DUBLIN, Feb. 14, 2020 /PRNewswire/ -- The "Acetylene Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global acetylene market was worth $9.32 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 6% and reach $11.42 billion by 2023.
The acetylene market is expected to be driven by the growing applications of acetylene across various industries. Acetylene is used as a raw material for the production of different organic chemicals, including 1,4-butanediol, which is broadly used in the preparation of polyurethane and polyester plastics. Acetylene is also used as the fuel segment in oxyacetylene welding and metal cutting.
Stringent safety regulations associated with the manufacturing and transportation of helium gas was a major restraint on the market. These substances are toxic and hazardous when exposed to exposed extreme temperatures and pressures. Companies in this industry should invest in equipment, technologies and processes to limit the toxic levels and chemical concentrations. These regulations increased the operating costs of companies in this industry, thus limiting the scope for investments relating to the launch of new products and expansion into new markets, thereby affecting the market growth.
Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real time insights and locate gaps in the manufacturing process. The data obtained through these devices is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.
The acetylene market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific accounts for around 42% of the market.
Major players in the market are , 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.
Key Topics Covered
1. Executive Summary
2. Acetylene Market Characteristics
3. Acetylene Market Size And Growth
3.1. Global Acetylene Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Acetylene Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Acetylene Market Segmentation
4.1. Global Acetylene Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Calcium Carbide Production
- Thermal Cracking Process
4.2. Global Acetylene Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Metal Fabrication
5. Acetylene Market Regional And Country Analysis
5.1. Global Acetylene Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Acetylene Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- BASF SE
- Gulf Cryo
- Praxair Technology Inc.
- Chengdu Xinju Chemical Co. Ltd.
- ILMO Products Company
- Suzhou Jinhong Gas Co. Ltd.
- Toho Acetylene Co. Ltd.
- Xinglong Group
- Xinju Chemical Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vzzma9
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets