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Calcium Carbide Market Growth Analysis, Top Segments, Market Research Report: 2024-2033
Calcium Carbide Market Growth Analysis
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According to The Business Research Company's, The calcium carbide market size has grown strongly in recent years. It will grow from $16.4 billion in 2023 to $17.72 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to demand for acetylene gas in chemical and industrial applications, growth in the steel and metallurgy industries for desulfurization, expansion of the plastics and chemicals manufacturing sector, increased use of acetylene in welding and cutting applications, and expansion of the construction and infrastructure development.
The calcium carbide market size is expected to see strong growth in the next few years. It will grow to $24.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to sustainability and environmental concerns, adoption of calcium carbide for acetylene-based electricity generation in remote areas, growing utilization of acetylene in the automotive and aerospace sectors, increasing need for calcium cyanamide as a soil conditioner and plant growth regulator, and regulatory support for safe handling and storage of carbide products. Major trends in the forecast period include technological advancements in calcium carbide production methods, advancements in energy storage technologies, sustainable practices in carbide manufacturing and waste management, advancements in manufacturing technology and process efficiency, and investment in research and development of new carbide applications.
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Market Drivers and Trends:
A rise in demand for plastic products is expected to propel the growth of the calcium carbide market. Calcium carbide is widely used for the production of plastic, PVC plastic products, and synthetic rubber. For instance, according to the India Brand Equity Foundation (IBEF), in July 2021, India exported plastic raw materials worth $352.04 million, for a total value of $1.57 billion from April 2021 to July 2021. The plastic products market is expected to grow from $993.1 billion in 2021 to $1,320.1 billion by 2026. Hence, the increase in demand for plastic products is expected to drive the market during the period.
The advancement of production technologies is a key trend gaining popularity in the calcium carbide market. Production technologies improve productivity by applying new technologies to reduce human effort and production time. For instance, the Germany-based chemicals company AlzChem Group introduced CacliPro to the Russian steel industry. CalciPro is highly effective for the calcium treatment of molten steel and provides enhanced casting ability and mechanical qualities of finished steel products.
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Major Key Players of the Market:
AlzChem AG, Carbide Industries LLC, DCM Shriram Ltd., Denka Company Limited, Inner Mongolia Biayanhu Chemical Co. Ltd., Iran Carbide Co., KC Group Ltd., Lonza Group Ltd., MCB Industries Sdn. Bhd., Merck KGaA, Mil-Spec Industries Corporation, PT Emdeki Utama Tbk, Xinjiang Tianye Co. Ltd., Ningxia Jinhaoyuan Chemical Group Co. Ltd., Santa Cruz Biotechnology Inc., Thermo Fisher Scientific, American Elements Corp., Madhuraj Industrial Gases Pvt. Ltd., All Win Aluminium Industries, Powder Pack Chem, Xinjiang Zhongtai Chemical Co. Ltd., Erdos Xinhua Silicon Metal Industries Co. Ltd., Aldon Corporation, Praxair Inc., SA Calcium Carbide
Calcium Carbide Market 2024 Key Insights:
• The calcium carbide market size is expected to see strong growth in the next few years. It will grow to $24.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rise In Plastic Demand Boost Market
• Advancement In Production Technology
• North America will be the largest region in the calcium carbide market in 2023
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