Acetylene Market is Expected to Grow at a CAGR of 4.10% by 2030
According to ChemAnalyst report, “Acetylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Acetylene market has witnessed a considerable growth as it reached 1.9 million tonnes in 2020 and is expected to achieve a healthy global CAGR of 4.10% in the forecast period. Due to rapid industrialization across the globe, the demand of Acetylene by the flourishing chemical industry is continuously growing and is likely to boost the global Acetylene market over the next ten years. The production of Acetylene is associated with the safety concerns on environment and human health before it can be further manufactured and introduced in the market around the world.
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Acetylene with the chemical formula C₂H₂ is the simplest alkyne and a hydrocarbon in which the two carbon atoms are bonded together in a triple bond. It is an odorless and colorless gas which is extensively used as a key fuel and a chemical building block. Pure form of Acetylene is usually handled as a solution as it is highly unstable. Manufacturing of Acetylene is done by three methods including reaction of water with calcium carbide, partial combustion of methane with air or oxygen or by passage of a hydrocarbon through an electric arc. It is also recovered as a by-product in production of ethylene by cracking of hydrocarbons.
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Acetylene is used in numerous industrial and commercial applications, but it is mainly manufactured for the production of chemical. Some of the major end uses of Acetylene includes welding and cutting, portable lighting, heat treating, derivatives of plastics and acrylic acid and others. Approximately 20% of Acetylene is supplied by the industrial gases industry for oxyacetylene gas cutting and welding processes due to its property of having highest flame temperature. Acetylene in Bulk quantities is widely used as a feedstock in the chemical industry for the production of organic compounds such as Acetic Anhydride, Acetic Acid, and Acetaldehyde. Continuously surging demand of Acetylene by the chemical industry is likely to flourish the global market over the next few years
Global Acetylene Market is segmented on the basis of end-use, application, sales channel and region. On the basis of application, the global market is segmented into Chemical Synthesis, Welding and Cutting, Metal Fabrication, and others. The metal fabrication industry is anticipated to dominate the global market of Acetylene in the forecast period due to the increasing applications of metalworking across the globe. Based on end-use, the market is segmented into automotive, construction, aerospace, pharmaceutical, glass, and others. Increasing demand of Acetylene by the automotive industry along with growing transportation activities for metalworking applications in the vehicles is likely to propel the global Acetylene market in the future. Increasing construction activities is further accelerating the demand of chemical especially in the Asia Pacific region.
Due to the onset of COVID-19, in 2020, market had a severe decline around the world. Leading authorities in emerging as well as industrialized countries caused countrywide lockdowns due to which many end-user industries witnessed a negative impact. Production units halted their operations temporarily in order to stop the spread of coronavirus. Industries such as automotive, chemical, construction, and others that consumes Acetylene largely were drastically affected. As the lockdown restrictions are slowly uplifting, the operations are gradually resuming, which will boost the demand of Acetylene in the next few years.
Region wise, APAC region dominated the global market in 2020 and is anticipated to maintain its dominance in the forecast period until 2030. Increased demand of Acetylene owing to the construction and transportation activities in emerging economies like China and Japan has driven the global market in the Asia Pacific region. The expansion of other end-user industries in the Asia Pacific region will further propel the demand of Acetylene in coming years.
Acetylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Acetylene market include BASF SE, China Petroleum and Chemical Corporation, Airgas, Gulf Cyro, Hebei Xingyu Chemical Co. Ltd., Linde Aktiengesellschaft, Praxair Inc., Ilmo Products Company, Shandong Xinlong Group Co. Ltd., Suzhou Jinhong Gas Co. Ltd., The Dow Chemical Company, Toho Acetylene, and Others.
“Rapidly growing demand for Acetylene propelled by the increasing urbanization and expansion of several end-user industries across the globe is likely to boost the global Acetylene market in the forecast period until 2030. Increasing construction and transportation activities in emerging as well as industrialized economies is accelerating the demand of Acetylene, which will further augment the market growth of Acetylene in the next few years. Due to the wide application of Acetylene in metal working fabrication for welding and cutting is likely to surge the demand of Acetylene by major end-use industries including automotive, construction and others. ”said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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