Growing Oil & Gas Industry to Push the Global Carbon Dioxide Market to Gain $9641.62 Million by 2028

As per a Triton Market Research report on the global carbon dioxide market, the market, which generated $7376.60 million in 2019, is anticipated to augment at a CAGR of 3.02% by the year 2028.

A study by Triton Market Research with the title ‘Global Carbon Dioxide Market,’ covers the Global Analysis and Forecast for 2019-2028 segmented by Source (Ethylene Oxide, Ethyl Alcohol, Substitute Natural Gas, Hydrogen, Other Sources), Application (Firefighting, Oil & Gas, Medical, Food & Beverages, Rubber, Other Applications), and by Geographical Region (Europe, North America, Asia-Pacific, Middle East and Africa, Latin America).

Carbon dioxide is a minor component in the atmosphere of Earth formed through different process like fermentation and respiration in living beings. It has applications in the food & beverage sector and the automotive industry, among others.

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As per the report, the global carbon dioxide market is likely to reach $9641.62 million by the year 2028, progressing with a CAGR of 3.02% in terms of revenue and 2.59% in terms of volume during the forecasted years 2019-2028.

The emergence of the EOR technique (enhanced oil recovery) and the increased application of CO2 are driving the global carbon dioxide market. This helps in improving the efficiency of the displacement process of carbon dioxide in wells, operating similarly to a cleaning solvent. However, the huge cost of capture and storage is restraining the global carbon dioxide market growth. This is due to the large number of equipment required to purify, capture, store, liquefy, transport, and bury CO2.

The carbon dioxide market is segmented into two major parts, source and application. The first segment, source, divides into ethylene oxide, ethyl alcohol, substitute natural gas, hydrogen and other sources. The second major segment, application, is sub-segmented into firefighting, oil & gas, medical, food & beverages, rubber and other applications.

As per the geographical outlook, Asia-Pacific is anticipated to be the fastest-growing and the largest carbon dioxide market during the projected period. There is tremendous growth in the oil & gas sector in countries like China, India, Japan and South Korea. Since the growth in this sector will lead to increased production of carbon dioxide, this factor is majorly contributing to the growth of the carbon dioxide market in the next few years.

Some of the big players in the carbon dioxide market are Air Products and Chemicals Inc, Air Liquide, Continental Carbonic Products Inc, Matheson Tri-Gas Inc, Inox Air Products Pvt Ltd (Air Products and Chemicals Inc), Cosmo Engineering Co Ltd, Linde, BOC, Universal Industrial Gases Inc and Airgas Inc.

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Question & Answer: Carbon Dioxide Market

Question 1: Which factors are driving the global carbon dioxide market growth?
Answer: The emergence of the EOR technique (enhanced oil recovery) and the increased application of CO2 are driving the global carbon dioxide market growth. This helps in improving the efficiency of the displacement process of carbon dioxide in wells, operating similarly to a cleaning solvent.

Question 2: Which factors are restraining the global carbon dioxide market growth?
Answer: The huge cost of capture and storage is restraining the global carbon dioxide market growth. This is due to the large number of equipment required to purify, capture, store, liquefy, transport, and bury the carbon dioxide.

Question 3: How is Asia-Pacific impacting the carbon dioxide market outlook?
Answer: As per the geographical outlook, Asia-Pacific is anticipated to be the fastest-growing and the largest carbon dioxide market during the projected period. There is tremendous growth in the oil & gas sector in countries like China, India, Japan and South Korea. Since the growth in this sector will lead to increased production of carbon dioxide, this factor is majorly contributing to the growth of the carbon dioxide market in the next few years.

Question 4: What are some of the big players mentioned in the competitive landscape of the carbon dioxide market report?
Answer: Some of the big players in the carbon dioxide market are Air Products and Chemicals Inc, Air Liquide, Continental Carbonic Products Inc, Matheson Tri-Gas Inc, Inox Air Products Pvt Ltd (Air Products and Chemicals Inc), Cosmo Engineering Co Ltd, Linde, BOC, Universal Industrial Gases Inc and Airgas Inc.

Related Report:
Global Process Oil Market

The Global Process Oil Market is set to augment at $7155.2 million by 2027, with a CAGR of 3.85% and 3.81% in terms of revenue and volume respectively in the forecasted period between 2019 and 2027.

The growing demand for process oil in the textile industry, due to its features like process efficiency, compound stability and UV stability, is primarily driving the growth of the global process oil market. The growing personal care industry is increasing the application of the process oil market as highly refined paraffinic oil finds its application in the cosmetic segment. Process oil is used in this sector to lubricate, smoothen, extend, soften and add moisture in several cosmetic formulations.

Rubber process oils is used as a component in the process of mixing compounds of rubber. It is also used in a wide range of automatic products, including rubber parts of cars, truck and motorcycles. Likewise, paraffin rubber process oil is used in the manufacturing process of the automotive tubes. Therefore, the growth in the automotive sector is consequently leading to the growth of the process oil market.

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