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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Transformer Oil Market Size
The North America transformer oil market 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.
North America Transformer Oil Market Report Snapshots
North America Transformer Oil Market Size
North America Transformer Oil Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate value of USD 562.94 million.
The market is expected to grow at a CAGR of 6.4% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 990.32 million by 2034.
The market is primarily driven by factors such as increasing energy infrastructure development, grid modernisation initiatives, and a growing focus on renewable energy sources.
Key trends aiding the market expansion include the integration of renewable energy sources like wind and solar into the power grid, which necessitates transformers filled with insulating oils for efficient power distribution.
Countries considered in the market are United States of America and Canada.
Based on end use, the market segmentations include power generation, transmission, and railways and metros, among others.
Mineral oil (paraffinic, naphthenic), silicone-based oil, and bio-based oil are considered in the report.
Key players in the market are 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., and Sunoco Lubricants, among others.
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