Global transformer oil market to reach $4 B by 2023
The global market for transformer oils can be seen rising up to a valuation of $4 B by 2023 with an impressive 8.63 % CAGR between 2015 and 2023.
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The global market for transformer oils can be seen rising up to a valuation of $4 B by 2023 with an impressive 8.63 % CAGR between 2015 and 2023, according to Market Research Future.
The major driver providing thrust top the COVID-19 analysis on transformer oils market size is the increasing number of power grids in the Asia Pacific region where developing countries are investing much to capitalize on the growth. Industrial reforms are creating this demand for power. Also, the surging population in urban areas and the development of new urban spaces are promoting the demand for constant power supply. In addition, the transforming lifestyles are promoting high ingress of high-tech electronic devices that can be taken into consideration that can trigger better growth for the transformer oils market growth.
The regions covered by this reports are Asia Pacific, North America, Europe, and Middle East & Africa.
Key players in the transformer oil market are: Calumet Specialty Products, Nynas AB, Ergon Inc., PetroChina Company, APAR Industries Limited, Cargill Inc., Sinopec Group, Hydrodec Group Plc., Valvoline Inc., Engen Petroleum Limited, Gandhar Oil Refining, San Joaquin Refining.
Source: Sports Skylark