Global transformer oil market to reach $6.71 B by 2027
The global transformer oil market is expected to grow from $3.52 B in 2019 to $6.71 B by 2027, at a CARG of 8.4 % during the forecast period 2020-2027.
Image for illustration purposes
The global transformer oil market is expected to grow from $3.52 B in 2019 to $6.71 B by 2027, at a CARG of 8.4 % during the forecast period 2020-2027, according to a new research by Fior Markets.
The rising demand for electricity globally has forced the deployment of new transformers which in turn will boost the market, increasing focus toward rural electrification with huge funding from nonprofit organisations will further boost the industry growth. Furthermore, the shifting trends towards the renewable energy sources are probable to fuel the market growth.
The key players of this market are Ergon International, Apar Industries, Nynas AB, PetroChina Company Limited, Sinopec Lubricant, Cargill Inc., Valvoline and Dairen Chemical Corporation. PetroChina’s Jinzhou refinery starts producing low-sulphur marine fuel oil.
Source: Street Insider
