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"Global sulfur Hexafluoride Market was Valued at US$ 213.7 Mn in 2019 and it is Expected to Reach More than US$ 351.29 Mn by 2028, Likely to Grow with the CAGR of 5.7% During the Forecast Period."
Sulfur hexafluoride (SF6) is colorless, non- toxic and non-flammable strong greenhouse gas having excellent electrical insulation property. They are widely used for various applications such as dielectric medium, medical, metal manufacturing, tracer compound, and others.
Growing demand from the electronics industry and increasing the application of sulfur hexafluoride are the factors for the growth of this market.
The Rising Demand as a Dielectric Medium for Electrical & Electronic Appliances Anticipated to Boost the Demand For sulfur Hexafluoride
Sulfur hexafluoride is used as a dielectric medium in switchgear, capacitors, circuit breakers, and other electric appliances. Rising demand for electrical and electronic products such as semiconductors, photovoltaic panels, power equipment, and switchgear is likely to grow over the forecast period, which in turn fuels the demand for sulfur hexafluoride market. Sulfur hexafluoride is an ideal dielectric medium for circuit breakers due to its suitable for operating in a range from 33 KV to 800 KV. This wide operating range can help to manufacture a large number of appliances with varied operating conditions and operating ranges with the help of sulfur hexafluoride.
The growing sulfur hexafluoride demand as an ideal quenching material in distribution voltage switchgear, high voltage circuit breakers, linear particle accelerators & generators, and radar equipment is expected to drive demand.
Additionally, the electrical and electronics industry is flourishing globally. There is a significant growth observed during the past few decades in telecommunications, consumer goods, and the computer industry. Moreover, sulfur hexafluoride is extensively used in the medical industry for non-invasive surgeries. It is utilized in echocardiogram in order to determine & examine the exact location & cause of the ailment.
However, the high maintenance and handling cost and Environmental impact, such as increasing pollution and global warming, is likely to hamper the market growth. While, the adoption of HVDC transmission in developing nations is projected to act as an opportunity for the market in the future.
The UHP Grade sulfur Hexafluoride is Expected to Witness Highest Growth in the sulfur Hexafluoride Market Across the Globe
The UHP grade sulfur hexafluoride is projected to the fastest-growing segment with a CAGR of 7.1% during the forecast period, owing to its extensive use in medical surgeries and manufacturing of electrical appliances. UHP grade sulfur hexafluoride is majorly used in the manufacturing of electronic appliances and in non-invasive medical surgeries. UHP grade is the purest form of sulfur hexafluoride with no contamination, in order to ensure the safety of patients. It also finds its application in the medical sector to examine various medical conditions, such as uterine fibroids, adenomyosis, and tumors driving its demand in medical applications.
While the standard grade sulfur hexafluoride segment constituted a major share of the market in 2019, accounting for over 70% of the total revenue share. Increasing demand for standard grade of the product in the manufacturing of high-voltage circuit breakers, which are used for power & energy generation purposes is likely to boost the market growth.
Power & Energy Application Segment is Expected to Dominate the sulfur Hexafluoride Market Over the Forecast Period
Power & energy application held the largest market share in 2019 and this trend is estimated to continue over the forecast period. The segment is projected to register a CAGR of xx % over the forecast period owing to the increasing use of SF6 in high voltage equipment including transformers, switches, and capacitor, high-voltage circuit breakers, Gas Insulated Switchgear (GIS), and switchgear which are utilized in power & energy generation plants, which are the major drivers for the product in power & energy industry.
The Asia Pacific is Anticipated to Largest Market Value Share in the Global sulfur Hexafluoride Market Over the Forecast Period
The Asia Pacific dominated the industry demand in 2019 accounting for over 30% of market share in terms of revenue and is projected to continue its dominance owing to the high demand for the product in electronics manufacturing. Furthermore, the macro economic factors in the Asia Pacific region such as an increasing disposable income, changing demographics, and rapid urbanization are escalating electrical and electronics industry growth in the region. This is likely to drive the demand for SF6 as it is widely used in the electronics industry. High growth in the semiconductor industry, demand for electrical equipment will help to grow the sulfur hexafluoride market. Increasing semiconductor and electronic gadget production in the Asia Pacific region will fuel product demand in the coming years.
However, Latin America is projected to witness a high growth rate over the forecast period on account of increasing manufacturing activities in the region. Rapid urbanization and Infrastructural growth is triggering the demand for electrical equipment which in turn is boosting the demand for sulfur hexafluoride.
Some of the key players in the global sulfur Hexafluoride market are Solvay S.A., Air Liquide S.A., Air Products and Chemicals, Inc., Concorde Specialty Gases, Inc., Advanced Specialty Gases. Honeywell, Linde Group, Matheson Tri-Gas, Praxair, Suzhou Jinhong Gas Company, American Gas Products, Concorde Specialty Gases, WestAir, and Electronic Fluorocarbons.
Sulfur Hexafluoride Market Key Segments:
Sulfur Hexafluoride Market, By Product
- Standard Grade
- Electronic Grade
- UHP Grade
Sulfur Hexafluoride Market, By Application
- Power & Energy
- Metal Manufacturing
Sulfur Hexafluoride Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America