Global Insights on Transformer Oil Market to 2028 By Drivers, Opportunities, Technologies and Key Players
2021 - 2028 Global Transformer Oil Market
The Global Transformer Oil Market is accounted for $1.96 billion in 2021 and is expected to reach $3.49 billion by 2028 growing at a CAGR of 8.6% during the forecast period. Transformer Oil is oil that is stable at high temperatures and an exceptional insulator for electricity. This transformer oil is majorly derivatives of mineral oils, but substitute composition with better physical and chemical properties is growing in demand. Transformer oil is used in electrical power transformers to serve as a coolant and suppress corona discharge. The transmission & distribution segment has the largest share of the transformer oil market owing to the global growth in the production and consumption of electricity. The Asia Pacific is projected to hold the highest market share, due to the rising demand for electricity in densely populated countries such as India and China, the development of grid infrastructure, and increasing investments in the power sector. North America is projected to have the highest CAGR, due to modernization, technical upgrade, and improvement of the already present transformers, and manufacturing new transformers as per consumer's demand is on the rise in the North American section, giving rise to the interest of investors and manufacturers in the region.
Some of the key players profiled in the Transformer Oil Market include Apar Industries Limited, Cargill, Incorporated, China Petroleum & Chemical Corporation, Dairen Chemical Corp, Eden Oils., Engen Limited, Ergon Inc., Gandhar Oil Refinery (India) Limited, Hydrodec Group plc, Nynas AB, Royal Dutch Shell, San Joaquin Refining Co. Inc., and Valvoline Inc.
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