In the report published by IndustryARC, global transformer oil market is expected to rise up to 5.74% CAGR to register revenue of $4.1 B BY 2023.
The APAC market is the dominant segment, growing at a CAGR of 6.75% to register revenue of $2.37 B by 2023. China is the largest market for transformation oil in the APAC region. America is the second leading market in Transformer oil market, growing at a CAGR of 4.72% to reach revenue of $1 B by 2023. U.S. is the major contributor in propelling the demand for expansion of transmission lines to maintain reliability and accommodate new electric connection to accelerate the demand of transformer oil. Europe market is continuing to gain revenue, but at CAGR of 3.77% to reach $572.24 M by 2023. Prevalent countries like the U.S., Vietnam, China, Indonesia and Canada will continue to increase the share of Transformer Oil Market for the coming years.
Key players on the market are: BASF SE., Royal Dutch Shell., Dairen Chemical Corp., Eden Oils., Nynas AB., Ergon Inc., Cargill Inc.
The regions covered in this report are APAC, North America, Europe, South America and Africa and Middle East.
Source: Newsweek group