Transformer oil market to reach $3.26B by 2024
Transparency Market Research has published a new market report titled “Transformer Oil Market – Global Industry Analysis Size Share Growth Trends and Forecast 2016-2024”.
According to the report, the global transformer oil market was valued at $1.99 billion in 2015 and is anticipated to reach $3.26 billion by 2024, expanding at a CAGR of 5.7% between 2016 and 2024.
Distribution transformer application segment accounts for significant market share in the transformer oil market due to the fact that distribution transformers outnumber power transformers.
The segment is also expected to experience a rapid growth during the forecast period due to the government initiatives in various countries to expand the power infrastructure, especially in developing regions such as Asia Pacific, Latin America, and Africa.
Asia Pacific holds the significant market share in the global transformer oil market followed by North America and Europe.
The key players operating in the transformer oil market include Nynas AB, ExxonMobil Corporation, Shell, Sinopec Corporation, Cargill, Dow Corning Corporation, Apar Industries, and Gulf Oil Middle East Limited, among others.
Source: Transparency Market Research