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Carbon Dioxide, Market Growth, Global Opportunities, Forecast 2024 to 2033
Global Carbon Dioxide, Market Dynamics, Industry Trends, Growth 2024
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According to The Business Research Company's, The carbon dioxide market size has grown rapidly in recent years. It will grow from $15.13 billion in 2023 to $17.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to emerging markets growth, and increased demand from the medical industry.
The carbon dioxide market size is expected to see rapid growth in the next few years. It will grow to $29.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to growing demand for frozen food, and growing demand from the oil and gas industry. Major trends in the forecast period include developing carbon dioxide separation technology, focusing on carbon capture and utilization, supplying to greenhouses, and considering mergers or the acquisition to increase market share.
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Market Drivers and Trends:
The growing demand for firefighting is expected to propel the growth of the carbon dioxide market going forward. Firefighting is the practice and profession of extinguishing fires and managing emergency situations involving fires, with the primary goals of protecting life, property, and the environment. Carbon dioxide is widely used as a firefighting agent in specialized fire suppression systems by displacing oxygen and removing one of the elements required for combustion, reducing the risk of fire accidents and minimizing the extent of damage. For instance, in June 2023, according to the National Fire Protection Association, a US-based non-profit organization, there were 38 firefighters and 51 volunteer deaths in 2022, which is an increase of 27 firefighters and 35 volunteer deaths in 2021. Therefore, the growing demand for firefighting is driving the growth of the carbon dioxide market.
Major companies operating in the carbon dioxide market are focusing on the development of new products, to gain a competitive edge in the market. These innovations are used in cosmetic product that uses recycled carbon dioxide (CO2) as an ingredient. For Instance, In July 2022, Beiersdorf AG, a Germany-based personal-care products manufacturing company, launched NIVEA MEN Climate Care Moisturizer. NIVEA MEN Climate Care Moisturizer is manufactured with recycled carbon dioxide (CO2) and a carbon capture utilization process. For this product, carbon is collected and processed into ethanol, which is then used in the moisturizer. This is the first skin care product that uses ultramodern carbon dioxide (CO2) recycling technology.
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Major Key Players of the Market:
Linde PLC, Air Products and Chemical, Inc., Air Liquide, The Messer Group GmbH, Nippon Sanso Holdings Corporation, Air Water Inc, Gulf Cryo, SOL Spa, Reliant Gases, India Glycols Limited, Praxair Inc., NGK Spark Plug Co., Ltd., Taiyo Nippon Sanso, Oxair, Yingde Gas Group Co., Ltd., Core Industrial Gases, Supagas, AMCS Corporation, Gagan Gases Ltd, Refex Industries, BOC UK, Altex, Climeworks AG, Carbon Clean, GRASYS, Continental Carbonic Products, Inc., Matheson Tri-Gas, Messer Gases del Peru S.A., WIKA Alexander Wiegand SE & Co. KG, Buzwair, Sasol, Gas Africa Limited, Carbacid Investments Limited, Afrox
Carbon Dioxide Market 2024 Key Insights:
• The carbon dioxide market size is expected to see rapid growth in the next few years. It will grow to $29.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
• Growing Demand For Firefighting In Carbon Dioxide Market
• Product Innovation With Carbon Dioxide In Cosmetics Industry
• Asia-Pacific was the largest region in the carbon dioxide market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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