Carbon Monoxide Market Growth Analysis, Trending Strategies and Key Players 2032 | Air Liquide, Air Products and Chemicals, Inc

Global Carbon Monoxide Market Size, Status, and forecast for the 2025-2032. The research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Carbon Monoxide Market industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data. Additionally, the report includes upstream and downstream analyses of key players, as well as global certainties and assurances. The report evaluates dynamic aspects such as forecast market information, Porter's Five Forces Analysis, sales estimates, wide product portfolio, market scenarios, and possibility studies.

The global carbon monoxide market size was valued at $5.7 billion in 2023, and is projected to reach $8.3 billion by 2032, growing at a CAGR of 4.2% from 2025 to 2032.

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Latest Trends:

One of the most significant trends in the carbon monoxide market is the increasing focus on green hydrogen production. As industries strive to reduce carbon emissions and transition to cleaner energy sources, hydrogen has emerged as a key player. The global hydrogen market is projected to grow substantially, with the green hydrogen segment expected to reach approximately USD 200 billion by 2030. This shift is driven by the need for sustainable alternatives to fossil fuels and the decarbonization of various sectors, including transportation and manufacturing.

Carbon monoxide plays an essential role in the production of hydrogen, particularly through processes such as steam methane reforming and the gasification of biomass. In these processes, CO can be converted into hydrogen and carbon dioxide. With increasing investments in hydrogen production technologies, the demand for carbon monoxide as a feedstock is also expected to rise. For instance, the International Energy Agency (IEA) anticipates that hydrogen production will need to triple by 2030 to meet climate goals, creating a corresponding need for CO.

Major Players in Carbon Monoxide Markets are:

Air Liquide, Air Products and Chemicals, Inc., American Gas Products, ATCO Atmospheric and Specialty Gases Pvt. Ltd., Axcel Gases, Broner Glove & Safety Company, Celanese Corporation, Glencore plc, Linde plc, Lundin Energy, LyondellBasell Industries N.V., MESA Specialty Gases & Equipment, Messer Group GmbH, Middlesex Gases & Technologies, Inc., Ningbo DSW International Co., Ltd., Praxair Inc., Shanghai Chemical Industry Park Development Co., Ltd., SIAD, Sipchem, Sri Venkateswara Carbonic Gases (P) Ltd., Tosoh, Yingde Gases Group Company

Industry News:

In January 2024, Linde started supplying captured carbon dioxide and clean hydrogen to Celanese Corporation from their global chemical and specialty materials company's carbon monoxide and hydrogen production facility. Celanese uses other CO2 sources and clean hydrogen as feedstock for producing low-carbon methanol at its joint venture Mitsui & Co., Ltd with Fairway Methanol LLC. This partnership builds an existing agreement in which Linde supplies Celanese with oxygen, carbon monoxide, and nitrogen. Both companies are dedicated to reducing their carbon footprints and advancing decarbonization efforts.

In May 2023, Air Products announced its plans to construct and operate two new carbon monoxide (CO) production facilities in Texas, one in La Porte and the other in Texas City, collectively producing over 70 million standard cubic feet per day (MMSCFD) of CO. The La Porte facility, set to be operational in 2024, will supply more than 30 MMSCFD to LyondellBasell, while the Texas City facility will come online in 2026, producing over 40 MMSCFD for Eastman Chemical Company. These facilities will integrate with Air Products' Gulf Coast CO pipeline network, enhancing supply reliability for regional customers.

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Global Carbon Monoxide Market Segmentation:

By Purity
More than 99%
Below 99%

By Grade
Commercial Grade
Electronic Grade

By Application
Metal Fabrication
Chemicals
Pharmaceuticals
Electronics
Ore Processing and Extraction
Others

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The following areas and countries are covered in the worldwide Carbon Monoxide Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

Asia Pacific is the dominant region in the market and the market size in the Asia Pacific stood at USD 1.40 billion in 2023. The high demand from metal extracting and processing companies is expected to boost the regional market growth. The large manufacturing base for end-user industries such as chemical and pharmaceuticals is further expected to boost the Asia Pacific carbon monoxide market growth. Moreover, increasing demand for electronic grade high purity CO from China and Japan for the production of ICs and other sensitive components is expected to influence industry growth.

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