Global Carbon Dioxide Market Size, Share, Growth Analysis, By Application (Food & Beverages, Oil & Gas), By Source (Ethyl Alcohol, Hydrogen), By Region -Industry Forecast 2024-2031

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.