Sulfur Hexafluoride Market Size
| Study Period | 2019-2029 |
| Market Volume (2024) | 77.69 kilotons |
| Market Volume (2029) | 98.26 kilotons |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sulfur Hexafluoride Market Analysis
The Sulfur Hexafluoride Market size is estimated at 77.69 kilotons in 2024, and is expected to reach 98.26 kilotons by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The Sulfur Hexafluoride market was affected by the COVID-19 pandemic as the electricity demand has been reduced significantly. Governments around the globe were compelled to reduce business activity in response to minimize the impact of coronavirus. The COVID pandemic changed lifestyles globally as people mainly stayed at home and worked from home. Hence, there is a significant increase in residential load demand while there is a substantial decrease in commercial and industrial loads. However, post-COVID pandemic in recent years with surplus supplies, the energy market is presently at a historic low, which is expected to affect the demand for the sulfur hexafluoride market.
- The growing demand for electricity in developing countries and the increasing applications in the medical sector are expected to drive the market for sulfur hexafluoride.
- The stringent environmental regulations against sulfur hexafluoride are expected to hinder the market's growth.
- The adoption of high-voltage direct current (HVDC) transmission in developing nations is expected to create opportunities for the market during the forecast period.
- The Asia-Pacific region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period due to the rising demand for sulfur hexafluoride in the power, energy, and electronics end-user industries.
Sulfur Hexafluoride Market Trends
Power and Energy Application Segment to Dominate The Market
- Sulfur Hexafluoride offers unique dielectric properties. Thus, it is used in electric power systems for current interruption, voltage electrical insulation, and arc quenching in the transmission and distribution of electricity.
- 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 rising population and increasing usage of electricity across various countries are expected to increase the consumption of electricity, thereby driving the demand for Sulfur hexafluoride used in power transmission lines. According to Enerdata, the global electricity consumption reached 25530 Tetrawatt-hours in 2022, as compared to 25343 Tetrawatt-hours electricity consumed in the previous year at a growth rate of 2%.
- In the North American region, electricity consumption is increasing, thereby driving the current studied market. In the United States, the demand for electricity is increasing from lighting, heating, cooling, refrigeration, and other applications. According to IEA, in 2022, total electricity consumption will increase to 4.05 trillion kWh at a growth rate of 2.6% compared to 2021. Thus, the rising electricity consumption will further drive the demand for power transmission lines, thereby driving the market for Sulfur hexafluoride.
- The adoption of HVDC transmission in some countries can further increase the demand for sulfur hexafluoride, as it is helpful in manufacturing high-voltage transmission systems and equipment. For instance, according to the Central Electricity Authority (CEA), electricity consumption in India increased by 9.5% to 1503.65 billion units year-on-year in 2022-2023, mainly due to increasing economic activities.
- Thus, the power and energy application segment will dominate the market for Sulfur hexafluoride during the forecast period.
Asia-Pacific Region to Dominate the Market
- The demand for sulfur hexafluoride is increasing in the Asia-Pacific region due to rising demand from power and energy, electronics, metal manufacturing, and medical applications. The demand for sulfur hexafluoride is increasing in countries such as China, Japan, and India.
- In China, the usage of electricity is increasing due to the growth of the economy and 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 hours (PWh). Thus, the increasing demand for energy will further increase the power transmission demand in the country, thereby driving the market for sulfur hexafluoride.
- China is one of the largest electronics markets in the region. According to the National Bureau of Statistics of China, retail sales of household appliances and consumer electronics in China amounted to almost CNY 61 billion (USD 8.52 billion) in April 2023. Thus, the growth of the consumer electronics segment is expected to increase the demand for sulfur hexafluoride in the country.
- As per the reports by the Ministry of Power and the Central Electricity Authority (CEA), in FY 2022, the total installed generation capacity registered at 1624 billion units, at a growth rate of 8.7% as compared to the installed power generation capacity of 1491 billion units in the previous year. Thus, the increasing power generation capacity will drive the installation of more power transmission lines, thereby driving the market for sulfur hexafluoride.
- The electronics market is growing in India. In the union budget FY 2023, the government allocated USD 2 billion for the Ministry of Electronics and Information Technology. Furthurmore, the Indian electronics manufacturing industry is projected to reach USD 520 billion by 2025. The demand for electronic products is expected to rise to USD 400 billion by 2025 from USD 33 billion in FY 2020. Thus, the growth in the electronics industry is expected to drive the demand for sulfur hexafluoride in the country.
- Similarly, in 2022, the domestic production by the Japanese electronics industry is estimated at USD 85.19 billion (JPY 11,124.3 billion) in 2022, witnessing a growth rate of 2% as compared to 2021. Thus, the growth in the electronics industry is expected to drive the demand for sulfur hexafluoride in the country.
- Due to all such factors, the market for sulfur hexafluoride in the region is expected to grow during the forecast period.
Sulfur Hexafluoride Industry Overview
The sulfur hexafluoride market is partially fragmented in nature. Some of the major players in the market include (not in any particular order) SHOWA DENKO K.K., Solvay, Air Products Inc., Concorde Specialty Gases, Inc., and Linde Plc, among others.
Sulfur Hexafluoride Market Leaders
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SHOWA DENKO K.K.
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Solvay
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Air Products Inc.
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Concorde Specialty Gases, Inc.
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Linde Plc
*Disclaimer: Major Players sorted in no particular order
Sulfur Hexafluoride Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study.
Sulfur Hexafluoride Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for Electricity in Developing Countries
4.1.2 Increasing Application in Medical Sector
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Other Restraints
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 Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Electronic/Technical Grade
5.1.2 Ultra-high Purity Grade
5.2 Application
5.2.1 Power and Energy
5.2.2 Electronics
5.2.3 Metal Manufacturing
5.2.4 Medical
5.2.5 Other Applications (Window Insulation, etc.)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/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 and Chemicals, Inc
6.4.4 Concorde Specialty Gases, Inc
6.4.5 Fujian Yongjing Technology Co., Ltd
6.4.6 Honeywell International Inc.
6.4.7 Kanto Denka Kogyo Co., Ltd
6.4.8 Linde plc
6.4.9 MATHESON TRI-GAS INC
6.4.10 SHOWA DENKO K.K.
6.4.11 Solvay
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Adoption of High-voltage direct current (HVDC) Transmission in Developing Nations
7.2 Other Opportunities
Sulfur Hexafluoride Industry Segmentation
Sulfur hexafluoride (SF6) is a colorless, inorganic, non-flammable, inorganic, particularly potent greenhouse gas and an exceptional electrical insulator. Sulfur Hexafluoride (SF6) has an octahedral geometry, including six fluorine particles involved in a central sulfur atom. It is generally transported as a liquefied compressed gas.
The sulfur hexafluoride market is segmented by product type, application, and geography. By product type, the market is segmented into electronic/technical grade and ultra-high purity. By application, the market is segmented into power and energy, electronics, metal manufacturing, medical, and other applications (window insulation, etc.). The report also covers the market size and forecasts for sulfur hexafluoride in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| Product Type | |
| Electronic/Technical Grade | |
| Ultra-high Purity Grade |
| Application | |
| Power and Energy | |
| Electronics | |
| Metal Manufacturing | |
| Medical | |
| Other Applications (Window Insulation, etc.) |
| Geography | |||||||
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Sulfur Hexafluoride Market Research FAQs
How big is the Sulfur Hexafluoride Market?
The Sulfur Hexafluoride Market size is expected to reach 77.69 kilotons in 2024 and grow at a CAGR of greater than 4% to reach 98.26 kilotons by 2029.
What is the current Sulfur Hexafluoride Market size?
In 2024, the Sulfur Hexafluoride Market size is expected to reach 77.69 kilotons.
Who are the key players in Sulfur Hexafluoride Market?
SHOWA DENKO K.K., Solvay, Air Products Inc., Concorde Specialty Gases, Inc. and Linde Plc are the major companies operating in the Sulfur Hexafluoride Market.
Which is the fastest growing region in Sulfur Hexafluoride Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sulfur Hexafluoride Market?
In 2024, the Asia Pacific accounts for the largest market share in Sulfur Hexafluoride Market.
What years does this Sulfur Hexafluoride Market cover, and what was the market size in 2023?
In 2023, the Sulfur Hexafluoride Market size was estimated at 74.58 kilotons. The report covers the Sulfur Hexafluoride Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sulfur Hexafluoride Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sulfur Hexafluoride Industry Report
Statistics for the 2024 Sulfur Hexafluoride market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Sulfur Hexafluoride analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
