Carbon Dioxide Market

Market Definition:

The global Carbon Dioxide Market was estimated to be worth USD 10.58 billion in 2023 and is expected to reach USD 61.26 billion by 2030, with a CAGR of 30.1% from 2024 to 2030. Carbon dioxide, which is chemically denoted by CO2, is a colorless gas that consists of one carbon atom covalently double bonded with two oxygen atoms. It is found in different forms such as solid, liquid and gaseous forms.

CO2 is kind of a heat-trapping greenhouse gas that absorbs and emits radiant energy causing the greenhouse effect. This gas is produced by burning of fossil fuels, volcanic eruptions, deforestation, as well as natural activities such as respiration, and decomposition of organisms. It is used as acidifiers for waste water treatment, as an inert gas for metal working, and solvent for oil recovery. Moreover, CO2 is also used as a fire extinguisher since it can displace the amount of oxygen around the fire broken area.

Market Dynamics and Trends

The increasing demand of carbon dioxide (CO2) is due to its increased application in the food and beverages industries along with the rising use of CO in oil industry. For instance, as per the U.S. Department of Energy (DOE), around 137 billion barrels of potential oil resources are recoverable through carbon dioxide, with close to 67 billion barrels recoverable at the cost of around USD 85 per barrel. Also, in May 2022, Air Company launched Air Vodka which was directly derived from CO2 by converting it into ethanol. Also, the growth of the chemical industry that uses CO2 as an inert gas in chemical processes is driving the market growth.

In addition, the increasing use of carbon dioxide in agricultural activities related to crop growth is further expected to drive the market. The rising application of CO2 in the manufacturing and construction industry is expected to increase the demand for carbon dioxide as it is utilized on a large scale as a shielding gas in MIG/MAG welding that is further driving the growth of the CO2 market during the forecast period.

However, higher cost of capturing, compressing, liquefying, and transporting of carbon dioxide are the factors that are expected to restrain the growth of market during the forecast period. On the other hand, the use of CO2 for development of new medicines to minimize invasive surgeries as CO2 is used as an insufflation material for several surgeries such as laparoscopy, endoscopy and arthroscopy is expected to create lucrative growth opportunities for the carbon dioxide market players in future.

Market Segmentations and Scope of the Study:

The carbon dioxide market has been divided based on type, sources, application, and geography. Based on type, the market is classified into liquid carbon dioxide, solid carbon dioxide and gaseous carbon dioxide. According to sources, the market is divided into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and others. On the basis of application, the market is grouped into food & beverages, chemicals, metal products, oil & gas, medical, rubber, fire fighting, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America region holds the lion share of carbon dioxide market at present and is expected to continue its dominance during the forecast period. This is attributed to factors such as a surge in the demand for oil recovery applications, implementation of CO2 based EOR projects in the region, and increased usage of the gas for the carbonation of alcoholic and non-alcoholic beverages. Also, presence of major players such as Matheson Tri-Gas, Inc., Air Products and Chemicals, Inc., Universal Industrial Gases and POET, LLC will boost the market growth in this region.

On the other hand, Asia-Pacific is expected to witness a rapid growth in the carbon dioxide market due to higher demand from automotive industry in China. Also, rising demand of CO2 from coal mines as a blasting compound along with higher demand of C02 from electronic and electrical industry due to their use in refrigerators and fire extinguishers is further expected to drive the growth of Carbon dioxide market in this region.

Competitive Landscape

The carbon dioxide market comprises of various players such as Linde plc, Air Products and Chemicals, Inc., Air Liquide, Sicgil India Limited, Reliant Gases, India Glycols Limited, Universal Industrial Gases, Matheson Tri-Gas, Inc., The Messer Group GmbH, and POET, LLC. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product reach and increase their growth as well as geographical reach.

For instance, in March 2021, Gippsland Basin Joint Venture, operated by Esso Australia Pty. Ltd., signed an agreement with Air Liquide Australia to capture and reuse Carbon Dioxide (CO2) extracted from Gippsland gas. According to the agreement, Esso will first capture and then send excess CO2 to Air Liquide, which will then process and supply the in-demand gas in different forms to businesses. Also, in September 2021, Air Products announced multi-billion-dollar Net-Zero Hydrogen Energy Complex in Edmonton, Alberta, Canada. The $1.3 billion (CAD) net-zero hydrogen production and liquefaction facility was expected to accelerate a transition towards a cleaner and more sustainable energy future.

Key Benefits

• The carbon dioxide market report provides the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the carbon dioxide market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the carbon dioxide market is provided in the report.

• The competitive analysis of the market players along with their market share in the carbon dioxide market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Segments

By Type

• Liquid Carbon Dioxide

• Solid Carbon Dioxide

• Gaseous Carbon Dioxide

By Sources

• Hydrogen

• Ethyl Alcohol

• Ethylene Oxide

• Substitute Natural Gas

• Others

By Application

• Food & Beverages

• Chemicals

• Metal Products

• Oil & Gas

• Medical

• Rubber

• Fire Fighting

• Others

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining Countries

Key Players

• Linde plc

• Air Products and Chemicals, Inc.

• Air Liquide

• Sicgil India Limited

• Reliant Gases

• India Glycols Limited

• Universal Industrial Gases

• Matheson Tri-Gas, Inc.

• The Messer Group GmbH

• POET, LLC

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2023–2030
Base Year Considered	20213
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Type (Liquid Carbon Dioxide, Solid Carbon Dioxide and Gaseous Carbon Dioxide), by Sources (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Others), by Application (Food & Beverages, Chemicals, Metal Products, Oil & Gas, Medical, Rubber, Fire Fighting, and Others)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific), Rest of the World (UAE, Saudi Arabia, South Africa, Brazil, Remaining countries)
Companies Profiled	Linde plc, Air Products and Chemicals, Inc., Air Liquide, Sicgil India Limited, Reliant Gases, India Glycols Limited, Universal Industrial Gases, Matheson Tri-Gas, Inc., The Messer Group GmbH, and POET, LLC.