The Global Transformer Oils Market Is Predicted To Grow At a Healthy CAGR to Reach USD 4,002.8 Million by The End Of 2023

Market Highlights:
Remarking on this report, an analyst from Market Research Future (MRFR)’s team said, the global transformer oils market is predicted to grow at a healthy CAGR to reach USD 4,002.8 million by the end of 2023. The changing lifestyle and the demand for high-tech devices has increased the power consumption rate, which is likely to propel the global market further. Some of the key market factors that positively influence the market growth of transformer oils are rising power consumption, focus on rural electrification, and expansion of the electrical grids. Rapid industrialization and urbanization coupled with rising per capita disposable income in developed and developing countries across the globe are predicted to fuel the growth of the market over the estimated period. However, the threat of substitution by dry transformers and the fluctuating raw material prices may challenge the market growth.

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Key Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the global transformer oils market: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.), and Gandhar Oil Refining (India).

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Regional Analysis
Regionally, transformer oils market is classified into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the global transformer oils market in 2016 and accounted for more than 35% of the value share of the global transformer oils market. The regional market trends substantiating the growth of transformer oils market include the rising consumption of power and energy in the developing economies of Asia Pacific region. The up-gradation in the existing transformers in North America and Europe. Furthermore, the increasing transition from non-renewable to renewable energy sources is likely to boost the demand for large transformers over the review period, 2017-2023. The other emerging markets such as Latin America and the Middle East & Africa seems to observe a healthy market trend as Asia Pacific.

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