The Global Transformer Oil Market was valued at USD 2.58 Billion in 2024 and is projected to reach USD 3.76 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period (2025–2032). This growth is being driven by increasing global electricity demand, extensive grid modernization programs, and the accelerating shift toward renewable energy sources requiring reliable transformer infrastructure.

As the global energy sector evolves toward greater electrification and sustainability, the focus intensifies on the key suppliers providing the essential dielectric fluids that ensure the safe and efficient operation of power transformers. In this blog, we profile the Top 10 Companies in the Transformer Oil Industry—a blend of integrated energy majors, specialized chemical producers, and regional leaders shaping the future of electrical insulation and cooling.

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🔟 1. PetroChina Company Limited

Headquarters: Beijing, China
Key Offering: Mineral Oil-based Transformer Oil, Naphthenic Oils

PetroChina is the world’s leading supplier of transformer oil, leveraging its extensive crude oil refining capacity and dominant position in the Asia-Pacific market. The company serves national grid operators and transformer manufacturers across China and international markets, offering a wide range of insulating oils known for their high dielectric strength and oxidation stability.

Strategic Positioning:

• Vertically integrated operations from crude refining to specialty oil production

• Strategic partnerships with State Grid Corporation of China and other major utilities

• Expanding production capacity for ultra-high voltage (UHV) transformer oils

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9️⃣ 2. Shell plc

Headquarters: London, United Kingdom
Key Offering: Diala Transformer Oils, Gas-to-Liquids (GTL) based oils

Shell is a global energy major with a strong presence in the transformer oil market through its Diala brand. The company offers advanced mineral and synthetic transformer oils designed for enhanced performance and environmental compliance, serving utilities and industrial customers across more than 70 countries.

Strategic Positioning:

• Development of gas-to-liquid (GTL) transformer oils with superior properties

• Global supply chain and technical support network

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8️⃣ 3. Nynas AB

Headquarters: Stockholm, Sweden
Key Offering: NYTRO and BIO NYTRO Transformer Oils

Nynas is a global specialty oils refiner with a strong focus on naphthenic transformer oils. The company is recognized for its high-performance NYTRO range and has pioneered the development of BIO NYTRO, a biodegradable transformer oil derived from renewable raw materials.

Strategic Positioning:

• Leading supplier of naphthenic transformer oils in Europe and North America

• Strong R&D focus on environmentally acceptable transformer fluids

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7️⃣ 4. APAR Industries Limited

Headquarters: Mumbai, India
Key Offering: Electrotrans Transformer Oils, Ester-based Oils

APAR Industries is a leading Indian manufacturer of transformer oils and conductors. The company has established a strong presence in the high-growth Asian market and exports to over 85 countries, with a product portfolio that includes both mineral and natural ester-based insulating oils.

Strategic Positioning:

• Integrated manufacturing of transformers, conductors, and insulating oils

• Specialization in oils for extreme climatic conditions

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6️⃣ 5. China Petroleum & Chemical Corporation (Sinopec)

Headquarters: Beijing, China
Key Offering: Great Wall Transformer Oils, Paraffinic Oils

Sinopec is one of China’s largest integrated energy and chemical companies, producing a comprehensive range of transformer oils under its Great Wall brand. The company supplies transformer oils to domestic power infrastructure projects and has growing international market presence.

Strategic Positioning:

• Massive production capacity supporting China’s grid expansion

• Research on high-temperature stable transformer oils

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Transformer Oil Market – View in Detailed Research Report

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5️⃣ 6. CNOOC Limited

Headquarters: Beijing, China
Key Offering: Offshore-produced Transformer Oils, Low-sulfur Oils

CNOOC, China’s leading offshore oil and gas producer, has expanded into the transformer oil market through its refining operations. The company leverages its offshore crude characteristics to produce transformer oils with unique properties suitable for specialized applications.

Strategic Positioning:

• Access to specific crude slate for specialty oil production

• Growing focus on bio-based transformer oil alternatives

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4️⃣ 7. Savita Oil Technologies Limited

Headquarters: Mumbai, India
Key Offering: PETROTECH Transformer Oils, Technical Services

Savita Oil Technologies is a prominent Indian manufacturer of transformer oils, lubricants, and petroleum specialties. The company has established a strong distribution network across India and exports to markets in the Middle East, Africa, and Southeast Asia.

Strategic Positioning:

• Strong presence in the price-sensitive Indian market

• Technical services including oil testing and filtration

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3️⃣ 8. JXTG Nippon Oil & Energy Corporation

Headquarters: Tokyo, Japan
Key Offering: Super Oil Transformer Oils, Eco-friendly Formulations

JXTG Nippon Oil & Energy, part of Eneos Holdings, is Japan’s largest petroleum company and a significant player in the transformer oil market. The company specializes in high-grade transformer oils that meet Japan’s stringent quality standards and export requirements.

Strategic Positioning:

• Focus on high-reliability oils for seismic-prone regions

• Development of transformer oils with extended service life

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2️⃣ 9. Raj Petro Specialties Pvt. Ltd.

Headquarters: Mumbai, India
Key Offering: Custom-formulated Transformer Oils, Re-refined Oils

Raj Petro Specialties is an Indian company specializing in customized transformer oil formulations. The company has developed expertise in producing transformer oils tailored to specific climatic conditions and operational requirements across diverse markets.

Strategic Positioning:

• Custom formulation capabilities for specialized applications

• Strong presence in Middle Eastern and African markets

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1️⃣ 10. Ergon International

Headquarters: Jackson, Mississippi, USA
Key Offering: HyVolt Transformer Oils, Naphthalenic Oils

Ergon International is a privately-held company with significant operations in specialty oils, including transformer oils. Through its HyVolt brand, the company serves the North American market with high-performance naphthenic transformer oils known for their excellent dielectric properties.

Strategic Positioning:

• Strategic refinery locations serving the North American market

• Focus on premium performance transformer oils

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🌍 Outlook: The Future of Transformer Oil Is Smarter and More Sustainable

The transformer oil market is undergoing significant transformation. While mineral oils continue to dominate in volume, the industry is increasingly investing in bio-based alternatives, advanced monitoring technologies, and oils designed for next-generation grid infrastructure.

📈 Key Trends Shaping the Market:

• Rapid adoption of natural ester oils in environmentally sensitive areas

• Integration of IoT sensors for real-time oil condition monitoring

• Development of oils compatible with high-temperature superconducting transformers

• Utility-oil supplier partnerships for predictive maintenance solutions

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Transformer Oil Market – View in Detailed Research Report

The companies listed above are not only powering global electricity infrastructure—they’re enabling the energy transition through innovation in dielectric fluid technology.