Global transformer oil market to reach $4.05B by 2025
Research and Markets has made available a new market research report on the global transformer oil market titled “Transformer Oil Market, 2014-2025”.
According to the report, the global transformer oil market is expected to reach $4.05 billion by 2025.
Rural electrification in emerging economies and expanding manufacturing sites have driven energy needs and boosted transformers growth, subsequently contributing to oils demand in recent years.
Technological advancements and increasing R&D initiatives by prominent industry players have also contributed to market expansion in recent years.
Mineral-based products dominated the market in 2016, accounting for over 82% of the volume share. The highest contribution was observed from the paraffinic base sub-segment.
However, bio-based products are expected to grow at a rapid pace owing to increasing awareness regarding sustainability and recyclability.
The companies mentioned in the report include Sinopec Lubricant Company, Valvoline, Cargill Inc., Nynas AB, Ergon International Inc., PetroChina Lubricant Company, Calumet Specialty Products, Apar Industries Ltd., Engen Petroleum Ltd., Hydrodec Group Plc., San Joaquin Refining CoLtd., Royal Dutch Shell, Hyrax Oil Sdn Bhd, HILUBO Oil CoLtd., Eden Oil, Emirates Lube Oil Company and Electrical Oil Services.
Source: Research and Markets