PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Calcium Carbide Market by Application (Acetylene Gas, Calcium Cyanamide, Reducing and Dehydrating Agent, Desulfurizing and Deoxidizing Agent, and Others) and End-use industry (Chemicals, Metallurgy, Pharmaceutical, Food and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global calcium carbide industry generated $11.3 billion in 2020, and is estimated to reach $18.2 billion by 2030, witnessing a CAGR of 5.0% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand for acetylene in various applications and surge in production of steel drive the growth of the global calcium carbide market. However, harmful effects of calcium carbide restrain the market growth. On the other hand, surge in chemical production volumes presents new opportunities in the coming years.
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Covid-19 Scenario
- Calcium carbide is majorly used in industries such as chemical, metallurgy, and food. The disruptions in daily operations due to lockdown and other precautionary measures implemented by the governments reduced the demand for calcium carbide.
- Manufacturing and industrial activities have been stopped partially or completely due to lack of resources in different parts of the world. Leading players have been remodeling their businesses and rethinking their strategies to meet the challenges post-lockdown. This will restore the demand for calcium carbide from various industries steadily.
The acetylene gas segment to continue its lead position during the forecast period
Based on application, the acetylene gas segment contributed to the highest share in 2020, accounting for nearly four-fifths of the global calcium carbide market, and is expected to continue its lead position during the forecast period. This is due to increase in demand for acetylene gas from various industries for oxyacetylene cutting, welding, and heat-treating. However, the desulfurizing and deoxidizing agent segment is estimated to portray the highest CAGR of 7.5% from 2021 to 2030, owing to growth in the metallurgical industry across developing economies such as China and India that led to surge in demand.
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The chemicals segment to maintain its lead in terms of revenue during the forecast period
Based on end-use industry, the chemicals segment held the largest share in 2020, accounting for nearly two-fifths of the global calcium carbide market, and is expected to maintain its lead in terms of revenue during the forecast period. This is attributed to rise in usage across the chemical industry as calcium carbide acts as an intermediate substance and assists in producing several chemical derivatives. However, the metallurgy segment is projected to portray the largest CAGR of 5.7% from 2021 to 2030, owing to rise of the metallurgy industry in developing nations.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific accounted for the highest market share in 2020, contributing to more than four-fifths of the global calcium carbide market, and is expected to maintain its dominance by 2030. Moreover, this region is estimated to register the fastest CAGR of 5.3% from 2021 to 2030. This is due to rise of the chemical, pharmaceutical, and metallurgy industries in the region that led to surge in demand for calcium carbide. However, North America is estimated to register a steady CAGR during the forecast period.
Leading Market Players
- Denka Company Limited
- AlzChem
- American Elements
- Thermo Fisher Scientific
- Carbide Industries LLC
- KC Group
- Merck KGaA
- MCB Industries Sdn. Bhd.
- Mil-Spec Industries Corporation
- Santa Cruz Biotechnology, Inc
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