Transformer Oil Market Overview
Transformer Oil market size is projected to reach a CAGR of 6.6% from 2022 to 2028.
Transformer Oil also known as insulating oil is an oil which has special properties like stability at higher temperature, and electric insulation which make them perfect for usage in oil-filled transformers, some types of high-voltage capacitors, fluorescent lamp ballasts, and some types of high-voltage switches and circuit breakers where they primarily perform the function of insulation, colling and suppression of corona discharge.
Expansion of the markets in the APAC region along with the adoption and use of smart grids and developments in the electric grids are some of the factors that have supported long-term expansion for Transformer Oil Market.
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COVID-19 had a mixed effect on the market, as the prices of crude oil saw a decline reducing the cost of raw material for the industry but there was a sidewise decline of demand from the end user leading to a surged cost for storage.
Transformer Oil Market Regional Analysis
APAC is the most rapidly growing market and offers a huge opportunity for the industry, whose growth is driven by the surged demand of electricity in the developing nations.
Transformer Oil Market Competitive Landscape
Key Players
- BASF SE
- Dairen Chemical Corporation
- Nynas AB
- Ergon Inc.
- Valvoline
- PetroChina Company Ltd
- Sinopec Corporation
- Cargill Inc.
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Transformer Oil Market Recent Developments
- In May 2021, Cargill Inc. joined hand with Delta Star, Inc. in order to provide retro-filling services of its Envirotemp range of dielectric fluids to its customers.
Reasons to Acquire in the Transformer Oil Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Transformer Oil Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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