Acetylene Market Size – USD 9.32 Billion in 2019, Market Growth – CAGR of 5.5%, Market Trends – High demand in China.
NEW YORK CITY, NY, UNITED STATES, November 15, 2021 /EINPresswire.com/ — The global Acetylene market is forecast to reach USD 13.92 Billion by 2027, according to a new report by Reports and Data. Acetylene is commonly used for welding applications. A compound of acetylene, known as acetylene black, is used in dry cell batteries, and acetylene alcohol is used for vitamin synthesis. Major end-user industries of the market include metal fabrication, automotive, pharmaceutical, aerospace, and glass, among others. Acetylene, in both solid and liquid form, is extremely explosive. Thus, extreme care ought to be taken during the production of the product or while using it to produce chemicals and other products.
China is the largest manufacturer of acetylene. The dramatic expansions of the manufacturing facilities and the increase in consumer consumption in China have transformed its society and economy. Rapid consolidation between large and medium players is anticipated as the Chinese government is encouraging industry consolidation to improve competitiveness in the world market. Increase in both export-oriented and domestic revenues are observed for the manufacturers of the existing market. However, challenges such as emphasis on high-quality products at low costs, and an increase in buyer bargaining power, are forcing significant changes in the supply chain.
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Impact of COVID-19
The primary application of acetylene is in the metal industry, and the sector is facing a downward pressure on demand, production, and revenues as the pandemic of COVID-19 is growing. The manufacturers may experience a pullback in demand as the end-users of these products like oil and gas, engineering, and automotive’s demand slackened. The persistence of the virus may lead metal manufacturers to face a cash-flow liquidity challenge and difficulties in managing debt obligations.
The acetylene industry may recover only if the end-users show an increase in demand, and the industry may pull out of recession depending on how robust and effective the government’s policies are and how long the COVID-19 virus lasts.
Top Key participants include:
BASF SE, Gulf Cryo, The Linde Group, Asia Technical Gas, Air Liquide, Air Products and Chemicals, Praxair Technology, Chengdu Xinju Chemical Co. Ltd., Suzhou Jinhong Gas Co. Ltd., and Xinju Chemical Co. Ltd. among others.
The chemicals and materials industry has been steadily growing as this is the industry that can be said to be shaping every other industry. The chemical and materials industry is growing due to the introduction of new products and technologies, increasing environmental consciousness, and changing customer preferences. In recent years, economic growth and the growth of ancillary industries in emerging economies have been critical to the chemical and materials industry’s growth.
A new trend has emerged: the production of bio-based and renewable chemicals. These products are likely to solve chemical industry-related environmental concerns. Environmental sustainability, social responsibility, and economic development are the requirements that the industry must meet in order to overcome long-term growth challenges.
Further key findings from the report suggest,
Acetylene is commonly used for welding and cutting. When compared to all other gases, acetylene is capable of producing the hottest flame. It is also used in automotive part manufacturing as well as fabrication of other metal parts where accuracy is crucial.
Calcium carbide and water are used to produce acetylene, which are, in turn, used in the lamps. Several hunters or canvas still use these lamps for terrain activities.
The manufacture of acetylene gas release several greenhouse gases. The environmental hazards associated with it have been restraining the growth of the market and increasing the rate of substitution.
Research and development activities to produce acetylene from renewable sources are expected to provide ample growth opportunities for the market.
Asia Pacific leads the market for acetylene. China is the major contributor to the growth of the market in the region. The high demand is mainly due to the easy availability of raw materials and increasing urbanization. Expansion in the construction industry in the region is also augmenting market demand.
BASF SE started building its world-scale production plant for acetylene at its Ludwigshafen site at the end of 2019. The plant is replacing the existing one, and the new facility is estimated to have a production capacity of 90,000 metric tons of acetylene per year. Around 20 production facilities at the Ludwigshafen site uses acetylene as a starting material for several products and value chains.
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For the purpose of this report, Reports and Data have segmented into the global Acetylene market on the basis of type, applications, end use, and region:
Chemical Raw Materials
End Use Outlook
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