Zion Market Research has published a new market research report analysing the latest trends and developments in the global transformer oil market, titled “Transformer Oil Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024”.
According to the report, t he global transformer oil market will have a drastic development in terms of revenue in the near future. Modernization of current transformers in today’s era will be the major factor that will boost the global market.
Another major factor that plays a vital role in the growth of the global transformer oil market is the inability of current networks to meet the growing need of the market.
The future will witness the use of naphthenic and bio-based transformer oil, thus boosting the growth of the global transformer oil market. Bio-based oil is non-toxic, incombustible and biodegradable; it boasts excellent insulating properties and high fire point. It is also affordable and its low cost will additionally drive this change.
The key players on the global transformer oil market include Ergon Inc., Nynas AB, Calumet Specialty Products Partners, PetroChina, and San Joaquin Refining Co. Inc.
Source: Zion Market Research