The global dissolved acetylene gas market is estimated to grow at a CAGR of ~2.5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for acetylene gas amongst various end-user industries, along with the need for transportation of acetylene in liquid form, worldwide. Acetylene gas is mixed in liquid acetone to make it stable and unreactive inside the cylinder for its transportation and usage. Additionally, combustion of acetylene with oxygen produces a flame of over 3,330 degree Celsius, which is used for welding and other metal works. As a result, the increasing demand for acetylene for metal work, owing to the high temperature of the gas, is further estimated to boost the market growth. For instance, the revenue generated by the acetylene market in 2018 was slightly under USD 5.7 billion, which is expected to touch USD 6 billion by the end of 2024. Moreover, the growing application of dissolved acetylene gas for shipbuilding and automobile manufacturing is anticipated to fuel the market growth.
The market is segmented by end-user into aerospace, shipbuilding, automotive, and others, out of which, the automotive segment is anticipated to hold a substantial share in the global dissolved acetylene gas market over the forecast period on account of increasing use of dissolved acetylene for manufacturing automobiles. 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. CLICK TO DOWNLOAD SAMPLE REPORT
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 favorable 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.
On the basis of geographical analysis, the global dissolved acetylene gas market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing manufacturing of chemicals in the region. For instance, the production volume of dissolved acetylene in Japan reached over 8.5 thousand tons, in 2020. Furthermore, growing sale for automobiles, along with presence of major automobile manufacturers in the region, is estimated to propel the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing export and import of chemical substances in the developed region. As per the statistics by the World Bank, chemicals added 15.804% value in manufacturing in the year 2019, in the United States.
The global dissolved acetylene gas market is further classified on the basis of region as follows:
Our in-depth analysis of the global dissolved acetylene gas market includes the following segments:
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 ~2.5% over the forecast period, i.e., 2022 – 2031.
High cost of production of dissolved acetylene gas is estimated to hamper the market growth.
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 Gulf Cryo, The Messer Group GmbH, Akzo Nobel N.V., AmeriGas Partners, L.P., Airgas USA LLC, 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 production method, application, end-user, and by region.
The automotive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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