NEWARK, Del, March 29, 2023 (GLOBE NEWSWIRE) -- The global sulphur hexafluoride market is projected to amass a revenue of US$ 487.93 million by 2033 as opposed to US$ 288.37 million in 2023. The market is set to expand at a CAGR of 5.4% from 2023 to 2033.
Escalating demand for electronic devices and electricity, as well as the increasing adoption of sulphur hexafluoride in the medical sector, is responsible for the growth of the sulphur hexafluoride market in the forecast period. Electronic manufacturers fuel the demand for sulphur hexafluoride so as to develop large appliances with varied operating ranges and conditions. Thus, surging demand for household electronic appliances like TV, refrigerators, and mixers, among others, will drive the growth of the sulphur hexafluoride market over the upcoming years.
Sulphur hexafluoride is a colorless and odorless gas that is non-toxic, non-inflammable, and soluble in water. It has superior thermal, electrical, and chemical characteristics which makes the chemical an ideal fit for several applications. Sulphur hexafluoride, thus, finds application in several industries including power, medicine, electronics, glass, metal, and others.
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It is estimated that the power and energy sector will record the highest demand for sulphur hexafluoride. Power generating and energy plants and the use of high-voltage electronic equipment will continue to adopt sulphur hexafluoride. Renewable energy plants like wind and gas, too, contribute to the growing demand for sulphur hexafluoride to produce and supply energy to various industries. Moreover, recent years have witnessed a growing demand for sulphur hexafluoride from the healthcare sector due to its usage in plasma processing, medical technology, and other therapeutic processes. The increasing prevalence of chronic ailments, rising number of patients, and surging government expenditure in the healthcare industry will open avenues of growth for the sulphur hexafluoride market. Telecommunication, consumer goods, the electronic industry, and others will also drive the demand for sulphur hexafluoride.
Growing demand for electronic goods like semiconductors, photovoltaic panels, power equipment, and switch gear will amplify the demand for sulphur hexafluoride. The increasing development of power infrastructure along with government aid in this respect will also facilitate the expansion of the sulphur hexafluoride market size.
With healthcare and the electrical and electronics industry thriving in the upcoming years and sulphur hexafluoride finding function in these sectors, the prospects for the market look bright during the projection period. However, the market for sulphur hexafluoride also has its share of restrictions. Sulphur hexafluoride has an adverse impact on the atmosphere as its causes global warming. Due to increasing environmental consciousness, sulphur hexafluoride’s negative effect on the environment will likely impede the growth of the market.
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Key Takeaways:
- By end use, the power and energy segment will dominate the global marketplace by acquiring a sizeable portion of the market share.
- Increasing adoption of sulphur hexafluoride in the healthcare sector will also strengthen the market prospects.
- Rising application of sulphur hexafluoride in loudspeakers, leak detection, and lasers augurs well for the global market.
- Developing regions like China, India, and Brazil offer lucrative opportunities to the market due to the dense population, rising disposable income, and favorable government initiatives.
Competitive Landscape
Solvay, Honeywell, Airgas, Concorde Specialty Gases, Yingde Gases, Fujian Shaowu Yongfei, and Advanced Specialty Gases, among others, are a few of the significant players in the sulphur hexafluoride market profiled in the full version of the report.
Prominent market players are keen on expanding their production facilities and establishing themselves in emerging economies. These organizations also employ various organic and inorganic business strategies.
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Sulphur Hexafluoride Market Segmentation
By End-use Industry:
- Electrical & Electronics industry
- Steel & Metals industry
- Medical applications
- Glass Industry
- Electrostatic loudspeakers
- Entertainment industry
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- China
- Middle East & Africa
More Insights into Sulphur Hexafluoride Market
FMI offers an unbiased analysis of the global sulphur hexafluoride market in its latest report, providing historical data and forecast statistics for 2023 to 2033. The report presents a study of a ten-year sales forecast, market drivers, restraints, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented on the basis of application, industry, and region.
FMI predicts that, based on segmentation, the power and energy category will dominate the global marketplace. This segment will create high demand for the market as a key end user. Based on region, developing regions like Brazil, China, and India will present immense potential in the market. Rapid industrialization, growing population, rising disposable income, and increasing government spending in these countries will aid the growth of the market in these developing nations. In developed countries, the sulphur hexafluoride market is shaped by the rapid rise of the aging population and the high prevalence of chronic ailments as these factors amplify the demand for sulphur hexafluoride in the healthcare sector. Thus, extensive use of sulphur hexafluoride in different industrial verticals and contributions from developed and developing regions will aid the global growth of the sulphur hexafluoride market.
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Table of Content
1. Executive Summary | Sulphur Hexafluoride Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
Read More TOC..
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