SAN FRANCISCO , Jan. 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Sulfur Hexafluoride (SF6) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Edition: 9; Released: December 2021 Executive Pool: 944 Companies: 47 - Players covered include Air Product; Asahi Glass ; ChemChina; Concorde Specialty Gases; Fujian Shaowu Yongfei; Honeywell; Kanto Denka Kogyo; Linde Group; Matheson Tri-Gas; Praxair; Showa Denko; Solvay and Others. Coverage: All major geographies and key segments Segments: Grade (Standard, Ultra High Purity, Electronic); Application (Power & Energy, Medical, Metal Manufacturing, Other Applications) Geographies: World; United States ; Canada ; Japan ; China ; Europe (France ; Germany ; Italy ; United Kingdom ; Spain ; Russia ; and Rest of Europe ); Asia-Pacific (Australia ; India ; South Korea ; and Rest of Asia-Pacific ); Latin America (Argentina ; Brazil ; Mexico ; and Rest of Latin America ); Middle East (Iran ; Israel ; Saudi Arabia ; United Arab Emirates ; and Rest of Middle East ); and Africa .
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Global Sulfur Hexafluoride (SF6) Market to Reach US$277.4 Million by the Year 2026 SF6 or sulfur hexafluoride is an inorganic, colorless, inflammable, and potent greenhouse gas and an extraordinary electrical insulator. SF6 possesses an octahedral geometry comprising six fluorine particles of a central sulfur atom and is usually transported as the liquefied, compressed gas. Thus SF6 is generally utilized in electrical transformers, substations, and switchgear as arc quenching, cooling medium, and electrical insulation. Growth in the global market is set to be driven by increased demand for SF6 as the dielectric medium for electronic and electrical appliances. In the medical sector, SF6 is excessively used in non-invasive surgeries and in echocardiograms for examining and determining the exact cause and location of an ailment. SF6's growing demand as the perfect quenching material in linear particle generators & accelerators, distribution voltage switchgear, radar equipment, and circuit breakers of high-voltage are anticipated to drive the SF6 demand. SF6 market is majorly propelled by SF6's increased usage in GIS or gas insulated substation equipment created to contain gas using sealed pressure systems. A strong inclination towards absorbing free electrons and high electronegative nature proclaims SF6 ideal for switchgear utilized in ultra-high or high voltage transmission lines.
Amid the COVID-19 crisis, the global market for Sulfur Hexafluoride (SF6) estimated at US$195.8 Million in the year 2020, is projected to reach a revised size of US$277.4 Million by 2026, growing at a CAGR of 6% over the analysis period. Standard, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$248.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultra High Purity segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 9.3% share of the global Sulfur Hexafluoride (SF6) market. The demand for standard grade SF6 continues to grow driven by rise in production of high-voltage circuit breakers, which are used for energy & power generation purposes. Standard grade SF6 is also used in electronic equipment such as high voltage & switchgear circuit breakers due to exceptional properties such as high dielectric strength, thermal stability, and excellent cooling properties. On the other hand, ultra-high purity (UHP) grade SF6 is extensively utilized in non-invasive medical surgeries and electronic appliances, as UHP grade is the SF6's purest form without any contamination, which is essential in the medical industry to ensure patient safety.
The U.S. Market is Estimated at $40.2 Million in 2021, While China is Forecast to Reach $60 Million by 2026 The Sulfur Hexafluoride (SF6) market in the U.S. is estimated at US$40.2 Million in the year 2021. The country currently accounts for a 19.76% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$60 Million in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 4.4% and 5.5% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$19.1 Million by the end of the analysis period. Asia-Pacific represents a major regional market for SF6. Th region's growth is attributed to capacity installations and additions of new power plants to satisfy the growing electricity demand. Asia-Pacific benefits from less fluctuations in SF6 pricing in comparison with other regions, because of local industry manufacturers' bulk manufacturing to satisfy the growing SF6 demand from emerging nations. North American SF6 market is anticipated to be driven by different developing economies supported by a huge industrial presence, rising disposable income, and growing population.
Electronic Segment to Reach $14.2 Million by 2026 Electronic grade SF6 is witnessing growth led by the increased deployment of highly pure electronic grade SF6 gas, which is considered an ideal electronic etchant in the microelectronics segment. The electric grade SF6 is excessively utilized in the refrigeration industry as the refrigerant has a cooling range of -45°C to 0°C for supporting the production process, due to which the electronic grade SF6 demand is growing and in turn propelling the growth of SF6 market. In the global Electronic segment, USA , Canada , Japan , China and Europe will drive the 6.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.3 Million in the year 2020 will reach a projected size of US$11.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$1.5 Million by the year 2026, while Latin America will expand at a 6.8% CAGR through the analysis period. More MarketGlass™ Platform Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
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About Global Industry Analysts, Inc. & StrategyR™ Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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