The global transformer oil market is expected to reach US$ 8,703.2 Mn by 2032 and further expand at 8% CAGR between 2022 and 2032. Demand in the market is predicted to reach US$ 4,021.7 Mn by the end of 2022. In 2021, the sales in transformer oil market reached a valuation of US$ 3,754.8 Mn by 2021.
As per the report published by FMI, the transformer oil market in the U.S. is slated to grow at 7.4% CAGR during the forecast period (2022-2032). Demand in the market is predicted to reach a valuation of US$ 598.5 Mn by 2022. Further, the growth in the U.S. transformer oil market is expected to surpass US$ 1,219.3 Mn by the end of 2032.
With rising application of transformer oil in power generation and transmission sectors, the demand for transformer oil is expected to surge in the U.S. over the upcoming decade. Growing expansion of power generation industry in the U.S. will create conducive environment for the key players in the market. Further, increasing consumption of bio-based transformer oil due to growing environmental and sustainability concerns will boost the sales in U.S. transformer oil market.
Backed by this, FMI estimates the transformer oil market in the U.S. will increase reach a volume of 748 KT in 2022. Hence, key players in the industry are likely to improve the production of bio-based transformer oil to gain revenue and competitive edge over the upcoming decade.
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Key Takeaways from the Transformer Oil Market
- The transformer oil market in the U.S. is projected to advance at a robust pace, registering a CAGR of 7.4% during the forecast period.
- Transformer oil market in the U.S. is expected to account for a total market share of 3% in 2032.
- Sales of bio-based transformer oil in North America are expected to 2% CAGR over the forecast period (2022-2032).
- In terms of volume, the U.S. accounted for 7% of revenue in the North America transformer oil market.
“The rising popularity of bio-based transformer oil due to growing environmental concerns and stringent regulations to reduce carbon emissions will fuel the demand in the U.S. transformer oil market over the forecast period.” – Says an FMI Analyst.
Competition Landscape in the Transformer Oil Market
Key players in the U.S. transformer oil market are adopting organic and inorganic strategies such as product launches, research & development, mergers & partnerships to expand their product lines and gain competitive edge in the market. They are also collaborating with end users to capitalize on growing demand for sustainable and eco-friendly transformer oil.
Cargill Incorporated, Exxon Mobil Corporation, and Chevron Corporation are some of the key players identified in the market.
Recent Developments
- Leading player, Cargill Incorporated, in May 2021, announced the partnership with Delta Star Inc., to provide a range of dielectric fluids along with retro-filling services to the consumers and end users in the U.S.
- In December 2020, leading manufacturer in Chevron Lubricants announced an agreement with Turkey-based Petrol Ofisi to manufacture and distribute the products of Chevron, under Texaco brand to expand their product portfolio.
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Transformer Oil Market Segmentation
By Oil Type:
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone Oil
- Bio-based Oil
By Application:
- Transformer
- Switchgear
- Reactor
By End Use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
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https://www.homify.co.uk/ideabooks/9354204/green-coating-market-size-share-demand-trends-by-2033
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About FMI
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