Growth in the Automotive Sector to Drive Growth of Global Acetylene Market
Since the vehicle’s body and other metallic components are constructed using acetylene. Hence, the surging demand for vehicles is anticipated to boost the growth of the acetylene market during the projected time frame. For instance, in comparison to the 22,552,607 units produced from April 2020 to March 2021, the Indian automobile industry produced a total of 23,945,350 automobiles from April 2021 to March 2022, including passenger and commercial vehicles as well as two-wheelers, three-wheelers, and quadricycles.
Moreover, globally increasing demand and fabrication of synthetic rubber is also projected to expand the market growth as acetylene is extensively utilized in the production of synthetic rubber. The use of synthetic rubber has been growing with time in serval arrays comprising the manufacturing of conveyor belts, tires, engine bearings, industrial goods, and so on. These all products necessitate higher strength and flexibility, which is imparted by synthetic rubber.
It is the process of heating and chemically treating rubber to increase its resilience. As a result, the massively increased output of rubber is expected to propel the expansion of the acetylene market over the forecast period. For
In contrast, by 2020, this amount had surged to over 14 million metric tons.
Some of the major growth factors and challenges that are associated with the growth of the global acetylene market are:
- Global Surge in Pharmaceutical Industry
- Escalating Demand for Polymers and Resins
Therefore, these are some of the major factors anticipated to hamper the growth of the global acetylene market.
By application, the global acetylene market is segmented into welding, chemical raw materials, portable lighting, and others. Out of these segments, the welding segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The rise in the demand for various types of metalworking is leading to the utmost need for welding to join the metals and varied sheets of metals. Welding is the main process that requires an extreme temperature. Acetylene gas is used by welders to weld metals. Since it generates a lot of heat, therefore acetylene is a very effective welding gas. For instance, acetylene and oxygen combine to form an intense flame that exceeds a temperature of nearly 3,330 degrees Celsius, making it ideal for welding and other metalworking. It may also be used to cut metal, making it an extremely adaptable welding gas. Moreover, worldwide surging demand for steel is also projected to drive the growth of the segment in the projected time frame. For instance, global crude steel production was augmented from 1.875 billion metric tons in 2020 to 1.960 billion metric tons in 2021.
For instance, in 2020, approximately 3.50 million passenger and commercial vehicles were sold in India. In addition to this, the significant growth in the chemical sector as acetylene is extensively employed in the manufacturing of many important chemicals, including vinyl acetate, acetaldehyde, acrylonitrile, and so on. Therefore, the boon in the chemical sector is anticipated to further expand the growth of the market in the coming years in the region. This report also provides the existing competitive scenario of some of the key players of the global acetylene market which includes company profiling of Messer SE & CO. KGaA, Airgas, Inc., BASF SE, Praxair, Inc., China Petrochemical Corporation, Linde plc, Gulf Cryo, Akzo Nobel N.V., AmeriGas Propane, L.P., Ferrellgas Partners, L.P., and others.