Carbon Dioxide Market – Global Industry Analysis and Forecast (2022-2029)

Carbon Dioxide Market size was valued at US$ 8.22 Bn. in 2021 and the total revenue is expected to grow at CAGR 4.87% through 2022 to 2029, reaching nearly US$ 12.03 Bn.
Carbon Dioxide Market Overview:
Carbon dioxide is a colorless gas, having a faint sharp acidic odor with a density of 53% higher than dry air. Carbon Dioxide has a chemical formula of CO2. It is a minor component of the earth's atmosphere about 3 volumes in 10000. Carbon Dioxide is used as a refrigerant in a cryogenic refrigerator. It is used in fire extinguishers for inflating life rafts and life jackets, blasting coal, foaming rubber and plastics, Acidifier in water treatment, promoting the growth of plants in greenhouses, and carbonated beverages. In 2021, Carbon Dioxide was the world's 2772nd most traded product, and trade in Carbon Dioxide represents 0.0027% of total world trade.

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Carbon Dioxide Market Dynamics:
Carbon Dioxide has been used in various applications ranging from medical to food processing, beverage carbonation, and other Industrial uses drive the carbon dioxide market growth worldwide. Growing Investment in Research and Development (R&D) for advanced technologies in Enhanced Oil Recovery (EOR) and Carbon Capture and Storage (CCS) resulting in an increased demand for carbon dioxide across the globe.

The high abundance and wide benefits of carbon dioxide above other industrial gases are expected to increase the adoption of carbon dioxide in various end-use applications across the globe. Carbon dioxide is widely used in the medical industry in several applications, such as invasive surgery to stabilize body cavities, tissue freezing, respiratory stimulation, and cryotherapy. The extensive use of carbon dioxide in the medical industry is expected to drive the carbon dioxide market growth during the forecast period.

Transportation of CO2 involves high maintenance cost and the risk of CO2 leakage in the atmosphere are hindering the growth of the carbon dioxide market. In addition, protocols such as the Kyoto Protocol which commits the involved countries to limit the emission of greenhouse gases expected to deter the growth of the carbon dioxide market in the future.
Global Carbon Dioxide Market Segment Analysis:
Based on the Source, the Carbon Dioxide Market is segmented into Hydrogen, Ethyl Alcohol, Ethylene Alcohol, Substitute Natural Gas, and others. The Ethyl Alcohol segment captured the largest market share accounted for 32.17 % in 2021. In the production of ethyl alcohol, carbon dioxide is obtained as a by-product through alcoholic fermentation. Carbon dioxide obtained from ethyl alcohol has a high purity level and is primarily preferred for food grade, which fuels the product demand for this product.

The Hydrogen segment is expected to witness rapid growth at a CAGR of 4.7% during the forecast period. The initiatives taken by developed countries like U.S. and U.K. to move towards a hydrogen economy are expected to boost the production of hydrogen along with growth in the production of carbon dioxide for this segment. The growing demand for Ethylene Alcohol from end-use segments, such as chemical, medical, and pharmaceuticals, is expected to drive the segment growth during the forecast period.



Based on Application, the Carbon Dioxide Market is segmented into Food and Beverages, Oil and Gas, Medical, Rubber, Fire Fighting, and others. The Food and Beverages segment accounted for the largest share 41.37 % in 2021. In the Food & Beverages industry, carbon dioxide is mostly used for the carbonation of drinks, freezing poultry and food products as well as control of pH levels. Changing lifestyles of people leads to a rise in demand for ready-to-make and frozen foods, which increases the consumption of carbon dioxide. Moreover, the increasing population across the world has boosted the demand for Food & Beverages, which are expected to enhance the growth of the carbon dioxide market during the forecast period.

The Medical segment is expected to witness rapid growth with a CAGR of 4.92% during the forecast period. Increasing usage of carbon dioxide in the medical sector is expected to boost the growth of the carbon dioxide market during the forecast period.
Global Carbon Dioxide Market Regional Insights:
North America region held the largest market share accounting for 40.88 % in 2021. The presence of a large number of oil and gas production and refineries in this region is driving the growth of carbon dioxide market growth during the forecast period. As per the American Petroleum Institute, the oil & gas industry has been registered significant demand for carbon dioxide for the last 35 years for additional oil recovery. A report by the U.S. Department of Energy reported that around 137 billion barrels of potential oil resources are recoverable through carbon dioxide enhanced oil recovery, with close to 67 billion barrels recoverable at the cost of around US$ 85 per barrel. In 2021, the U.S. accounted for 29% of global carbon dioxide demand.

Asia Pacific region is expected to witness a significant CAGR of 5.07% during the forecast period. The continuous growing demand for CO2 in this region is attributed to the growth and expansion of end-user industries, such as food & beverages, medical, and rubber. In 2021, China accounted for 28% of global carbon dioxide demand.

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Global Carbon Dioxide Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 8.22 Bn.


Forecast Period 2022 to 2029 CAGR:
4.87%
Market Size in 2029:
US $ 12.03 Bn.


 Segments Covered:
by Source
• Hydrogen
• Ethyl Alcohol
• Ethylene Oxide
• Substitute Natural Gas
• Others


by Form
• Liquid
• Gas
• Solid


by Application
• Food & Beverages
• Oil & Gas
• Medical
• Rubber
• Fire Fighting
• Others



Global Carbon Dioxide Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Global Carbon Dioxide Market, Key Players
• Universal Industrial Gases, Inc.
• Linde Group
• Air Products and Chemicals, Inc.
• INOX Air Products Ltd.
• Continental Carbonic Products, Inc.
• Matheson Tri-Gas, Inc.
• Air Liquide International S.A.
• Praxair Inc.
• Gulf Cryo
• Bristol Gases–Concorde Corodex Group
• Buzwair Industrial Gases Factory
• Dubai Industrial Gases
• Messer
• Taiyo Nippon Sanso Corp.
Frequently Asked Questions:
1] What segments are covered in the Carbon Dioxide Market report?
Ans. The segments covered in the Carbon Dioxide Market report are based on Source , Form and Application.

2] Which region is expected to hold the highest share in the Carbon Dioxide Market?
Ans. North America region is expected to hold the highest share in the Carbon Dioxide Market.

3] What is the market size of the Carbon Dioxide Market by 2029?
Ans. The market size of the Carbon Dioxide Market by 2029 is US $ 12.03 Bn.

4] Who are the top key players in the Carbon Dioxide Market?
Ans. Universal Industrial Gases, Inc., Linde Group, Air Products and Chemicals, Inc., INOX Air Products Ltd., Continental Carbonic Products, Inc., Matheson Tri-Gas, Inc., Air Liquide International S.A., Praxair Inc., Gulf Cryo, Bristol Gases–Concorde Corodex Group, Buzwair Industrial Gases Factory, Dubai Industrial Gases, Messer, and Taiyo Nippon Sanso Corp.

5] What was the market size of the Carbon Dioxide Market in 2021?
Ans. The market size of the Carbon Dioxide Market in 2021 was US $ 8.22 Bn.