Carbon Monoxide (CO) Market | Global Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2032

The global Carbon Monoxide (CO) market size was USD 4.10 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.5% during the forecast period. As the global economy continues to evolve, the Carbon Monoxide (CO) market is experiencing significant growth, primarily fueled by the increasing need for organic and inorganic chemicals, as well as a surge in mining and metal extraction activities. Carbon monoxide plays a crucial role in various industrial processes, making it a key player in multiple sectors.

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Market Drivers

Carbon monoxide is widely recognized for its importance in the production of numerous organic and inorganic chemicals. Industries such as pharmaceuticals, bulk chemical manufacturing, construction, and food and beverage rely heavily on CO. In particular, it is vital in producing syngas, a combination of gases that serves as a fuel source for various industrial applications.

Syngas production involves passing carbon monoxide over metal oxides, facilitating the conversion of these metals into their metallic forms. For instance, CO is utilized to produce metallic iron, essential in packaging meat and fish. Research from the U.S. National Center for Biotechnology Information highlights that combining low levels of CO with higher concentrations of carbon dioxide can inhibit microbial growth, enhancing food preservation.

The refining process in the metals and minerals industry also heavily relies on carbon monoxide, which serves as a reducing agent. This has become increasingly important as mining and metal extraction activities have surged over the past decade. According to the U.S. Geological Survey, the U.S. produced approximately 48 million metric tons of iron ore in recent years, demonstrating the high demand for CO in these sectors.

Market Restraints

Despite its advantages, the carbon monoxide market faces challenges, particularly concerning safety concerns. As a toxic gas, prolonged exposure to CO can have fatal consequences, leading to stringent regulations to ensure workplace safety. These regulations are designed to protect workers from potential hazards associated with carbon monoxide exposure, which could limit market growth.

Current Trends

A notable trend in the CO market is the growing adoption of syngas as a fuel in various industrial processes. The production of syngas, crucial in steam reforming, showcases the importance of the CO-to-other-gas ratio in its generation. Additionally, syngas can be produced from biomass and solid waste, positioning it as a promising carbon-neutral fuel for future energy solutions.

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Market Segmentation Insights

The carbon monoxide market can be segmented by product type into commercial grade and electronic grade. In 2022, the electronic grade segment emerged as the largest revenue contributor, driven by rising demand in the electronics and semiconductor industries. Electronic grade CO is essential in processes such as chemical vapor deposition and epitaxial growth, which are critical in manufacturing semiconductor materials and components.

The commercial grade segment is expected to grow steadily, primarily due to its applications in the chemical and metal industries. In the chemical sector, commercial grade CO serves as a vital feedstock for producing various compounds, including metal carbonyls, titanium dioxide, benzaldehyde, and citric acid. The metal industry also relies on commercial grade CO for reducing metal ores and producing metal powders.

End-Use Applications

In terms of end-use, the carbon monoxide market is segmented into the chemical industry, metal industry, and electronics industry. The metal industry is projected to hold a significant revenue share due to the essential role of CO in reducing metal ores and forming metal carbonyls.

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 Updates

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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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)

Commercial Grade

Electronic Grade

End-use Outlook (Revenue, USD Billion; 2019-2032)

Chemical industry

Metal Industry

Electronic Industry

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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Carbon Monoxide (CO) Market Size@ https://www.emergenresearch.com/industry-report/carbon-monoxide-market/market-size

Carbon Monoxide (CO) Market Share@ https://www.emergenresearch.com/industry-report/carbon-monoxide-market/market-share

Carbon Monoxide (CO) Market Trends@ https://www.emergenresearch.com/industry-report/carbon-monoxide-market/market-trends

Carbon Monoxide (CO) Regional Market Demand@ https://www.emergenresearch.com/industry-report/carbon-monoxide-market/regional-market-demand

Carbon Monoxide (CO) Market Analysis@ https://www.emergenresearch.com/industry-report/carbon-monoxide-market/market-analysis

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