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Transformer Oil Market Growing Rapidly To USD 3,159.0 Million in 2022

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The major companies of global transformer oil market comprise Ergon Inc., Nynas AB, APAR Industries Limited, PetroChina Company Limited, Sinopec Corporation, Calumet Specialty Products Partners, Cargill Incorporated, Hydrodec Group PLC, Valvoline, Engen Petroleum Limited, Gandhar Oil Refinery India Limited, and San Joaquin Refining Co., Inc. among others. These players are set to bolster the transformer oil market in the years to come.

According to analysts at Zion Market Research, the global transformer oil market was capitalized at USD 2,099.1 Million in 2016. The transformer oil market is likely to cross USD 3,159. 0 Million in 2022 and is likely to develop at a CAGR of 7.1% from 2017 to 2022.

Improvement Of Power Grids In North America And Europe To Suffice The Development Of Global Transformer Oil Market

“Regular power outages in different developing countries all over industrial and residential regions have powered the growth of the transformer oil market,” claim analysts at Zion Market Research. The growth of transformer oil market is boosted by improvement of power grids in areas such as North America and Europe. Moreover, the increasing transition towards different renewable energy sources is expected to foster the growth of transformer oil market in the near future. Few factors hampering the development of transformer oil market are the flammable nature of the oil and the side effects of sulfur in transformer oils.

However, different initiatives carried out market players are claimed to boost the development of transformer oil market in the years to come. For example, in February 2017, Nynas organized a seminar in Dubai that covered the transmission, generation, and distribution of electricity as well as the lighting industry along with the nuclear and renewable energy industries. This seminar fostered the development of transformer oil market.

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Elevated Aim On Both Rural & Urban Infrastructure To Power The Transformer Oil Market In Asia Pacific

Area-wise, Asia Pacific was the biggest region for transformer oil market in 2016 and is likely to carry on being a primary region in the years to come. It added up for over 40% share of the while income of transformer oil market. The development in the area is mainly credited to the elevated aim on both rural & urban infrastructure. The transformer oil market in Europe is expected to develop at a moderately slow speed owing to steady requirement from nations such as Norway, the U.K., the Netherlands, and Russia. Transformer oil market in Middle East is likely to develop at a good speed in the near future. On the basis type, the overall transformer oil market is divided into silicone-based, mineral oil based, and bio-based. The mineral based sector of transformer oil market added up for the biggest share in 2016 and added up almost 90% of total volume in 2016 for transformer oil market.

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