Carbon Dioxide Market: A Commodity with Growing Demand

Carbon Dioxide Industry Overview

 

The global carbon dioxide market size was estimated at USD 10.94 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030. This is attributed to its growing application in enhanced oil recovery (EOR) due to the depleting oil reserves and heavy dependence on crude oil imports, mainly in the Asia Pacific.

Moreover, growing end-use industries like food & beverages and medical are expected to boost the carbon dioxide (CO2) industry during the forecast period. The U.S. is one of the most prominent markets for CO2 in the world, growing at a CAGR of 4.9% in terms of revenue in the upcoming years. The growth of the CO2 industry in the U.S. is attributed to increasing industrialization and the flourishing oil and gas industry in the country.

 

Gather more insights about the market drivers, restrains and growth of the Carbon Dioxide Market

As per the U.S. Energy Information Administration U.S. dry natural gas production in 2022 was ~1.29 trillion cubic feet, greater than in 2021 owing to higher prices for natural gas & increase in demand, especially for exports.

The application of CO2 in the medical segment is increasingly gaining significance across the globe. The CO2 gas is primarily used as an insufflation component for several surgical procedures including laparoscopy, endoscopy, and arthroscopy. It is used to inflate and stabilize the cavities in the human body, thereby ensuring better visibility of the surgical area.
Moreover, CO2 is also used in surgeries for increasing the blood flow to the brain and aids respiration. For medical purposes, CO2 is supplied through uniquely manufactured steel cylinders that are chromium-plated and include valves.

Moreover, the detrimental effects of carbon emissions in the atmosphere are among the major cause of global climate change. Although countries around the world have invested heavily to curb carbon pollution by introducing innovations in CCS (Carbon Capture & Storage) technology and implementing carbon rates in some countries. However, most countries remain considerably short of meeting the targeted climate goals.

Carbon capture utilization & storage (CCUS) is the technology capable of lowering emissions from a wide range of industries such as power generation, steel, iron, refining, petrochemicals, and cement manufacturing. The carbon sequestration technologies include capture, transport, storage, and utilization.

 

Browse through Grand View Research’s Category Organic Chemicals Industry Research Reports.

 

• The global isobutyric acid market size was estimated at USD 182.4 million in 2023 and is expected to grow at a CAGR of 7.2% from 2024 to 2030. This growth is attributed to its versatile applications across various industries. It is an important raw material in the manufacturing of fragrances, flavors, and various chemicals, including paints, plastics, and coatings.

• The global maleic anhydride market size was estimated at USD 4,386.1 million in 2023 and is projected to grow at a CAGR of 4.2% from 2024 to 2030. The product market’s growth is attributed to the increasing demand for unsaturated polyester resins (UPR), the prime component used in fiberglass-reinforced resins. These resins are further used in automotive and marine applications and in construction products like sinks, countertops, and tubs.

 

Carbon Dioxide Market Segmentation

Grand View Research has segmented the global carbon dioxide market report based on source, form, application, and region:

Carbon Dioxide Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Hydrogen
• Ethyl Alcohol
• Ethylene Oxide
• Substitute Natural Gas
• Others
Carbon Dioxide Form Outlook (Volume, Kilotons, Revenue, USD Million, 2018 – 2030)
• Solid
• Liquid
• Gas
Carbon Dioxide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
• Food & Beverages
• Oil & Gas
• Medical
• Rubber
• Firefighting
• Others

 

Carbon Dioxide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
• Asia Pacific
o China
o India
o Japan
o South Korea
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE

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Key Companies profiled:

• Acail Gás
• Air Liquide
• Air Products and Chemicals, Inc.
• Greco Gas Inc.
• Linde AG
• Messer Group
• Sicgil India Limited
• SOL Group
• Strandmøllen A/S
• Taiyo Nippon Sanso Corporation

 

Key Carbon Dioxide Company Insights

 

Major market players such as Matheson Tri-Gas, Inc & Linde plc have adopted sustainable sourcing strategies after considering current regulatory scenario & the long-term opportunities. Moreover, major companies are following expansion strategies in order to increase the market share of the company.

• In December 2023, Air Liquide announced that it will build one of Europe’s largest carbon capture & storage unit at its hydrogen production plant in Rotterdam, the Netherlands, utilizing its Cryocap technology. The facility is expected to be operational in 2026.

• In April 2023, Linde signed a long-term agreement with ExxonMobil for off-take of CO2. As per the agreement, ExxonMobil shall transport and store 2.2 million metric tons of CO2 annually from Linde’s hydrogen production plant.