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Paraffinic Transformer Oil Market Size

Report ID: GMI6179
Published Date: Jul 2023
Report Format: PDF

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Paraffinic Transformer Oil Market Size

Paraffinic Transformer Oil Market size was valued USD 923.7 million in 2023 and is anticipated to expand at 6.8% from 2024 to 2032. The product is compatible with most existing transformer designs and materials, making it easy to retrofit or replace existing oils without significant modifications. This compatibility ensures smooth integration and minimizes downtime during oil replacement or maintenance activities, which complements the oil adoption significantly. The global market for transformer oil is expected to cross a valuation of USD 5.2 billion by 2032.

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Paraffinic transformer oil has been used in transformers for many decades and has a well-established track record of reliable performance. Its properties and behavior are well understood by industry professionals, making it a trusted and widely accepted choice. Furthermore, paraffinic oil possesses good lubricating properties, which helps reduce friction and wear within the internal components of transformer, such as bushings and bearings. This can contribute to extended equipment life and reduced maintenance requirements, thereby propelling the business growth globally.

Paraffinic Transformer Oil Market Report Attributes
Report Attribute	Details
Base Year:	2022
Paraffinic Transformer Oil Market Size in 2022:	USD 923.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.8%
2032 Value Projection:	USD 1.6 Billion
Historical Data for:	2019 to 2023
No. of Pages:	260
Tables, Charts & Figures:	292
Segments covered:	Application
Growth Drivers:	North America Refurbishment of existing grid networks Rising electric infrastructure spending Europe Rapid smart grid adoption Expansion of sustainable electricity networks Asia Pacific and Middle East & Africa Increasing demand for electricity Large scale renewable integration Latin America Increasing demand for sustainable electrical networks
Pitfalls & Challenges:	Increasing adoption of alternate transformer technologies

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of paraffinic transformer oil was worth over USD 923.7 million in 2023 and will reach around USD 1.6 billion by 2032 driven by the increasing global demand for electricity.

The power transformer application segment is poised to record more than 6.5% CAGR from 2023 to 2032 owing to the rising demand for efficient equipment in electricity grid infrastructure.

Asia Pacific market for paraffinic transformer oil exceeded USD 350 million in 2022 and is anticipated to surpass USD 700 million by 2032 due to the rapid population growth, industrialization, and urbanization.

Some of the key paraffinic transformer oil market players include APAR, Calumet Specialty Products Partners, L.P., CASTROL LIMITED, RENKERT OIL, Ergon, Inc., Exxon Mobil Corporation, Gandhar Oil Refinery (India) Limited, LODHA Petro, and China Petroleum & Chemical Corporation.