Carbon Dioxide Market

Carbon Dioxide Market

Growth Factors of Carbon Dioxide Market

The carbon dioxide market size was valued at USD 11.11 billion in 2023, and the market is now projected to grow from USD 11.50 billion in 2024 to USD 15.21 billion by 2032, exhibiting a CAGR of 3.6 % during the forecast period of 2024-2032.

The COVID-19 has had its effects exerted on various global markets including the carbon dioxide market. As industries stopped operating and manufacturing activities reduced, the overall requirement of CO2 in food and beverage, chemical and oil industries also came down. Issues on production and supply deprived the markets which lead to shortages while the reduction in transport greatly improved the environment, though only for a short time. However, higher demand of dry ice in movement of vaccines has partially compensated these declines. As the world recovers from the pandemic in the demand-side visibility, there was a gradual recovery of demand that affected in a full manner the industrial activities, and long-term consequences on industrial practices and sustainability goals as industries continue stabilizing from the impacts of the pandemic.

Normally, sustainability and technology are some of the major factors that impact on the market of carbon dioxide. Technologies related to Carbon capture Utilization and Storage (CCUS) are picking up because companies are looking for ways to cut emissions. The utilization of CO2 is gradually rising in enhanced oil recovery process as well as in the production of environmentally friendly products. However, the rising used of CO2 as carbonation and preservation in food and beverage sector is also contributing to the increasing demand of CO2. Renewable energy initiatives and bio generated CO2 extraction techniques are also being developed as the world turn towards de-carbonization process and tweak the market to be more sustainable. Thus, all the above mentioned factors are contributing towards the carbon dioxide market growth.

Some of the main factors that are fuelling the demand of carbon dioxide include; Increased use in the food and beverages industry for carbonation and preservation and for production purposes by the chemical industry. Another driver is the gradual addition of CCUS capabilities to cut emissions that are also propelling the market’s growth. Applications include use in enhanced oil recovery, which involves CO2 injection to facilitate increase in oil production rate are also pushing demand ahead. Further, the promotion of generating green energy and the utilization of the CO2 life cycle for industrial processes also fuel the industries for eco-captures.

Comprehensive Analysis Carbon Dioxide Market

The global carbon dioxide market has been classified mainly by form, by source, and by application. Regarding its physical state, it can be purchased as liquid CO2 and gaseous CO2 as well as solid CO2 depending on the consumers’ industrial use. Major sources of CO2 include ethyl alcohol, hydrogen, ethylene oxide, substitute natural gas among others which augments CO2 production and distribution. The CO2 consumers consist of food and beverages for carbonation and solvents for preservation as well as oil and gas industry for improved recovery, medical agents for respiratory uses, metal fabrication, and fire brigade safety and for several processes in other sectors that require carbon dioxide product.

North America is one of the most prominent markets in the global carbon dioxide market share due to demand generated by industries like food and beverages, oil, and gas industry and the healthcare industry. It has good transport networks for the production and marketing of the CO2 and the U. S comprises the most developed CCUS technologies targeting emission cuts. Besides, the major players’ presence and continuous investment in sustainable practices are other factors favoring North America’s leading position. Thus, the focus of the region’s participants on environmental legislation and new solutions also contributes to its development in the global CO2 market.

Key players in this sector include Linde plc (Ireland), Air Products and Chemicals, Inc. (U.S.), Air Liquide (France), Sicgil India Limited (India), Matheson Tri-Gas, Inc. (U.S.), Universal Industrial Gases, Inc. (U.S.), The Messer Group GmbH (Germany)

Carbon capture and utilization (CCU) technologies are one of the most identifying trends in the carbon dioxide market of 2023 especially for the purpose of utilizing sustainable products. Captured CO2 is then used in production of goods such as building materials, fuel, and chemicals with a view of reducing carbon footprints and generating additional business revenue streams. The chemical industry is also experiencing some innovation with CO2 being used for the production of plant based meat and carbonated beverages. Besides, there is increased demand in dry ice, especially in cold chain transport of goods, especially in the health sector.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion), Volume (Million Ton)

Growth Rate CAGR of 3.6% from 2024 to 2032

Segmentation

By Form

• Liquid
• Gas
• Solid

By Source

• Ethyl Alcohol
• Hydrogen
• Ethylene Oxide
• Substitute Natural Gas
• Others

By End-Use Industry

• Food & Beverage
• Oil & Gas
• Medical
• Metal Fabrication
• Firefighting
• Others

By Region

• North America (By Form, Source, End-Use Industry, Country)
• U.S. (By End-Use Industry)
• Canada (By End-Use Industry)
• Europe (By Form, Source, End-Use Industry, Country)
• Germany (By End-Use Industry)
• France (By End-Use Industry)
• Italy (By End-Use Industry)
• U.K. (By End-Use Industry)
• Rest of Europe (By End-Use Industry)
• Asia Pacific (By Form, Source, End-Use Industry, Country)
• China (By End-Use Industry)
• India (By End-Use Industry)
• South Korea (By End-Use Industry)
• Japan (By End-Use Industry)
• Rest of the Asia Pacific (By End-Use Industry)
• Latin America (By Form, Source, End-Use Industry, Country)
• Brazil (By End-Use Industry)
• Mexico (By End-Use Industry)
• Rest of Latin America (By End-Use Industry)
• Middle East & Africa (By Form, Source, End-Use Industry, Country)
• GCC (By End-Use Industry)
• South Africa (By End-Use Industry)
• Rest of the Middle East & Africa (By End-Use Industry)

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