Global Sulfur Hexafluoride Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Global Sulfur Hexafluoride Market Overview:

“The global Sulfur Hexafluoride Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Sulfur hexafluoride is an odorless and colorless gas. The chemical formula of it is SF6. Sulfur hexafluoride is an inorganic gas, which is non-flammable, non-toxic and is soluble in water. The gas is manufactured by reaction of fluorine with sulfur through electrolysis.

Sulfur hexafluoride has excellent electrical, chemical, and thermal properties that make suitable for different applications. Sulfur hexafluoride is used in industries such as medical, power, glass, electronics and electrical, metal, etc. Sulfur hexafluoride is widely used in electronic, electrical, medical technology applications.

Dynamics

One of the fastest-growing industries in the world is the healthcare sector. The healthcare sector is growing due to proliferation of lifestyle and chronic diseases in developed countries and ageing population. In developing countries, higher income, government spending on healthcare, and rising population are the factors driving growth of the healthcare sector, which, in turn, increasing demand for sulfur hexafluoride.

The electronics and electric sector is also expanding globally. There is a substantial growth observed over the past few years in the consumer goods, computers, and telecommunications industries.  Demand for electronic and electric products including photovoltaic panels, semiconductors, switchgear, and power equipment is expected to increase over the forecast period, which, in turn, increasing demand for sulfur hexafluoride.

Growth of the sulfur hexafluoride market is also attributed to development of power infrastructure by various governments in different developing countries. As it can cause global warming, sulfur hexafluoride has an adverse impact on the atmosphere.

Although the inertness of sulfur hexafluoride makes it slower to harm the environment, this is projected to be a major restraint of the global sulfur hexafluoride market growth over the forecast period.

However, various strategies by key players in the market such as joint ventures, new product development, collaborations, agreements, and partnerships are projected to create growth opportunities for major manufacturers of the product in the global sulfur hexafluoride market over the forecast period.

Global Sulfur Hexafluoride Market Segment Analysis:

By Product:

The standard grade segment continues to account for highest revenue share in the global sulfur market among other product segments. This is expected to continue over the forecast period. This can be attributed to increasing demand for standard grade product for manufacturing high-voltage circuit breakers, which are widely sued for energy and power generation purposes.

By Application:

The power and energy segment among the application segments is projected to continue its dominance in terms of revenue share over the forecast period. This can be attributed to the wide use of sulfur hexafluoride in manufacturing switchgear, Gas Insulated Switchgear (GIS), and high-voltage circuit breakers, which are applied in energy and power generation plants.

Global Sulfur Hexafluoride Market Regional Analysis:

Asia Pacific accounts for highest revenue share currently, which is expected to continue over the forecast period. This can be attributed to increasing demand from electronics manufacturing sector for sulfur hexafluoride.

Moreover, macroeconomic factors such as rising disposable income, changing demographics, rising education levels, rapid urbanization, expanding middle-class population are escalating electrical and electronics industry growth in the region, which is expected to fuel demand for the product over the forecast period.

Global Sulfur Hexafluoride Market Segmentation: 

By Product:

• Electronic Grade
• UHP Grade
• Standard Grade

By Application:

• Power and Energy
• Medical
• Metal Manufacturing
• Electronics
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa