Carbon Dioxide (CO2) Market Overview:
Carbon Dioxide (CO2) Market size was valued at USD 3.7 Billion in 2021, accounting for a CAGR of 7.34% during the forecast period (2022-2030), and the market is estimated to be worth USD 7 Billion by 2030.
Carbon dioxide (CO2) is a gas that is naturally present in the earth’s atmosphere. This is colorless and non-flammable at a particular temperature and pressure. Being a greenhouse gas carbon dioxide is very significant to the earth’s atmosphere. Furthermore, carbon dioxide is utilized as a raw material for the production of fertilizers like urea & methanol, and chemicals. Moreover, CO2 is utilized in refrigerants for chilling and freezing the food for quality & improvement in its shelf life and fire extinguishers. Additionally, CO2 is a vital factor for carbonated drinks, packed food, and many others. Carbon dioxide gas is extensively consumed in the industry of oil & gas in the U.S. for oil recovery. The utilization of this gas reduces the viscosity of the extracted oil and enables the flow of oil. Also, CO2 is a vital component for refrigerators, firefighting, agriculture, oil & gas, and the medical sector (used as an inhalation gas in many surgeries) which accounted for the growth of the market.
The medical industry in North America is expected to lead consistently during the forecast period due to the rising elderly masses and increasing health concerns among the population in the territory. The boosting medical industry in the U.S. is assumed to aid the growth of the market in the country as carbon dioxide is utilized in an extended range of medical applications, such as respiratory stimulation which is also utilized to improve deep breathing and coughing problem in patients for the treatment of atelectasis.
Market Dynamics:
Driver
The increasing utilization of carbon dioxide in the enhanced oil recovery (EOR) technology, medical, and food & beverage industry has highly affected the growth of the market. Furthermore, carbon dioxide has many applications, like the carbonation of beverages besides cooling and freezing food products and inert gas in fire-fighting which are key determinants aiding the growth of the CO2 market during the forecast period of 2022 to 2030. Crude oil is obtained by pouring CO2 into the pore spaces of rocks. Typically, many technological modernizations incorporated with the introduction of multiple advanced techniques, that utilizes CO2 released in the stage of production are positively influencing the growth of the market.
Restraint
The high cost of collecting, liquefying, and transporting CO2 is a huge obstacle that hampers market growth. The movement of carbon dioxide in huge amounts needs high maintenance and scalability which are the restraints for the growth of the market. Furthermore, the excess emission of CO2 leads to harmful environmental concerns that result in limited expansion of market growth.
Opportunities
The usage of CO2 in construction materials for floors and roads is the factor that provides healthy opportunities to the market. Additionally, the material finds increased consumption in the healthcare sector as insufflation gas utilized in surgeries to stabilize the body cavities and provide good visibility in the surgical areas. Such factors are anticipated to create lucrative opportunities for market growth to bring efficiency to the mentioned applications.
COVID-19 Impact
The CO2 industry has been impacted due to the COVID-19 pandemic in multiple parts of the globe. Owing to the stagnation of the manufacturing facilities led to a decline in the rate of production. Furthermore, shipments were drastically affected during the lockdown due to the disruption in the supply chain. However, the situation has stabilized and as a result, it is known that COVID-19’s overall impact on the industry of CO2 is moderate. Post-COVID-19, there was a positive impact on market growth due to the increased demand for CO2 for augmented production processes and the focus of the government on healthcare facilities.
CO2 Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 7 billion |
| CAGR (2022-2030) | 7.34% |
| By Source | Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas (SNG) |
| By Delivery Mode | Centralized, Onsite, Pipelines, Trucks, Cylinders |
| By End-use | Food and Beverages, Paper and Pulp, Oil and Gas, Healthcare, Chemical |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | Air Liquide, Air Products and Chemicals, Inc., Greco Gas Inc., Linde AG, Messer Group, Sicgil India Limited, SOL Group, Strandmøllen A/S, Taiyo Nippon Sanso Corporation. |
Market Segmentation:
By Source
On the basis of source, the market is segmented into ethyl alcohol and ethylene oxide. The ethyl alcohol segment is anticipated to have the dominating share in the market during the forecast period. As ethyl alcohol is a long-term source of carbon dioxide, it is easily accessible for manufacturing CO2 as a by-product. Moreover, the rise in the demand for food-grade CO2 across the globe is anticipated to augment the usage of ethyl alcohol for the production of CO2. Furthermore, Substitute Natural Gas (SNG) is also expected to mark the fastest-growing CAGR over the forecast period. Typically, a significant feature like re-utilization makes it significant to drive carbon dioxide (CO2) market growth.
By Delivery Mode
Based on the delivery mode the market is segmented into centralized, onsite, pipelines, trucks, and cylinders. The pipeline segment is anticipated to provide substantial shares to the market growth in terms of volume. The lucrative way of transporting carbon dioxide is through the pipeline which provides a good pathway due to the feasibility and high cost-effectiveness. Thus, the segment growth is largely attributed to the liquefaction of carbon dioxide for easy transportation. Furthermore, irrespective of delivery modes, transportation of carbon dioxide is less feasible and comes with high costs besides requiring huge energy and maintenance.
By End-Use
Based on the end-use, the carbon dioxide (CO2) market is segmented into food and beverages, paper and pulp, oil and gas, healthcare, and chemical industries. The food and beverages industry holds a large part of the share in the market due to the huge increase in the demand for carbonated drinks. CO2 is primarily used as Modified Atmospheric packaging (MAP) along with the freezing application of food to increase the shelf life of food products. The usage of carbon dioxide is gaining growth in the medical field worldwide. It is used to upgrade new medicines to minimize encroachments in surgeries. Thus the applications of CO2 in incubators and medical-grade cylinders propel market growth. Due to the research and development globally, the usage of carbon dioxide for the manufacturing of building materials and chemicals is increasing.
By Region
The regional segment includes Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. North America has dominated the market share in 2021 by having the largest revenue share more than 50% of the market. The enriching healthcare sector in the regions of North America is expected to promote the utilization of carbon dioxide. In line with North America, Asia Pacific holds the second largest share in the revenue of the market. This region is the major consumer of carbon dioxide due to the foods and beverage industries in this region. The regions of Latin America and the Middle East & Africa are anticipating substantial growth in the forecasting period.
Carbon dioxide (CO2) Market Competitive Landscape:
The competitive landscape of the carbon dioxide market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- Air Liquide
- Air Products and Chemicals, Inc.
- Greco Gas Inc.
- Linde AG
- Messer Group
- Sicgil India Limited
- SOL Group
- Strandmøllen A/S
- Taiyo Nippon Sanso Corporation.
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