, by application, into transformers, switchgear, and reactors. The transformer segment is estimated to be the fastest-growing during the forecast period.
Transformer oils are used in applications such as power and distribution transformers. Rising electricity requirements due to an increasing population have resulted in an increase in investments for the expansion of the existing power grids as well as for the construction of new power infrastructure in developed and developing countries. The upgradation and expansion of electric grids due to the rising power demand are expected to increase the demand for transformers, which will eventually propel the transformer oil market for this segment.
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The transmission and distribution segment is expected to be the most significant transformer oil market
The transmission and distribution segment is projected to be the most significant transformer oil market, by end-user, during the forecast period. It has the largest share of the transformer oil market owing to the global growth in the production and consumption of electricity. Transmission and distribution utilities own and operate the transmission and distribution system. Thus, growing demand for power will necessitate the expansion of the transmission and distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgear, leading to an increase in the demand for transformer oil.
The Asia Pacific is expected to be the fastest-growing transformer oil market
In this report, the transformer oil market has been analyzed for 4 regions, namely APAC, North America, Europe, and RoW. APAC is expected to lead the market during the forecast period. APAC is expected to dominate the global transformer oil market during the forecast period. The growth of this market can be attributed to the growing demand for power in developing countries, such as China and India, and established economies, such as Japan and China. Growing power requirements, along with the upgradation of the aging electrical infrastructure, are expected to result in an increase in the number of substations. This will propel the demand for transformers, reactors, and switchgears, which will boost the demand for transformer oil.
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Some of the top players in the Transformer Oil Market include Nynas AB (Sweden), Ergon International (Belgium), Petrochina Company Limited (China), Apar Industries (India), and Sinopec Lubricant (China).