Mineral Based Transformer Oil Market Outlook and Opportunities in Grooming Regions : Edition 2025-2034
The global mineral-based transformer oil market has been experiencing steady growth, with its size estimated at USD 4.40 billion in 2024. Projections indicate that the market will expand from USD 4.50 billion in 2025 to approximately USD 5.60 billion by 2034, reflecting a compound annual growth rate (CAGR) of around 2.4% during the forecast period. Market Overview Mineral-based transformer oils, derived from refined crude oil, are essential for insulating and cooling transformers and other electrical equipment. Their primary functions include minimizing energy losses and maintaining optimal thermal conductivity and dielectric strength. These oils are extensively used in power generation, transmission, and distribution sectors, playing a crucial role in ensuring the efficient operation of transformers, circuit breakers, switches, and capacitors. Key Market Drivers Expansion of Power Infrastructure : The increasing global demand for electricity has necessitated the exp...