Carbon Dioxide Market is forecast to witness a higher CAGR over the upcoming years, owing to the growing use of Carbon dioxide (CO2) across the food and beverage and medical sectors.

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Market Dynamic

The carbon dioxide market is witnessing an increase in demand during the forecast period owing to the growing use of carbon dioxide in the Oil and gas industry for enhanced oil recovery (EOR), medical industry, food & beverages industry, among others. In the medical industry, the use of CO2 is significantly increasing due to its usage across several applications such as in minimally invasive surgery, cryotherapy, respiratory simulation, and to stabilize body cavities. It is also used for tooth sensitivity assessment and tissue freezing. Furthermore, carbon dioxide also has a wide range of applications in the food & beverages industry as it is used for the carbonation of beverages by food-grade CO2 and freezing meat, poultry, and other food products. This factor is increasing the demand for carbon dioxide from the food & beverages industry. Moreover, growing enhanced oil recovery (EOR) operations by upstream companies to maintain their production levels is bolstering the demand for carbon dioxide. The growing deployment of CO2 across the manufacturing and construction industry is projected to augment the demand for carbon dioxide, owing to its significant use as a shielding gas in MIG/MAG welding.

Restraint in the Carbon Dioxide Market

One of the biggest factors that are likely to hinder the growth of the market is the increasing concerns related to the transportation of carbon dioxide. Pipelines are used for the transportation of CO2, but the lack of standards for the authentication of the quality of pipelines might hamper the growth. Transportation of CO2­ includes high maintenance cost and leakage of CO2 into the atmosphere, which might act as a restraint in the growth of the global carbon dioxide market.

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Source – Segment Analysis

Based on the source, the hydrogen segment is projected to grow at a higher CAGR during the forecast period. Carbon dioxide is usually obtained as a by-product during the production of hydrogen. Various processes are used for the production of hydrogen, which includes electrolytic processes (photoelectrochemical, photobiological, and microbial biomass conversion) and thermochemical processes (coal gasification, natural gas reforming or steam methane reforming, biomass gasification, solar thermochemical hydrogen, and biomass-derived liquid reforming). These processes involve the production of carbon dioxide as a by-product, which is increasing the demand for hydrogen production across the globe, thus further supplementing the growth of the hydrogen segment in the global carbon dioxide market.

On the other hand, the easy availability of ethyl alcohol as a dependable source to produce high-commercial value carbon dioxide is forecast to pave the way for ethyl alcohol over the upcoming years. A significant surge in the demand for food-grade carbon dioxide has bolstered the segment’s growth.

Application – Segment Analysis

On the basis of the application, the food & beverages segment is anticipated to grow at a faster CAGR over the forecast period. Carbon dioxide is majorly used for freezing poultry & food products, controlling pH levels, and for carbonation of drinks. The rising change in lifestyle choices has increased the demand for frozen and ready-to-make foods, which is growing the consumption of carbon dioxide. In addition, the exponentially rising population has increased the demand for food & beverage products, which is another factor augmenting the growth of the food & beverages segment in the global carbon dioxide market.

The medical end-use industry is estimated to witness a higher CAGR over the upcoming years, owing to its growing use in various surgical processes such as laparoscopy, endoscopy, and arthroscopy as an insufflation component. The growing use of carbon dioxide as new medicines to minimize invasive surgeries, will bolster the market growth.

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Region – Segment Analysis

Based on the region, the Asia-Pacific region is expected to grow at a higher CAGR over the forecast period. This is mainly attributed to the growing consumption of carbon dioxide in this region due to the expansion of end-user industries. China is the key consumer of carbon dioxide in Asia-Pacific region. Rapid growth in the end-use industries, such as medical and food & beverages in the developing countries like India, China, and Southeast Asian countries are significantly surging the growth of the carbon dioxide market in Asia-Pacific. Growing industrial sector in North American region is estimated to expand the regional growth. Further, the deployment of carbon dioxide in the medical industry to stabilize body cavities will further propel the market size.

Top Market Players

Various notable players operating in the market include Linde plc, UIG, Air Products and Chemicals, Inc., Airgas, Inc., Praxair, Inc., Continental Carbonic Products, Inc., Matheson Tri-Gas, Inc., Reliant Gases, Air Liquide, and The Messer Group, among others.

Key Developments

• • In 2021 – Air Liquide entered into a strategic agreement with Gippsland Basin Joint Venture, to construct a new facility to offer carbon dioxide to Australian industries. This facility will be established next to the Longford Gas Conditioning Plant, which is owned by Gippsland Basin Joint Venture and operated by Esso Australia, to capture CO2 from its operations and supply it to Air Liquide for purification and reuse.
  • In 2019, Air Products and Chemical, Inc. announced the acquisition of ACP Europe SA, one of the largest independent carbon dioxide companies in Europe. This acquisition helped the company to better serve its customers and expand across other European markets.
  • In 2018, Air Liquide, a key company in the CO₂ market, signed an agreement with AVR in a bid to facilitate the distribution and storage of liquid carbon dioxide recovered from the AVR carbon dioxide capture systems in the Netherlands. 

Segments covered in the Report:

The global carbon dioxide market has been segmented on the basis of source, application, and regions. Based on source, the market is segmented into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and others. Based on application, the market is segmented into food & beverages, oil & gas, medical, rubber, fertilizer/agrochemicals, metal manufacturing, and others. 

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Key questions answered in this research report:

• • At what pace is global carbon dioxide market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in carbon dioxide market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global carbon dioxide market?
  • Which source generated maximum revenues in 2019 and identify the most promising source during the forecast period?
  • What are the various application areas of global carbon dioxide market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Source, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Linde plc, UIG, Air Products and Chemicals, Inc., Airgas, Inc., Praxair, Inc., Continental Carbonic Products, Inc., Matheson Tri-Gas, Inc., Reliant Gases, Air Liquide, The Messer Group, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Carbon Dioxide Market by Source

• • Hydrogen
  • Ethyl Alcohol
  • Ethylene Oxide
  • Substitute Natural Gas
  • Others

Global Carbon Dioxide Market by Application

• • Food & Beverages
  • Oil & Gas
  • Medical
  • Rubber
  • Fertilizer/Agrochemicals
  • Metal Manufacturing
  • Others

Global Carbon Dioxide Market by Region

• • North America Carbon Dioxide Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Carbon Dioxide Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Carbon Dioxide Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Carbon Dioxide Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Carbon Dioxide (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Linde plc
  • UIG
  • Air Products and Chemicals, Inc.
  • Airgas, Inc.
  • Praxair, Inc.
  • Continental Carbonic Products, Inc.
  • Matheson Tri-Gas, Inc.
  • Reliant Gases
  • Air Liquide
  • The Messer Group