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Sulfur Hexafluoride (SF6) - Global Market Trajectory & Analytics

  • ID: 5304040
  • Report
  • February 2022
  • Region: Global
  • 382 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ABB Ltd.
  • AGC Inc.
  • Air Products Inc.
  • Linde Plc
  • Matheson Tri-Gas Inc.
  • SHOWA DENKO K.K.

Global Sulfur Hexafluoride (SF6) Market to Reach US$277.4 Million by the Year 2026


SF6 or sulfur hexafluoride is an inorganic, colorless, inflammable, and potent greenhouse gas and an extraordinary electrical insulator. SF6 possesses an octahedral geometry comprising six fluorine particles of a central sulfur atom and is usually transported as the liquefied, compressed gas. Thus SF6 is generally utilized in electrical transformers, substations, and switchgear as arc quenching, cooling medium, and electrical insulation. Growth in the global market is set to be driven by increased demand for SF6 as the dielectric medium for electronic and electrical appliances. In the medical sector, SF6 is excessively used in non-invasive surgeries and in echocardiograms for examining and determining the exact cause and location of an ailment. SF6`s growing demand as the perfect quenching material in linear particle generators & accelerators, distribution voltage switchgear, radar equipment, and circuit breakers of high-voltage are anticipated to drive the SF6 demand. SF6 market is majorly propelled by SF6`s increased usage in GIS or gas insulated substation equipment created to contain gas using sealed pressure systems. A strong inclination towards absorbing free electrons and high electronegative nature proclaims SF6 ideal for switchgear utilized in ultra-high or high voltage transmission lines.

Amid the COVID-19 crisis, the global market for Sulfur Hexafluoride (SF6) estimated at US$195.8 Million in the year 2020, is projected to reach a revised size of US$277.4 Million by 2026, growing at a CAGR of 6% over the analysis period. Standard, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$248.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ultra High Purity segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 9.3% share of the global Sulfur Hexafluoride (SF6) market. The demand for standard grade SF6 continues to grow driven by rise in production of high-voltage circuit breakers, which are used for energy & power generation purposes. Standard grade SF6 is also used in electronic equipment such as high voltage & switchgear circuit breakers due to exceptional properties such as high dielectric strength, thermal stability, and excellent cooling properties. On the other hand, ultra-high purity (UHP) grade SF6 is extensively utilized in non-invasive medical surgeries and electronic appliances, as UHP grade is the SF6`s purest form without any contamination, which is essential in the medical industry to ensure patient safety.



The U.S. Market is Estimated at $40.2 Million in 2021, While China is Forecast to Reach $60 Million by 2026


The Sulfur Hexafluoride (SF6) market in the U.S. is estimated at US$40.2 Million in the year 2021. The country currently accounts for a 19.76% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$60 Million in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$19.1 Million by the end of the analysis period. Asia-Pacific represents a major regional market for SF6. Th region`s growth is attributed to capacity installations and additions of new power plants to satisfy the growing electricity demand. Asia-Pacific benefits from less fluctuations in SF6 pricing in comparison with other regions, because of local industry manufacturers` bulk manufacturing to satisfy the growing SF6 demand from emerging nations. North American SF6 market is anticipated to be driven by different developing economies supported by a huge industrial presence, rising disposable income, and growing population.

Electronic Segment to Reach $14.2 Million by 2026


Electronic grade SF6 is witnessing growth led by the increased deployment of highly pure electronic grade SF6 gas, which is considered an ideal electronic etchant in the microelectronics segment. The electric grade SF6 is excessively utilized in the refrigeration industry as the refrigerant has a cooling range of -45°C to 0°C for supporting the production process, due to which the electronic grade SF6 demand is growing and in turn propelling the growth of SF6 market. In the global Electronic segment, USA, Canada, Japan, China and Europe will drive the 6.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.3 Million in the year 2020 will reach a projected size of US$11.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Million by the year 2026, while Latin America will expand at a 6.8% CAGR through the analysis period.

Select Competitors (Total 47 Featured) -

  • ABB Ltd.
  • Air Products Inc.
  • AGC Inc.
  • Concorde Specialty Gases Inc.
  • Kanto Denka Kogyo Co., Ltd.
  • Linde Plc
  • Matheson Tri-Gas Inc.
  • SHOWA DENKO K.K.,
  • Solvay S.A.
Frequently Asked Questions about the Global Market for Sulfur Hexafluoride (SF6)

What is the estimated value of the Global Market for Sulfur Hexafluoride (SF6)?

The Global Market for Sulfur Hexafluoride (SF6) was estimated to be valued at $195.8 Million in 2020.

What is the growth rate of the Global Market for Sulfur Hexafluoride (SF6)?

The growth rate of the Global Market for Sulfur Hexafluoride (SF6) is 6.0%, with an estimated value of $277.4 Million by 2026.

What is the forecasted size of the Global Market for Sulfur Hexafluoride (SF6)?

The Global Market for Sulfur Hexafluoride (SF6) is estimated to be worth $277.4 Million by 2026.

Who are the key companies in the Global Market for Sulfur Hexafluoride (SF6)?

Key companies in the Global Market for Sulfur Hexafluoride (SF6) include ABB Ltd., Air Products Inc., AGC Inc., Concorde Specialty Gases Inc., Kanto Denka Kogyo Co., Ltd., Linde Plc, Matheson Tri, Gas Inc. and Solvay S.A..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ABB Ltd.
  • AGC Inc.
  • Air Products Inc.
  • Linde Plc
  • Matheson Tri-Gas Inc.
  • SHOWA DENKO K.K.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Energy Sector: COVID-19 Pandemic Brings Numerous Challenges
  • Global Energy Market Growth Outlook (In %) for Years 2019 through 2025
  • Opportunities for the Power & Energy Sector in the Post-Pandemic Era
  • Industrial Activity Remains Subdued, Inducing Weakness into SF6 Market
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • Sulfur Hexafluoride (SF6) – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • An Introduction to Sulfur Hexafluoride (SF6)
  • Various Uses of SF6
  • Global Market Prospects & Outlook
  • Standard-grade SF6 Leads, UHP-grade SF6 Poised for High Growth
  • Electronic-Grade SF6 – Steady Growth Outlook
  • Power & Energy: The Largest Application Market
  • Developing Regions to Spearhead Long-term Growth
  • Competition
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Rising Demand for Electricity Worldwide to Fuel Need for SF6
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Electricity Generation in Billion kWh by Fuel Type for the Years 2010, 2020, 2030, 2040 and 2050
  • China and India Lead the Global Rise in Demand for Electricity: Change in Gross Electricity Demand in TWh for 2017-50
  • Pandemic’s Impact on Utilities Affects Demand for SF6
  • COVID-19 Impacts Electricity Consumption: Average Annual Growth Rate of Electricity Demand by Select Region/Country for 2001-06, 2006-10, 2011-15 and 2020
  • Growing Use of SF6 in Various Electrical Equipment
  • Growth of Gas-Insulated Switchgear Market to Drive Opportunities for SF6: Global Gas-Insulated Switchgear Market (in US$ Billion) for the Years 2020, 2023 and 2025
  • Focus on Increasing Renewable Energy Contribution to Global Energy Mix Augurs Well for SF6 Market
  • Global Energy Mix: 1990 Vs 2020 Vs 2030
  • Global Renewable Energy Breakdown by Type: 2010 Vs 2030
  • Global Energy Production: Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share by Energy Source (2030 & 2040)
  • SF6 Circuit Breakers Market Poised for Strong Growth
  • Expanding Use of SF6 in Medical Applications Bodes Well for Market Growth
  • COVID-19 Pandemic Impacts Ophthalmology Procedures
  • US Ophthalmology Procedures Monthly Growth: 2020 Vs 2019
  • Global Burden of Eye Diseases (In Millions): 2020
  • Global Causes of Visual Impairment: Percentage Breakdown by Number of Cases
  • Global Population with Glaucoma and Age-Related Macular Degeneration (AMD) in Millions for 2016-2030
  • Demographic Shift Drives Demand for Ophthalmology Procedures, Presenting Opportunities for SF6 Market
  • Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Fluorination of Medical-Grade PMMA by SF6 Plasma Treatment
  • SF6 Holds Prominence in Foundry and Metal Casting Applications
  • Global Metal Stampings, Forgings, and Castings Market Breakdown by Product Segment (in %): 2020 and 2027
  • Global Primary Production of Magnesium (in Thousand Metric Tons) by Country for 2018 and 2019
  • Growing Demand for Electronics Products and Subsequent Rise in Electronic Production Activities Enhances Need for SF6
  • Global Opportunity for Consumer Electronics (In US$ Million) for Years 2020, 2022, 2024, 2026 and 2028
  • Global MEMS Market Size (in US$ Million) by Region/Country for 2020 and 2027
  • Global Semiconductor Sales (in $ Billions) by Region/Country for Oct-2020 and Oct-2021
  • Concerns Over Environmental and Health Implications of SF6: A Key Hurdle
  • Controlling SF6 Usage
  • With Use and Emissions of SF6 on the Rise, Efforts to Create Effective Alternatives Growing

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

AFRICA

  • Sulfur Hexafluoride (SF6) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 47
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ABB Ltd.
  • Air Products Inc.
  • AGC Inc.
  • Concorde Specialty Gases Inc.
  • Kanto Denka Kogyo Co., Ltd.
  • Linde Plc
  • Matheson Tri-Gas Inc.
  • SHOWA DENKO K.K.
  • Solvay S.A.
Note: Product cover images may vary from those shown