Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, The global Transformer Oil market is expected to grow from USD 3.52 billion in 2019 to USD 6.71 billion by 2027, at a CARG of 8.4% during the forecast period 2020-2027. Asia-Pacific region dominates the global market of transformers market. the growth in this region is due to growing demand for power in developing countries like India and China. Rising power requirements, along with upgradation of the aging electrical infrastructure are projected to result in an increase in the number of substations. North American region is the second largest consumer and is predicted to grow at a moderate pace due to maturing of the industrial & manufacturing sectors. Modernization of existing transformers and technical upgradation, along with declining crude oil prices is projected to drive growth in the country.
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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.
The type segment includes bio-based transformer oil, mineral-based transformer oils and silicone-based transformer oils. Mineral oils are dominant in the transformer oil market due to high compatibility with equipment. The application…
