ALBANY, New York, April 4, 2019 /PRNewswire/ -- Analysts at Transparency Market Research (TMR) estimated that the global sulfur hexafluoride market is fragmented due to the presence of numerous local and global players. Companies including Solvay, Kanto Denka Kogyo Co., Ltd., AGC Chemicals, The Linde Group, and SHOWA DENKO K.K., are some of the key players in the sulfur hexafluoride market.
These companies are adopting prime strategies for recycling and reusing sulfur hexafluoride, which is benefiting to their revenue. For instance, Solvay S.A. has introduced a reuse program, which offers to reclaim of sulfur hexafluoride gas and other analytical services along with environmental consultation. This service is expected to benefit the company in terms of revenue in the coming years. Adopting this kind of services is expected to act as a support to the sulfur hexafluoride market.
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According to TMR, the global sulfur hexafluoride market is estimated to expand at a CAGR of 6.3% over the forecast period to attain a value of US$340.75 mn by 2026-end.
By grade, the technical grade segment dominated the global sulfur hexafluoride market in the year 2017 and is anticipated to remain dominant over the forecast period. By applications, the electrical transmission and distribution segment held a major share in the sulfur hexafluoride market and is expected to retain its dominance by end of the forecast period. By region, Asia Pacific is predicted to expand at a CAGR of 6.4% over the forecast period. This is attributable to the rising need for power utilities as the demand for infrastructural developments is growing.
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Growing Adoption from Electronic Industry to Propel Growth
The global sulfur hexafluoride market is gaining traction due to high demand for the gas as it has applications as a dielectric medium in the electrical sector. Rising adoption of sulfur hexafluoride across the power and energy industry mainly for manufacturing high performing circuit's breaker and advanced transformers is propelling the growth of the global sulfur hexafluoride market.
The sulfur hexafluoride gas has extreme applications in the development of magnesium, electric transmission, and distribution equipment. The growing adoption from the electrical industry in the developing countries such as the U.S. and U.K. is augmenting growth of the global sulfur hexafluoride market and is expected to be the major factor for growth in coming years.
Additionally, it is available in three grades including UHP, standard, and electronic. The use of the product is based on the particular grade of the product. Availability of the desired grade is expected to drive growth of the global sulfur hexafluoride market.
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Environmental Concerns to Impel Market Growth
However, several factors are posing as a major challenge such as high manufacturing cost and environmental concern are restraining growth of the global sulfur hexafluoride market. The manufacturing process of sulfur hexafluoride includes sulfur, bromine, fluorine, and cobalt, which are very expensive. This is leading to an increase in the cost of manufacturing and overall price of products and restraining growth of the market to some extent.
Additionally, the U.S. Environmental Protection Agency (EPA) has certified sulfur hexafluoride as a greenhouse gas (GHG) due to the product has high global warming potential (GWP). The organization oversees the emission of sulfur hexafluoride mainly from switchgears imposed across power & energy generation plants. Further, the product is hazardous in nature, which boosts transportation and maintenance costs as a minute leakage can harm the surrounding. These factors are acting negatively on the adoption of sulfur hexafluoride and likely to restrain growth of the market.
Moreover, the other organizations such as NIOSH, ACGIH, OSHA, and U.S.'s DOT also classified the product as a hazardous substance and demanded government bodies to impose stringent regulations on its handling and consumption. These stringent regulations are posing a challenge to the market's growth.
Nevertheless, the companies are adopting sulfur hexafluoride across electronics and during manufacture of micro-electrical-mechanical systems (MEMS), flat panels, photovoltaic panels, integrated circuits, and semiconductors as per directed by these organizations. This is expected to offer opportunities for growth of the sulfur hexafluoride market in coming years.
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This information is encompassed in the report by TMR, titled, "Sulfur Hexafluoride Market (Grade - Electronic, Technical; Application - Electrical Transmission and Distribution, Semiconductor Manufacturing) - Global Industry Analysis, Value, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the sulfur hexafluoride market has been segmented as follows:
- Electrical Transmission and Distribution
- Semiconductor Manufacturing
- Magnesium Production
- Ophthalmological Surgeries
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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