In terms of value, the global sulfur hexafluoride market isprojected to expand at a CAGR of 6.3% from 2018 to 2026, according to a newresearch report titled ‘Sulfur hexafluoride Market – Global Industry Analysis,Value, Share, Growth, Trends, and Forecast, 2018–2026’ published byTransparency Market Research (TMR) .In terms of value, the global sulfurhexafluoride market is expected to reach US$ 340.75 Mn by 2026. The market isdriven by the increase in electricity consumption across the globe. The sulfurhexafluoride market in Asia Pacific is estimated to expand at a CAGR of 6.4%during the forecast period owing to rising need for power utilities due to theincrease in demand for homes and infrastructure development led by rapidincrease in population in countries such as China and India. Based on grade,the technical grade segment accounted for a major share of the global sulfurhexafluoride market in 2017 and this trend is anticipated to continue duringthe forecast period.
Rising Electricity Consumption across Globe toBoost Market
Based on application, the electrical transmission and distributionsegment accounted for major share of the sulfur hexafluoride market, in termsof value and volume, in 2017. This can be ascribed to the wide range ofapplications of sulfur hexafluoride in electrical transmission and distributiondevices such as circuit breakers and gas insulated switch gears. Sulfurhexafluoride has no substitutes in high voltage and medium voltage circuitbreakers and gas insulated switch gears due to its high dielectric strength.Rise in electricity consumption due to growing demand from residential,commercial, and industrial sectors and increase in development activitiesacross the globe is projected to drive the global sulfur hexafluoridemarket.
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Sulfur hexafluoride gas is utilized in leak detection applications andas a gaseous dielectric for circuit breakers, transformers, and condensers, asit possess superior performance properties such as excellent dielectricstrength and thermal stability. The electricity requirement is fulfilled andtransmitted through several distribution devices. Rise in installation of highvoltage switchgear due to rapid industrialization is expected to boost thedemand for sulfur hexafluoride during the estimated period.
Rise in Concerns Regarding Global Warming toRestrain Market
Sulfur hexafluoride is a key greenhouse gas with greenhouse potential(GWP) of 23500 for 100 years. Several tons of sulfur hexafluoride are releasedinto the open atmosphere due to negligence during handling in variousindustries. The gas is included in the 1997 Kyoto Protocol and regulations havebeen implemented to regulate its emissions in the international policy. Rise inenvironmental concerns and regulations to control greenhouse effects areanticipated to hinder the global sulfur hexafluoride market during the forecastperiod.
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Sulfur Hexafluoride Re-use Programs Offers KeyOpportunities
Sulfur hexafluoride is essential in electrical transmission anddistribution applications due to its unique properties such as non-toxicity,chemical inertness, high thermal stability, and non-flammability. However, itshigh GWP increases environmental concerns about global warming. Hence,reclaiming of sulfur hexafluoride gas from electrical installations isnecessary and beneficial due to economic and ecological reasons. Development ofsulfur hexafluoride re-use service includes reclaiming of used sulfurhexafluoride gas and analytical services for used sulfur hexafluoride,packaging, and transport of used sulfur hexafluoride can create lucrativeopportunities for sulfur hexafluoride manufacturers.
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In Terms of Volume and Value, Asia Pacific Accountsfor Major Share of Global Market
Asia Pacific was the major region of the global sulfur hexafluoridemarket. In terms of volume and value, the region accounted for more than 40%share of the market in 2017. Initiatives by governments of developing economiessuch as India for affordable housing and infrastructure development areexpected to drive metal manufacturing and construction industries in thesecountries in the near future. This factor is anticipated to boost the sulfurhexafluoride market during the forecast period.
China is a major country for the sulfur hexafluoride market. Key playersoperate in the market in the country along with several local and unorganizedmanufacturers. Based on demand, China constitutes a prominent share of thesulfur hexafluoride market in Asia Pacific due to rapid urbanization leading tothe rise in need for power utilities in the country and establishedsemiconductor manufacturing industry.
Global Sulfur Hexafluoride Market is Fragmented
The report comprises profiles of major companies operating in the globalsulfur hexafluoride market. Global sulfur hexafluoride market is fragmentedwith the presence of global and local players. Key players include operating inthe global market include Solvay, AGC Chemicals, Kanto Denka Kogyo Co., Ltd.,SHOWA DENKO K.K., The Linde Group, Air Products and Chemicals, Inc., AirLiquide, Axcel Gases, Fujian Shaowu Yongfei Chemical Co., Ltd, ConcordeSpecialty Gasesc, Shandong Ruihua Fluoride Industry Co. Ltd, and Wuxi TianzhiChemical Technology Co., Ltd. Market players have been profiled in termsof attributes such as company overview, financial overview, businessstrategies, and recent developments. The report also comprises a comparisonmatrix between the top players operating in the global sulfur hexafluoridemarket and analysis of their key strengths for 2017.
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