The global sulfur hexafluoride market is poised for promising growth at a projected CAGR of approximately 5.8% during the course of forecast period (2019-2029). Favourable chemical properties and variegated end-use applications particularly electronic devices continue to supplement the growth of sulfur hexafluoride market.
Sulfur Hexafluoride Market Demand Bolstered by Power & Energy Application
In terms of application, power & energy holds the leading sulfur hexafluoride market share. Use of sulfur hexafluoride in this segment is projected to witness an upward trend through the forecast period. Emerging Asian economies in particular have greater need for energy consumption which is strengthening the regional demand for sulfur hexafluoride market.
Manufacturers continue to prefer sulfur hexafluoride for producing Gas Insulated Switchgear (GIS), switchgear, and high-voltage circuit breakers to meet the soaring demand in this sector. These components are utilized in power & energy generation plants. Hence SF6 is majorly driven by power & energy generation industry and is projected to continue the trend through 2029.
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Key Takeaways of Sulfur Hexafluoride Market Study
- Role of sulfur hexafluoride in developing electronic circuits is the growth engine of the market.
- Chemical inertness, non-toxicity, high density, and high dielectric strength are highly sought-after attributes of sulfur hexafluoride.
- Electronic grade sulfur hexafluoride contributes substantially to the overall demand.
- Asia Pacific carves out approximately 45.8% revenue share in the global sulfur hexafluoride market.
- Europe will exhibit relatively sluggish market growth owing to stringent government regulations.
Asia Pacific Accounts for 45.8% Share in Sulfur Hexafluoride Market
On account of enormous regional population, power and energy demand is soaring in Asia Pacific. Being a leading end-use application of sulfur hexafluoride, power & energy generation industry is supporting the growth of regional market. Hence, Asia Pacific sulfur hexafluoride market garnered approximately 45.8% market share in 2018.
The sulfur hexafluoride market is Europe will relatively be slow during the forecast period owing to environmental implications associated with the product. Moreover, stricter norms set down by governing bodies are limiting the sulfur hexafluoride market growth in the region. However, improved sustainable practices in certain domestic markets such as the United States will contribute to steady market growth in the country.
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Sustainable Practices Remain Key Agenda of Industry Leaders
Some of the key players featured in this FMI study include, but are not limited to, Advanced Specialty Gases, Air Liquide, Electronic Fluorocarbons, LLC, Axcel Gases, American Gas Products, Solvay S.A., Praxair Technology, Inc., Honeywell International, Fujian Shaowu Yongfei Chemical Co. Ltd., Air Products and Chemicals, Inc., Chengdu Kemeite, Concorde Specialty Gases Inc., and Liming Research Institute.
The global sulfur hexafluoride market is fragmented in nature. Reusing sulfur hexafluoride and incorporating latest technology is the key forte of market leaders. For instance, Solvay reclaims and reuses sulfur hexafluoride gas worldwide to comply with stringent environmental norms. Other players opt for collaborations to strengthen their market presence.
Sulfur Hexafluoride Market: Segmentation
The global sulfur hexafluoride market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
By Grade
- Technical
- Electronic
By Application
- Electrical Transmission and Distribution
- Semiconductor Manufacturing
By Region
- North America
- Latin America
- Europe
- MEA
- Asia Pacific