Carbon Dioxide Market Analysis by End-Use Industry and Forecast to 2032

According to Fortune Business Insights, The global carbon dioxide market was valued at USD 11.11 billion in 2023 and is expected to rise from USD 11.50 billion in 2024 to USD 15.21 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.6% during the forecast period 2024–2032. In 2023, Asia Pacific held the largest market share, accounting for 45.72% of the global total. Meanwhile, the U.S. carbon dioxide market is anticipated to witness substantial growth, projected to reach USD 3.57 billion by 2032. This growth is primarily fueled by strong demand from the food and beverage sector, evolving environmental regulations, and widespread utilization across various industries.

Carbon dioxide refers to a chemical compound with two oxygen atoms and one carbon atom. The surging consumer demand for carbonated beverages is fostering market growth. Additionally, CO2 finds applications in various sectors owing to its versatility.

Fortune Business Insights™ provides this information in its research report, titled “Carbon Dioxide Market, 2024-2032”.

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List of Key Players Mentioned in the Report:

• Linde plc (Ireland)

• Air Products and Chemicals, Inc. (U.S.)

• Air Liquide (France)

• Sicgil India Limited (India)

• Matheson Tri-Gas, Inc. (U.S.)

• Universal Industrial Gases, Inc. (U.S.)

• The Messer Group GmbH (Germany)

• SOL Spa (Italy)

• POET, LLC (U.S.)

• Reliant Gases (U.S.)

• India Glycols Limited (India)

Segmentation:

Massive Applications of Liquid CO2 in Different Industries to Fuel Segment Expansion

In terms of form, the market is classified into gas, solid, and liquid. The liquid segment captured the largest share in 2023 with extensive applications of liquid carbon dioxide in different industries, including chemical processing, healthcare, food and beverages, and more.

Utilization of Ethyl Alcohol as a Fuel Source to Impel Segment Growth

On the basis of source, the market is segregated into ethylene oxide, substitute natural gas, hydrogen, ethyl alcohol, and others. The ethyl alcohol segment witnessed the largest carbon dioxide market share in 2023 with the deployment of ethyl alcohol as a source of fuel in combustion engines, which leads to the production of CO2 as a byproduct.

Rapidly Growing Population to Propel the Food & Beverage Segment Expansion

With respect to end-use industry, the market is categorized into metal fabrication, firefighting, oil & gas, food & beverage, medical, and others. The food & beverage segment holds the major share due to the surging demand for food and beverage products owing to the rapidly growing population.

From the regional perspective, the market is classified into Latin America, the Middle East & Africa, the Asia Pacific, North America, and Europe.

Report Coverage

The research report provides a comprehensive coverage of the major driving and restraining factors affecting the market growth. In addition, it highlights the key segments, the latest trends, and notable industry developments. Additional aspects of the report include the strategic initiatives undertaken by leading companies to boost their share.

Drivers and Restraints:

Surging Deployment in Food & Beverage and Medical Industries to Escalate Market Growth

One of the major factors boosting the carbon dioxide market growth is an increase in the utilization of medical and food & beverage industries. Carbon dioxide has different applications in the medical industry, including the stabilization of body cavities during respiratory stimulation and minimally invasive surgery. In addition, it is deployed in the food & beverage industry to carbonate beverages and freeze poultry & meat.

However, the concerns pertaining to the transportation of the product may hamper market expansion.

Regional Insights:

Asia Pacific Leads Market Due to Heightened Demand From the Medical Industry

Asia Pacific’s market valuation reached USD 5.08 billion in 2023 on the back of the massive demand from medical and food & beverage industries. Increasing population and rise in disposable incomes will result in heightened consumption of beverages, leading to the region’s growth.

North America is poised to observe significant growth in coming years due to the growing demand for oil recovery applications, which is encouraging carbon dioxide use.

Competitive Landscape:

Key Players Emphasize Capacity Expansions to Boost Their Capacity

The market depicts a competitive and consolidated structure in terms of the competitive scenario. Moreover, global companies are making heavy investments in the research and development of better technologies to enhance product output. Several companies are also focusing on capacity expansion strategies to maximize their production output.

Information Source: https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866

Key Industry Development:

• April 2023 – ExxonMobil announced that it will be storing carbon dioxide from Linde's blue hydrogen complex in the state of California in the U.S. The project aims to capture 90% of CO2 emitted from the hydrogen production process, which will then be stored in geologic formations in the vicinity. The initiative is part of ExxonMobil's plan to invest USD 3 billion in lower-emissions technology over the next few years.

• February 2023 – POET announced plans to build a new facility at its bioprocessing location in Laddonia. The facility will capture over 200 tons per day of CO2 and manufacture dry ice. POET is the fastest-growing renewable CO2 business in the U.S. and sells the product for soda carbonation, food processing, and industrial uses.