Mineral oil is a petroleum-derived hydrocarbon product used in many industries, from cosmetics to lubricants. Mineral oil has been used for more than 100 years and it is still one of the most important components of the global energy market. Mineral oils are also known as transformer oils and are an essential component in power transformers, which require high levels of insulation. The Mineral Oil Market is expected to grow significantly over the next few years due to increasing demand for electricity across the globe. This article will discuss some key factors that can influence mineral oil demand in different parts of the world including regulations, pricing, and availability.
The global mineral oil market size was estimated at USD 18 billion in 2020 and is projected to reach USD 24 billion by 2026 with a CAGR of 4%.
Mineral oils have excellent electrical properties such as dielectric strength, thermal stability, good oxidation resistance, low viscosity index (VI), low pour point (PP) etc., making them suitable for use as transformer insulating fluids or cooling media in electric machines like motors & generators. Additionally they also offer superior fire safety performance compared with other conventional organic liquids like polychlorinated biphenyls (PCBs). Thus Mineral oil is a petroleum-derived hydrocarbon product used in many industries, from cosmetics to lubricants.
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Mineral oil has been an important component of the global energy market for more than 100 years and its demand is expected to grow significantly over the next few years due to increasing electricity consumption across the globe. Mineral oils are also known as transformer oils and are essential components in power transformers, which require high levels of insulation. This article will discuss some key factors that can influence mineral oil demand in different parts of the world including regulations, pricing, and availability.