The acetylene market involves of sales of acetylene gas. It is a monochrome, combustible gas with a unique odor. It is the only fuel gas that can be utilized for welding.
According to the report analysis, ‘Acetylene Global Market Report 2020’ states that in the acetylene global market there are several corporate which presently functioning more effectively for leading the fastest market growth and dominating the handsome value of market share around the globe over the upcoming duration while implementing the profitable strategies, delivering the better consumer satisfaction, analyzing and studying the strategies and policies of the competitors, spreading the awareness related to the benefits of acetylene, decreasing the linked prices, developing the specifications of the production technologies and employing the young work force includes BASF SE, Gulf Cryo, Linde, Praxair Technology, 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, Xinju Chemical, JinHong Gas, Xinlong Group, Dow Company, Dongxiang Gas, Sichuan Vinylon, Koatsu Gas, Air Products and Chemicals Inc and several others.
The worldwide acetylene market was valued USD 9.32 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 6% and reach USD 11.42 billion by 2023.
The acetylene market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific registers for nearly 42% of the market.
The acetylene market enclosed in this report is classification by type into calcium carbide production, thermal cracking procedure. It is also divided by application into automotive, metal fabrication, aerospace, pharmaceutical, and several others
The acetylene market is projected to be propelled by the increasing applications of acetylene around several industries. Acetylene is utilized as a raw material for the production of dissimilar organic chemicals, involving 1,4-butanediol, which is widely utilized in the preparation of polyurethane and polyester plastics. Acetylene is also utilized as the fuel sector in oxyacetylene welding and metal cutting.
Rigorous safety regulations linked with the manufacturing and transference of helium gas was a foremost restraint on the market. Such substances are contaminated and hazardous when exposed to exposed extreme temperatures and compressions. Enterprises in this industry should finance in equipment, technologies and developments to limit the toxic levels and chemical concentrations. These guidelines increased the functioning costs of companies in this industry, thus preventive the scope for investments concerning to the launch of new products and extension into new markets, thereby affecting the market growth.
Countless chemical manufacturers are implementing IoT (Internet of Things) technologies to associate equipment and smart devices to garner real time insights and detect gaps in the manufacturing process. The data acquired through these devices is processed, analyzed and construed by plant managers and senior level management to advance quality and accomplish optimum production levels. For example, the smart systems deliver the information on the working condition and presentation of chemical reactors with entrenched software and analytics tools to inform plant operatives and managers on conceivable machine breakdowns. Foremost industrial gas manufacturers implementing IoT technology involve Praxair-Linde and Air Products. Hence, it is predicted that the market of Acetylene will increase around the globe more effectively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications