Transformer Oil Market

SKU: DMEP386 | Last Updated On: Nov 11 2022 | Available Formats

>Transformer Oil Market Expected to reach a high CAGR 7.54% By 2029: DataM Intelligence

Transformer Oil Market is segmented By Type (Paraffinic Mineral Oil-Based, Naphthenic Mineral Oil-Based, Silicone-Based, Bio-based oil, Others), By Application (Distribution Transformer, Power Transformer, Instrument Transformer, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029


Market Overview

[150 Pages Report] The Transformer Oil Market is expected to grow at a CAGR of 7.54% during the forecasting period (2022-2029).

Transformer Oil Market - Strategic Insights



Market CAGR


Segments Covered

By Type, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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  • Transformer oil serves two essential functions in a transformer, i.e., suppression of arcing and dissipation of heat generated inside the transformers.
  • Transformer oils are derived from the fractional distillation of crude oil. They are stable at a very high temperature and show significant insulating properties. There are three types of transformer oil based on origin: mineral oil-based, silicone oil-based, and bio-based.

Industry Dynamics

  • The market for transformer oils has witnessed stable growth during the past five years, and this trend is expected to continue shortly. Rising power consumption, increasing investment in the power sector, and expansion of electrical grids in developing regions are the primary factors driving the growth of the transformer oils market worldwide.
  • Further, volatility in crude oil prices presents a challenge to the market. Increasing demand for bio-based transformer oil and corrosion-free transformer oil will provide ample opportunity for the market to grow.
  • Moreover, Non-petroleum base and non-toxicity are some other requirements contributing to the amplified product penetration growth. Though, the rising prominence of bio-based products is anticipated to offer significant competition to silicon-based transformer oils.
  • However, the fluctuating raw material cost and the demand for dry transformers may restrain the market growth during the review period.


  • By Type, the global transformer oil market is segmented into Paraffinic Mineral Oil-Based, Naphthenic Mineral Oil-Based, and Silicone-Based.
  • Among all others, the naphthenic mineral oil-based supply is higher in the global market due to the maturity of developed markets, but the growth of the paraffinic mineral oil-based is expected to be higher due to the increase in demand from the developing markets.
  • Naphthenic-type transformer oil holds approximately 48% of the global market. Easy availability and affordable prices are projected to be the growth drivers of the segment. However, the demand for bio-based oil is likely to increase at a significant rate shortly.
  • By the Application, the global transformer oil market is segmented into Distribution Transformers, Power Transformers, Instrument transformers, and Others.
  • Among these, Power Transformers dominated the market, due to rising investment in the electricity sector along with the development of power grids in developing countries will augment the product demand.
  • Increasing the use of power transformers at the receiving & finishing end of HV transmission lines will further boost the industry outlook. Owing to the escalating demand for transformer oil, the market for transformer oil is also estimated to experience a surge in the future.

Geographical Share

  • Geographically, the global transformer market has been segmented into North America, Asia-pacific, South America, Europe, and RoW. Among all the regions, Asia-Pacific has dominated the market followed by North America where demand for transformer oil is attributed to the increasing focus on rural and urban development in infrastructure.
  • Moreover, the demand for transformer oil in developing nations like China, India, and Brazil is expected to be primarily driven by the installation of new electrical infrastructure due to the increasing population and building better infrastructure. This is likely to act as an improvement to the growth of the global transformer oil market during the forecast period.

Oil Manufacturers

  • The global transformer oil market is fragmented with a large number of local and international players. However, Nynas AB, Royal Dutch Shell Plc, and Columbia Petro Chem Pvt. Ltd is the leading supplier of transformer oils in the world. These three companies together hold around 20% of the total market.


What is the Transformer Oil Market growth?

The market is growing at a CAGR of 7.54%.

What is the Transformer Oil Market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in the Transformer Oil Market?

Nynas AB, Royal Dutch Shell Plc, and Columbia Petro Chem Pvt. Ltd is the leading supplier of transformer oils in the world.

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What is the Transformer Oil Market growth?

The market is growing at a CAGR of 6%.

What is the Transformer Oil Market size in 2021

The Transformer Oil Market size was valued at USD YY million in 2021.

Who are the key players in Transformer Oil Market?

Nynas AB, Ergon International, Royal Dutch Shell Plc, Calumet Specialty Products Partners, L.P., San Joaquin Refining Co. Inc., Columbia Petro Chem Pvt. Ltd.

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