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Transformer oil acts as a dielectric medium in oil-filled transformers to cool and insulate the transformer windings and core. Transformer windings and core, which are highly stable at high temperatures, are fully immersed in these oils as they prevent the contact of atmospheric oxygen with the cellulose paper insulation of windings, which are highly prone to oxidization. There are mainly three types of transformer oils: mineral-based, silicone-based, and bio-based. Of these, mineral-based transformer oil is largely preferred mainly because of its good electrical and cooling properties and cost-effectiveness.
Analysts forecast the Global Transformer Oil market to grow at a CAGR of 9.10 percent over the period 2013-2018.