The transformer oil market is originally expected to grow in the forecast period due to driving factors such as increased power consumption along with increasing demand from equipment manufacturers. Strict legislative measures and favorable regulatory reforms for the development of a stable grid network, along with increased investment in the power sector, further contribute to the growth of the transformer oil market. However, the demand for oil-free transformers and the price of volatile raw materials are the main limiting factors for this market. Nevertheless, the transformer oil market will continue to rise during the forecast period as the adoption of bio-based transformer oil increases and interest in rural electrification rises.
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Competitive Players
Some of the key players operating in the global transformer oils market are Nynas AB (Sweden), Ergon Inc. (U.S.), Calumet Specialty Products (U.S.), APAR Industries Limited (India), PetroChina Company (China), Sinopec Group (China), Hydrodec Group Plc. (U.K), Cargill Inc. (U.S.), Engen Petroleum Limited (South Africa), Valvoline Inc. (U.S.), San Joaquin Refining (U.S.), Gandhar Oil Refining (India), and others.
Transformer Oil Market Segmentations
By Type:
• Mineral
• Silicone
• Bio-based
By Application:
• Transformer
• Switchgear
• Reactor
By End-user:
• Transmission and Distribution
• Power Generation
• Railways & Metros
• Others
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(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
