A recent report published by Market Research Future on the global transformer oil market projects the market will record a strong growth rate over the next couple of years.
According to the report, the global transformer oil market is expected to exceed a valuation of $4 billion by the end of 2023, reports Globe Newswire.
Development of power grids in fast-developing countries is one of the major factors driving the global transformer oil market. Moreover, increased efforts towards electrification of rural areas in developing countries is also driving the global demand for transformer oil.
The expanding global population is fuelling the demand for power, which in turn is necessitating installation of more transformers and electric grids. The augmented energy demand is expected play an important role in guiding the growth trend of global transformer oil market
However, the report finds raw material price fluctuation coupled with the availability of dry transformers may hinder the market’s growth in the forthcoming years.
APAC currently holds the largest share of the transformer oil market and the trend is likely to continue beyond 2018.
The leading companies mentioned in the report include Ergon Inc. (U.S.), APAR Industries Limited (India), Sinopec Group (China), Cargill Inc. (U.S.), Valvoline Inc. (U.S.), Gandhar Oil Refining (India), Nynas AB (Sweden), PetroChina Company (China), Engen Petroleum Limited (South Africa), Calumet Specialty Products (U.S.), San Joaquin Refining (U.S.), and Hydrodec Group Plc. (U.K).
Source: Globe Newswire