North America Transformer Oil Market Report and Forecast 2024-2032

North America Transformer Oil Market Outlook

The North America transformer oil market size was valued at USD 562.94 million in 2023. The market is further projected to grow at a CAGR of 6.4% between 2024 and 2032, reaching a value of USD 990.32 million by 2032.

Key Takeaways

• The North America transformer oil market share is expected to grow significantly in the coming years due to increasing demand for electricity, growing investments in the power transmission and distribution infrastructure, and the need for maintenance and replacement of aging transformers.

• Innovations in transformer oil technology, particularly in mineral-based oils known for their excellent dielectric properties and fire-resistant characteristics, are key areas of focus to ensure effective insulation, heat dissipation, and safety in power transformers.

• As per industry reports, notable players in the market are Exxon Mobil Corporation, Petro-Canada Lubricants LLC, Shell Plc, Chevron Corp., Castrol Limited, Philips 66 Company.

Bio-based transformer oils are gaining popularity due to their eco-friendly nature and superior performance characteristics. These oils are produced from renewable resources such as vegetable oils, and they offer better biodegradability, higher flash points, and lower dielectric losses compared to conventional mineral oils. Cargill Inc. has developed a range of bio-based transformer oils under the brand name Bio-Tan. These oils are produced from renewable resources such as soybean oil and offer superior performance characteristics compared to conventional mineral oils.

As per North America transformer oil market analysis, silicone-based transformer oils are gaining popularity due to their high dielectric strength, excellent thermal stability, and low volatility. These oils are ideal for high-temperature applications and offer better performance compared to conventional mineral oils. Shell Plc. has developed a range of silicone-based transformer oils under the brand name Shell Diala Sil. These oils offer high dielectric strength, excellent thermal stability, and low volatility.

The power transmission and distribution infrastructure in North America is aging, and there is a need for modernisation and upgradation of the existing infrastructure. This is expected to drive the North America transformer oil market growth. China Petroleum & Chemical Corporation has announced plans to build a new transformer oil production facility in North America to meet the growing demand for transformer oils.

The demand for high-voltage transformers is increasing due to the growing demand for electricity and the need for efficient power transmission and distribution. This is expected to drive the demand for high-performance transformer oils in the region. Engen Petroleum Ltd. has developed a range of high-performance transformer oils under the brand name Engen Transformer Oil. These oils are designed for high-voltage applications and offer superior performance characteristics compared to conventional mineral oils.

Market Segmentation

North America Transformer Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Type

• Mineral Oil
  • Paraffinic
  • Naphthenic

• Silicone-Based Oil

• Bio-Based Oil

Market Breakup by Application

• Transformer

• Switchgear

• Circuit Breaker

• Others

Market Breakup by End Use

• Power Generation

• Transmission

• Railways and Metros

• Others

Market Breakup by Region

• United States of America

• Canada

Competitive Landscape

Market players are focusing on developing biodegradable transformer oils to align with environmental regulations and sustainability goals.

• Exxon Mobil Corporation

• Petro-Canada Lubricants LLC

• Shell Plc

• Chevron Corp.

• Castrol Limited

• Philips 66 Company

• Calumet Specialty Products Partners, L.P.

• San Joaquin Refining Co. Inc.

• Ergon, Inc.

• Cross Oil Refining & Marketing, Inc.

• Sunoco Lubricants

• Others

Key Highlights of the Report

North America Transformer Oil Market Report Snapshots

North America Transformer Oil Market Size

North America Transformer Oil Companies