Transformer Oil Market is estimated to reach USD 4,002.8 million by 2023

Transformer Oils Market:

Industry Overview:

Global Transformer Oil Market is estimated to reach USD 4,002.8 million by 2023, expanding at a CAGR 8.63% over the forecast period.

Global Transformer Oil Market is nothing but an insulating oil used in the electrical transformer, which acts as a coolant. These oils are derived from crude oil through the fractional distillation process. They offer various properties such as excellent di-electricity, high resistivity, thermal conductivity, minimum power loss, and chemical stability, among others.

Global Transformer Oils Market is the expansion of power grids in the developing countries in the Asia Pacific region. The other major driving factors include rising power consumption and increasing investment in power sector. The increased demand for high-tech electronic devices coupled with the growing population and high disposable income has augmented the energy demand in developed regions. Moreover, the shifting trends towards the renewable energy sources are likely to drive the market growth over the assessment period. However, the fluctuating raw material cost and the demand for dry transformers may restrain the market growth during the review period.

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Industry Segmentation:

Global Transformer Oils Market is categorized on the basis of type, application, and region. On the basis of type, the market is segmented into naphthenic oil, paraffinic oil, bio-based oil, and silicone oil. Among these, naphthenic oil accounted for around 48% market share in overall transformer oil sales revenue. On the basis of the application, the market is segmented into large transformers, small transformers, utility & others. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Industry Insight:

Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of transformer oil market. Detailed analysis is explained and given importance to with best working models.

Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of transformer oil market during the forecast period of 2016 to 2023 is well explained.

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Industry Key Players:

Nynas AB (Sweden),

Ergon Inc. (U.S.),

Calumet Specialty Products (U.S.),

APAR Industries Limited (India),

PetroChina Company (China),

Sinopec Group (China),

Hydrodec Group Plc. (U.K),

Cargill Inc. (U.S.),

Engen Petroleum Limited (South Africa),

Valvoline Inc. (U.S.),

San Joaquin Refining (U.S.),

Gandhar Oil Refining (India).

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