Stratistics MRC report, Sulfur Hexafluoride Market Forecasts to 2028 – Global Analysis Application, Key Players, Types, End User and By Geography

GAITHERSBURG, MARYLAND, UNITED STATES, December 8, 2021 /EINPresswire.com/ -- Sulfur Hexafluoride Market Forecasts to 2028 – Global Analysis By Product (Electronic/Technical Grade, Standard Grade, Ultra High Purity (UHP) Grade), Packaging (Cylinders, Drum Tanks), Application, End User and By Geography

The Global Sulfur Hexafluoride Market is accounted for $237.94 million in 2020 and is expected to reach $424.37 million by 2028 growing at a CAGR of 7.5% during the forecast period. Increase in electricity consumption, rising demand for homes and infrastructure development are the major factors propelling the market growth. However, huge production & supply costs of raw materials and rise in environmental concerns & regulations to control greenhouse effects are hampering the market growth. Some of the key players profiled in the Sulfur Hexafluoride Market include Advanced Specialty Gases, Air Liquide, Air Products and Chemicals, Inc, ChemChina, Concorde Specialty Gases, Fujian Shaowu Yongfei Chemical Co., Ltd, Honeywell International, Kanto Denka Kogyo, Linde Group, Matheson Tri-Gas, Inc, Praxair, Shandong Ruihua Fluoride Industry Co. Ltd, Showa Denko K.K, Solvay, and Wuxi Tianzhi Chemical Technology Co., Ltd.

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By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the continued robust economic growth, low production and labor cost, and favorable regulatory framework. These factors are influencing the bulk production of SF6, which in turn is fueling the growth of the product market in the region. China is a highly lucrative country for sulfur hexafluoride in Asia Pacific. Rapid urbanization due to rise in demand for power utilities in the country and presence of a well-established semiconductor manufacturing industry are anticipated to fuel the sulfur hexafluoride market in China during the forecast period. Demand for end-use applications in the electronics industry has been increasing mainly in countries such as Thailand, South Korea, Taiwan, and Malaysia. This, in turn, is projected to fuel the sulfur hexafluoride market during the forecast period.

The Global Sulfur Hexafluoride Market is majorly driven by increase in electricity consumption, rising demand for homes and infrastructure development. The power & energy segment is growing at a highest CAGR owing to large-scale use of SF6 in the manufacturing of gas-insulated switchgear (GIS), high-voltage circuit breakers, high voltage transformers, particles accelerators, among others. Asia Pacific dominated with a significant market share due to the factors such as rising disposable income, expanding middle-class population, changing demographics, rising education levels, and rapid urbanization across the region. South America market is growing at a highest CAGR owing to the increasing manufacturing activities in the region along with rapid urbanization.

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