Carbon Monoxide Market by Purity Level (98% - 99%, Over 99%), Application (Chemical Synthesis, Food & Beverage, Fuel) - Global Forecast 2024-2030

Carbon Monoxide Market by Purity Level (98% - 99%, Over 99%), Application (Chemical Synthesis, Food & Beverage, Fuel) - Global Forecast 2024-2030

The Carbon Monoxide Market size was estimated at USD 5.83 billion in 2023 and expected to reach USD 6.08 billion in 2024, at a CAGR 4.45% to reach USD 7.92 billion by 2030.

Carbon monoxide (CO) is a gas that is colorless, odorless, and tasteless and is produced by the incomplete combustion of carbon-containing materials. Carbon monoxide is generally harmful to humans and animals when encountered in concentrations above about 35 parts per million. Rising metal extraction and mining activities worldwide are driving the demand for carbon monoxide. Increasing investment in developing advanced and technical products is expanding the usage of carbon monoxide. Stringent environmental regulations designed to protect public health and the environment can limit the growth of the carbon monoxide market. These regulations often require industries and vehicles to adopt cleaner technologies and fuels that reduce carbon monoxide production. Continuous research & development activities to expand the development of new chemicals are expected to create opportunities for the carbon monoxide market.

Regional Insights

In the Americas, the market for carbon monoxide primarily revolves around its industrial applications. The carbon monoxide market in this region is continuously expanding due to its large-scale industrial sectors and advanced chemical manufacturing capabilities. Carbon monoxide is extensively used in the chemical industry for the production of various chemicals such as methanol and as a reducing agent in metal processing, notably in the steel industry. Concerns regarding safety and environmental impacts have led to strict regulations and monitoring, influencing the demand for technologies that can safely manage and utilize carbon monoxide. The APAC region shows significant growth in the carbon monoxide market, driven by rapid industrialization and urbanization, especially in countries such as China, India, and Japan. The demand for chemicals is particularly high, where carbon monoxide is used as a synthesis gas (syngas) to produce acetic acid and other chemicals. Moreover, the expanding iron and steel manufacturing industries in this region contribute extensively to the usage of carbon monoxide. Europe has a growing carbon monoxide market with stringent air quality and emissions regulations, leading to advanced carbon monoxide management and utilization technologies. The market is driven by the demand for chemical synthesis processes and the need for high-purity gases in various industrial applications. The Middle East and Africa are gradually expanding with increasing industrial activities. In the Middle East, the chemical and petrochemical sectors are key users. At the same time, in Africa, market growth is slower due to less industrialization, however, it is expected to grow with increasing economic development.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Carbon Monoxide Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing consumer demand for convenience food and meat products
• Rising urbanization with increasing population rates across economies

Market Restraints

• Availability of alternatives and substitutes

Market Opportunities

• Improvements in production and storage technologies of carbon monoxide
• Ongoing research to explore potential benefits of carbon monoxide in controlled quantities in medical applications

Market Challenges

• Problems associated with storing and handling carbon monoxide

Market Segmentation Analysis

• Purity Level: Growing usage of 98% to 99% purity carbon monoxide for metal fabrication and chemical manufacturing
• Application: High potential of carbon monoxide for chemical synthesis for forming a variety of chemical compounds

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carbon Monoxide Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carbon Monoxide Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Linde Initiates Green Hydrogen and Captured Carbon Dioxide Deliveries to Celanese

Linde plc, a gas and engineering company, began supplying green hydrogen and captured carbon dioxide to Celanese Corporation, a global chemical manufacturing company. This significant move aligns with the increasing emphasis on sustainability within the industrial sector. This collaboration supports Celanese’s sustainability goals and sets a precedent for other companies in the industry to follow, promoting a shift towards greener manufacturing processes.

Expansion of the Largest Carbon Monoxide Pipeline Network by Air Products in the U.S. Gulf Coast

Air Products announced the launch of two new significant projects aimed at expanding the largest carbon monoxide (CO) pipeline network in the U.S. Gulf Coast. These developments emphasized the company's commitment to meeting the rising industrial demand for CO. This strategic expansion supports the regional industrial growth and reinforces Air Products' position in the gas production industry, ensuring a steady supply of CO for their extensive range of industrial customers.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carbon Monoxide Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Carbon Monoxide Market, highlighting leading vendors and their innovative profiles. These include Air Liquide UK Limited, Air Products and Chemicals, Inc., ATCO Atmospheric And Speciality Gases Private Limited., Axcel Gases,, BASF SE, Celanese Corporation, Chengdu Taiyu industrial Gases Co., Ltd., Gas Innovations., Jinhong Gas Co., Ltd., Linde plc, Matheson Tri-Gas, Inc. by Nippon Sanso Holdings Corporation, Merck KGaA, Messer Holding GmbH, Middlesex Gases & Technologies Inc.,, Praxair Technology, Inc., and Yingde Gases Group Company Limited..

Market Segmentation & Coverage

This research report categorizes the Carbon Monoxide Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Purity Level
• 98% - 99%
• Over 99%
• Application
• Chemical Synthesis
• Food & Beverage
• Fuel
• Iron & Steel Production
• Medical Applications

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year