Carbon Dioxide Market Projected for Steady Growth: 4.9% CAGR Expected Over the Forecast Period

[Aarti Ghodke]

Carbon Dioxide Market Overview

The global carbon dioxide (CO2) market was valued at USD 8.91 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.9% over the forecast period, reaching approximately USD 12.46 billion by 2030. This growth is fueled by the diverse applications of CO2 across various industries, including food and beverages, oil and gas, and medical fields. Despite its role as a key contributor to climate change, carbon dioxide remains crucial in industrial applications, making it an indispensable chemical compound.

Carbon Dioxide Market Report Dynamics

1. Unique Applications of Carbon Dioxide

Oil and Gas Industry: The demand for CO2 is significantly driven by its use in Enhanced Oil Recovery (EOR), where it is injected under high pressure into oil reservoirs. This practice increases oil recovery rates by reducing the viscosity of crude oil, making it easier to extract.
Manufacturing & Construction: CO2 is widely used in welding as a shielding gas to prevent oxidation. Its application in MIG/MAG welding processes, where it is combined with argon to achieve higher efficiency, drives the market growth in industrial sectors.

2. Trends in Carbon Dioxide Market

Agricultural Use: In agriculture, CO2 is used to enhance crop growth in controlled environments like greenhouses. This growing demand in the agricultural sector is likely to fuel further market expansion.
Medical Applications: A noteworthy trend is the emerging use of CO2 in cosmetic procedures, such as carboxytherapy, and medical lasers for skin treatment, wound closure, and tissue removal.

3. Challenges

Environmental Regulations: Strict regulations regarding carbon dioxide emissions, such as the Kyoto Protocol, have restrained market growth. The high costs of CO2 capture, storage, and transportation, along with leakage risks, are additional factors limiting expansion.
Government Policies: Many governments worldwide are implementing policies to reduce carbon emissions, which could limit CO2 production, particularly in industries reliant on fossil fuels.

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Carbon Dioxide Market Scope

The report provides a detailed description of major segments with several sub-segments. The primary and secondary collection data sources were used to collect data for the Carbon Dioxide Market. Primary research sources include press releases, yearly reports, government websites, and the opinions of numerous specialists, analysts, experts, and researchers from different companies in Carbon Dioxide the industry. Political, social, economic and other market scenarios are examples of secondary sources. The data from these two sources are combined to create a report that provides information on the conditions required for higher growth.

Carbon Dioxide Market Regional Insights

The report includes a thorough analysis of all the factors, market size, growth rate, and import and export in regions. The Regional Analysis used in the report to understand the Carbon Dioxide market status in various countries.  The Carbon Dioxide market is broadly segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Carbon Dioxide Market Segmentation

1. By Source

Ethyl Alcohol: In 2023, this segment held the largest share, accounting for 33% of the market. The high purity of CO2 produced during ethyl alcohol fermentation makes it ideal for food-grade applications.
Hydrogen: As global economies transition towards hydrogen-based solutions, CO2 emissions from hydrogen production will likely increase, contributing to the market's growth.

2. By Application

Food & Beverages: The dominant application in 2023, this sector accounted for 39% of the total market. Carbon dioxide is essential in carbonating drinks, freezing food products, and managing pH levels, driving demand across this segment.
Oil & Gas: Enhanced oil recovery remains a crucial application, especially in regions with significant oil and gas production, further boosting demand for CO2 in this sector.

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Carbon Dioxide Market Key Players

Air Liquide (France)
Linde AG (Ireland)
Matheson Tri-Gas (United States)
Air Products and Chemicals, Inc.( United States)
AIR WATER INC (Japan)
Airgas (United States)
Buzwair Industrial Gases Factories (Qatar)
Gulf Cryo (United Arab Emirates)
INOX Air Products Ltd. (India)
Iwatani Corporation (Japan)
Matheson Tri-Gas, Inc. (United States)
Messer (Germany)
Praxair, Inc. (United States)
SABIC (Saudi Arabia)
SOL (Italy)

Conclusion

The global carbon dioxide market is on a steady growth trajectory, driven by its extensive use in various industrial and commercial applications. However, environmental concerns and stringent regulations could pose challenges to market expansion. Despite this, technological innovations, particularly in CO2 capture and utilization, present new opportunities for growth in the coming years.

Key questions answered in the Carbon Dioxide Market are:

1. What is Carbon Dioxide?
2. What was the Carbon Dioxide market size in 2023?
3. What is the growth rate of the Carbon Dioxide Market?
4. Which are the factors expected to drive the Carbon Dioxide market growth?
5. What are the different segments of the Carbon Dioxide Market?
6. What growth strategies are the players considering to increase their presence in Carbon Dioxide?
7. What are the upcoming industry applications and trends for the Carbon Dioxide Market?
8. What are the recent industry trends that can be implemented to generate additional revenue streams for the Carbon Dioxide Market?
9. What segments are covered in the Carbon Dioxide Market?
10. Who are the leading companies and what are their portfolios in Carbon Dioxide Market?
11. What segments are covered in the Carbon Dioxide Market?
12. Who are the key players in the Carbon Dioxide market?

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Key Offerings:

1. Past Market Size and Competitive Landscape (2018 to 2022)
2. Past Pricing and price curve by region (2018 to 2022)
3. Market Size, Share, Size & Forecast by Different Segment | 2024-2030
4. Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
5. Market Segmentation – A detailed analysis by segment with their sub-segments and Region
6. Competitive Landscape – Profiles of selected key players by region from a strategic perspective
   • Competitive landscape – Market Leaders, Market Followers, Regional player
   • Competitive benchmarking of key players by region
7. PESTLE Analysis
8. PORTER’s analysis
9. Value chain and supply chain analysis
10. Legal Aspects of Business by Region
11. Lucrative business opportunities with SWOT analysis
12. Recommendations

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