The global sulfur hexafluoride market is expected to reach USD 309.9 million by 2025, according to a new report by Grand View Research, Inc. Rising demand for the product for use as an ideal quenching material in circuit breakers and switchgear manufacturing is expected to have a positive impact on the industry growth.
Key industry participants, have integrated their operations across the value chain by indulging in raw material manufacturing as well as distribution sectors in order to gain a competitive edge in the industry. Active investments in the R&D of the product to reduce the environmental impact and boost efficiency are projected to increase the competitive rivalry among the manufacturers.
In June 2014, ABB developed a patented technology to recycle contaminated SF6 gas based on the energy proficient cryogenic process. The use of recycled sulfur hexafluoride gas is expected to mitigate carbon emissions by about 30% and save costs. These factors are, therefore, expected to fuel the industry growth over the forecast period.
The stringent regulations imposed on the manufacturing and use of sulfur hexafluoride (SF6) are expected to be a key threat to the industry players. Moreover, the high initial investments and operational costs associated with the machinery are further expected to trigger the entry barrier, thereby lowering the threat of new entrants over the forecast period.
In depth research report on Sulfur Hexafluoride (SF6) Market
Further key findings from the report suggest:
· Standard grade SF6 is expected to register a CAGR of 5.7% over the projected period, owing to its high demand for the manufacturing of circuit breakers and switchgear for power & energy generation plants
· Power & energy was the dominant application segment in 2016 with over 75% SF6 utilized in the manufacturing of high voltage equipment including coaxial cables, transformers, switches, and capacitors
· The product is expected to grow at a CAGR of 6.0% in metal manufacturing application, owing to its high demand for prevention of burning and rapid oxidation of molten metals in magnesium manufacturing industry
· Asia Pacific held the largest market share of over 34% in 2016 and is expected to dominate the market over the forecast period on account of high investments in energy & power sector in the region
· Solvay S.A., Air Liquide S.A., The Linde Group, Air Products and Chemicals, Inc., and Praxair Technology, Inc. have adopted production capacity expansion strategies to serve increasing consumer demand and gain larger market shares
Grand View Research has segmented the global sulfur hexafluoride market report on the basis of product, application, and region:
Sulfur Hexafluoride Product Outlook (Revenue, USD Thousands; 2014 - 2025)
· Electronic Grade
· UHP Grade
· Standard Grade
Sulfur Hexafluoride Application Outlook (Revenue, USD Thousands; 2014 - 2025)
· Power & Energy
· Medical
· Metal Manufacturing
· Electronics
· Others
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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