The global carbon dioxide market size was valued at USD 11.11 billion in 2023. The industry is expected to expand from USD 11.50 billion in 2024 to USD 15.21 billion by 2032, exhibiting a CAGR of 3.6% over the study period. Carbon dioxide is a chemical compound composed of one carbon atom and two oxygen atoms. The increasing consumer preference for carbonated beverages is driving market expansion. Furthermore, CO2 is widely utilized across multiple industries due to its versatile applications.
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List of Key Players Mentioned in the Report:
- 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)
- SOL Spa (Italy)
- POET, LLC (U.S.)
- Reliant Gases (U.S.)
- India Glycols Limited (India)
Segmentation:
Massive Applications of Liquid CO2 in Different Industries to Fuel Segment Expansion
In terms of form, the market is classified into gas, solid, and liquid. The liquid segment captured the largest share in 2023 with extensive applications of liquid carbon dioxide in different industries, including chemical processing, healthcare, food and beverages, and more.
Carbon Dioxide (CO2) is a chemical compound composed of one carbon atom and two oxygen atoms. It is colorless, odorless, and about 60% denser than dry air. CO2 is known as a greenhouse gas due to its ability to trap heat in the earth’s atmosphere. Despite being present in low concentrations in the atmosphere, it plays a crucial role in the carbon cycle. CO2 is also used in various industries for several applications, such as producing hydrogen by steam reforming natural gas or ethanol by fermentation.
Moreover, the product is a highly versatile compound that boasts a wide range of applications in various forms. It is utilized as an acidifying agent in water treatment, an inert gas for metalworking and fire suppression, a solvent for oil recovery, and in cooling applications. Thus, the increasing demand for carbonated beverages among consumers is driving market growth.
Utilization of Ethyl Alcohol as a Fuel Source to Impel Segment Growth
On the basis of source, the market is segregated into ethylene oxide, substitute natural gas, hydrogen, ethyl alcohol, and others. The ethyl alcohol segment witnessed the largest carbon dioxide market share in 2023 with the deployment of ethyl alcohol as a source of fuel in combustion engines, which leads to the production of CO2 as a byproduct.
Rapidly Growing Population to Propel the Food & Beverage Segment Expansion
With respect to end-use industry, the market is categorized into metal fabrication, firefighting, oil & gas, food & beverage, medical, and others. The food & beverage segment holds the major share due to the surging demand for food and beverage products owing to the rapidly growing population.
From the regional perspective, the market is classified into Latin America, the Middle East & Africa, the Asia Pacific, North America, and Europe.
Report Coverage
The research report provides a comprehensive coverage of the major driving and restraining factors affecting the market growth. In addition, it highlights the key segments, the latest trends, and notable industry developments. Additional aspects of the report include the strategic initiatives undertaken by leading companies to boost their share.
Drivers and Restraints:
Surging Deployment in Food & Beverage and Medical Industries to Escalate Market Growth
One of the major factors boosting the carbon dioxide market growth is an increase in the utilization of medical and food & beverage industries. Carbon dioxide has different applications in the medical industry, including the stabilization of body cavities during respiratory stimulation and minimally invasive surgery. In addition, it is deployed in the food & beverage industry to carbonate beverages and freeze poultry & meat.
Carbon Capture and Storage (CCS) is a technology used to capture CO2 emissions produced from burning fossil fuels for electricity generation, cement manufacturing, and biomass power plants, thereby preventing this gas from entering the atmosphere. This captured CO2 is suitable for enhanced oil recovery applications in the oil & gas industry. Although CCS is an expensive technology, it helps minimize the environmental impact caused by emissions. This factor makes it a beneficial technology, and its implementation across the globe is expected to increase during the forecast period.
However, the concerns pertaining to the transportation of the product may hamper market expansion.
Regional Insights:
Asia Pacific Leads Market Due to Heightened Demand From the Medical Industry
Asia Pacific’s market valuation reached USD 5.08 billion in 2023 on the back of the massive demand from medical and food & beverage industries. Increasing population and rise in disposable incomes will result in heightened consumption of beverages, leading to the region’s growth.
North America is poised to observe significant growth in coming years due to the growing demand for oil recovery applications, which is encouraging carbon dioxide use.
Information Source: https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
Competitive Landscape:
Key Players Emphasize Capacity Expansions to Boost Their Capacity
The market depicts a competitive and consolidated structure in terms of the competitive scenario. Moreover, global companies are making heavy investments in the research and development of better technologies to enhance product output. Several companies are also focusing on capacity expansion strategies to maximize their production output.
Key Industry Development:
February 2020: Linde unveiled that it has started a new air separation plant in Freeport, Texas. The new plant will supply oxygen and nitrogen to MEGlobal Oyster Creek.
