According to a report published by Grand View Research, Inc.; sulfur hexafluoride market is expected to reach a valuation of around USD 309.9 million by 2025.
Increasing demand for the product as a dielectric medium in electrical industry can propel the market during the forecast period (2014 to 2025).
The product is extensively used in power and energy sector to manufacture switchgears, high voltage transformers, and circuit breakers. Increasing use of the product as an ideal quenching material in switchgear and circuit breaker manufacturing process can positively drive the market in the coming years.
However, several agencies such as U.S. DOT, ACGIH, OSHA, and NIOSH, have specified that SF6 as a hazardous substance due to its hostile effects on the human body and the environment. The government agencies have also advised the strict regulations for usage and handling of the product. This is expected to be the key challenge for the market.
Full Research Report On Sulfur Hexafluoride (SF6) Market Analysis: https://www.grandviewresearch.com/industry-analysis/sulfur-hexafluoride-sf6-market
Worldwide sulfur hexafluoride market can be segmented on the basis of product, application, and region.
Based on product, the market can be classified into electronic grade, standard grade, and UHP grade.
Electronics grade product segment is likely to expand with CAGR of 6.8% over the forecast period due to its different usage in electronics sector.
UHP grade segment is projected to grow with highest CAGR of 7.4% during the study period. Its use in ultrasound imaging improves the blood vessels detection, which helps to accurately find tumors, adenomyosis, and uterine fibroids in the body.
As per application, the market can be split into metal manufacturing, power and energy, medical, electronics, and others. In 2016, Power and energy segment estimated for the largest share with over 75% of product used in the making of high voltage equipment such as transformers, capacitors, switches, and coaxial cables. The metal manufacturing segment is likely to grow at CAGR of 6.0. The product is highly useful in preventing burning and quick oxidation of molten metals in magnesium manufacturing industry.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and The Middle East & Africa.
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Central & South America is expected to grow with a rapid pace at a CAGR of 7.8% over the projected period. Rapid urbanization and infrastructural development has increased the demand for electrical equipment. This is expected to drive the demand for the product in this region.
In the U.S., the gas is widely used to manufacture magnesium and as a dielectric medium in the electric transmission and distribution equipment. Established electrical sector in the country is likely to increase the product demand in the coming years. But, the U.S. Environmental Protection Agency (EPA) has declared the product as a greenhouse gas due to its high global warming potential (GWP). The U.S. EPA also controls the emission of the product from high-voltage switchgears employed in power and energy generation plants. This is anticipated to restrain the market growth.
In 2016, Asia Pacific captured the major market share of 34%. The region is projected to dominate the market during the forecast period due to growing investments in energy and power sector in the region. Growing government efforts for providing advanced infrastructure and affordable housing can drive the growth of metal manufacturing and construction industries during the forecast period. In India, rising government efforts under initiative called “Make in India” for providing favorable foreign investments in the country. In addition, many established companies are expected to setup manufacturing plants for electronics and metals in this country, which is also expected to support the market growth.
Prominent companies operating in the market include Air Products and Chemicals, Inc.; Air Liquide S.A.; Praxair Technology, Inc.; and Concorde Specialty Gases, Inc.
Major companies have combined their operations across the value chain by manufacturing raw material and distribution sectors to gain higher profit in the market. Increasing investments in the research and development (R&D) of the product in order to decrease its impact on environment and to improve its efficiency are likely to increase the competition among the vendors.
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