Global Acetylene Market Highlights over 2022 – 2031
The global acetylene market is estimated to grow at a CAGR of ~2% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing use of acetylene for metal work, owing to the high temperature of the gas. Acetylene, or scientifically known as, ethyne, has a carbon triple bond, which provides it the highest flame temperature. The high temperature makes acetylene ideal for metallurgical works, which, in turn, is estimated to boost the market growth. In addition to this, the growth of the automotive market is directly anticipated to encourage the growth of the market, as acetylene is used for making the body and other metallic parts of the vehicles.
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Moreover, increasing sale of cars globally, is foreseen to boost the market growth. According to the data by the International Energy Agency (IEA), in 2019, 25 million cars were sold in China, 17 million in United States, 17 million in European Union, and 21 million cars were sold in the rest of the world.
The market is segmented by application into welding, chemical raw materials, portable lighting, and others, out of which, the welding segment is anticipated to hold the notable share in the global acetylene market over the forecast period. This can be attributed to the high flame temperature of acetylene. Combustion of acetylene with oxygen produces a flame of over 3,330 degree Celsius, which is used for welding and other metal works, which is estimated to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Acetylene Market Regional Synopsis
On the basis of geographical analysis, the global acetylene market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to experience a noteworthy growth over the forecast period on the back of growing sale for automobiles, along with presence of major automobile manufacturers in the region. According to the data by the India Brand Equity Foundation (IBEF), over 3.49 million units of passenger and commercial vehicles were sold in India in 2020.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing manufacturing of aircrafts, automobiles, and others. The growing sale of vehicles in the U.S. and Canada, is further estimated to raise the demand for acetylene in the region.
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The global acetylene market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global acetylene market includes the following segments:
By End-User Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing application of acetylene for welding is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~2% over the forecast period, i.e., 2022 – 2031.
The market in the Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing automotive industry in the region.
The major players in the market are Linde plc, Gulf Cryo, The Messer Group GmbH, Akzo Nobel N.V., AmeriGas Partners, L.P., Airgas USA LLC, Ferrellgas Partners, L.P., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user industry, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The highly unstable nature of acetylene gas is estimated to hamper the market growth.
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