Selbyville, Delaware, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Mineral Based Transformer Oil Market size is projected to reach over USD 3.5 billion by 2032, as per a recent study by Global Market Insights Inc.
The rising demand for sustainable electrical networks worldwide is one of the major factors driving the market growth. The growing emphasis on renewable energy as well as energy efficiency among consumers has spurred the higher need for reliable and efficient power transmission and distribution systems. Mineral-based transformer oils maintain the performance and lifespan of transformers for ensuring smooth electricity flow. Moreover, these oils are more environmentally friendly compared to their synthetic counterparts and align with the sustainability goals of the energy sector, adding to the market growth.
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Paraffinic segment to record high demand
Mineral based transformer oil market from the paraffinic product segment is projected to witness lucrative expansion through 2032. Paraffinic transformer oils are derived from refined petroleum and have excellent insulating properties, high thermal stability, and low viscosity. These oils provide effective cooling and insulation for transformers while ensuring reliable and efficient operations. The widespread application of paraffinic transformer oils in various applications due to their superior performance and compatibility with different types of electrical equipment is also fueling the segment growth.
Increasing usage in distribution transformers
The mineral based transformer oil market share from the distribution transformer segment generated significant revenue in 2022 and will expand at steady pace from 2023 to 2032. Mineral-based transformer oils help ensure the efficient and reliable performance of distribution transformers while reducing the energy losses and minimizing downtime. The increasing investments for expanding and upgrading the power distribution infrastructure globally has also made way for the higher demand for distribution transformers, driving the need for mineral-based transformer oils.
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Europe to emerge as a lucrative market
Europe mineral based transformer oil market will experience significant growth through 2032 attributed to the growing need for efficient and reliable power transmission and distribution systems, as well as the replacement and refurbishment of aging transformer infrastructure in the region. Europe is witnessing widespread transition towards renewable energy sources, further making way for the surging need for robust and stable electrical grids. Additionally, the influx of stringent regulations and standards pertaining to the safety and environmental impacts of transformer oils will support the regional industry expansion.
Mineral Based Transformer Oil Market Leaders
NYNAS AB, Calumet Specialty Products Partners, L.P., APAR, Chevron Corporation CASTROL LIMITED, HCS Group, Ergon, Inc., Hydrodec Group plc, China Petroleum & Chemical Corporation, Mineral Oil Corporation, Exxon Mobil Corporation, Phillips 66 Company, Sunoco Lubricants, Gandhar Oil Refinery (India) Limited, are among the major firms operating in the mineral based transformer oil industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
