The Transformer (Mineral) Oil Market refers to the market for a type of insulating oil used in transformers and other electrical equipment to provide insulation and cooling. The oil is derived from petroleum and is specially designed to withstand the high operating temperatures and voltage stress that occur in electrical equipment.
The global transformer oil market was valued at USD 2.1 billion in 2020 and is expected to grow at a CAGR of 5.5% from 2021 to 2026, according to a report by Persistence Market Research. The report attributes the growth to the increasing demand for electricity, the need for modernization of existing power infrastructure, and the replacement of aging transformers.
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The market can be segmented based on type, application, and geography. By type, the market can be divided into naphthenic oil, paraffinic oil, and bio-based oil. The paraffinic oil segment is expected to dominate the market due to its excellent properties, such as high dielectric strength and low viscosity. By application, the market can be segmented into transformers, switchgear, and others.
Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Asia-Pacific is expected to be the largest market due to the increasing demand for electricity in countries such as China and India, as well as the modernization of the existing power infrastructure.
The key players operating in the transformer oil market include Apar Industries, Ergon Inc., Calumet Specialty Products Partners, L.P., Cargill, Inc., and PetroChina Company Limited. These companies are focusing on expanding their product portfolios, investing in research and development activities to launch innovative and eco-friendly products, and entering into strategic partnerships and collaborations to increase their market share.
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