San Francisco,8 October 2018: 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.
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.
Access
Research Report of Sulfur
Hexafluoride Market@ www.grandviewresearch.com/industry-analysis/sulfur-hexafluoride-sf6-market
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.
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.
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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.
Access
Press Release of Sulfur Hexafluoride Market@ www.grandviewresearch.com/press-release/global-sulfur-hexafluoride-sf6-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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