Transformer Oil Market

How big is Transformer Oil Market in 2026?

The transformer oil market is estimated at USD 4,752.9 million in 2025 and is projected to reach USD 5,171.2 million in 2026. Sales are expected to grow at an 8.8% CAGR and are forecast to reach USD 12,019.2 million by 2036.

Key trends in the transformer oil market include larger grid fleets and a slow move toward ester fluids. Starting from an estimated USD 4,752.9 million in 2025, sales are likely to reach USD 5,171.2 million in 2026. Growth is forecast at an 8.8% CAGR from that base, and transformer oil is projected to be a USD 12,019.2 million market in 2036. Adoption analysis shows utilities filling most new units with mineral oil and picking bio-based esters first for town and wind-farm substations, since esters resist fire. Nynas said in the August 2026 results release that the company secured key projects for the bio-based NYTRO BIO 300X fluid.[1]

Supply security now decides competition. Shell halted the Pearl GTL Group III plant in Qatar after attacks on 19 March 2026, and Ergon put a 45 cent per gallon increase on naphthenic grades from 13 March.[2] Refiners with own naphthenic plants passed those costs to buyers within weeks. Small blenders buying base oil on the spot market are squeezed hardest, because utilities award tenders on guaranteed delivery.

Mineral oil, FMI analysts expect, will hold 76% of oil type sales in 2026, and transformers alone are likely to absorb 82% of application sales. Large power transformers hold tens of thousands of litres each, so every new grid substation adds a bulk first fill and decades of top-ups.

Key Market Trends & Insights

• Bulk fills of naphthenic and paraffinic grades keep mineral oil at 76% of oil type sales in 2026, about five times the estimated 14.6% for bio-based esters. Calumet added 25 cents per gallon to naphthenic list prices on 25 March 2026.[2]
• Power and distribution transformers are likely to use 82% of transformer oil in 2026, and switchgear and reactors share the rest at about 10.3% and 7.7%.
• Demand for transformer oil from transmission and distribution networks is projected to make up 58.4% of end use in 2026, with power generation near one third at 33.2%. The IEA said in February 2026 that annual grid investment needs to rise by 50% by 2030.[3]

Regional Highlights

• State grid building gives India a 10.4% CAGR in FMI's country model, 1.6 points clear of the 8.8% global figure.
• ASEAN, at 9.6%, and China, at 9%, also run ahead of the global figure. Five replacement-led markets fall below the global figure, from the United States at 7.9% down to the United Kingdom, last in the country ranking at 7.1%.
• Replacement of ageing North American transformers helped HD Hyundai Electric book USD 1.44 billion of orders in April to June 2026, 44.6% more than a year earlier.[4]

Market Size & Forecast

Table 1: Market Size and Forecast for the Transformer Oil Market (USD million and percentage), 2025 to 2036

Metric	Value
2025 Market Size	USD 4,752.9 million
Estimated Market Size in 2026	USD 5,171.2 million
Projected Market Size by 2036	USD 12,019.2 million
CAGR, 2026 to 2036	8.8%
Added Revenue, 2026 to 2036	USD 6,848.0 million
Market Expansion Multiple	2.3x

Transformer oil orders follow transformer factory output, and each unit is filled at the plant before shipping and refilled on site. The IEA expects global power demand to grow by more than 3.5% on average through 2030 and counts more than 2,500 GW of projects waiting in connection queues.[3] Each connection needs at least one step-up or substation transformer, and the transformer market is forecast to expand at a CAGR of 6.6%, about two points below transformer oil. Oil volume per unit is rising as utilities order larger units, so transformer oil sales are expected to grow faster than transformer counts. In FMI's base numbers, transformer oil sales are projected to more than double by 2036, gaining USD 6,848.0 million over the 2026 level. Base oil supply is the main risk, since Gulf plant outages in March 2026 led suppliers to put customers on allocation.[2]

Grid Build-Out, Naphthenic Supply and Ester Fluids

Wind and grid additions reached record levels in 2025. The wind industry installed 165 GW in 2025, 40% more than a year earlier, and GWEC sees 969 GW more arriving over 2026 to 2030.[5] Ofgem set GBP 10.7 billion of upfront electricity transmission funding in Great Britain for 2026 to 2031.[6] Speciality oil volume at APAR Industries came to 631,985 KL in FY 2025-26, 9% more than the prior year, and the company said demand for POWEROIL transformer oil is growing at over 10%.[7] Each wind farm and data centre link adds a generator step-up or substation unit, and utilities will place more fill orders through 2030.

Naphthenic supply is tight, and ester fluids are gaining projects. Supply tightness after Middle East disruptions raised demand at Nynas, and adjusted EBITDA for the June quarter of 2026 came to SEK 702 million against SEK 426 million a year earlier.[1] Nynas said in September 2026 that production in Northern Europe gives European customers proximity as long supply chains are under strain.[8] Utilities with fire-safety rules will specify ester fluids in new urban substations, and refiners with local naphthenic plants will hold the mineral-oil tenders.

Table 2: Grid, Supply and Supplier Indicators for the Transformer Oil Market (capacity, output and earnings), 2025 to 2026

Indicator	Data Point	Relevance	Source
Grid connection queue, 2026	More than 2,500 GW of projects	Transformers needed to connect each project.	[3]
Global wind installations, 2025	165 GW; up 40%	Step-up transformers for each wind farm.	[5]
HD Hyundai Electric order backlog, Q2 2026	USD 8.49 billion; up 29.6%	Transformer plants hold years of orders.	[4]
Ergon naphthenic price, March 2026	Up 45 cents per gallon	Base oil costs pass into oil prices.	[2]
Nynas adjusted EBITDA, Q2 2026	SEK 702 million	Naphthenic suppliers gain in tight supply.	[1]
APAR Industries speciality oil volume, FY 2025-26	631,985 KL; up 9%	Transformer oil volume rises with grids.	[7]

Analyst Perspective

“Transformer oil buyers learned in March 2026 that supply security is part of the specification. Utilities will now split tenders between a naphthenic refiner close to home and an ester supplier for sensitive sites, and I expect both of those supplier types to gain share through 2036.”

- Nikhil Kaitwade, Principal Consultant, Future Market Insights.

How is the transformer oil market segmented?

The market is segmented into oil type, application, end use, and region. Mineral oil is expected to lead oil type sales with 76% share in 2026, and transformers lead application with 82%.

By oil type: mineral oil, including paraffinic and naphthenic grades, silicone oil, and bio-based oil.

By application: transformer, switchgear, and reactor.

By end use: transmission and distribution, power generation, and railways and metros.

By region: grid operators and power plants in North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa.

Why does mineral oil lead transformer oil sales by oil type?

Mineral oil is expected to lead oil type sales with 76% share in 2026, ahead of bio-based oil at about 14.6% and silicone oil at roughly 9.4%.

Table 3: Oil Type Share for the Transformer Oil Market (percentage share), 2026

Oil Type	Estimated Share (2026)
Mineral Oil	76%
Bio-based Oil	14.6%
Silicone Oil	9.4%
Total	100.0%

Table 4: Oil Type Leadership and Market Growth for the Transformer Oil Market (segment and CAGR percentage), 2026 to 2036

Metric	Value
Global CAGR (2026 to 2036)	8.8%
Leading Segment	Mineral Oil

Mineral oil is expected to lead with 76% share in 2026, because naphthenic and paraffinic grades cost the least per litre and transformer makers have decades of test data on them. Buyers kept ordering mineral grades for bulk fills even after the 45 cent per gallon Ergon increase of March 2026.[2] Bio-based oil, an estimated 14.6%, costs more per litre but burns at a higher temperature, which suits substations near homes and offices. Silicone oil, near 9.4%, stays in traction and indoor units that need fire safety in a small tank. Utilities will keep mineral oil for large transmission units and pay the ester premium on sites covered by fire rules.

• Mineral volume splits between low-pour-point naphthenic grades and hydrocracked paraffinic grades.
• Nynas secured key projects for the bio-based NYTRO BIO 300X fluid during Q2 2026.[1]

Why do transformers lead transformer oil sales by application?

Transformers are likely to take 82% of application sales in 2026, with switchgear at about 10.3% and reactors at roughly 7.7%.

Table 5: Application Share for the Transformer Oil Market (percentage share), 2026

Application	Estimated Share (2026)
Transformer	82%
Switchgear	10.3%
Reactor	7.7%
Total	100.0%

Large units are the reason transformers are expected to lead with 82% share in 2026. A large power transformer holds far more oil than a switchgear panel, and distribution transformers are installed by the million. APAR Industries said demand for POWEROIL transformer oil is growing at over 10%.[7] Switchgear, an estimated 10.3%, uses oil mainly in older circuit breakers, as new designs move to vacuum and gas. Reactors, near 7.7%, follow long transmission lines and cable links. Grid planners ordering a new substation will buy most of the oil for the transformer itself.

• Most transformer fill goes to power, distribution and generator step-up units.
• GWEC reported 155.3 GW of onshore and 9.3 GW of offshore wind additions in 2025.[5]

Why do transmission and distribution networks lead transformer oil sales by end use?

Transmission and distribution networks are estimated at 58.4% of end use in 2026, against about 33.2% for power generation and 8.4% for railways and metros.

Table 6: End Use Share for the Transformer Oil Market (percentage share), 2026

End Use	Estimated Share (2026)
Transmission and Distribution	58.4%
Power Generation	33.2%
Railways and Metros	8.4%
Total	100.0%

Every substation and pole-top unit holds oil, so grid networks are projected to take 58.4% of end use in 2026. The IEA counts more than 2,500 GW of projects stalled in connection queues, and each connection needs network transformers.[3] Power generation, at about 33.2%, covers step-up units at coal, nuclear, wind and solar plants. Railways and metros, near 8.4%, use traction transformers that often run on silicone or ester fluid. Grid operators buy on long framework contracts, which keeps the network segment ahead.

• Network buyers range from utilities and transmission system operators to industrial substations.
• GE Vernova plans to invest about USD 200 million in a large power transformer plant in Hai Phong, Vietnam.[9]

What are the drivers, restraints, and opportunities in the transformer oil market?

Grid expansion and new generation add transformers that each need a full oil fill. Base oil shortages and price spikes squeeze blenders, and ester fluids open sales in sensitive substations.

• Driver: Every new grid connection, wind farm and data centre adds transformers that need a first fill and regular top-ups, which ties oil volume to grid building.
• Restraint: Naphthenic and Group III base oil come from a small number of refineries, so a single outage forces price rises and allocation for transformer oil buyers.
• Opportunity: Fire and spill rules for urban and offshore sites favour biodegradable ester fluids, which gives suppliers a premium product line.

Grid Connections Add Transformer Fills

Grid connections drive growth of the transformer oil market. The IEA said in February 2026 that annual grid investment needs to rise by 50% by 2030 and that renewables and nuclear will reach 50% of global electricity by 2030.[3] Wind installations reached a record 165 GW in 2025.[5] Each grid connection adds at least one oil-filled unit, so fill orders will rise with the queue.

Base Oil Outages Raise Prices

Producers of transformer oil draw on a small pool of naphthenic and Group III refineries, and FMI analysts expect that concentration to keep prices volatile. Suppliers withdrew spot offers and put customers on allocation in March 2026 after Gulf attacks, and Calumet followed with a naphthenic increase of 25 cents per gallon.[2] Nynas said exceptional market conditions from the conflict in the Middle East shaped trading in the three months to June 2026.[1] Utilities will pay more per litre until supply normalises.

Ester Fluids Gain Sensitive Sites

Adoption of ester fluids is rising at urban, offshore and wind-farm substations. Key NYTRO BIO 300X projects were added to the Nynas order book by mid-2026.[1] Battery storage sites also connect through oil-filled transformers, and the battery energy storage system market is predicted to rise at a 9.1% CAGR, close to the transformer oil rate. Utilities adding storage beside homes will specify ester fluid in the connecting transformer.

Which country CAGRs are profiled in the transformer oil market?

Table 7: Country CAGR Comparison for the Transformer Oil Market (CAGR percentage), 2026 to 2036

Country	CAGR (2026 to 2036)
India	10.4%
ASEAN	9.6%
China	9%
United States	7.9%
South Korea	7.8%
Germany	7.5%
Japan	7.3%
United Kingdom	7.1%

How do country-level CAGRs compare in the transformer oil market?

APAR Industries, the largest transformer oil supplier in India, reported speciality oil volume growth of 9% for FY 2025-26.[7] New grids and generation carry three Asian markets past the 8.8% global CAGR on FMI's 2026 to 2036 numbers, with India at 10.4% well clear of ASEAN at 9.6%. China, at 9%, is only 0.2 points over the global figure. The United States and South Korea grow at 7.9% and 7.8%, mostly by replacing and upgrading old units, and Germany, Japan and the United Kingdom range from 7.5% down to 7.1%.

• APAR Industries supplies most transformer oil used in India.
• GE Vernova plans a large power transformer plant in Vietnam.
• China connected 120.5 GW of wind turbines over 2025.
• American utilities are running at higher output in 2026.
• South Korean grid plans include new ultra-high-voltage lines.
• German wind capacity reached 77.7 GW at the end of 2025.
• Japanese utilities are building disaster-resistant substations.
• Offshore wind links shape demand in the United Kingdom.

Full report country CAGRs cover: the three East Asian grids (China, South Korea, Japan), two South Asia and Pacific markets (India, ASEAN), Germany and the United Kingdom for Western Europe and the United States for North America, with Latin America, Eastern Europe, and Middle East and Africa sized at region level.

Country-wise Analysis

India Transformer Oil Market Outlook (2026 to 2036)

Demand for transformer oil in India is projected to rise at a 10.4% CAGR, 1.6 points over the global figure, as state utilities add substations and renewable links. APAR Industries calls itself the largest transformer oil supplier in India and the third largest globally, and the company runs oil plants at Rabale, Silvassa and Hamriyah.[7] India added 6.3 GW of wind turbines over 2025, each linked through a step-up unit.[5] Utilities will buy that fill oil from local refiners first.

Key takeaway: Grid building and a strong local supplier base put India first on growth.

ASEAN Transformer Oil Market Outlook (2026 to 2036)

GE Vernova announced in March 2026 an investment of about USD 200 million in a Hai Phong plant for large power transformers, mainly for HVDC projects, with full operations expected by 2028.[9] Plants of that kind point ASEAN toward a forecast 9.6% CAGR, the second-best profiled rate. New factories and data centres need power and distribution transformers, so utilities in Indonesia, Vietnam and Thailand will place more fill orders.

Key takeaway: Local transformer plants and new factories add oil-filled units across ASEAN.

China Transformer Oil Market Outlook (2026 to 2036)

China ended 2025 with 640.5 GW of wind capacity after a 120.5 GW addition.[5] Per FMI's country model, the largest profiled market is expected to expand at a 9% CAGR, close to the global figure. Sinopec and PetroChina refine most of the domestic transformer oil, so local refiners will take most of the new grid volume.

Key takeaway: China sets volume, and domestic refiners supply most of the new grid.

United States Transformer Oil Market Outlook (2026 to 2036)

Better power transformer margins in North America raised HD Hyundai Electric operating profit 37.3% to KRW 287.0 billion in the June quarter of 2026.[4] FMI places the United States at a 7.9% CAGR, 0.9 points under the global figure. Data centres and grid upgrades are raising load on ageing transformers, and Ergon and other naphthenic refiners raised prices in March 2026.[2] Utilities replacing old units will order larger transformers and more oil per unit.

Key takeaway: Load growth and transformer replacement carry the United States.

South Korea Transformer Oil Market Outlook (2026 to 2036)

Korean transformer makers build large units for home grids and for export. Distribution equipment sales at HD Hyundai Electric grew 20.2% to KRW 231.2 billion in Q2 2026 on supply to domestic semiconductor projects.[4] Planned ultra-high-voltage lines, industrial electrification and smart grids support a predicted 7.8% CAGR for South Korea.

Key takeaway: Export-oriented transformer makers raise oil use in South Korea.

Germany Transformer Oil Market Outlook (2026 to 2036)

Germany built 5.7 GW of wind farms in 2025 for a fleet of 77.7 GW.[5] Grid links to those farms underpin a projected 7.5% CAGR. Nynas said production in Northern Europe gives European customers proximity at a time of strained supply chains.[8] EU rules favouring biodegradable fluids will move more German urban substations to ester oils.

Key takeaway: Wind links and ester rules shape transformer oil buying in Germany.

Japan Transformer Oil Market Outlook (2026 to 2036)

Disaster-resistant and digital substations, plus nuclear restarts, keep Japan close to Germany, with a projected 7.3% CAGR. Regional utilities are renewing ageing substations with disaster-resistant designs, and Japanese transformer makers fill each replacement unit with oil at the factory. Substation and nuclear projects in Japan add large units with long oil life.

Key takeaway: Disaster-resistant substations keep orders in Japan steady.

United Kingdom Transformer Oil Market Outlook (2026 to 2036)

British offshore wind connections and smart grid upgrades support a 7.1% CAGR for the United Kingdom, last in the country ranking. Ofgem said in December 2025 that over GBP 70 billion of electricity transmission investment may be needed from 2026 to 2031, with at least GBP 44 billion already committed.[6] Raw material costs and Brexit trade terms add uncertainty for imported oil.

Key takeaway: Offshore wind links drive demand, and import costs hold the United Kingdom lowest.

Who are the notable companies in the transformer oil market?

Chevron, Sinopec, Nynas, Shell, APAR Industries, Ergon, ExxonMobil, PetroChina, Repsol and Savita Oil Technologies are the profiled companies.

Ten companies are profiled by FMI, spanning naphthenic specialists, integrated oil majors and Chinese state refiners. Nynas sold 527 kton in the June quarter of 2026 and earned SEK 702 million of adjusted EBITDA.[1] Speciality oil and lubricant sales at APAR Industries came to INR 5,373 crore for FY 2025-26.[7] Ergon raised naphthenic prices in March 2026, and Shell halted the Pearl GTL Group III plant in the same month.[2]

• Naphthenic and specialty refiners: Nynas, Ergon, APAR Industries and Savita Oil Technologies.
• Integrated oil majors: Shell, ExxonMobil, Chevron and Repsol.
• Chinese state refiners: Sinopec and PetroChina.

Competitive Benchmarking: Transformer Oil Market

Table 8: Competitive Benchmarking for the Transformer Oil Market (qualitative documentation ratings), 2026

Company	Naphthenic Supply	Ester Range	Regional Plants	Recency
Nynas	High	High	Medium	High
APAR Industries	Medium	Medium	High	High
Ergon	High	Low	Medium	High
Shell	Medium	Medium	High	High
Savita Oil Technologies	Low	Low	Medium	Low

Many recent filings and press items behind a score earn High, few earn Low, and no rating measures market share.

Key Developments in the Transformer Oil Market

• On 29 September 2026, Nynas published a note on naphthenic supply in a changing base oil market.[8]
• On 26 August 2026, Nynas announced SEK 702 million of adjusted EBITDA for April to June.[1]
• On 28 July 2026, HD Hyundai Electric announced quarterly orders 44.6% higher at USD 1.44 billion.[4]
• On 20 April 2026, GWEC published global wind data showing a record 165 GW built in 2025.[5]
• In March 2026, Ergon and Calumet raised naphthenic oil prices, and Shell halted the Pearl GTL Group III plant.[2]
• On 10 March 2026, GE Vernova announced a USD 200 million transformer plant in Vietnam.[9]
• On 6 February 2026, the IEA published Electricity 2026.[3]
• On 4 December 2025, Ofgem published the RIIO-3 Final Determinations for electricity transmission.[6]
• In 2026, APAR Industries published the Integrated Annual Report 2025-26 with speciality oil volume of 631,985 KL.[7]

Key Players in the Transformer Oil Market

Naphthenic and Specialty Refiners

• Nynas
• Ergon
• APAR Industries
• Savita Oil Technologies

Integrated Oil Majors

• Shell
• ExxonMobil
• Chevron
• Repsol

Chinese State Refiners

• Sinopec
• PetroChina

Transformer Oil Market - Report Scope

Table 9: Report Scope for the Transformer Oil Market (coverage fields and definitions), 2026 to 2036

Coverage field	Report scope
Market breakdown	Oil type; application; end use; region
Quantitative units	USD million
Market definition	Insulating and cooling oils for transformers, switchgear and reactors, including naphthenic and paraffinic mineral oils, silicone fluids and bio-based esters.
Regions covered	North America; Latin America; Western Europe; Eastern Europe; East Asia; South Asia and Pacific; Middle East and Africa
Countries covered	United States; Canada; Brazil; Mexico; Argentina; Chile; Germany; France; United Kingdom; Italy; Spain; Benelux; Nordics; Poland; Czech Republic; Romania; Hungary; China; Japan; South Korea; India; ASEAN; Australia and New Zealand; GCC Countries; South Africa; Türkiye; Israel
Key companies profiled	Chevron, Sinopec, Nynas, Shell, APAR Industries, Ergon, ExxonMobil, PetroChina, Repsol, Savita Oil Technologies
Forecast period	2026 to 2036

Transformer Oil Market - Research Methodology

Table 10: Research Methodology for the Transformer Oil Market (research methods and approach), 2026 edition

Method	Approach
Data Sources	Refiner and transformer maker results, annual reports, agency outlooks, regulator decisions, wind industry data and trade press from May 2025 onward.
Desk Research	Desk research covers grid investment, wind additions, base oil supply, naphthenic prices and ester fluid projects.
Market Sizing and Forecasting	Sizing starts from the 2025 base of USD 4,752.9 million and the 8.8% CAGR for 2026 to 2036.
Data Validation	Prices, volumes and output figures were matched to the company, agency or trade publication that reported them.

Transformer Oil Market by Segments

Transformer Oil Market segmented by Oil Type:

• Mineral Oil
• Silicone Oil
• Bio-based Oil

Transformer Oil Market segmented by Application:

• Transformer
• Switchgear
• Reactor

Transformer Oil Market segmented by End Use:

• Transmission and Distribution
• Power Generation
• Railways and Metros

Transformer Oil Market by Region

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• Western Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Benelux
  • Nordics
• Eastern Europe
  • Poland
  • Czech Republic
  • Romania
  • Hungary
• East Asia
  • China
  • Japan
  • South Korea
• South Asia and Pacific
  • India
  • ASEAN
  • Australia and New Zealand
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Türkiye
  • Israel

Research Sources and Bibliography

• [1] Nynas AB. (2026, August 26). Nynas reports a strong Q2 2026 in a volatile market environment. https://www.nynas.com/en/news/newslist/nynas-reports-a-strong-q2-2026-in-a-volatile-market-environment/
• [2] Lubes'N'Greases. (2026, March 25). Weekly Americas Base Oil Price Report. https://www.lubesngreases.com/bor-americas/weekly-americas-base-oil-price-report-65/
• [3] International Energy Agency. (2026, February 6). Global electricity demand is set to grow strongly to 2030, underscoring need for investments in grids and flexibility. https://www.iea.org/news/global-electricity-demand-is-set-to-grow-strongly-to-2030-underscoring-need-for-investments-in-grids-and-flexibility
• [4] The Asia Business Daily. (2026, July 28). HD Hyundai Electric Reports Q2 Operating Profit of 287 Billion Won, Up 37.3% Year-on-Year. https://view.asiae.co.kr/en/article/2026072814361498585
• [5] Global Wind Energy Council. (2026, April 20). Global wind installations rise a record 40% as industry charts way out of energy crisis. https://www.gwec.net/news/global-wind-installations-rise-record-40-as-industry-charts-way-out-of-energy-crisis
• [6] Ofgem. (2025, December 4). RIIO-3 Final Determinations Overview Document. https://www.ofgem.gov.uk/sites/default/files/2025-12/RIIO-3-Final-Determinations-overview.pdf
• [7] APAR Industries Limited. (2026). Integrated Annual Report 2025-26: Powering the Energy Value Chain. https://apar.com/investors/integrated-annual-report-2025-26/
• [8] Nynas AB. (2026, September 29). Flexibility in a changing base oil landscape. https://www.nynas.com/en/news/newslist/flexibility-in-a-changing-base-oil-landscape/
• [9] Viet Nam News. (2026, March 10). GE Vernova to invest $200m in Việt Nam transformer plant to support power demand. https://vietnamnews.vn/economy/1767047/ge-vernova-to-invest-200m-in-viet-nam-transformer-plant-to-support-power-demand.html

This bibliography is provided for reader reference. The full report contains the complete reference list and detailed citations.

This Report Answers

• How big is the transformer oil market during 2026?
• What market size is projected by 2036?
• Which oil type holds notable share?
• Which application holds notable share?
• Which countries have notable growth?
• Which companies are notable in the market?