Carbon Dioxide Market Expected to Grow at 8.3% CAGR till 2034

The global carbon dioxide market (二酸化炭素市場) is anticipated to reach a value of US$ 4.3 billion by 2034, marking a substantial rise from US$ 1.9 billion in 2024. This growth is driven by a projected significant compound annual growth rate (CAGR) of 8.3% through the forecast period, reflecting increasing global demand for carbon dioxide.

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Market Dynamics

The carbon dioxide (CO2) market is influenced by several key factors. Industrial applications are a primary driver, with CO2 used extensively in industries such as food and beverage, chemicals, oil and gas, and healthcare. In the food and beverage sector, CO2 is vital for carbonation, preservation, and refrigeration. The increasing demand for processed and packaged foods and beverages is bolstering the market. Additionally, CO2's role in enhanced oil recovery (EOR) in the oil and gas industry, where it helps in extracting additional oil from aging wells, is a significant growth factor.

Environmental regulations and the push for sustainable practices are also impacting the market. While CO2 is a greenhouse gas, its capture and utilization in various industrial processes help mitigate its environmental impact. Innovations in carbon capture and storage (CCS) technologies are promoting the use of captured CO2 in commercial applications, thereby reducing emissions and fostering market growth.

Market Future Outlook

The future of the carbon dioxide market (marché du dioxyde de carbone) looks promising, with significant growth expected in the coming years. The adoption of CCS and carbon capture, utilization, and storage (CCUS) technologies is anticipated to rise, driven by stringent environmental regulations and the global push for carbon neutrality. Governments and industries are investing in research and development to find innovative ways to capture and reuse CO2, which is likely to open new avenues for market expansion.

Furthermore, the increasing demand for CO2 in the healthcare sector, particularly in medical gas applications and as a critical component in medical devices, is projected to boost market growth. The pharmaceutical industry's reliance on CO2 for various processes, including drug manufacturing and cryopreservation, adds to the positive outlook.

Market Insights

The carbon dioxide market is segmented based on source, application, and region. Sources of CO2 include natural sources like underground reservoirs and industrial processes such as ammonia and ethanol production. The application segment covers food and beverage, oil and gas, medical, and others. Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America holds a significant share of the market due to the presence of major food and beverage companies and advancements in CCS technologies. Europe is also a key player, driven by stringent environmental regulations and a strong focus on sustainability. The Asia-Pacific region is expected to witness substantial growth, propelled by rapid industrialization, urbanization, and increasing demand for processed foods and beverages.

Key Players

Linde Group
Air Liquide
Praxair Inc.
Air Products and Chemicals Inc.
Gulf Cryo
Dubai Industrial Gases
Mohsin Haider Darwish LLC
Yateem Oxygen
ERCO Worldwide

Competitive Landscape

Carbon dioxide producers are forging partnerships with leading global suppliers to advance technological innovations aimed at propelling market growth to new heights.

In 2023, Air Liquide announced its plans to construct one of Europe's largest carbon capture and storage units at its hydrogen production facility in Rotterdam, the Netherlands. Scheduled for operational launch in 2026, this facility will utilize Air Liquide's Cryocap technology.

Also in 2023, ABB and PACE CCS entered into a strategic alliance to accelerate the development of carbon capture and storage (CCS) technologies. This collaboration aims to expedite the deployment of CCS solutions, crucial for reducing carbon emissions globally. By combining their expertise, ABB and PACE CCS seek to promote widespread adoption of CCS across various industries as part of the collective effort to combat climate change.

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Key Segments of Carbon Dioxide Market (이산화탄소 시장) Research

By Production :
Combustion
Biological

By Delivery :
Centralized
Pipelines
Trucks
Cylinders
Onsite

By End Use :
Metal Manufacturing & Fabrication
Food & Beverages
Pulp & Paper
Oil & Gas
Healthcare
Chemicals

By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

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This release was published on openPR.