Carbon Monoxide Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Carbon Monoxide Market
The carbon monoxide market size was valued at USD 3.36 billion in 2023, and the market is now projected to grow from USD 3.5 billion in 2024 to USD 4.93 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period of 2024-2032.
COVID-19 affected the commercial chemical manufacturing and its related carbon monoxide emission across the globe. Also, the reduced demand from mining industries and metal extraction due to high carbon monoxide production restrained carbon monoxide market growth.
Carbon monoxide is used in metal refine as a reducing agent In the extraction of metals, carbon monoxide is used as a reducing agent. Growing socio-economic demands across the globe over the past decade have fueled mining and metal extraction through the production of iron ore and metallic iron through specialized processes that will increase the consumption of this chemical compound, thus driving the carbon monoxide market share.
Due to depletion of oil resources, the use of solid fuels has been stimulated by the availability of efficient methods for converting solids to gaseous states. This has been led by gasification the most efficient and flexible conversion technology in the global revitalization of coal.
Comprehensive Analysis of Carbon Monoxide Market
The carbon monoxide market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by application. The applications include: metal fabrication, chemicals, ore processing and extraction, pharma & biotechnology, and electronics.
The Asia Pacific region leads the carbon monoxide market by benefitting a market size of USD 1.4 billion in 2023 due to the robust economic growth in the region.
The top players in the market play a crucial role in the industry, assuring industrial prospectus growth and setting market standards. These players include: Air Liquide (France) Linde Plc. (Ireland) Air Products (U.S.) Praxair Inc. (U.S.) American Gas Products (U.S.) Sipchem Company (Saudi Arabia) Messer (Germany) MESA Specialty Gases & Equipment (U.S.).
In August 2023, Air Products Company announced that it is ready to launch two new world-scale carbon monoxide (CO) projects. This new project expands the world’s largest carbon monoxide pipeline network based in the U.S. Gulf Coast.
Segmentation Table
Global Carbon Monoxide Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 4.4% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Components, and By Applications
By Application Metal Fabrication
Chemicals
Ore Processing and Extraction
Pharma & Biotechnology
Electronics
By Region North America (By Application and Country)
- U.S. (By Application)
- Canada (By Application)
Europe (By Application and Country)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Application and Country)
- China (By Application)
- Japan (By Application)
- India (By Application)
- ASEAN (By Application)
- Rest of Asia Pacific (By Application)
South America (By Application and Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of South America (By Application)
Middle East & Africa (By Application and Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East & Africa (By Application)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Regions
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 on the Market
- 5. Global Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Application (Value)
- 5.2.1. Metal Fabrication
- 5.2.2. Chemicals
- 5.2.3. Ore Processing and Extraction
- 5.2.4. Pharma & Biotechnology
- 5.2.5. Electronics
- 5.3. By Region (Volume/Value)
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. Latin America
- 5.3.5. Middle East & Africa
- 6. North America Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Application (Value)
- 6.2.1. Metal Fabrication
- 6.2.2. Chemicals
- 6.2.3. Ore Processing and Extraction
- 6.2.4. Pharma & Biotechnology
- 6.2.5. Electronics
- 6.3. By Country (Volume/Value)
- 6.3.1. U.S.
- 6.3.1.1. By Application (Value)
- 6.3.1.1.1. Metal Fabrication
- 6.3.1.1.2. Chemicals
- 6.3.1.1.3. Ore Processing and Extraction
- 6.3.1.1.4. Pharma & Biotechnology
- 6.3.1.1.5. Electronics
- 6.3.2. Canada
- 6.3.2.1. By Application (Value)
- 6.3.2.1.1. Metal Fabrication
- 6.3.2.1.2. Chemicals
- 6.3.2.1.3. Ore Processing and Extraction
- 6.3.2.1.4. Pharma & Biotechnology
- 6.3.2.1.5. Electronics
- 7. Europe Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Application (Value)
- 7.2.1. Metal Fabrication
- 7.2.2. Chemicals
- 7.2.3. Ore Processing and Extraction
- 7.2.4. Pharma & Biotechnology
- 7.2.5. Electronics
- 7.3. By Country (Volume/Value)
- 7.3.1. Germany
- 7.3.1.1. By Application (Value)
- 7.3.1.1.1. Metal Fabrication
- 7.3.1.1.2. Chemicals
- 7.3.1.1.3. Ore Processing and Extraction
- 7.3.1.1.4. Pharma & Biotechnology
- 7.3.1.1.5. Electronics
- 7.3.2. U.K.
- 7.3.2.1. By Application (Value)
- 7.3.2.1.1. Metal Fabrication
- 7.3.2.1.2. Chemicals
- 7.3.2.1.3. Ore Processing and Extraction
- 7.3.2.1.4. Pharma & Biotechnology
- 7.3.2.1.5. Electronics
- 7.3.3. France
- 7.3.3.1. By Application (Value)
- 7.3.3.1.1. Metal Fabrication
- 7.3.3.1.2. Chemicals
- 7.3.3.1.3. Ore Processing and Extraction
- 7.3.3.1.4. Pharma & Biotechnology
- 7.3.3.1.5. Electronics
- 7.3.4. Italy
- 7.3.4.1. By Application (Value)
- 7.3.4.1.1. Metal Fabrication
- 7.3.4.1.2. Chemicals
- 7.3.4.1.3. Ore Processing and Extraction
- 7.3.4.1.4. Pharma & Biotechnology
- 7.3.4.1.5. Electronics
- 7.3.5. Rest of Europe
- 7.3.5.1. By Application (Value)
- 7.3.5.1.1. Metal Fabrication
- 7.3.5.1.2. Chemicals
- 7.3.5.1.3. Ore Processing and Extraction
- 7.3.5.1.4. Pharma & Biotechnology
- 7.3.5.1.5. Electronics
- 8. Asia-Pacific Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Application (Value)
- 8.2.1. Metal Fabrication
- 8.2.2. Chemicals
- 8.2.3. Ore Processing and Extraction
- 8.2.4. Pharma & Biotechnology
- 8.2.5. Electronics
- 8.3. By Country (Volume/Value)
- 8.3.1. China
- 8.3.1.1. By Application (Value)
- 8.3.1.1.1. Metal Fabrication
- 8.3.1.1.2. Chemicals
- 8.3.1.1.3. Ore Processing and Extraction
- 8.3.1.1.4. Pharma & Biotechnology
- 8.3.1.1.5. Electronics
- 8.3.2. Japan
- 8.3.2.1. By Application (Value)
- 8.3.2.1.1. Metal Fabrication
- 8.3.2.1.2. Chemicals
- 8.3.2.1.3. Ore Processing and Extraction
- 8.3.2.1.4. Pharma & Biotechnology
- 8.3.2.1.5. Electronics
- 8.3.3. India
- 8.3.3.1. By Application (Value)
- 8.3.3.1.1. Metal Fabrication
- 8.3.3.1.2. Chemicals
- 8.3.3.1.3. Ore Processing and Extraction
- 8.3.3.1.4. Pharma & Biotechnology
- 8.3.3.1.5. Electronics
- 8.3.4. ASEAN
- 8.3.4.1. By Application (Value)
- 8.3.4.1.1. Metal Fabrication
- 8.3.4.1.2. Chemicals
- 8.3.4.1.3. Ore Processing and Extraction
- 8.3.4.1.4. Pharma & Biotechnology
- 8.3.4.1.5. Electronics
- 8.3.5. Rest of Asia Pacific
- 8.3.5.1. By Application (Value)
- 8.3.5.1.1. Metal Fabrication
- 8.3.5.1.2. Chemicals
- 8.3.5.1.3. Ore Processing and Extraction
- 8.3.5.1.4. Pharma & Biotechnology
- 8.3.5.1.5. Electronics
- 9. Latin America Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Application (Value)
- 9.2.1. Metal Fabrication
- 9.2.2. Chemicals
- 9.2.3. Ore Processing and Extraction
- 9.2.4. Pharma & Biotechnology
- 9.2.5. Electronics
- 9.3. By Country (Volume/Value)
- 9.3.1. Brazil
- 9.3.1.1. By Application (Value)
- 9.3.1.1.1. Metal Fabrication
- 9.3.1.1.2. Chemicals
- 9.3.1.1.3. Ore Processing and Extraction
- 9.3.1.1.4. Pharma & Biotechnology
- 9.3.1.1.5. Electronics
- 9.3.2. Mexico
- 9.3.2.1. By Application (Value)
- 9.3.2.1.1. Metal Fabrication
- 9.3.2.1.2. Chemicals
- 9.3.2.1.3. Ore Processing and Extraction
- 9.3.2.1.4. Pharma & Biotechnology
- 9.3.2.1.5. Electronics
- 9.3.3. Rest of Latin America
- 9.3.3.1. By Application (Value)
- 9.3.3.1.1. Metal Fabrication
- 9.3.3.1.2. Chemicals
- 9.3.3.1.3. Ore Processing and Extraction
- 9.3.3.1.4. Pharma & Biotechnology
- 9.3.3.1.5. Electronics
- 10. Middle East & Africa Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Application (Value)
- 10.2.1. Metal Fabrication
- 10.2.2. Chemicals
- 10.2.3. Ore Processing and Extraction
- 10.2.4. Pharma & Biotechnology
- 10.2.5. Electronics
- 10.3. By Country (Volume/Value)
- 10.3.1. GCC
- 10.3.1.1. By Application (Value)
- 10.3.1.1.1. Metal Fabrication
- 10.3.1.1.2. Chemicals
- 10.3.1.1.3. Ore Processing and Extraction
- 10.3.1.1.4. Pharma & Biotechnology
- 10.3.1.1.5. Electronics
- 10.3.2. South Africa
- 10.3.2.1. By Application (Value)
- 10.3.2.1.1. Metal Fabrication
- 10.3.2.1.2. Chemicals
- 10.3.2.1.3. Ore Processing and Extraction
- 10.3.2.1.4. Pharma & Biotechnology
- 10.3.2.1.5. Electronics
- 10.3.3. Rest of Middle East & Africa
- 10.3.3.1. By Application (Value)
- 10.3.3.1.1. Metal Fabrication
- 10.3.3.1.2. Chemicals
- 10.3.3.1.3. Ore Processing and Extraction
- 10.3.3.1.4. Pharma & Biotechnology
- 10.3.3.1.5. Electronics
- 11. Company Profiles
- 11.1. Air Liquide
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent Developments
- 11.2. Linde Plc.
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent Developments
- 11.3. Air Products
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent Developments
- 11.4. Praxair Inc.
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent Developments
- 11.5. American Gas Products
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent Developments
- 11.6. Sipchem Company
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent Developments
- 11.7. Messer
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent Developments
- 11.8. MESA Specialty Gases & Equipment
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent Developments
- 12. Strategic Recommendations
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook