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The Carbon Dioxide (CO2) Market size is estimated to grow at a CAGR of 4.48% between 2023 and 2028. The market size is forecast to increase by USD 2.12 billion. The growth of the market depends on several factors, including rising demand for CO2 in the oil and gas industry, an increasing number of applications in the food and beverages industry and the development of advanced carbon capturing and storage technologies.
The report includes a comprehensive outlook on the carbon dioxide market offering forecasts for the industry segmented by Technology, which comprises combustion and biological. Additionally, it categorizes Service Application into enhanced oil recovery, food and beverages, precipitated calcium carbonate, and others and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
CO2 is a non-flammable, odourless, and colourless gas with a mild, pungent acidic taste. For commercial purposes, it is usually obtained from the combustion of petroleum distillates, natural gas, carbon-containing compounds, coal, and other organic materials. The market size is based on the revenues generated by key participants.
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The increasing number of applications in the food and beverages industry is notably driving market growth. CO2 is available in the solid, liquid, and gaseous states. The liquid form is the most used form in the food and beverage industry. CO2 gas is used in MAP. Liquid CO2 is first delivered to the plant site via over-the-road trailers or railcars and then piped into the freezer, blender, and other equipment. The liquid is flashed to snow or a cold gas for the cooling and freezing of the food product. It helps create a short-term anaerobic environment. Globally, CO2 is used for processing all types of meat products and frozen specialties.
Moreover, for preserving freshness and extending the shelf life of packaged food products, MAP technology uses CO2 or a combination of CO2 and inert gases like argon or nitrogen. These gases extend the shelf life and appearance of many packaged food products. Markets that use more CO2 than liquid nitrogen (LIN) contribute to the growth of the global CO2 market during the forecast period.
An increase in R&D activities for new applications is an emerging trend shaping the market growth. Major companies have increased their R&D capabilities for exploring new applications where CO2 can be used in large volumes. The new application segments can emerge as the major consumers of CO2. R&D in the carbon dioxide (CO2) market mainly includes advanced technologies and methods for manufacturing CO2.
Additionally, CO2 is produced as a by-product during the fermentation of sugar and the production of bioethanol. Also, it is used in the alcohol industry and industrial applications. R&D activities in the enhanced oil recovery sector extensively use CO2 and will drive the growth of the carbon dioxide market during the forecast period.
The harmful effects of CO2 leakage are a significant challenge hindering market growth. In industrial applications of CO2, there can be chances of leakages in compressed CO2 systems, which can be harmful to public health and the environment. Most of the restaurants, bars, and breweries in the world have on-premises pressurized tanks of CO2. Leakages in these tanks can prove fatal for people. Small leaks in CO2 pipelines can cause hazards.
Moreover, manufacturing facilities in low-lying areas, which is an exception under normal conditions, or the absence of wind or air can lead to the accumulation of CO2 to dangerous levels and can cause potential hazards. Such leaks can be detected quickly and dealt with as the pressure in the pipe will constantly reduce. Such factors are expected to hamper the growth of the CO2 market during the forecast period.
The market share growth by the combustion segment will be significant during the forecast period. The combustion segment in the carbon dioxide (CO2) market is expected to witness significant growth in terms of market share when compared to the biological segment during the forecast period. Basically, combustion is a chemical reaction in which a material combines quickly with oxygen and produces heat.
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The combustion segment was the largest and was valued at USD 4.46 billion in 2018. The initial material is referred to as the fuel and the fuel can be solid, liquid, or gas (including CO2), although it is commonly a liquid for aeroplane propulsion. During combustion, new chemical compounds are formed by burning the fuel and the oxidizer. These compounds are referred to as exhaust. The majority of this exhaust is caused by chemical reactions between fuel and oxygen when a hydrogen-carbon-based fuel (such as gasoline) burns, water (hydrogen + oxygen) and CO2 (carbon + oxygen) is released into the atmosphere. However, the exhaust might also contain chemical combinations formed by the oxidizer alone. If gasoline is burnt in the air with 21% oxygen and 78% nitrogen, the exhaust may include nitrous oxides (NOX, nitrogen + oxygen). Hence, all these abovementioned features and properties of CO2 are expected to increase the demand for CO2 in the combustion process, which will fuel the growth of the CO2 market during the forecast period.
Based on application, the market has been segmented into enhanced oil recovery, food and beverages, precipitated calcium carbonate, and others. The enhanced oil recovery?segment will account for the largest share of this segment.?CO2 is used for enhancing oil recovery when the production of oil slows down in oilfields. In addition, in oil recovery applications, compressed CO2 is injected into an oil reservoir. It acts as a solvent that helps in oil expansion and ensures the easy flow of oil into production wells. For instance, at Weyburn oilfields, CO2 is injected at several injection wells. After the injection of CO2, the wells are injected with water so that the oil can expand and flow easily. The pressure in the reservoir increases and flushes out the oil to production wells. These factors under the enhanced oil recovery segment will drive the growth of the carbon dioxide market during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The carbon dioxide market in North America is expected to grow steadily during the forecast period. The US and Canada are the major contributing countries in North America. The growth of the CO2 market in North America can be attributed to the increasing demand for CO2 gas from various end-user industries, such as food and beverages, oil and gas, medical, and other industries. This, in turn, is expected to drive the growth of the regional CO2 market. Additionally, in the medical industry, CO2 is used in a wide range of medical applications, including transient respiratory stimulation. It is also used to encourage deep breathing and coughing in patients to treat atelectasis, owing to the increasing elderly population and growing health concerns among the masses in the US. Hence, the increasing enhanced oil recovery activities, the rising elderly population, and growing health concerns are expected to drive the growth of the regional CO2 market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Air Liquide SA, - The company offers carbon dioxide such as liquid and gaseous forms and pure and mixed with other gases.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Air Liquide SA, Air Products and Chemicals Inc., Axcel Gases, BASF SE, Buzwair Group, Chengdu Taiyu Industrial Gases Co. Ltd., Ellenbarrie Industrial Gases Ltd., Gulf Cryo Holding CSC, Jinhong Gas Co. Ltd., Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Pavan Industrial Gases Pvt. Ltd., Praxair Technology Inc., Reliant Gases, Salasar Carbonics Pvt. Ltd., SOL Spa, Steelman Gases Pvt. Ltd., The Linde Group, Universal Industrial Gases Inc., and Westfalen AG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The carbon dioxide market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
Carbon Dioxide Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
Market Growth 2024-2028 |
USD 2.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.32 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Liquide SA, Air Products and Chemicals Inc., Axcel Gases, BASF SE, Buzwair Group, Chengdu Taiyu industrial Gases Co. Ltd., Ellenbarrie Industrial Gases Ltd., Gulf Cryo Holding CSC, Jinhong Gas Co. Ltd., Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Pavan Industrial Gases Pvt. Ltd., Praxair Technology Inc., Reliant Gases, Salasar Carbonics Pvt. Ltd., SOL Spa, Steelman Gases Pvt. Ltd., The Linde Group, Universal Industrial Gases Inc., and Westfalen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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