Carbon Dioxide Market Trends and Forecast 2024: Applications, Growth Drivers, and Regional Insights

[Aarti Ghodke]

 

Carbon Dioxide    Market Overviews

Carbon Dioxide Market size was valued at US$ 8.91 Bn. in 2023. Global Carbon Dioxide Market is estimated to grow at a CAGR of 4.9% over the forecast period.

Carbon dioxide (CO2) is a versatile compound with many various applications in gaseous, liquid, and solid phases due to its unique characteristics. It is used as a chemical building block (primarily for the synthesis of urea from ammonia), as an acidifier in beverage and water treatment applications, as a supercritical solvent (e.g., in enhanced oil recovery and caffeine extraction from coffee), as shielding and inerting gas (e.g., in metalworking or food preservation), and as a chilling and cleaning agent while solid (it sublimates from solid directly to a gaseous state).

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Carbon Dioxide    Market Scope and Methodology:

The increased demand for CO2 in the oil and gas industry for oil extraction is expected to propel the carbon dioxide market growth throughout the forecast period. Enhanced Oil Recovery (EOR) is a technology for boosting the amount of crude oil extracted from oil fields using carbon dioxide gas. CO2 is pumped under high pressure into an oil reservoir, causing the oil to flow through pipelines and to the ground's surface. Oil recovery is aided by CO2 gas injection, which decreases the viscosity of recovered oil. It is used to extract oil and maintain pressure within a formation in oil wells. When CO2 is poured into an oil well, it partially dissolves into the oil, allowing for simple extraction of oil from the bedrock.

Carbon Dioxide   Market Regional Insights

The North American region dominated the market with a 41% share in 2023. The presence of a significant number of oil and gas production and refineries in this region is expected to drive the growth of the carbon dioxide market. According to the American Petroleum Institute, the oil and gas sector has had a substantial demand for carbon dioxide for enhanced oil recovery over the past 35 years. According to a report by the US Department of Energy, carbon dioxide enhanced oil recovery can recover over 137 billion barrels of potential oil resources, with close to 67 billion barrels costing around US$ 85 per barrel. The United States will account for 29% of world carbon dioxide demand in 2020.

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 Carbon Dioxide   Market Segmentation

By Source, the Carbon Dioxide Market is segmented into Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Others. The Ethyl Alcohol segment dominated the market with 33% in 2023. Carbon dioxide is produced as a by-product of alcoholic fermentation in the creation of ethyl alcohol. Carbon dioxide derived from ethyl alcohol has a high purity level and is mostly used in the food industry, fueling demand for this segment.

Carbon Dioxide   Market Key Players

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)

Key questions answered in the Carbon Dioxide   Market are:

• What is Carbon Dioxide   ?
• What was the Carbon Dioxide   market size in 2023?
• What is the growth rate of the Carbon Dioxide   Market?
• Which are the factors expected to drive the Carbon Dioxide   market growth?
• What are the different segments of the Carbon Dioxide   Market?
• What growth strategies are the players considering to increase their presence in Carbon Dioxide   ?
• What are the upcoming industry applications and trends for the Carbon Dioxide   Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Carbon Dioxide   Market?
• Who are the leading companies and what are their portfolios in Carbon Dioxide   Market?
• What segments are covered in the Carbon Dioxide   Market?
• Who are the key players in the Carbon Dioxide   market?

 

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• 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
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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