Transformer Oil Market to reach $2.8B by 2020
A new transformer oil market report titled “Transformer Oil Market by Type (Mineral- Naphthenic and Paraffinic), by Application (Small transformers, Large Transformers, Utility & Others), & Region (Asia-Pacific, North America, Europe, ROW) – Global Trends & Forecasts to 2020” has been made available by MarketsandMarkets.
According to the report, the transformer oil market is expected to reach $2.79 billion in 2020, from $1.98 billion in 2015, with a CAGR of 7.14% from 2015 to 2020, reports WhaTech.
The transformer oil market has exhibited steady growth over the last few years because of its increasing application in small transformers, large transformers, and utilities in emerging economies such as China and India.
Increasing demand for the dry type transformers and the corrosive effect of sulphur present in transformer oil are major restraints for the transformer oil market.
Small transformer is the largest application segment of the transformer oil market.
Leading market players profiled in the report include Nynas, Ergon, Petro China Company, Apar Industries and Calumet Specialty Products Partners.