A new research report analysing trends and developments in the global transformer oil market by 2025 has been made available by Future Market Insights.
The global transformer oil market will be driven by the increasing energy demand and growing installation of power grids and transformers in urban settings, according to the report.
The transition towards renewable sources of energy, strict environmental laws and shift towards green oils may restrain the mineral-based transformer oil market.
Asia is one of the largest consumer of transformer oils followed by North America, South America and Europe. Asia-Pacific transformer oil market is expected to continue to lead the market in terms of consumption. The transformer oil markets of China, India and also Brazil will dominate owing to the government initiatives for the accessibility of electricity to entire population.
The demand for transformer oil in regions of Americas and Europe is anticipated to be slower than those in Asia Pacific owing to the significant development of renewable sources of energy and reduced dependability on conventional sources of energy.
Some of the key players identified in the transformer oil market are Hydrodec Group PLC, Nynas AB, Calumet Specialty Products Partners, Valvoline, APAR Industries, Sinopec Corporation, and Engen Petroleum Limited.
Source: Future Market Insights