PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401813
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401813
Acetylene Gas Market size was valued at USD 3,650.4 Million in 2022, expanding at a CAGR of 6.1% from 2023 to 2030.
Acetylene gas is a colorless, highly flammable gas used in various industrial applications. It's composed of carbon and hydrogen and is produced through the chemical reaction between calcium carbide and water. Acetylene is stored in high-pressure cylinders, often dissolved in a solvent, acetone, which reduces its volatility and ensures stability during storage. This gas is widely employed in welding, cutting, and brazing processes due to its high flame temperature, making it suitable for metalworking applications. Additionally, it serves as a raw material in the chemical industry for synthesizing numerous organic compounds and is an essential component in the production of plastics and various other materials.
Acetylene Gas Market- Market Dynamics
Its rising demand across various industries like chemical manufacturing, metal fabrication, and automotive manufacturing to propel market demand
The market for acetylene is primarily propelled by its rising demand across various industries like chemical manufacturing, metal fabrication, and automotive manufacturing. This gas finds extensive application as a fuel gas for cutting, welding, and brazing due to its high flame temperature and swift ignition. The surge in demand for metal cutting and welding applications is expected to further boost the market, while the healthcare sector is emerging as another significant driver, leveraging acetylene's application in treating medical conditions like hypertension and angina. In the United States, the metalworking industry is a major driver for acetylene use, primarily in metal cutting, welding, and brazing applications, owing to its high flame temperature and versatility. The growing number of metal fabrication and manufacturing units in the country is anticipated to further fuel market growth.
Acetylene Gas Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.1% over the forecast period (2023-2030)
Based on application segmentation, metal working was predicted to show maximum market share in the year 2022
Based on End Use segmentation, transportation was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Acetylene Gas Market is segmented on the basis of Application, End Use, and Region.
The market is divided into four categories based on application: Metal working, Lamps, Chemicals and Others. The metal working application segment dominated the market share in 2022, attributing its dominance to acetylene's extensive use in welding, cutting, and brazing within the metalworking industry due to its high flame temperature and swift ignition. The escalating demand in metal fabrication and manufacturing is poised to augment the need for acetylene gas in this sector. Additionally, acetylene gas is widely employed in lamp production, especially in carbide lamps for outdoor activities like mining and caving. Known for their robust performance in harsh environments, these lamps are increasingly favored as sustainable lighting solutions, boosting demand in the lamps industry.
The market is divided into five categories based on End Use: Transportation, Building & Construction, Electric & Electronics, Pharmaceutical and Others. Based on end users, the market was predominantly led by transportation, garnering a substantial revenue share in 2022. This prominence is due to its use in oxy-fuel welding and cutting processes employed in welding or cutting metals. The method involves heating the metal with an oxy-fuel torch to its ignition point, followed by oxygen to cut through the metal. Acetylene gas, known for its high flame temperature and quick ignition, is a popular fuel gas in this process. The increasing demand for vehicles and the rise in lightweight materials in the automotive industry are anticipated to propel the demand for acetylene gas in the transportation sector.
Acetylene Gas Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The acetylene gas market witnesses fierce competition among major players aiming to expand their presence globally by diversifying their product portfolios and penetrating new regions. These manufacturing entities strategically form partnerships and distribution agreements to meet the surging demand for their offerings in untapped geographical markets.
In 2022, The Luxembourg-based company Orion Engineered Carbons S.A. suggested establishing a specialized production plant in the United States. This facility will manufacture product-based conductive additives, crucial components in the supply channel for high-voltage cables, lithium-ion batteries, and other vital items in the worldwide shift to electrification and renewable energy sources.
The scope of this report covers the market by its major segments, which include as follows: