Sulfur Hexafluoride Market to Grow at 5.4% CAGR to Garner $354.04 Million by 2027 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

The Sulfur Hexafluoride Market Growth propelled by high use of Sulfur Hexafluoride in Electronics Industry; while the North America Sulfur Hexafluoride Market is expected to grow at the highest CAGR of 6.2% during 2019–2027.

Pune, India, April 14, 2021 (GLOBE NEWSWIRE) -- Sulfur Hexafluoride Market: Key Insights
According to our new research study on “Sulfur Hexafluoride Market to 2027 – Global Analysis and Forecast – by Grade and End User,” the Sulfur Hexafluoride Market was valued at US$ 232.37 million in 2019, and it is expected to grow at a CAGR of 5.4% during 2020–2027 to reach US$ 354.04 million by 2027.

Sulfur hexafluoride finds applications as a dielectric medium in capacitors, switchgear, circuit breakers, and other electronic appliances. Thus, the escalating demand from the electronics industry is a major factor driving the growth of the market. However, the hazardous effects of using sulfur hexafluoride to the environment and humans are hindering the market growth.

Sulfur Hexafluoride Market: Competition Landscape and Key Developments
A few of the key players operating in the global sulfur hexafluoride market are Air Liquide; Concorde Specialty Gases Inc.; Fujian ShaowuYongfei Chemical Co., Ltd; Iwatani Corporation; Kanto Denka Kogyo Co., Ltd; Linde plc; Matheson Tri-Gas, Inc.; SHOWA DENKO K.K.; and Solvay S.A. The major market players focus adopting strategies such as mergers and acquisitions to diversify their geographic presence and consumer base.

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Asia Pacific held the largest share of the global sulfur hexafluoride market in 2019. The high demand for sulfur hexafluoride in the region is attributed to the ongoing development and expansion of the industrial sector, and growing government investments in the electrical and electronics sectors. Further, the presence of leading manufacturers in the region such as Fujian ShaowuYongfei Chemical Co., Ltd, SHOWA DENKO K.K., Solvay S.A, Iwatani Corporation, and many others is also anticipated to stimulate the growth of the market in this region.

The thermal stability and high dielectric strength of sulfur hexafluoride offers outstanding cooling and insulating properties. It is feasibly used in several appliances with an operating voltage range of 33–800 kV. These appliances might also include those used in power generation plants, which further propels the demand for Sulfur hexafluoride in the power and energy sector. Its compact size & weight, reliable handling, and maintenance makes it a better option for medium and high voltage switchgear designs. In comparison with other conventional dielectric media, sulfur hexafluoride ensures space savings, low weight, and operational safety of the equipment. The high molar heat capacity, coupled with low viscosity of sulfur hexafluoride, permits effective heat transfer. Besides this, as sulfur hexafluoride is chemically inert, non-flammable, non-toxic, and non-corrosive gas, even at low temperatures, it has increasingly high demand in the electronics industry.

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Sulfur Hexafluoride Market: Segmental Overview
Based on grade, the sulfur hexafluoride market is segmented into electronic grade, UHP grade, and standard grade. In 2019, the standard grade segment dominated the market with the largest share. The standard-grade sulfur hexafluoride possesses exceptional electrical, thermal, and chemical properties, which make it ideal for both high-voltage and medium–high-voltage power circuit breakers as well as in transformers, transducers, high-voltage cables, and other similar systems. Based on end user, the market is segmented into power and energy, electronics, metal manufacturing, medical, and others.

Impact of COVID-19 Pandemic on Sulfur Hexafluoride Market
As of April 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among of the worst-affected countries by the COVID-19 pandemic in terms confirmed cases and reported deaths. According to the latest WHO figures, updated in April 2021, ~133,146,550 confirmed cases and 2,888,530 deaths have been reported across the world. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals & materials is one of the major industries suffering from serious disruptions of the outbreak due to supply chain breaks, technology events cancellations, and office shutdowns.

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China is the global hub of manufacturing and largest raw material supplier for various industries in the world, and it is also one of early-affected countries by the pandemic. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and Middle East and Africa is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales. In addition, the travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are hampering the chemicals and materials industry growth, thus limiting the growth of various markets related to this industry.

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