Boric Acid Market Growth to Reach $148.2 Billion by 2032 | Key Trends & Demand Insights

Allied Market Research has published a report titled, "Carbon Dioxide Market by Form (Solid, Liquid, and Gas), and Application (Food and Beverages, Medical, Fire Fighting, Agriculture, Metal Fabrication, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global carbon dioxide market was valued at $79.0 billion in 2020 and is projected to reach $148.2 billion by 2032, registering a CAGR of 5.8% from 2023 to 2032.

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Prime Determinants of Growth

The market is primarily driven by:

Rising demand in the food and beverage industry, where CO2 is used as a natural preservative to inhibit microbial growth. It creates an oxygen-free atmosphere unfavorable to many bacteria.

Increasing applications in the healthcare sector.

However, environmental and health concerns associated with CO2 emissions hinder market expansion. On the positive side, the growing trend in carbon recycling for renewable energy and material production is creating new growth opportunities.

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Report Highlights

Metric Details
Forecast Period 2023-2032
Base Year 2020
Market Size in 2020 $79.0 Billion
Projected Market Size by 2032 $148.2 Billion
CAGR 5.8%
Number of Pages 225
Segments Covered Form, Application, Region

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Key Market Segments
By Form: Liquid CO2 Shows Strong Growth Potential
Gas segment held the largest share in 2020 (over 50% of revenue), primarily due to its widespread use in carbonated beverages.

Liquid segment is projected to grow at the highest CAGR of 6.3% through 2032. Its use in cryosurgery for treating skin conditions and abnormal tissues is a significant contributor.

By Application: Food and Beverages to Lead Through 2032
Food and beverages segment accounted for one-fourth of the market share in 2020 and is expected to retain its dominance, driven by its role in carbonation and natural flavor extraction.

Medical segment is expected to register the highest CAGR of 6.0%, with growing use of CO2 in angiography and other imaging procedures

Regional Insights: Asia-Pacific Dominates
Asia-Pacific accounted for over one-third of the market in 2020 and is the fastest-growing region with a CAGR of 6.1%.

This growth is linked to high coal consumption for electricity in countries like China, India, and Japan, leading to increased CO2 emissions.

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Key Players in the Market
ACAIL GÁS
Buzwair Industrial Gases Factories
Dubai Industrial Gases
Gulf Cryo
India Glycols Limited
Linde PLC
Messer Group
SOL Group
Axcel Gases
PAVAN INDUSTRIAL GASES PVT. LTD.
Coregas
Air Liquide

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