Carbon Monoxide Market Size Worth USD 6.41 Billion in 2032 | Key Companies - Yingde Gases Group Company, Ningbo DSW International Co

Global Carbon Monoxide Market Expected to Exhibit Steady Growth

The global Carbon Monoxide (CO) market, valued at USD 4.10 Billion in 2022, is poised to witness substantial growth, with a projected revenue CAGR of 4.5% during the forecast period. Key factors fueling this growth include the rising demand for organic and inorganic chemicals and the increasing need for mining and metal extraction activities.

Drivers of Market Growth:

Carbon Monoxide serves as a crucial reagent in the production of a diverse range of organic and inorganic chemicals. Its significance extends to industries such as pharmaceuticals, bulk chemical manufacturing, construction, and Food & Beverage (F&B). Moreover, CO plays a vital role in industrial processes, especially in the creation of syngas or water gas, which finds application as a fuel source and in metal extraction processes.

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Market Restraints:

Despite its utility, concerns regarding the toxic nature of CO pose a significant restraint to market growth. Industries are subject to stringent regulations to ensure workplace safety, limiting the use of CO in certain applications.

Trends Shaping the Market:

An emerging trend is the increasing adoption of syngas as a fuel in various industrial processes. CO's role in steam reforming, which generates syngas, highlights its importance across industries. Additionally, the generation of CO from biomass and solid waste presents opportunities for carbon-neutral fuel applications.

Segment Insights:

Product Type:

The market is segmented into commercial grade and electronic grade CO. Electronic grade CO dominates the market, driven by its demand in industries like electronics and semiconductor for processes such as Chemical Vapor Deposition (CVD) and epitaxial growth. Commercial grade CO, on the other hand, is witnessing steady growth due to its essential role in chemical and metal industries for various applications.

End Use:

The metal industry segment is expected to lead in revenue share, driven by CO's role in metallurgical processes and the formation of metal carbonyls. The chemical industry segment is also poised for growth, fueled by CO's versatility in chemical synthesis and catalysis.

Outlook:

The global Carbon Monoxide market presents promising opportunities, driven by its diverse applications across industries. However, addressing concerns related to its toxic nature remains crucial for sustained growth. The market is expected to witness significant developments in the adoption of CO as a fuel source and catalyst, further driving its demand in the coming years.

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Carbon Monoxide Top Companies and Competitive Landscape

The global CO market is consolidated, with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective CO solutions.

Some major players included in the global Carbon Monoxide market report are:
• Yingde Gases Group Company
• Ningbo DSW International Co., Ltd.
• Messer Group GmbH
• ATCO Atmospheric and Specialty Gases Pvt. Ltd.
• Air Products and Chemicals
• Middlesex Gases & Technologies, Inc.
• Praxair Inc.
• Broner Glove & Safety Company
• Air Liquide S.A.
• Linde PLC
• Tosoh
• Sipchem
• American Gas Products
• Celanese Corporation
• Shanghai Chemical Industry Park Development Co., Ltd.
• Sri Venkateswara Carbonic Gases (P) Ltd.
• Lundin Energy
• LyondellBasell Industries N.V.
• Glencore plc
• SIAD

Carbon Monoxide Latest Industry News
• In February 2022, Linde extended its partnership with Celanese to provide additional pre-screening solutions. This expansion involves Linde supplying CO2 and hydrogen to Celanese's manufacturing plant in Clear Lake, Texas. Celanese intends to utilize this CO2 and hydrogen as an alternative raw material for producing methanol through their Fairway Methanol LLC joint venture. This approach will result in methanol with significantly reduced carbon emissions.

• In July 2020, Air Products revealed its plans to establish a new industrial gas facility in Geismar, Louisiana, featuring a steam methane reformer and cold box. The primary purpose of this plant is to provide Huntsman Corporation's industrial operations with a supply of hydrogen and CO. This facility has the capacity to generate around 6.5 million standard cubic feet per day (MMSCFD) of CO, 50 MMSCFD of hydrogen, and up to 50,000 pounds per hour of steam.

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Carbon Monoxide Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global CO market on the basis of product type, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o Commercial Grade
o Electronic Grade

• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Chemical industry
o Metal Industry
o Electronic Industry

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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