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

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.