Carbon Dioxide Market Size & Share, By Source (Ethyl Alcohol, Ethylene Oxide), Application (Food & Beverages, Oil & Gas, Medical), Regional Forecast, Industry Players, Growth Statistics Report 2023-2030

Market Outlook:

Carbon Dioxide Market size surpassed USD 9.76 Billion in 2022 and is poised to reach USD 17.01 Billion, growing at over 6% CAGR between 2023 and 2030. The market is driven by various factors including the increasing demand from various industries and growing awareness about the need for sustainable practices.

• Base Year Value (2022): USD 9.76 Billion
• CAGR (2023-2030): 6%
• Forecast Year Value (2030): USD 17.01 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing demand from the food and beverage industry: Carbon dioxide is widely used in the food and beverage industry for carbonation, packaging, and preservation purposes. With the rising population and changing consumer preferences, the demand for carbonated beverages and packaged food products has been increasing, thereby fueling the demand for carbon dioxide.

2. Growing industrial applications: Carbon dioxide finds applications in various industries including oil and gas, chemical, pharmaceuticals, and healthcare. In the oil and gas industry, carbon dioxide is used for enhanced oil recovery, leading to increased production. The chemical industry utilizes carbon dioxide as a raw material for the production of chemicals and polymers. These applications are expected to drive the demand for carbon dioxide in the market.

3. Rising environmental concerns and government regulations: With increasing environmental concerns and the need to reduce greenhouse gas emissions, governments worldwide are implementing stringent regulations to limit carbon dioxide emissions. This has led to the adoption of carbon capture and storage (CCS) technologies, which require carbon dioxide for storage purposes.

 

Industry Restraints & Challenges:

Report Scope

Report Coverage	Details
Segments Covered	Sources,  application, region
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Acail Gs, Air Liquide, Air Products and Chemicals, Inc., Greco Gas Inc., Linde AG, Messer Group, Sicgil India Limited, SOL Group, Strandmllen A/S, Taiyo, Nippon Sanso Corporation

1. Fluctuating raw material prices: The production of carbon dioxide involves the utilization of raw materials such as fossil fuels or by-products from other industrial processes. The prices of these raw materials tend to fluctuate, impacting the overall cost of production and potentially restraining the market growth.

2. Storage and transportation challenges: Carbon dioxide is a high-pressure gas that requires special handling and infrastructure for storage and transportation. The establishment of suitable facilities for safe storage and transportation can be a challenge for market players, hindering the market growth.

3. Technological limitations: Despite advancements in carbon capture and utilization technologies, there are still some technological limitations that need to be overcome. These limitations include the cost-effectiveness of capturing and storing carbon dioxide and the efficiency of conversion processes, which can pose challenges for market players.

In conclusion, the carbon dioxide market is poised for substantial growth, driven by factors such as increasing demand from industries, government regulations, and environmental concerns. However, challenges related to fluctuating raw material prices, storage and transportation, and technological limitations need to be addressed to unlock the full potential of the market.

Carbon dioxide is a colorless gas that is naturally present in the Earth's atmosphere. It is a greenhouse gas that plays a significant role in regulating the Earth's temperature. However, excessive carbon dioxide emissions from human activities, such as the burning of fossil fuels and deforestation, have led to an increase in atmospheric carbon dioxide levels, contributing to global warming.

Regional Forecast:

The carbon dioxide market in North America, Asia Pacific, and Europe is projected to witness significant growth over the forecast period.

North America:

In North America, the market is primarily driven by the increasing demand for carbon dioxide in the food and beverage industry. The region has a well-established food and beverage sector, where carbon dioxide is extensively used for applications like carbonation and preservation. Additionally, the growing concern for sustainability is driving the utilization of carbon dioxide in processes like carbon capture and utilization (CCU) and enhanced oil recovery (EOR).

Asia Pacific:

The Asia Pacific region is experiencing rapid industrialization, urbanization, and population growth, which is fueling the demand for carbon dioxide in various industries. Countries like China, India, Japan, and South Korea are key contributors to the market growth. The rising demand for carbonated beverages, especially in countries like China and India, is a significant factor driving the market in this region. Moreover, the usage of carbon dioxide in the manufacturing of chemicals, healthcare, and metal fabrication industries is also contributing to market growth.

Europe:

Europe is a mature market for carbon dioxide, with well-established industries and strict environmental regulations. The region is witnessing a shift towards sustainable and environmentally-friendly practices, leading to increased usage of carbon dioxide for applications such as carbon capture and storage (CCS) and renewable energy. Moreover, the thriving food and beverage industry, coupled with the growing demand for carbonated beverages, is bolstering the market growth in Europe.

Segmentation Analysis:

1. Industrial Segment:

Carbon Dioxide in the Food and Beverage Industry:

Carbon dioxide is widely used in the food and beverage industry for various applications. One sub-segment is the carbonation of beverages. Carbon dioxide is added to carbonated drinks, such as soda and sparkling water, to create the desired fizziness. This sub-segment encompasses the carbon dioxide market for carbonated beverages, which is driven by the growing demand for refreshing and carbonated drinks worldwide.

Competitive Landscape:

The carbon dioxide market is highly competitive with several key players operating globally. Some of the prominent market players include Air Liquide, Linde PLC, Praxair, Inc., Air Products and Chemicals, Inc., and The Messer Group GmbH. These companies focus on strategic partnerships, new product developments, and mergers and acquisitions to strengthen their market position and expand their customer base. The market players also invest in research and development activities to enhance their product offerings and cater to the evolving customer demands.