As per the report published by FMI, the transformer oil market in the U.S. is slated to grow at 7.4% CAGR during the forecast period (2022-2032). Demand in the market is predicted to reach a valuation of US$ 598.5 Mn by 2022. Further, the growth in the U.S. transformer oil market is expected to surpass US$ 1,219.3 Mn by the end of 2032.
With rising application of transformer oil in power generation and transmission sectors, the demand for transformer oil is expected to surge in the U.S. over the upcoming decade. Growing expansion of power generation industry in the U.S. will create conducive environment for the key players in the market. Further, increasing consumption of bio-based transformer oil due to growing environmental and sustainability concerns will boost the sales in U.S. transformer oil market.
Backed by this, FMI estimates the transformer oil market in the U.S. will increase reach a volume of 748 KT in 2022. Hence, key players in the industry are likely to improve the production of bio-based transformer oil to gain revenue and competitive edge over the upcoming decade.
Request for PDF Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1105
Key Takeaways from the Transformer Oil Market
“The rising popularity of bio-based transformer oil due to growing environmental concerns and stringent regulations to reduce carbon emissions will fuel the demand in the U.S. transformer oil market over the forecast period.” – Says an FMI Analyst.
Competition Landscape in the Transformer Oil Market
Key players in the U.S. transformer oil market are adopting organic and inorganic strategies such as product launches, research & development, mergers & partnerships to expand their product lines and gain competitive edge in the market. They are also collaborating with end users to capitalize on growing demand for sustainable and eco-friendly transformer oil.
Cargill Incorporated, Exxon Mobil Corporation, and Chevron Corporation are some of the key players identified in the market.
Recent Developments
Request Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-1105
Transformer Oil Market Segmentation
By Oil Type:
By Application:
By End Use Industry:
By Region:
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs
For Sales Enquiries: sales@futuremarketinsights.com
The post Transformer Oil Market Sales in the U.S. is Expected to reach US$ 1,219.3 Million by 2032 Due to Rising Application of Bio-based Lubricants appeared first on Future Market Insights.