The North America transformer oil market size was valued at USD 562.94 Million in 2024. The market is further projected to grow at a CAGR of 6.40% between 2025 and 2034, reaching a value of USD 1046.84 Million by 2034.
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 Americatransformer oil marketanalysis, 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 2025-2034 offers a detailed analysis of the market based on the following segments
Market Breakup by Type
Mineral Oil _x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
Mineral Oil _x000D_ _x000D_ Paraffinic _x000D_ Naphthenic _x000D_ _x000D_
Silicone-Based Oil
Bio-Based Oil
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
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Countries
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Transformer Oil Market Overview
- 5.1 Key Industry Highlights
- 5.2 Global Transformer Oil Historical Market (2018-2024)
- 5.3 Global Transformer Oil Market Forecast (2025-2034)
- 5.4 Global Transformer Oil Market Share by Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 Latin America
- 5.4.5 Middle East and Africa
- 6 North America Transformer Oil Market Overview
- 6.1 Key Industry Highlights
- 6.2 North America Transformer Oil Historical Market (2018-2024)
- 6.3 North America Transformer Oil Market Forecast (2025-2034)
- 7 North America Transformer Oil Market by Type
- 7.1 Mineral Oil
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.1.3 Breakup by Type
- 7.1.3.1 Paraffinic
- 7.1.3.2 Naphthenic
- 7.2 Silicone-Based Oil
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Bio-Based Oil
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 North America Transformer Oil Market by Application
- 8.1 Transformer
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Switchgear
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Circuit Breaker
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Others
- 9 North America Transformer Oil Market by End Use
- 9.1 Power Generation
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Transmission
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Railways and Metros
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 North America Transformer Oil Market by Country
- 10.1 United States of America
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Canada
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators of Demand
- 11.4 Key Indicators of Price
- 12 Value Chain Analysis
- 13 Competitive Landscape
- 13.1 Supplier Selection
- 13.2 Key Global Players
- 13.3 Key Regional Players
- 13.4 Key Player Strategies
- 13.5 Company Profiles
- 13.5.1 Exxon Mobil Corporation
- 13.5.1.1 Company Overview
- 13.5.1.2 Product Portfolio
- 13.5.1.3 Demographic Reach and Achievements
- 13.5.1.4 Certifications
- 13.5.2 Petro?Canada Lubricants LLC
- 13.5.2.1 Company Overview
- 13.5.2.2 Product Portfolio
- 13.5.2.3 Demographic Reach and Achievements
- 13.5.2.4 Certifications
- 13.5.3 Shell Plc
- 13.5.3.1 Company Overview
- 13.5.3.2 Product Portfolio
- 13.5.3.3 Demographic Reach and Achievements
- 13.5.3.4 Certifications
- 13.5.4 Chevron Corp.
- 13.5.4.1 Company Overview
- 13.5.4.2 Product Portfolio
- 13.5.4.3 Demographic Reach and Achievements
- 13.5.4.4 Certifications
- 13.5.5 Castrol Limited
- 13.5.5.1 Company Overview
- 13.5.5.2 Product Portfolio
- 13.5.5.3 Demographic Reach and Achievements
- 13.5.5.4 Certifications
- 13.5.6 Philips 66 Company
- 13.5.6.1 Company Overview
- 13.5.6.2 Product Portfolio
- 13.5.6.3 Demographic Reach and Achievements
- 13.5.6.4 Certifications
- 13.5.7 Calumet Specialty Products Partners, L.P.
- 13.5.7.1 Company Overview
- 13.5.7.2 Product Portfolio
- 13.5.7.3 Demographic Reach and Achievements
- 13.5.7.4 Certifications
- 13.5.8 San Joaquin Refining Co. Inc.
- 13.5.8.1 Company Overview
- 13.5.8.2 Product Portfolio
- 13.5.8.3 Demographic Reach and Achievements
- 13.5.8.4 Certifications
- 13.5.9 Ergon, Inc.
- 13.5.9.1 Company Overview
- 13.5.9.2 Product Portfolio
- 13.5.9.3 Demographic Reach and Achievements
- 13.5.9.4 Certifications
- 13.5.10 Cross Oil Refining & Marketing, Inc.
- 13.5.10.1 Company Overview
- 13.5.10.2 Product Portfolio
- 13.5.10.3 Demographic Reach and Achievements
- 13.5.10.4 Certifications
- 13.5.11 Sunoco Lubricants
- 13.5.11.1 Company Overview
- 13.5.11.2 Product Portfolio
- 13.5.11.3 Demographic Reach and Achievements
- 13.5.11.4 Certifications
- 13.5.12 Others
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