Market Size of Transformer Oil Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 5.74 Billion liters |
| Market Volume (2029) | 7.44 Billion liters |
| CAGR (2024 - 2029) | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Transformer Oil Market Analysis
The Transformer Oil Market size is estimated at 5.74 Billion liters in 2024, and is expected to reach 7.44 Billion liters by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic affected the transformer oil market negatively because of disruption in the supply chain. During the pandemic, many factories responsible for production were shut down. Further, there was a decline in the demand for power required for various activities, thereby decreasing the demand. Currently, the market has recovered from the pandemic in 2022 and is expected to grow steadily in the future.
- Over the short term, the growing electric grids in the Asia-Pacific region and the upgradation and replacement of existing transformers in developed economies are some of the driving factors that are stimulating market demand.
- Environmental concerns regarding the usage of mineral transformer oil and fluctuations in crude oil prices are hindering the market's growth.
- The growing demand for bio-based transformer oils is expected to create opportunities for the market in the coming years.
- Asia-Pacific region is likely to dominate the market and is also expected to witness the highest CAGR during the forecast period.
