Global Carbon Dioxide Market Size, Share, Growth Analysis, By Application (Food & Beverages, Oil & Gas), By Source (Ethyl Alcohol, Hydrogen), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG15A2446 |
Region:
Global |
Published Date: November, 2024
Pages:
162
|Tables:
0
|Figures:
0
Carbon Dioxide Market Insights
Carbon Dioxide Market size was valued at USD 10.7 Billion in 2023 and is poised to grow from USD 11.25 Billion in 2024 to USD 16.74 Billion by 2032, growing at a CAGR of 5.1% during the forecast period (2025-2032).
High use of carbon dioxide in multiple industry verticals for different applications is expected to primarily drive the demand for carbon dioxide going forward. Extensive use of carbon dioxide in enhanced oil recovery technologies, preparation of carbonated beverages, freezing of food products, and other applications is presenting new opportunities for carbon dioxide companies over the coming years. High versatility of carbon dioxide in its various forms is also expected to bolster its demand on a global level. Rising use of carbon capture and storage technologies and increasing investments in the advancements of the same are also forecasted to create new business scope for carbon dioxide providers in the long run. On the contrary, imposition of stringent environmental regulations, high costs of storage and transportation, and health and safety risks associated with carbon dioxide are forecasted to slow down the adoption of carbon dioxide across the study period and beyond.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Carbon Dioxide Market Segmental Analysis
Global carbon dioxide market is segmented based on source, application, and region. Based on the source, the market is segmented into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and other sources. Based on the application, the market is segmented into food & beverages, oil & gas, medical, rubber, firefighting, and other applications. Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Analysis by Source
Ethyl alcohol is expected to account for a dominant carbon dioxide market share over the coming years. Extensive use of ethyl alcohol produces carbon dioxide and easy availability of raw materials for the same are helping this segment hold sway over others going forward. Surging demand for food-grade carbon dioxide is also estimated to create new opportunities for carbon dioxide companies via this segment. Rapid expansion of the food and beverages industry and high use of carbon dioxide in the same are also expected to further cement the high share of this segment through 2031 and beyond. Use of ethyl alcohol as a fuel is also allowing this segment to bring in more revenue.
Meanwhile, the demand for carbon dioxide through hydrogen sources is estimated to rise at a rapid pace over the coming years. Growing demand for hydrogen production around the world and increasing use of hydrogen as a fuel are helping this segment generate new opportunities for carbon dioxide providers. Carbon dioxide companies can focus on hydrogen production as carbon dioxide is a byproduct of the process, which allows companies to provide sustainable carbon dioxide. Availability of government subsidies, incentives, and supportive funding to promote hydrogen production is expected to further offer lucrative business scope for carbon dioxide providers in the long run.
Analysis by Application
The food & beverages segment is expected to account for the largest carbon dioxide market share going forward. The rapidly increasing global population and their high demand for food products are contributing to the dominance of this segment. High demand for convenience and packaged food products is expected to promote the use of freezing technology in the food & beverage industry, which in turn drives carbon dioxide adoption as well. Extensive use of carbon dioxide for packaging of food and beverages to extend shelf life is also slated to present new opportunities for carbon dioxide providers going forward.
Meanwhile, the use for carbon dioxide in oil & gas is slated to rise at a steady pace across the forecast period and beyond. Growing investments in oil & gas exploration activities and rising use of enhanced oil recovery technologies are projected to create new opportunities for carbon dioxide companies focusing on this segment. Efforts to increase oil output to satisfy the surging demand for energy are also estimated to promote the demand for carbon dioxide in the future. Growing adoption of carbon capture and storage systems in oil & gas industry to promote sustainability is also estimated to present new opportunities for carbon dioxide companies targeting this segment in the long run.
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Carbon Dioxide Market Regional Insights
North America is forecasted to spearhead the global carbon dioxide demand outlook over the coming years. The presence of a strong oil & gas industry, rising demand for frozen food products, and high adoption of carbon storage and capture technologies are expected to aid the dominance of the North American region. The United States is slated to spearhead revenue generation in this region owing to the high use of enhanced oil recovery technologies for mature oil wells. Canada is another important market for carbon dioxide providers operating in North America going forward. Rising demand for hydrogen production in this region is also expected to increase the production of carbon dioxide going forward.
On the other hand, the demand for carbon dioxide in the Asia-Pacific region is estimated to rise at a notable pace through 2031. Rapid industrialization is creating new opportunities for carbon dioxide providers to work in this region. Food-grade carbon dioxide and industrial-grade carbon dioxide are expected to be high in demand in this region. China is estimated to spearhead the carbon dioxide market forecast in this region followed by India, Japan, and South Korea going forward. Efforts to enhance oil & gas operations to meet the rising demand for energy and growing investments in hydrogen production plants are also slated to uplift the demand for carbon dioxide in the long run.
- Largest
- Fastest
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Carbon Dioxide Market Dynamics
Drivers
Growing Use in Food & Beverage Industry
- Carbon dioxide is used for the preparation of carbonated beverages, freezing food products, and packaging to extend shelf life. Rapid expansion of the food and beverages industry to accommodate the rising demand for food products from an expanding population is slated to drive up the demand for carbon dioxide going forward.
Demand for Enhanced Oil Recovery
- Enhanced oil recovery technologies are being used extensively around the world to extract residual oil from mature wells. Carbon dioxide plays a crucial role in ensuring proper functioning of enhanced oil recovery technologies, especially in secondary recovery techniques. It is expected to bolster carbon dioxide market growth going forward.
Restraints
High Storage and Transportation Expenses
- Storing and transportation of carbon dioxide requires specialized infrastructure such as pressurized containers and pipelines thereby incurring additional costs and risks. This impedes the demand for carbon dioxide in developing countries where such infrastructure is absent thereby slowing down the overall carbon dioxide market outlook in the future.
Health and Safety Risks of Carbon dioxide
- High concentrations of carbon dioxide pose sever health risks, including asphyxiation and respiratory distress which is why stringent safety protocols are implemented for its handling and storage. These risks, along with the associated costs of safety compliance, can impede the overall carbon dioxide demand outlook in the long run.
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Carbon Dioxide Market Competitive Landscape
Using sustainable carbon dioxide production processes is expected to be a highly popular strategy for all companies going forward. Targeting the oil & gas industry along with hydrogen production industry is slated to create new opportunities for carbon dioxide providers in the future. Collaborations and partnerships to develop new projects are expected to be essential strategies for all carbon dioxide companies.
Top Player’s Company Profiles
- Acail Gas
- Air Liquide
- Air Products and Chemicals, Inc.
- Greco Gas Inc.
- Linde AG
- Messer Group
- Sicgil India Limited
- SOL Group
- Quimetal
- Taiyo Nippon Sanso Corporation
Recent Developments
- In May 2024, Mammoth, a new carbon capture and storage facility was launched in Iceland. The facility is developed by Climeworks, a Swiss start-up focusing on climate change and has the capacity to suck around 36,000 tonnes of carbon dioxide out of the atmosphere every year.
- In July 2024, a biotechnology start-up launched in 2021 announced that it had raised USD 43 million. The Series A funding round was led by GV. The company intended to use these funds to commercialize its technology that makes acetic acid and its derivatives from carbon dioxide and hydrogen.
- In September 2024, Italy’s first carbon capture and storage project was launched. Eni and Snam collaborated to develop and launch this project as part of their efforts to reduce carbon dioxide emissions from industries in the country. The project is powered by renewable energy sources to make it more sustainable.
Carbon Dioxide Key Market Trends
- Carbon Capture, Utilization, and Storage (CCUS) Technologies: Carbon dioxide companies should focus on advancements in carbon, capture, utilization, and storage technologies to maximize their business scope in the future. Repurposing carbon dioxide as fuels, chemicals, and construction materials through these technologies is expected to present new opportunities for market players in the long run.
- Demand for Green Carbon Dioxide: Carbon dioxide providers can focus on incorporating sustainability in their production process and creating carbon dioxide through use of biomass. Imposition of stringent sustainability mandates and rising efforts of companies to promote eco-friendly products are expected to make this a key carbon dioxide market trend for the future.
Carbon Dioxide Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing use of carbon dioxide in the food & beverages industry and oil & gas industry is projected to primarily drive up the demand for carbon dioxide in the future. However, safety and health concerns and high costs of storage and transportation are slated to impede carbon dioxide market development in the future. North America is estimated to spearhead the global carbon dioxide demand outlook owing to high use of carbon dioxide in oil & gas applications and rising investments in oil & gas exploration activities. Emphasis on sustainable carbon dioxide production is slated to be a key trend for all carbon dioxide manufacturers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.15 Billion |
| Market size value in 2031 | USD 15.93 Billion |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Carbon Dioxide Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Carbon Dioxide Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Carbon Dioxide Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Carbon Dioxide Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Carbon Dioxide Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Carbon Dioxide Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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