The global calcium carbide market is expected to grow at a healthy CAGR of 5.6%. One of the main drivers for this is the increasing demand and production of steel in the world. According to World Steel Association estimates, in 2018, crude steel production reached 1,808.6 million tons globally. Moreover, the worldwide demand for steel is projected to reach 1,681 million tons in 2019, which will substantially expand the global calcium carbide market size in the forecast period. Calcium carbide is a crucial component in the production of steel as the compound is used as a desulfurizing and reducing agent. Thus, rising steel production, especially in China, Japan, and India will cause a spike in the global calcium carbide market demand.
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In its report, titled “Calcium Carbide Market Size, Share & Industry Analysis, By Application (Acetylene Gas, Calcium Cynamide, Reducing & Dehydrating Agents, Steel Making, Others), By End User (Chemicals, Steel, Others), and Regional Forecast, 2019-2026”, Fortune Business Insights projects the global calcium carbide market value will reach USD 20.55 billion by 2026 from its current value of USD 13.39 billion. The report also contains a detailed evaluation of the factors and dynamics that will influence the market in the forecast period.
Rising Acetylene Production to Propel the Global Calcium Carbide Market Growth
Calcium carbide (CaC2) is a chemical compound that is widely used across different manufacturing industries. It is primarily used in the production of acetylene gas which is used in torches for cutting and welding. In China, calcium carbide is the central ingredient in the production of polyvinyl chloride (PVC). Acetylene is in high demand for its diverse applicability in various manufacturing processes such as making of plastic and synthetic rubber, pharmaceuticals, and oxyacetylene welding. Furthermore, acetylene is also being utilized in various consumer products such as lotions, hairsprays, and sunscreens. The global calcium carbide market revenue will get a boost owing to the widespread demand for acetylene and its derivatives.
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Economic Feasibility of Producing PVC Using Calcium Carbide to Fuel the Market
Polyvinyl chloride (PVC) produced using calcium carbide is seen as both economically viable and environmentally less harmful. This is mainly because the use of petroleum or natural gas can be avoided, which bodes well for the global calcium carbide market as world faces mounting environmental concerns. Calcium carbide also lowers the molecular weight of PVC and helps make more durable plastic.