The market for sulfur hexafluoride is anticipated to register a CAGR over 5% during the forecast period. Prominent factord driving the market are growing demand for electricity in developing countries is expected to drive the demand for sulfur hexafluoride during the forecast period.
- Environmental impact, such as increasing global warming and pollution, is likely to hinder the market’s growth.
- Adoption of HVDC transmission in developing nations is projected to act as an opportunity for the market in the future.
Key Market Trends
Increasing Usage in Electronics Applications
- The second-biggest application of sulfur hexafluoride is as a 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. One of the major reasons for this is the increasing 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 of high voltage transmission systems and equipment.
- All the aforementioned factors are expected to drive the demand for the sulfur hexafluoride during the forecast period.
Europe to Grow at a Stagnant Rate
- The European region was expected to experience a stagnant growth rate as compared to other regions with major developing nations.
- In Europe, the largest application for sulfur hexafluoride is medical applications. Germany is the largest market for medical devices in Europe.
- Italy was Europe’s fourth-largest market for medical devices after Germany, France, and the United Kingdom with market size of USD 9,061 million, in the past, and it is projected to register a CAGR of 2 % during the forecast period.
- The usage of sulfur hexafluoride in metal manufacturing is declining owing to the stringent regulations imposed by the governments of developed nations in Europe.
- The sulfur hexafluoride market in the European region is anticipated to register a stagnant growth during the forecast period.
The sulfur hexafluoride market is partially fragmented. Key players in the sulfur hexafluoride market include Solvay, The Linde Group, Showa Denko K.K., Concorde Specialty Gases Inc., and Air Products and Chemicals Inc., among others.
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