Global Carbon Dioxide Market By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Other Sources), By Application (Plastics, Inks, and Coatings), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Carbon Dioxide Market Overview:

In 2021, the valuation of the global carbon dioxide market was USD 3,680 Million. It is projected to grow at a CAGR of 7.12% between 2022 and 2032.

The market is expected to grow due to the increasing use of Carbon Dioxide (CO2) for enhanced oil recovery (EOR), and its growing usage in the food & beverage and medical industries.

The market’s growth is being driven by the increasing use of enhanced oil recovery technology and the depletion of oil reserves. The United States is the largest market for carbon dioxide worldwide. The U.S. market is growing due to ongoing industrialization and the thriving oil & gas sector.

Global Carbon Dioxide Market Scope:

Source Analysis:

In terms of revenue, the ethyl alcohol market dominated in 2021. It held a 33% market share. This segment’s growth can be attributed largely to the availability of ethyl alcohol as a reliable and long-term source of high-commercially valuable carbon dioxide as a side-product.

In the future, carbon dioxide production from ethyl alcohol will be fueled by the increased global demand for food-grade carbon dioxide.

As a by-product of hydrogen production, carbon dioxide is often produced. Various processes are used for enhanced hydrogen production such as electrolytic processes, thermochemical processes, biological processes, and direct solar water-splitting processes.

There are many raw materials that can be used to produce carbon dioxide.

Application Analysis:

With a 38% revenue share, the food & beverage application segment was the dominant market segment in 2021. This segment’s growth can be attributed largely to the growing global demand for carbonated beverages.

Modified Atmospheric Package (MAP) is a common way to increase the shelf life of food products. It is also used in cryogenic freezing systems which have greater temperature flexibility than traditional mechanical refrigeration systems.

These factors will also contribute significantly to carbon dioxide consumption in food and beverage applications in the near future. There are many uses for carbon dioxide in the food and beverage industry. It is also used in chilling and freezing applications.

Carbon dioxide can also be used to regulate the temperature of food products in storage and transportation to preserve their quality and extend their shelf life.

Worldwide, carbon dioxide is becoming more important in medical applications. It is also used to develop new medicines that reduce the need for invasive surgery. Carbon dioxide gas is used primarily as an insufflation ingredient for many surgical procedures including endoscopy and laparoscopy.

It induces warmth and acts as a vasodilator by stimulating the skin’s heat receptors. Endoscopic procedures can be performed on patients easily by insufflation of carbon dioxide.

Key Market Segments:

By Source:

• Hydrogen

• Ethyl Alcohol

• Ethylene Oxide

• Substitute Natural Gas

• Other Sources

By Application:

• Food & Beverages

• Oil & Gas

• Medical

• Rubber

• Firefighting

• Other Applications

Market Dynamics:

For enhanced oil recovery, carbon dioxide gas is used extensively in the U.S. oil & gas industry. This gas reduces oil viscosity and eases oil flow. To improve the quality of both light and heavy oil extracts, carbon dioxide flooding is used.

Increasing investments in advanced technologies for enhanced oil recovery and carbon capture & storage (CCS), have pushed up the demand for carbon dioxide within the U.S.

There will be a significant increase in carbon dioxide-enhanced oil recovery projects in the United States in the future, according to the trends in different states. The U.S. is expected to see an increase in enhanced oil recovery and rising demand for carbon capture and storage from 2023 to 2032.

Due to growing health concerns and an increasing number of elderly people in the United States, the U.S. medical industry is expected to expand significantly in the future.

As carbon dioxide is used for a variety of medical purposes, including transient Respir stimulation, the U.S. market is expected to grow. It can also be used to stimulate deep breathing and coughing to treat atelectasis.

Regional Analysis:

North America was the dominant market for carbon dioxide in the world in 2021, accounting for more than 50% of the total market revenue. North America’s industrial sector is expected to grow the market.

The thriving healthcare industry in North America will encourage the use of carbon dioxide for surgeries to stabilize body cavities and increase the surgical surface area. Over the forecast period, carbon dioxide’s demand is expected to rise due to its increasing use in various applications.

The Asia Pacific was the second-largest revenue contributor in 2021. The Asia Pacific is the largest consumer of carbon dioxide worldwide. Asia Pacific’s largest application sector is food & beverages.

The region’s increased production is due to the increasing use of carbon dioxide in beverages and food products. To avoid industrial hazards, the rapid industrialization of Asia Pacific has encouraged the use of firefighting equipment. To extinguish flames, equipment such as fire extinguishers uses carbon dioxide.

Key Regions and Countries covered in the report:

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Spain

  • Rest of Europe

• APAC

  • China

  • Japan

  • Korea

  • India

  • Rest of Asia-Pacific

• South America

  • Brazil

  • Argentina

  • Rest of South America

• MEA

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Key Companies & Market share:

After considering long-term opportunities as well as the current regulatory environment, top market players like Matheson Tri-Gas, Inc., and Linde plc have adopted strategies to grow and sustain their market share.

Additionally, companies are now focusing more on providing long-term value for shareholders. Key players are focusing on building strong and low-risk strategies to ensure significant profit margins and a solid foundation for shareholders.

Due to the increased demand from end-users for industrial gases, these companies are now more focused on producing industrial gas strategically with advanced sourcing-automation manufacturing processes.

Кеу Маrkеt Рlауеrѕ іnсludеd іn thе rероrt:

• Acail Gás
• Air Liquide
• Air Products and Chemicals, Inc.
• Greco Gas Inc.
• Linde AG
• Messer Group
• Sicgil India Limited
• SOL Group
• Strandmøllen A/S
• Other Key Players

For the Carbon Dioxide Market research study, the following years have been considered to estimate the market size: