Spiraling Demand for Carbonated Drinks Enhances Global Carbon Dioxide Market Growth

According to a new market research report published by Inkwood Research, the Global Carbon Dioxide Market is projected to evolve at a CAGR of 3.12% in terms of revenue and 2.81 in terms of volume during the forecasting years of 2020-2028.

"Browse 73 market Data Tables and 44 Figures spread over 191 Pages, along with an in-depth TOC on Global Carbon Dioxide Market Forecast 2020-2028".

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Carbon dioxide is described as a colorless, odorless, incombustible gas with a molecular composition of one carbon atom and two oxygen atoms. It is a part of the atmosphere and respiration process, and widely used in industry as dry ice, carbonated drinks, fire extinguishers, etc. It is an important greenhouse gas due to its ability to absorb infrared wavelengths. The significant factors favoring the market growth are rising demand for carbonated drinks, and the suitability of carbon dioxide for strengthening oil recovery.

Increasing Demand for Carbonated Beverages Augments Market Growth

Carbonated drinks, in the general sense, are soft drinks with carbon dioxide dissolved in it. They are known as soft drinks as they do not have any alcoholic content and include smoothies, juices, sparkling drinks, and functional drinks. The segregation of convenience beverages is done on the basis of product types, such as regular carbonated beverages and diet carbonated beverages. Rising demand for carbonated drinks is a crucial driving force for the carbon dioxide market. In addition, surging demand for processed food and beverages, and the ascending trend of healthy drinks with less or no sugar, owing to health awareness across the globe, are benefitting the market. There are different flavors available like cola, orange, and lemon. Naturally flavored beverages, such as tropical fruits and superfruits, are in demand in accordance with consumers becoming health conscious.

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Oil & Gas Category Garnered the Largest Market Share in the Application Segment

Carbon dioxide has two characteristics due to which it is injected into the pores of rock to push out crude oil. It is miscible with crude oil and less expensive than other similar mixable fluids. The property of miscibility helps a solvent to form a homogenous mixture by mixing with oil and move the oil away from the tool's surface. When carbon dioxide is injected into an oil reservoir, light hydrocarbons from the oil dissolve in the carbon dioxide, and it becomes soluble with crude oil. When the injected carbon dioxide and crude oil mix completely, the physical forces holding the two phases apart disappears. This allows the carbon dioxide to displace oil from the rock pores, and push it towards a producing well just as a cleaning solvent removes oil from tools.

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Asia Pacific Predicted to Record the Highest CAGR in terms of Revenue and Volume

The region of Asia Pacific is anticipated to grow at the highest CAGR with regard to volume and revenue during the forecast period. The analysis of the market growth of the region is based on the survey of the markets situated in the countries of India, Japan, Indonesia, Vietnam, Australia & New Zealand, China, South Korea, Thailand, and the rest of Asia Pacific. The region offers high growth potential owing to the rise in demand for carbon dioxide in multiple industries.

The market is highly consolidated with the presence of several eminent players originating from new technology to increase market share. Some of the leading companies trying to establish their presence in the global market are Universal Industrial Gases Inc, The BOC Group, Linde AG, Cosmo Engineering Ltd, INOX Air Products Ltd, etc.

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