Wilmington, Delaware, United States, March 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global calcium carbide market is expected to grow at a CAGR of 5% between 2021 and 2031. Calcium carbide is a pure colorless and transparent compound that can be produced in a laboratory. This is done using the process of thermal decomposition in the presence of carbon under a vacuum of pure calcium cyanamide that results in white calcium carbide. This is primarily used for the production of carbide lamps, toy cannons, calcium cyanamide, and acetylene. Calcium carbide can also be used for desulfurization, furnace injection, slag conditioning, and producing steel. Rise in demand for the products mentioned above is considered a key driver of the global market for calcium carbide during the forecast period.
Increase in commercial use of acetylene has augmented demand for calcium carbide. This is owing to the fact that calcium carbide is used as a source of acetylene, which is further used in several applications such as chemical production, plastic production, potable lightning, and others. Rise in demand in end-use industries such as energy & power and metal fabrication are expected to augment the global calcium carbide market during the forecast period.
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According to TMR report, the global calcium carbide market value is likely to reach US$ 31 Bn by the end of 2031. Increase in demand for acetylene in several applications, such as PVC and PVDF, are expected to create business opportunities in the global market during the forecast period.
Key Findings of Study
- Rise in Production of Steel: Calcium carbide is used for the production of steel as a reducing and desulfurizing agent. Moreover, calcium carbide is used as a finishing slag part in non-ferrous & ferrous refining and in the manufacturing of domlur graphite in iron as a modulizing agent. Increase in usage of calcium carbide in steel production is anticipated to augment industry growth.
- Rise in Demand in End-use Industries: Increase in demand in the chemical and agrochemical industries is expected to bolster market growth. Rise in deployment of digital technologies in manufacturing and chemical industries, coupled with the increase in number of manufacturing setups for gas, chemical, and oil industries across the world are expected to propel market size during the forecast period.
Key Drivers
- Rise in innovation in industrial products using calcium carbide is projected to accelerate industry growth
- Increase in usage of calcium carbide as reducing agent is anticipated to bolster market development
- Surge in demand in the construction material industry is expected to aid in market expansion
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Regional Growth Dynamics
- Asia Pacific is projected to emerge as dominant market, with largest market share in 2022. This is ascribed to increase in number of steel and chemical manufacturing industries in countries such as Japan, India, and China. Rise in rate of PVC production in the emerging nations is likely to propel the market in Asia Pacific during the forecast period
- The market for calcium carbide in North America is projected to witness significant growth rate in the next few years due to increase in demand from multiple industrial applications.
- The market in Europe is likely to grow at a rapid pace in the near future on account of the rapidly expanding iron and steel industry. This is further attributed to the fact that iron and steel are both used as a fuel with high usage of calcium carbide for desulfurization of iron. Thus, there is a rise in demand for calcium carbide from iron and steel industries.
Key Players
Prominent players in the global calcium carbide market are SA Calcium Carbide, Iran Carbide, AlzChem, MCB Industries SDN BHD, Carbide Industries LLC, Denka Company Limited, Lonza Grouo AG, Donau Chemie AG, Rexarc International, Inc., and Almamet GmbH.
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Polyethylene Terephthalate Market Segmentation
Application
- Desulfurizing Agent
- Acetylene Gas
- Reducing Agent
- Calcium Cyanamid
- Chemical Intermediate
- Others (deoxidizing agent and dehydrating agent)
End-use Industry
- Steel Manufacturing Agrochemical
- Pharmaceutical
- Metal Fabrication
- Construction Material
- Energy & Power
- Others (dyestuff and rubber & plastic)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Japan
- China
- India
- South Korea
- ASEAN
- GCC
- South Africa
- Brazil
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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