Transformer Oil Market Expanding With $3.3 Billion at 7.2% CAGR by 2029
Transformer Oil Global Market Report 2025
The Business Research Company's Transformer Oil Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034
LONDON, GREATER LONDON, UNITED KINGDOM, November 10, 2025 /EINPresswire.com/ -- "Get 20% Off All Global Market Reports With Code ONLINE20 – Stay Ahead Of Trade Shifts, Macroeconomic Trends, And Industry Disruptors
What Is The Forecast For The Transformer Oil Market From 2024 To 2029?
In the past few years, there has been a robust growth in the size of the transformer oil market. The market size, which is currently $2.35 billion as of 2024, is expected to expand to $2.5 billion by 2025. This represents a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth observed in the historic period include increased demand for power, aging electricity grids, projects related to electrification, industrialization and urban development, growth in renewable energy sector, and strict rules on transformer efficiency.
In the coming years, the transformer oil industry's size is projected to experience significant expansion, with an expected compound annual growth rate (CAGR) of 7.2% reaching $3.3 billion by 2029. Such growth during the forecast period is attributed to a shift towards smart grids, increased importance on fire safety, a rise in demand for biobased transformer oils, the emergence of more efficient and small-scale transformer models, and resilience planning for severe weather conditions. In the same forecast period, the industry will see trends such as the replacement of old transformers, the escalating use of digitalisation and the Internet of Things in transformer monitoring, growing popularity of dry type transformers, strategic collaborations in the oil sector, and groundbreaking technological enhancements in transformer designs.
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What Are The Core Growth Drivers Shaping The Future Of The Transformer Oil Market?
The growth of the transformer oil market is expected to be fueled by a surge in power generation and distribution projects. These projects pertain to establishments that ensure the production, transmission, and distribution of electricity in a safe, secure, reliable, and eco-friendly manner. The surge in these projects prompts an increased need for transformers, capacitors, switches, and circuit breakers, subsequently resulting in heightened demand for transformer oils. For instance, the Energy Information Administration (EIA), an American government agency assigned with the collection, study, and distribution of energy data, declared in November 2022, that 8 novel natural gas-fired combined-cycle gas turbine (CCGT) power stations were introduced in the US electricity market. The power production capacity of these new stations is poised to escalate the US electric system by 7,775 megawatts (MW). Hence, the advancing number of power generation and distribution projects propels the expansion of the transformer oil market.
Which Companies Are Currently Leading In The Transformer Oil Market?
Major players in the Transformer Oil Global Market Report 2025 include:
• Royal Dutch Shell PLC
• Exxon Mobil Corporation
• Repsol SA
• Ergon Inc.
• Nynas AB
• PetroChina Company Limited
• Apar Industries Limited
• Calumet Specialty Products Partners L.P.
• China Petroleum & Chemical Corporation (Sinopec)
• San Joaquin Refining Co. Inc.
What Are The Main Trends, Positively Impacting The Growth Of Transformer Oil Market?
The transformer oil market is experiencing a significant trend in product innovation. Major market players are concentrating their efforts on creating unique products to solidify their market stance. For example, Nynas AB, a Swedish manufacturer specializing in naphthenic oils and bitumen products, launched the NYTRO RR 900X in October 2022. This circular transformer fluid uses advanced re-refining technology, making it optimal for various electrical applications, including high-power and high-voltage transformers. It also meets the IEC 60296 standard, requiring the sole source of its refined fluid's feedstock to come from power equipment. The NYTRO RR 900X, with a total recycling rate, reduces greenhouse gas emissions by at least 70% over its lifespan, compared to original transformer oil.
Comparative Analysis Of Leading Transformer Oil Market Segments
The transformer oilmarket covered in this report is segmented –
1) By Type: Naphthenic Oil, Paraffinic Oil, Silicone-Based Oil, Bio-Based Oil, Other Types
2) By Function: Insulator, Cooling Agent, Lubricant, Chemical Stabilizer
3) By Application: Residential, Commercial, Industrial
4) By End User: Transmission And Distribution, Railways And Metros, Power Generation, Other End Users
Subsegments:
1) By Naphthenic Oil: Low Viscosity Naphthenic Oil, High Viscosity Naphthenic Oil
2) By Paraffinic Oil: Low Viscosity Paraffinic Oil, High Viscosity Paraffinic Oil
3) By Silicone-Based Oil: Synthetic Silicone Oil, Modified Silicone Oil
4) By Bio-Based Oil: Ester-based Oils, Vegetable Oil-based Oils
5) By Other Types: Fire-Resistant Oils, Specialty Oils
View the full transformer oil market report:
https://www.thebusinessresearchcompany.com/report/transformer-oil-global-market-report
Which Regions Are Dominating The Transformer Oil Market Landscape?
The Transformer Oil Global Market Report 2025 stated that in 2024 the Asia-Pacific held the largest share in the transformer oil market, followed by North America. The report encompasses analyses of various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, projecting their growth status in the transformer oil market.
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