The global Transformer Oil Market size is expected to grow from an estimated USD 1.9 billion in 2021 to USD 3.3 billion by 2030, at a CAGR of 6.5%. The expansion of electric grids in developing countries and the modernization of the electric grids in the developed economies are driving the Transformer Oil Market.
The transformer is expected to be the largest contributor to the transformer oil market
The transformer segment is expected to hold the largest share of the transformer oil market, by application, during the forecast period. Transformers are used in various sectors, such as power utility, power generation, railways, and various industries to transmit and distribute electricity from the generation point to the end-user. Thus, growth in the electricity demand is expected to drive the transformer oil market.
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The transmission & distribution segment is expected to be the most significant transformer oil market.
The market has been segmented by end-user into transmission and distribution, power generation, railways, and metros. The transmission & 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 & distribution utilities own and operate the transmission & distribution system. Thus, the growing demand for power will necessitate the expansion of the transmission & 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.
Asia Pacific is expected to be the largest transformer oil market
APAC was the largest market, for Transformer Oil Market in 2020, driven mainly by activities in China, India, Japan, South Korea, and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.
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Some of the top players in the Transformer Oil Market include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China).