Carbon Dioxide Market Size, Share, Trends, Industry Analysis Report: By Source, Application, End User (Ethanol Production, Natural Gas Processing, Industrial Processes, and Fermentation), and Region (North America, Europe, Asia Pacific, Latin America, and

The carbon dioxide (CO2) market size is expected treach USD 17.77 billion by 2034, according ta new study by Polaris Market Research. The report “Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report: By Technology, Application, End User (Utilities, Government & Regulatory Bodies, Commercial & Industrial, Residential), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

The carbon dioxide market focuses on the production, storage, and utilization of CO₂ across numerous industries such as food & beverages, healthcare, oil & gas, and industrial manufacturing. Carbon dioxide plays a key role in diverse applications, including carbonation in beverages, medical gas in healthcare, enhanced oil recovery (EOR) in energy, and as a refrigerant in various industrial processes. Additionally, CO₂ is vital for environmental applications such as greenhouse farming and carbon capture, utilization, and storage (CCUS).

The CO₂ market expansion is attributed tthe rising demand for CO₂ in food and beverage processing, driven by growing consumer preference for carbonated drinks and modified atmosphere packaging tpreserve food quality. In the oil & gas sector, CO₂ enhances crude oil recovery, especially from mature wells, making it a critical component in energy production. Increasing investments in CCUS technologies alsboost the carbon dioxide market growth, as industries and governments aim tmitigate carbon emissions while promoting sustainable development.

Key carbon dioxide market trends include advancements in carbon recycling technologies and increasing applications of CO₂ in clean energy projects. Innovations in medical-grade CO₂ and its expanding use in surgeries, anesthesia, and respiratory therapies are alsshaping the market. Furthermore, the integration of green technologies tproduce sustainable CO₂ is gaining momentum, aligning with global efforts tcombat climate change.

Carbon Dioxide Market Report Highlights

In terms of application, in 2024, the food & beverages segment held the largest share of the carbon dioxide market revenue due tthe high demand for carbonation, chilling, and food preservation applications.

The natural gas processing segment, based on source, held the largest market share in 2024 due tits efficiency in producing high-purity carbon dioxide and abundant natural gas reserves.

In 2024, North America accounted for the largest share of the global carbon dioxide (CO2) market due tits strong oil & gas sector, widespread adoption of enhanced oil recovery (EOR) techniques, and significant investments in carbon capture technologies.

The Asia Pacific market is expected twitness the highest CAGR during the forecast period due trapid industrialization, increasing demand for CO₂ in food and beverage processing, and growing adoption of greenhouse farming and carbon capture technologies in countries such as China and India.

A few global key market players include Air Liquide; Linde PLC; Air Products and Chemicals, Inc.; Praxair, Inc.; TaiyNippon SansCorporation; Messer Group GmbH; Gulf Cryo; SOL Group; Hunan Kaimeite Gases Co., Ltd.; Yingde Gases Group Company; Air Water Inc.; Matheson Tri-Gas; India Glycols Limited; SABIC; and Sicgil India Limited.

Polaris Market Research has segmented the carbon dioxide market report on the basis of source, application, end user, and region:

By Source Outlook (Revenue, USD Billion, 2020–2034)

Ethanol Production

Natural Gas Processing

Industrial Processes

Fermentation

By Application Outlook (Revenue, USD Billion, 2020–2034)

Food & Beverages

Enhanced Oil Recovery (EOR)

Medical

Industrial Processes

By End User Outlook (Revenue, USD Billion, 2020–2034)

Oil & Gas

Food & Beverage Industry

Healthcare

Chemicals

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

US

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Vietnam

Rest of Asia Pacific

Latin America

Argentina

Brazil

Mexico

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa