Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report, By Application (Medical, Rubber, Firefighting, Food & Beverage, Oil & Gas, Others); By Source; By Region; Segment Forecast, 2022 - 2029
- Published Date:Jan-2022
- Pages: 101
- Format: PDF
- Report ID: PM1557
- Base Year: 2021
- Historical Data: 2017 - 2020
Report Summary
The global carbon dioxide market was valued at USD 7.25 billion in 2021 and is expected to grow at a CAGR of 4.1% during the forecast period.
The robust use of carbon dioxide in various sectors including food & beverages, oil & gas, medical, rubber, firefighting, is projected to accelerate the growth of the market over the forecast period.
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The demand for the carbon dioxide market is largely driven by the increased consumption, production, and distribution of food & beverages across the globe. Solid or liquid CO2 is utilized for surface freezing, quick freezing, and refrigeration during the transportation and shipping of food products. CO2 gas is widely used to carbonate beers, soft drinks, and wine in order to inhibit fungal and bacterial growth.
CO2 market is likely to grow in the near future owing to the higher demand in the oil & gas industry. It is utilized in oil wells for oil extraction and to sustain the pressure within a formation. CO2 is partially dissolved into the oil when it is pumped into an oil well that allowing the easy extraction of oil from the bedrock.
The Covid-19 outbreak has impacted the growth of the carbon dioxide market owing to the negative impact on ethanol production and usage across the globe. For instance, the U.S. being the world’s largest producer of ethanol had produced 13.9 billion gallons in 2020, a decline from 15.7 billion gallons produced in fiscal 2019.
In addition, Covid-19 has hampered the growth of the oil & gas and chemical industry. The countries across the globe witnessed a fall in demand for oil along with the disruption in the supply of chemical and refined products owing to the worldwide lockdowns and travel restrictions. A decrease in demand for oil impacted its production facilities that include a widely used technique called Enhanced Oil Recovery (EOR), which aids in the extraction of oil from an oil field, further leading to the reduced market demand for CO2.
Industry Dynamics
Growth Drivers
The rising need for CO2 in the oil & gas industry for the extraction of oil is expected to accelerate the market growth. Carbon dioxide gas is used in Enhanced Oil Recovery (EOR), which is a technique utilized for increasing the quantity of obtained crude oil from oil fields. CO2 is injected under high pressure into an oil reservoir that pushes the oil through pipes and up to the surface of the ground. CO2 gas injection aids oil recovery and reduces the viscosity of recovered oil.
The rising application of CO2 in the manufacturing and construction industry is expected to increase the market demand for carbon dioxide. CO2 is utilized on a large scale as a shielding gas in MIG/MAG welding, where the gas guards the weld puddle against oxidation by the surrounding air. A mixture of argon and carbon dioxide is used to achieve a higher welding rate and reduce the need for post-weld treatment.
Report Segmentation
The market is primarily segmented on the basis of source, application, and region.
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By Source |
By Application |
By Region |
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Insight by Source
On the basis of source, the CO2 market is further categorized into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and others. Ethyl alcohol is expected to account for the largest share over the forecast period. CO2 is emitted during the production and burning of ethyl alcohol as a by-product. The rising government initiatives to support the production of ethanol across the world are expected to drive the growth of the market. For instance, the U.S. government supports the production of ethanol with methods that use less energy than conventional fermentation.
CO2 is obtained from the ethylene oxide production process formed during the methanol synthesis. The rising demand for ethylene oxide in the medical & pharmaceuticals and chemical industry is expected to accelerate the growth of CO2 as it is an essential chemical commodity utilized in several consumer products.
Insight by Application
On the basis of application, the carbon dioxide market is segmented into food & beverage, oil & gas, medical, rubber, firefighting, and others. The food & beverage sector is expected to account for the major share over the forecast period owing to its varied uses. CO2 is used to add carbonation to soft drinks and maintain the food product cold during transportation. CO2 is widely used to preserve packaged food products that aid in inhibiting the growth of bacteria.
The medical sector is expected to account for the second-largest share in the near future. Carbon dioxide is usually used as an insufflation gas for minimally invasive surgery (laparoscopy, arthroscopy, and endoscopy) to enlarge and stabilize body cavities to provide improved visibility of the surgical area. In the medical area, CO2 is also used for cryotherapy and respiratory stimulation during and after anesthesia.
Geographic Overview
North America is projected to hold the highest share in the carbon dioxide market over the forecast year owing to its wide application in the food & beverage, and oil & gas industry. The increased consumption of food & beverages, along with the rising consumer spending on convenient packaged food across the region, is paving the way for increased demand for carbon dioxide. In addition, the large presence of oil & gas refineries across the region is accelerating the market demand for carbon dioxide as it is highly used in the extraction of oil.
Asia Pacific is expected to be the fastest-growing in the near future. Carbon dioxide is highly in demand across the region owing to the rising growth of several end-use industries in which carbon dioxide is extensively utilized.
Competitive Insight
Some of the major players operating in the conformal coatings market include ACAIL Gas, AGA AB, Air Liquide, Air Products & Chemicals, Inc., Airgas, Inc., Gulf Cryo, Inox Air Products Ltd., Linde AG, Matheson Tri-Gas, Inc., Messer, National Industrial Gases Company, Praxair, Inc., Sicgil India Ltd., SOL Group, Strandmøllen A/S, Taiyo Nippon Sanso Corp., The BOC Group, and Universal Industrial Gases, Inc.
Carbon Dioxide Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 7.25 Billion |
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Revenue forecast in 2029 |
USD 9.91 Billion |
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CAGR |
4.1% from 2022 - 2029 |
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Base year |
2021 |
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Historical data |
2017 - 2020 |
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Forecast period |
2022 - 2029 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2029 |
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Segments covered |
By Source, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
ACAIL Gas, AGA AB, Air Liquide, Air Products & Chemicals, Inc., Airgas, Inc., Gulf Cryo, Inox Air Products Ltd., Linde AG, Matheson Tri-Gas, Inc., Messer, National Industrial Gases Company, Praxair, Inc., Sicgil India Ltd., SOL Group, Strandmøllen A/S, Taiyo Nippon Sanso Corp., The BOC Group, and Universal Industrial Gases, Inc. |
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