Companies active in the sulfur hexafluoride industry are increasingly using sulfur hexafluoride for the production of high voltage circuit breakers, switchgears, and gas insulated components to meet the massive demand of the electronics sector.
DUBAI, UAE / ACCESSWIRE / April, 2, 2020 / The sulfur hexafluoride market is projected to grow at a healthy CAGR of 5.8% during the forecast period (2019-2029). A significant increase in demand for variegated applications in the electronics sectors is a primary factor driving the sales of sulfur hexafluoride. Emerging players are investing in multiple business strategies including product development and strategic collaborations to set a strong foundation in the market. The rising demand from the medical industry will continue to boost growth of sulfur hexafluoride market, reveals Future Market Insights (FMI).
"Key players will adopt multipronged strategies including joint ventures and product innovations. These strategies are key to strengthening their foundation in the global sulfur hexafluoride market," says the FMI analyst.
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Sulfur Hexafluoride Market - Key Takeaways
- Electronic circuit development will remain a leading end use application in the market, displaying a high growth rate during the forecast period.
- Applications in the power and energy sector will gain substantial CAGR through the forecast period, owing to high demand from the semiconductor industry.
- Electronic grade sulfur hexafluoride will account for majority market revenue share.
- Asia Pacific will hold a leading position of 45.8% in the global market share, while Europe will display relatively slower growth.
Sulfur Hexafluoride Market - Key Driving Factors
- The high demand from the electronics industry in circuits as a dialectic medium is a major growth driver.
- Rising use of sulfur hexafluoride for a variety of non-invasive surgeries remains a key influencer.
- Rising consumption of sulfur hexafluoride in particle accelerators supports overall market growth.
- High demand from developing Asian economies is also a driver for global market growth.
Sulfur Hexafluoride Market - Key Constraints
- Strict regulations, particularly in the developed regions of Europe will remain a challenge for market supply and production.
- Increases in prices by major market players will also remain a major restraint for market players.
Explore the global sulfur hexafluoride market report with 97 illustrative figures, 23 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11177
Competition Landscape
Key players in the sulfur hexafluoride market are Liming Research Institute, Advanced Specialty Gases, Concorde Specialty Gases Inc., Air Liquide, Chengdu Kemeite, Electronics Fluorocarbons LLC, Air Products and Chemicals Inc., Axcel Gases, Fujian Shaowu Yongfei Chemical Co. Ltd., American Gas Products, Honeywell International, Solvay S.A., and Praxair Technology Inc. Majority of these players are investing in integrating the latest technologies and reusing sulfur hexafluoride, to keep up with global environmental regulations. Moreover, mergers, acquisitions, and collaborations with small-scale, regional players is also a key strategy being adopted by market leaders.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on sulfur hexafluoride market. The market is analyzed on the basis of grade (technical and electronic), application (electrical transmission and distribution, and semiconductor manufacturing) across five key regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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SOURCE: Future Market Insights