Press release
GCC Liquid Carbon Di-Oxide Market Size, Share, Industry, Forecast and outlook (2024-2031)
DataM Intelligence
The GCC liquid carbon di-oxide market has witnessed remarkable expansion, attaining a valuation of US$ 334.8 million in 2022, with a projected surge to US$ 667.4 million by 2030. This significant growth, at a CAGR of 9.0% during the forecast period of 2024-2031, can be attributed to various factors driving demand in the region.
Enhanced Oil Recovery Fuels Demand
The oil and gas sector in the GCC region relies heavily on liquid CO2 for enhanced oil recovery (EOR) activities. The vast oil deposits in the region present a substantial growth opportunity for injecting liquid CO2 into oil reservoirs, enhancing oil extraction efficiency. Notably, Al Ghaith Industries' groundbreaking plant in the Industrial City of Abu Dhabi I (ICAD I) represents a pioneering effort in recycling toxic gases into a clean, environmentally friendly product, contributing to the region's growth. The UAE, hosting this innovative facility, holds over 1/3rd of the regional market shares and anticipates the highest CAGR.
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Expanding Market Dynamics
Growing Food and Beverage Industry
The rising demand for carbonated drinks, including soft drinks, carbonated water, and energy drinks, propels the GCC liquid carbon di-oxide market. Liquid CO2, a crucial component for carbonation, experiences increased demand as the consumption of carbonated beverages continues to rise. The brewing and distilling industries also contribute significantly, with a surge in demand for liquid CO2 driven by the craft beer movement and evolving customer preferences.
Environmental Concerns and Regulations
As a significant hub for oil and gas production, the GCC faces challenges in regulating CO2 emissions. Carbon capture and storage (CCS) methods are being explored to absorb and store emissions from industrial operations, driving the demand for liquid CO2. Recent agreements, such as Saudi Aramco's partnership with Weatherford, further underscore the expanding role of liquid CO2 in well stimulation operations during drilling.
Fluctuating Crude Oil Prices
Fluctuating crude oil prices impact the production cost of liquid CO2, derived from industrial processes or natural sources. Producers may face cost implications for CO2 capture and purification procedures, affecting the overall profitability of liquid CO2 manufacturing.
Segmentation and Market Analysis
The GCC liquid carbon di-oxide market is segmented based on grade, application, and region. The offshore oil well drilling segment experiences significant growth due to expanding operations, with Saipem securing substantial contracts in the Middle East.
Geographical Share
Saudi Arabia's Dominance
Saudi Arabia, a global leader in oil production, drives the GCC liquid carbon di-oxide market. The nation's extensive oil and gas industry, coupled with innovative projects like Cryogenic carbon capture technology, positions Saudi Arabia as a key contributor and consumer, commanding a significant global market share.
Key Players
Leading global players in the GCC liquid carbon di-oxide market include Linde plc, Hunan Kaimeite Gases, Continental Carbonic Products, Inc, Taiyo Nippon Sanso Corporation, SOL Group, Ras Gas, Gulf Cryo, Kuwait Oxygen and Acetylene Company (KOAC), Dubai Industrial Gases (DIG), and Buzwair Industrial Gases.
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