The Global Insulating Oil Market was valued at USD 2.59 Billion in 2024 and is projected to reach USD 3.13 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 2.8% during the forecast period (2024–2032). This growth is being driven by expanding electrification projects, rising investments in power grid infrastructure, and the increasing adoption of bio-based and synthetic insulating oils to meet sustainability and fire-safety standards in utilities and industrial applications.

As the energy sector evolves toward reliable, efficient, and environmentally conscious operations, the focus turns to the leading suppliers of insulating oils who are innovating in formulations, enhancing dielectric performance, and supporting the global transition to renewable-integrated grids. In this blog, we profile the Top 10 Companies in the Insulating Oil Market—a blend of petroleum giants, specialty chemical producers, and regional powerhouses shaping the future of electrical insulation and cooling solutions.

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🔟 1. Nynas AB

Headquarters: Stockholm, Sweden
Key Offering: Naphthenic mineral oils, synthetic esters, bio-based transformer fluids

Nynas AB stands as a premier provider of high-quality insulating oils, specializing in naphthenic transformer oils used extensively in power transformers worldwide. With a strong emphasis on European markets, the company supplies utilities and manufacturers, focusing on oils that offer superior oxidation stability and low gassing tendencies for high-voltage applications.

Sustainability Initiatives:

• Development of low-aromatic, biodegradable alternatives

• Partnerships with renewable energy firms for eco-friendly formulations

• Commitment to reducing carbon footprint in production by 2030

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9️⃣ 2. PetroChina Company Limited

Headquarters: Beijing, China
Key Offering: Mineral-based transformer oils, high-voltage insulating fluids

PetroChina dominates the Asian insulating oil sector, producing vast quantities of mineral oils refined for use in ordinary and extra-high voltage transformers. The company’s extensive refining capabilities support China’s massive grid expansion, ensuring reliable supply for domestic and export markets amid surging electricity demand.

Sustainability Initiatives:

• Investments in bio-based oil R&D for renewable integration

• Collaboration with state utilities on green transformer projects

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8️⃣ 3. Ergon International

Headquarters: Jackson, Mississippi, USA
Key Offering: Voltesso synthetic esters, mineral transformer oils

Ergon International excels in specialty insulating fluids, particularly its Voltesso line of synthetic esters known for high fire points and biodegradability. Serving North American utilities, the company focuses on applications requiring enhanced safety in urban and environmentally sensitive installations.

Sustainability Initiatives:

• Promotion of ester-based fluids to replace mineral oils

• Targets for 100% renewable feedstock sourcing by 2030

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7️⃣ 4. Apar Industries Ltd.

Headquarters: Mumbai, India
Key Offering: Power oil grades, silicone-based insulators, bio-degradable fluids

Apar Industries is a key player in India’s growing power sector, offering a range of insulating oils tailored for transformers and switchgear. With a focus on cost-effective yet high-performance products, it supports the nation’s electrification drive and exports to emerging markets.

Sustainability Initiatives:

• Goal of 10% bio-based products in portfolio by 2030

• Inauguration of dedicated facilities for sustainable oil production

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6️⃣ 5. CNOOC

Headquarters: Beijing, China
Key Offering: Offshore-grade insulating oils, synthetic and mineral blends

CNOOC provides robust insulating solutions for marine and high-demand environments, leveraging its petrochemical expertise to deliver oils with exceptional moisture resistance. It plays a crucial role in Asia’s offshore wind and grid projects, ensuring reliability in challenging conditions.

Sustainability Initiatives:

• Expansion of low-toxicity oils for environmental compliance

• Aims for net-zero operations in oil refining by 2050

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5️⃣ 6. Shell plc

Headquarters: London, United Kingdom
Key Offering: Diala series transformer oils, gas-to-liquid synthetics

Shell’s advanced insulating oils, like the Diala S5 range, offer superior performance in terms of oxidation stability and compatibility with modern transformers. Operating globally, Shell supports utilities in transitioning to smarter, more efficient electrical systems.

Sustainability Initiatives:

• Current production of over 500,000 tons of sustainable fluids annually

• Target to double bio-based output by 2028

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4️⃣ 7. Sinopec Corporation

Headquarters: Beijing, China
Key Offering: High-purity mineral oils, ester-based alternatives

Sinopec is a powerhouse in the Chinese market, supplying insulating oils for vast transmission networks and industrial applications. Its innovations focus on enhancing dielectric strength for extra-high voltage lines, supporting the country’s energy security goals.

Sustainability Initiatives:

• Limited but growing involvement in biodegradable oils

• R&D programs for low-carbon production technologies

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3️⃣ 8. Savita Oil Technologies Limited

Headquarters: Mumbai, India
Key Offering: Transformer and cable oils, synthetic lubricants

Savita Oil Technologies caters to India’s utility sector with reliable, affordable insulating fluids tested for tropical climates. The company emphasizes quality control and partnerships with local manufacturers to bolster grid reliability.

Sustainability Initiatives:

• Indigenous development of bio-ester blends

• Collaborations for scaling sustainable supply chains

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2️⃣ 9. Calumet Specialty Products Partners

Headquarters: Indianapolis, Indiana, USA
Key Offering: Specialty mineral oils, white mineral fluids for insulation

Calumet specializes in high-purity base oils converted into insulating grades, serving North American and global markets. Its focus on consistent quality supports aging infrastructure upgrades and new installations alike.

Sustainability Initiatives:

• Expansion to produce 400,000 barrels/year of renewable oils

• Ongoing projects for greener refining processes

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1️⃣ 10. Valvoline Inc.

Headquarters: Lexington, Kentucky, USA
Key Offering: Transformer oils, dielectric fluids, performance additives

Valvoline leads with innovative insulating solutions optimized for longevity and efficiency in transformers and switchgear. It provides end-to-end services, including fluid analysis, to utilities worldwide, enhancing operational safety and performance.

Sustainability Initiatives:

• Comprehensive bio-based fluid portfolios for global carriers

• Strategic alliances with equipment makers for sustainable innovations

Get Full Report Here: Insulating Oil Market – View in Detailed Research Report

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🌍 Outlook: The Future of Insulating Oil Is Greener and More Efficient

The insulating oil market is experiencing a steady transformation. While mineral oils continue to hold the majority share, the sector is channeling significant resources into bio-based and synthetic alternatives, advanced formulations, and monitoring technologies to align with global sustainability mandates.

📈 Key Trends Shaping the Market:

• Accelerated adoption of ester-based oils in Europe and North America

• Regulatory mandates for biodegradable fluids by 2030 in key regions

• Integration of IoT for real-time oil condition monitoring

• Utility-manufacturer partnerships for renewable grid compatibility

Get Full Report Here: Insulating Oil Market – View in Detailed Research Report

The companies listed above are not only insulating global power systems—they’re leading the sustainable evolution of electrical infrastructure.