Market Research Future has published a new report on the global transformer oil market, predicting the market will grow at a CAGR of about 7.5% by 2022.
According to the report, rising demand for electricity which will result in the installation of new transformers and replacement of old units will drive the global transformer oil market in the forecast period, reports Mining Industry Today.
Also, upgrades of transmission and distribution grid infrastructure will additionally boost the growth of the transformer oil market.
North America held the largest share within the transformer oil market in 2015, and is expected to continue being a major market during the forecast period. European market is expected to grow at a comparatively slow pace, driven by steady demand from countries such as Russia, U.K., Norway, and the Netherlands. Middle East market is expected to grow a good pace.
The key market players profiled in the report include Nynas AB, Ergon Inc., Petrochina Company Limited, APAR Industries Limited, Calumet Specialty Products Partners L.P., Sinopec Corporation, Hydrodec Group PLC, Cargill Incorporated, Engen Petroleum Limited, Valvoline, San Joaquin Refining Co. Inc., and Gandhar Oil Refinery India Limited.
Source: Mining Industry Today