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Sulfur Hexafluoride Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4787439
The Global Sulfur Hexafluoride Market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).

The Sulfur Hexafluoride market has affected by the COVID-19 pandemic as the demand for electricity has been reduced significantly. Governments around the world were compelled to reduce business activity in response to minimize the threat of coronavirus. This ongoing situation due to COVID-19 has changed the lifestyle globally as people are mostly staying home and working from home if possible. Hence, there is a significant increase in residential load demand while there is a substantial decrease in commercial and industrial loads. With surplus supplies, the energy market is presently at a historic low, which further is expected to affect the demand for sulfur hexafluoride market in recent times.
  • Over the medium term, the factors driving the growth of the sulfur hexafluoride market are the increasing demand for electricity in developing countries and the increasing application of sulfur hexafluoride in the medical sector.
  • On the flip side, due to its negative effects on the environment and the human body, OSHA and the National Institute for Occupational Safety and Health (NIOSH) have classified sulfur hexafluoride as a hazardous element. The product's hazardous nature, combined with high maintenance and handling costs, are expected to hinder the market demand for sulfur hexafluoride.
  • The adoption of HVDC transmission in developing nations is projected to act as an opportunity for the market in the future.
  • Asia-Pacific accounted for the largest share of the market, followed by North America and Europe.

Key Market Trends

Growing Demand from Electronics Applications
  • The application of sulfur hexafluoride in electronics applications include dielectric medium in switchgear, capacitors, circuit breakers, and other electric appliances.
  • Sulfur hexafluoride is suitable for operating in a range of 33 kV to 800 kV, which makes it an ideal dielectric medium for circuit breakers. A large number of appliances with varied operating conditions and operating ranges can be made with the help of sulfur hexafluoride.
  • The demand for electricity has been steadily increasing in developing nations due to their economic development and increasing living standards, which is further boosting the demand for mobile, television, and other household appliances.
  • The adoption of HVDC transmission in some of the developing nations can further increase the demand for sulfur hexafluoride, as it is useful in manufacturing high voltage transmission systems and equipment.
  • Energy Information Administration (EIA) projects that world energy consumption is expected to increase by nearly 50% between 2018 and 2050. Additionally, the consumption of electricity is expected to increase by 79% between 2018 and 2050.
  • Residential electricity usage is increasing as non-OECD countries' populations and living standards rise, increasing demand for appliances and personal equipment. Electricity usage is also more in the transportation market, as more plug-in electric cars join the fleet and rail electrification grows.
  • All the aforementioned factors are expected to drive the demand for sulfur hexafluoride for electronic applications during the forecast period.

Asia-Pacific Region to Dominate the Market
  • Asia-Pacific accounted for the largest share of the market studied, followed by North America and Europe. In the Asia-Pacific region, there has been a noticeable growth in the capacity additions and installations of new power plants so as to meet the growing demand for electricity.
  • Over the last few years, while the number of coal-based power plants built worldwide declined, the region led to the building of new coal-based power plants. China started 38.4 gigawatts (GW) of new coal-fired power capacity into operation in 2020.
  • India has the third-largest power generation capacity in the world. The electricity sector in India is growing at a rapid pace. The installed capacity was registered to be 367 GW as of December 2019, with generation mix being; thermal (63%), hydro (12%), nuclear (2%), and renewables (23%).
  • The Indian government announced an exceptionally ambitious plan to double installed capacity over the coming decade and to do so primarily through accelerated deployment of renewable energy. Fom April 2020 to February 2021, India installed 9.7 gigawatt (GW) of power generation capacity. By 2022, India aims to have 225 GW of renewable energy capacity.
  • Therefore, the continuing trend of capacity additions and planned projects is driving the market for sulfur hexafluoride in the region.
  • Moreover, China has the world’s largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, and cables, recorded the highest growth in the electronics segment. The country not only serves the domestic demand for electronics, but also exports electronic output to other countries.
  • Owing to the increase in the disposable incomes of the middle-class population in China and the rising demand for electronic products in the countries that import electronic products from China, the production of electronics is estimated to grow further during the forecast period.
  • China has one of the largest healthcare sectors across the world. This is expected to raise the production of high-tech medical devices to treat chronic and age-related diseases in the country, which may increase the demand for sulfur hexafluoride in the coming years.
  • Additionally, Over the years, China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, coupled with factors, such as rapid urbanization. According to the State Grid Corporation of China (SGCC), the largest of China’s two state-owned utility corporations, China’s energy demand in 2030 is expected to exceed 10 Petawatt hour (PWh), representing an enormous challenge for power transmission that the country needs to address.
  • The aforementioned factors are expected to boost the demand for sulfur hexafluoride in the region, in the coming years.

Competitive Landscape

The sulfur hexafluoride market is partially fragmented. Key players in the sulfur hexafluoride market include Solvay, Linde Plc, SHOWA DENKO K.K., Concorde Specialty Gases Inc., and Air Products Inc., among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Growing Demand for Electricity in Developing Countries
4.1.2 Increasing Application in Medical Sector
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Product Type
5.1.1 Electronic/Technical Grade
5.1.2 Ultra-high Purity Grade
5.2 Application
5.2.1 Power & Energy
5.2.2 Electronics
5.2.3 Metal Manufacturing
5.2.4 Medical
5.2.5 Other Applications
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Mexico Canada
5.3.3 Europe Germany United Kingdom France Italy Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa South Africa Saudi Arabia Rest of Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Advanced Specialty Gases
6.4.2 Air Liquide
6.4.3 Air Products Inc.
6.4.4 Chongqing Daan Yingde Speciality Gas Co. Ltd
6.4.5 Concorde Specialty Gases, Inc.
6.4.6 Fujian Yongjing Technology Co. Ltd
6.4.7 Kanto Denka Kogyo Co. Ltd
6.4.8 Matheson Tri-Gas Inc.
6.4.10 Solvay
6.4.11 Linde Plc
7.1 Adoption of HVDC Transmission in Developing Nations.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Advanced Specialty Gases
  • Air Liquide
  • Air Products Inc.
  • Chongqing Daan Yingde Speciality Gas Co. Ltd
  • Concorde Specialty Gases, Inc.
  • Fujian Yongjing Technology Co. Ltd
  • Kanto Denka Kogyo Co. Ltd
  • Matheson Tri-Gas Inc.
  • Solvay
  • Linde Plc