Global Acetylene Market Drivers Forecast 2024 - 2033
19 Apr, 2024
The acetylene market has witnessed robust growth, ascending from $10.81 billion in 2023 to $11.6 billion in 2024, with a CAGR of 7.2% during the historical period. This growth is attributed to increasing industrialization, booming infrastructure development, expansion in the construction sector, and demand for chemical manufacturing. Expectations indicate continued strong growth, with the market forecasted to reach $15.46 billion by 2028, maintaining a CAGR of 7.5%. Anticipated growth drivers include the rise of renewable energy, expansion in the aerospace and defense industries, growth in the electronics sector, and heightened demand for acetylene in medical applications. Key trends in the forecast period comprise digitization and automation, adoption of hybrid welding technologies, recycling of acetylene gas, exploration of acetylene substitutes, and promotion of green hydrogen production.
Major Driver In The Acetylene Market
The acetylene market experiences growth due to its expanding applications across various industries, serving as a raw material for producing organic chemicals like 1,4-butanediol, essential in polyurethane and polyester plastics. Additionally, acetylene is used as fuel in oxyacetylene welding and metal cutting processes, contributing to its market demand. The market size for acetylene witnessed significant growth in 2023, with continued expansion in 2024, and further growth is projected by 2028.
Request A Free Sample Of The Global Acetylene Market ReportAcetylene Market Competitive Landscape
BASF SE, Gulf Cryo, Linde plc, Praxair Inc., Sinopec, Chengdu Xinju Chemical Co. Ltd., ILMO Products Company, Suzhou Jinhong Gas Co. Ltd, Toho Acetylene Co. Ltd, Xinglong Group, Xinju Chemical Co. Ltd, Airgas, Ho Tung Chemical, Markor, Lutianhua, Jiuce Group, JinHong Gas, Xinlong Group, Dow Company, Dongxiang Gas, Sichuan Vinylon, Air Products and Chemicals Inc, Air Liquide, Linde, Air Products and Chemicals, Matheson Gas, Messer Group, SIG Gases Berhad, SOL Spa, Cee Kay Supply, Mississippi Welders Supply, Red Ball Oxygen, Hohman Plating & Manufacturing, Roberts Oxygen Company, Southern Gas & Supply, CO2 Masters, Rocky Mountain Air Solutions, Spec Air, Purity Cylinder Gases, The Archer Group, Welders Supply and Equipment, Metro Welding Supply, Delille Oxygen Company, Cryogas, A-OX Welding Supply, Cryostar Industries, Complete Welders Supply, Penn-Air & Hydraulics Corp.
Key Acetylene Market Trend
Chemical manufacturers are adopting IoT technologies to optimize production processes and improve quality. Smart systems provide real-time insights into equipment performance, facilitating proactive maintenance and enhancing production efficiency.
Get The Full Global Acetylene Market ReportAcetylene Market Segmentation
The acetylene market covered in this report is segmented –
1) By Type: Calcium Carbide Production, Thermal Cracking Process
2) By Application: Automotive, Metal fabrication, Aerospace, Pharmaceutical, Other Applications
3) By Sales Channel: Direct Company Sale, Direct Import, Distributors & Traders
By Geography: The regions covered in the acetylene market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the acetylene market in 2023. North America was the second-largest region in the global acetylene market. The regions covered in the acetylene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Acetylene Global Market Report 2024 furnishes information about the global acetylenemarket, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.