Dublin, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The "Sulfur Hexafluoride (SF6) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Sulfur Hexafluoride (SF6) Market to Reach US$277.4 Million by the Year 2026
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.
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.
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.
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 -45C to 0C 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.
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. The 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.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- Energy Sector: COVID-19 Pandemic Brings Numerous Challenges
- Opportunities for the Power & Energy Sector in the Post-Pandemic Era
- Industrial Activity Remains Subdued, Inducing Weakness into SF6 Market
- An Introduction to Sulfur Hexafluoride (SF6)
- Various Uses of SF6
- Global Market Prospects & Outlook
- Standard-grade SF6 Leads, UHP-grade SF6 Poised for High Growth
- Electronic-Grade SF6 - Steady Growth Outlook
- Power & Energy: The Largest Application Market
- Developing Regions to Spearhead Long-term Growth
- Competition
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 47 Featured)
- Air Product
- Asahi Glass
- ChemChina
- Concorde Specialty Gases
- Fujian Shaowu Yongfei
- Honeywell
- Kanto Denka Kogyo
- Linde Group
- Matheson Tri-Gas
- Praxair
- Showa Denko
- Solvay
3. MARKET TRENDS & DRIVERS
- Rising Demand for Electricity Worldwide to Fuel Need for SF6
- Pandemic's Impact on Utilities Affects Demand for SF6
- Growing Use of SF6 in Various Electrical Equipment
- Focus on Increasing Renewable Energy Contribution to Global Energy Mix Augurs Well for SF6 Market
- SF6 Circuit Breakers Market Poised for Strong Growth
- Expanding Use of SF6 in Medical Applications Bodes Well for Market Growth
- COVID-19 Pandemic Impacts Ophthalmology Procedures
- Demographic Shift Drives Demand for Ophthalmology Procedures, Presenting Opportunities for SF6 Market
- Fluorination of Medical-Grade PMMA by SF6 Plasma Treatment
- SF6 Holds Prominence in Foundry and Metal Casting Applications
- Growing Demand for Electronics Products and Subsequent Rise in Electronic Production Activities Enhances Need for SF6
- Concerns Over Environmental and Health Implications of SF6: A Key Hurdle
- Controlling SF6 Usage
- With Use and Emissions of SF6 on the Rise, Efforts to Create Effective Alternatives Growing
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/f2nrfk
