Carbon Monoxide Market Forecasts to 2028 – Global Analysis By Grade (Electronic Grade and Commercial Grade), Application (Metal Fabrication, Chemical, Pharma & Biotechnology, Electronics, Meat Colouring & Preservative and Other Applications), End User and

Carbon Monoxide Market Forecasts to 2028 – Global Analysis By Grade (Electronic Grade and Commercial Grade), Application (Metal Fabrication, Chemical, Pharma & Biotechnology, Electronics, Meat Colouring & Preservative and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Carbon Monoxide Market is accounted for $3.31 billion in 2022 and is expected to reach $3.98 billion by 2028 growing at a CAGR of 3.1% during the forecast period. Carbon monoxide is a strong reducing agent and reduces metal oxides for metals less reactive than carbon. It is an odourless, colourless gas formed by the incomplete combustion of fuels. One carbon atom and one oxygen atom bound together by three bonds make up carbon monoxide. It is also a significant contributor to the greenhouse gases that cause climate change. It results from specific industrial chemical manufacturing processes as a by-product. it is most commonly used in mining and metal extraction activities.

According to the United States Geological Survey (USGS), in 2019, 48,000 metric tons of iron ore were produced in the U.S. High demand for the product for metal extraction and purification process.

Market Dynamics:

Driver:

Growing demand for organic and inorganic chemicals

Carbon monoxide is a significant industrial chemical used to create water gas or Syngas. It serves as a significant reducing agent in the production of a number of organic and inorganic compounds. Raising demand for chemicals from sectors, such as pharmaceuticals, bulk chemical manufacturing, construction, food & beverages and others is fueling the market demand.

Restraint:

Strict government regulations

Carbon monoxide is an odourless and colourless gas. It is exceedingly dangerous and cannot be found by scent or emissions. It is one of the six major air pollutants. Strict controls on carbon monoxide were enforced by the Occupational Safety and Health Administration (OSHA) and National Ambient Air Quality Standards. Throughout an 8-hour workday, the level shouldn't increase more than 35 PPM. These limitations are impeding market expansion.

Opportunity:

Expanding mining and metal extraction activities

Mining and metal extraction operations have significantly increased as a result of the high demand for iron ore and iron metallic from different end-sectors throughout the world. It is mostly utilized in the extraction of metals and exhibits neither acidic nor basic characteristics. Special characteristics including a strong affinity for transition metals are anticipated to boost market demand.

Threat:

Poisonous nature of the gas

Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It easily interacts with haemoglobin to form carboxyhemoglobin, which may interfere with gas exchange and further increase the risk of death. Exposure to CO is most frequently associated with tiredness, headaches, disorientation and dizziness. This is expected to hinder the market growth.

Covid-19 Impact

The COVID-19 pandemic had a significant detrimental effect on the world economy, hurting a number of industries, notably chemical production. The chemical industry, a foundational sector of the world economy, was impacted by this catastrophe. Some commercial chemical production processes produce carbon monoxide (CO) as a by-product. Chemical manufacturing was stopped, which caused a decrease in output. The growth rate has slow downed due to declining product demand from the mining and metal extraction sectors.

The metal fabrication segment is expected to be the largest during the forecast period

The metal fabrication segment is estimated to have a lucrative growth. Carbon monoxide is used in fuel gas mixtures with hydrogen and other gases for industrial and domestic heating. It can cause corrosion and contamination of sensitive processes, like catalysts and semiconductor fabs, when exposed to metals that readily form oxides.

The chemical industry segment is expected to have the highest CAGR during the forecast period

The chemical industry segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its varied range of usage in producing different chemicals. Titanium dioxide, metal carbonyls, benzaldehyde, and critic acid are all made primarily from carbon monoxide. It also functions as a catalyst in chemical compounds like toluene and polyurethane. It is further employed as substitute of natural gas which is accelerating the segment’s demand.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the adoption of technologically improved production techniques and increased R&D activities. China and India are two of the world's top markets for electronic manufacturing. High purity carbon monoxide is utilized as a semiconductor in a variety of electronic gadgets, rising demand for the fabrication of electronics in the area accelerated its market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. Large industries and industrial merchant sellers both had a significant role in the region's robust industrial activity recovery. The healthcare business segment and the electronics industry both maintained substantial growth. The investment in a large-scale hydrogen and carbon monoxide generating complex with integrated CO2 recycling was announced by important firms like Air Liquide. These factors together are driving up market demand in this region.

Key players in the market

Some of the key players profiled in the Carbon Monoxide Market include Middlesex Gases & Technologies, Inc, Linde PLC, Praxair Inc, Air Products and Chemicals, Air Liquide S.A., ATCO Atmospheric and Specialty Gases Pvt. Ltd, Messer Group GmbH, Broner Glove & Safety Company, Ningbo DSW International Co Ltd, Yingde Gases Group Company, Wison Group, Celanese Corporation, Praxair Incorporated, Wanhua, Sipchem, Messer, Tosoh and PT Aneka Gas Industry.

Key Developments:

In February 2022, Celenase Singapore, a global specialty material and chemical manufacturing company, announced the extension of its long-term contract with Linde Gas Singapore to supply carbon monoxide.

In July 2020, Air Products announced the steam methane reformer and cold box in Geismar are on stream and supplying hydrogen and carbon monoxide to Hunstman’s neighboring industrial operations.

Grades Covered:
• Electronic Grade
• Commercial Grade

Applications Covered:
• Metal Fabrication
• Chemical
• Pharma & Biotechnology
• Electronics
• Meat Colouring & Preservative
• Other Applications

End Users Covered:
• Electronic Industry
• Chemical Industry
• Metal Industry

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements