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 (2024–2032). This growth is primarily driven by expanding global electricity demand, grid modernization initiatives, and the accelerating integration of renewable energy sources, which necessitate reliable and high-performance insulating fluids for power transformers.

As the world’s power infrastructure undergoes a significant transformation toward sustainability and digitalization, the reliance on specialized transformer oils for insulation and cooling has never been greater. In this blog, we profile the Top 10 Companies in the Transformer Oil Industry—a dynamic mix of established energy giants, specialized chemical producers, and sustainability-focused innovators who are shaping the future of electrical insulation.

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🔟 1. PetroChina Company Limited

Headquarters: Beijing, China
Key Offering: Mineral-based Transformer Oils (Paraffinic & Naphthenic), Bio-based alternatives

PetroChina is the global leader in the transformer oil market, leveraging its extensive crude oil refining capacity and dominant position in the Asia-Pacific region. The company supplies a comprehensive portfolio of insulating oils that meet international standards such as IEC 60296, catering to utilities, industrial clients, and transformer manufacturers worldwide. Its vertically integrated operations ensure cost competitiveness and a stable supply chain.

Sustainability Initiatives:

• Investing in R&D for high-performance, environmentally friendly ester-based oils

• Expanding production capacity for biodegradable transformer fluids to meet stricter regional regulations

• Committing to carbon neutrality goals through energy-efficient refining processes

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9️⃣ 2. Shell plc

Headquarters: London, United Kingdom
Key Offering: Shell Diala Transformer Oils, Gas-to-Liquid (GTL) based oils, Technical Services

Shell is a key global player renowned for its Shell Diala brand, a range of high-quality mineral and synthetic transformer oils. The company is at the forefront of innovation, developing Gas-to-Liquid (GTL) transformer oils that offer superior oxidation stability and lower pour points. Shell provides extensive technical support and condition monitoring services to optimize transformer life and performance for its customers.

Sustainability Initiatives:

• Pioneering the development and commercialization of GTL-based insulating oils

• Offering carbon-neutral lubricant and fluid solutions through offset programs

• Investing in circular economy models for used oil reclamation and re-refining

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8️⃣ 3. Nynas AB

Headquarters: Stockholm, Sweden
Key Offering: Nytro® Transformer Oils, Naphthenic Specialty Oils

Nynas AB is a leading global specialty oils provider, with a strong focus on high-grade naphthenic transformer oils under its Nytro® brand. The company’s products are known for their excellent dielectric properties, thermal stability, and compatibility with transformer materials. Nynas has a significant market presence in Europe and North America, supplying oils for high-voltage transmission and distribution networks.

Sustainability Initiatives:

• Developing ultra-refined naphthenic oils with extended service life and reduced environmental impact

• Implementing sustainable sourcing and production practices across its refineries

• Active participation in industry consortia to establish standards for next-generation insulating fluids

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7️⃣ 4. APAR Industries Limited

Headquarters: Mumbai, India
Key Offering: Electropar Transformer Oils, Specialty Synthetics, Conductors

APAR Industries is a major Indian manufacturer with a growing international footprint in the transformer oil segment. The company produces a wide range of transformer oils, including mineral and synthetic types, and is a key supplier to power utilities and transformer OEMs across Asia and Africa. Its integrated business model, which also includes conductor manufacturing, provides a unique advantage in serving the power sector.

Sustainability Initiatives:

• Focus on developing synthetic and natural ester oils for fire-safe and environmentally sensitive applications

• Investing in recycling technologies for transformer oil regeneration

• Expanding product portfolio to support the high-temperature requirements of renewable energy transformers

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6️⃣ 5. Sinopec (China Petroleum & Chemical Corporation)

Headquarters: Beijing, China
Key Offering: Mineral Insulating Oils, Sinopec-branded Transformer Fluids

Sinopec, one of the world’s largest integrated energy and chemical companies, is a formidable player in the transformer oil market. Leveraging its vast refining infrastructure, Sinopec produces large volumes of cost-competitive mineral-based transformer oils that primarily serve the massive domestic Chinese market, as well as international customers through its global supply network.

Sustainability Initiatives:

• Increasing R&D investment in bio-based and silicone-based insulating fluids

• Upgrading refineries to produce higher-purity, low-sulfur transformer oils

• Exploring partnerships for sustainable raw material sourcing

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5️⃣ 6. CNOOC Limited

Headquarters: Beijing, China
Key Offering: Transformer Oil Base Stocks, Finished Lubricants and Insulating Oils

CNOOC is a significant Chinese national oil company with growing influence in the transformer oil market. The company produces base oils that are used in the formulation of finished transformer oils and also markets its own branded products. CNOOC’s strategic focus on upstream exploration and production provides it with a stable raw material base.

Sustainability Initiatives:

• Developing niche product lines with enhanced biodegradability profiles

• Implementing advanced refining techniques to improve product quality and environmental performance

• Aligning corporate strategy with China’s national carbon peak and neutrality goals

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4️⃣ 7. Savita Oil Technologies Limited

Headquarters: Mumbai, India
Key Offering: SAE Transol Transformer Oils, Petroleum Jellies, Lubricants

Savita Oil Technologies is a prominent Indian manufacturer of transformer oils and other petroleum specialties. The company’s SAE Transol brand is well-established in the Indian subcontinent and select international markets. Savita focuses on delivering reliable products that meet the specific voltage and climatic conditions of its target markets.

Sustainability Initiatives:

• Enhancing the thermal stability and oxidation resistance of its mineral oil products to extend service life

• Exploring formulated additives to improve the environmental compatibility of its oils

• Investing in quality control and testing facilities to ensure product consistency and performance

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3️⃣ 8. JXTG Nippon Oil & Energy Corporation (Eneos)

Headquarters: Tokyo, Japan
Key Offering: Super Oil Transformer Oils, Specialty Naphthenic Oils

JXTG Nippon Oil & Energy, operating under the Eneos brand, is a leading Japanese refiner and a key supplier of high-quality transformer oils in the Asia-Pacific region. The company is known for its stringent quality standards and produces transformer oils that excel in demanding applications, particularly in Japan’s dense urban and earthquake-prone environments.

Sustainability Initiatives:

• Developing fire-resistant transformer oils for safe use in urban substations

• Focusing on product innovation to support Japan’s ambitious renewable energy targets

• Promoting the use of long-life oils to reduce waste and resource consumption

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2️⃣ 9. Raj Petro Specialties Pvt. Ltd.

Headquarters: Mumbai, India
Key Offering: White Oils, Transformer Oils, Process Oils

Raj Petro Specialties is a specialized Indian manufacturer focusing on white oils and transformer oils. The company has carved a niche for itself by producing highly refined and pure transformer oils suitable for sensitive electrical equipment. It serves a diverse clientele, including domestic utilities and export markets in the Middle East and Africa.

Sustainability Initiatives:

• Specializing in the production of ultra-pure, water-white transformer oils with low dissolved gas content

• Implementing energy-efficient manufacturing processes

• Adhering to international environmental and safety standards in its operations

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1️⃣ 10. Ergon, Inc.

Headquarters: Jackson, Mississippi, USA
Key Offering: HyVolt Transformer Oils, Re-refined Base Oils

Ergon is a leading North American producer of specialty products, including its HyVolt brand of transformer oils. The company is distinguished by its focus on naphthenic oils and has a strong presence in the Americas. Ergon also operates one of the world’s largest re-refining facilities, emphasizing a circular economy approach for lubricant and insulating oil markets.

Sustainability Initiatives:

• Leader in re-refining used transformer oil, reducing reliance on virgin crude oil

• Producing high-performance naphthenic oils with excellent low-temperature properties

• Committing to sustainable operations through investments in emission control and waste reduction

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

The transformer oil market is undergoing a significant evolution. While mineral oils continue to dominate due to their cost-effectiveness, the industry is rapidly advancing toward sustainable alternatives, smart monitoring technologies, and enhanced performance specifications to meet the demands of modern power grids.

📈 Key Trends Shaping the Market:

• Accelerated adoption of bio-based and synthetic ester oils, driven by environmental regulations and fire safety concerns

• Integration of IoT sensors and data analytics for predictive maintenance and oil condition monitoring

• Growing demand for high-voltage and extra-high-voltage transformer oils to support long-distance renewable energy transmission

• Increasing R&D focus on developing oils with superior oxidation stability for longer lifespan and reduced maintenance costs

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The companies listed above are not only powering the world’s electrical grids—they’re driving the innovation and sustainability required for a resilient energy future.