[Latest] GCC Liquid Carbon Dioxide Industry to hit US$564.52 million by 2032 | Leading Companies are Gulf Cryo, Axcel Gases, Saudi Basic Industries Corporation (SABIC), Sharjah Oxygen Company (SOC), Buzwair Industrial Gases, Air Products and Chemicals, In

GCC liquid carbon dioxide market was valued at US$253.7 million in 2024 and is projected to rise to US$564.52 million by 2032, expanding at a CAGR of 10.6% from 2025 to 2032.

✅ As part of a US$50 billion investment, Qatar plans to build a large-scale carbon hub in Ras Laffan Industrial City, which hosts over 80 gas turbines. This initiative enhances Qatar's climate leadership while providing a stable, low-carbon CO2 supply for key industries.

✅ Saudi Arabia's Ministry of Energy has announced a multi-phase CCUS project in Jubail Industrial City, targeting 9 Mtpa of capacity by 2027. This forms part of a national roadmap to capture, utilize, or store 11 Mtpa of CO2 by 2035, ultimately scaling up to 44 Mtpa. These efforts support the Saudi Green Initiative and Vision 2030.

✅ Under the Saudi Green Initiative, the nation has also committed to reducing or avoiding 278 million tons of CO2-equivalent emissions annually by 2030.

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Latest M&A and Investments

✦ Gulf Cryo, in partnership with Petro Rabigh, launched Saudi Arabia's first carbon capture and utilization (CCU) facility in the Western Region (Rabigh) producing 300 metric tons of high-purity liquid CO2 daily, under a 20-year agreement with the Saudi Aramco-Sumitomo joint venture. This initiative supports Saudi Arabia's decarbonization targets and aligns with Vision 2030 and the Kingdom's 2060 net-zero goals, attracting significant public and private investments.​

✦ QatarEnergy invested $50 billion partnering with General Electric to build a large-scale national carbon capture hub at Ras Laffan Industrial City, focusing on eco-friendly CO2 production for food, beverage, chemical, and industrial sectors, solidifying Qatar's leadership in carbon management in the GCC.​

✦ Multi-billion dollar investments are ongoing by GCC governments and industrial conglomerates to develop carbon capture, utilization, and storage (CCUS) networks across UAE, Saudi Arabia, Qatar, and Oman, stimulating the liquid CO2 market

Key Players:

Air Products and Chemicals, Inc., Gulf Cryo, Arabia Gas Company, National Industrial Gas Plants (NIGP), Sharjah Oxygen Company (SOC), Axcel Gases, Saudi Basic Industries Corporation (SABIC), Linde Plc, and Buzwair Industrial Gases.

Latest Projects

1. Saudi Arabia's Ministry of Energy announced a multi-phase CCUS project in Jubail Industrial City, targeting 9 million tons per annum of CO2 capture and utilization by 2027 and expanding further to 44 Mtpa by 2035, positioning Jubail as a key CCUS and liquid carbon dioxide hub.​

2. Numerous planned and under-construction CCUS projects across the GCC are designed to integrate with existing natural gas and petrochemical operations, aiming to improve liquid CO2 production consistency and quality.​

3. Qatar's Ras Laffan facility is operational, capturing 2.1 Mt CO2 per year and supplying high-purity liquid CO2 to industrial consumers, forming the underpinning infrastructure for wider CCUS and green hydrogen ambitions.

Growth Forecast Projected:

The GCC Liquid Carbon Dioxide Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the GCC Liquid Carbon Dioxide Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Food & Beverage - 28%
Dominates the market due to high demand for CO2 in carbonation, chilling, and packaging processes.

By Healthcare & Pharmaceuticals - 18%
Widely used for medical-grade CO2 in diagnostics, cryotherapy, and drug manufacturing.

By Welding and Metal Fabrication - 15%
Relies on CO2 as a shielding gas to stabilize and improve welding efficiency.

By Agriculture - 12%
Used for greenhouse enrichment to improve crop yield and controlled-environment farming.

By Chemical Industry - 14%
Utilizes CO2 as a feedstock in chemical synthesis and industrial processing.

By Cement Industry - 8%
Used in mineralization processes and carbon-curing applications within cement production.

By Others - 5%
Includes applications such as fire suppression, water treatment, and oil & gas operations.

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Procurement and Supply Chain Insights

✅ The liquid carbon dioxide market's supply chain in the GCC is challenged by fluctuating feedstock quality and volume, primarily due to reliance on petrochemical and hydrocarbon processing by-products. This creates operational bottlenecks and drives demand for more sustainable, dedicated CO2 capture technologies.​

✅ Automated cryogenic transport and dispensing solutions are being deployed to improve operational reliability, safety, and cost efficiency in liquid CO2 supply chains across the region.​

✅ Regional governments are introducing incentives and policy support to promote cross-border procurement collaborations and establish carbon credit platforms to enhance the liquid CO2 value chain.

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