The global carbon dioxide market size was USD 10.36 billion in 2020. The market is projected to reach USD 13.65 billion in 2028 from USD 10.69 billion in 2021 at a CAGR of 3.6% during the 2021-2028 period. Usages and applications of CO2 in various industries is expected to drive the market growth. It is widely used and consumed in oil and gas industry for oil recovery. Increased investments in the development of oil recovery is anticipated to surge the demand for CO2 in the oil & gas industry. Increasing use in food and beverage and medical industry is anticipated to drive market progression. Rising demand for carbon storage and capture in various countries is expected to drive market growth. Fortune Business Insights™ mentioned this in a report titled, “Carbon Dioxide Market, 2021-2028”.
Carbon dioxide is a colorless gas that is usually referred by its chemical formula CO2. It is a chemical compound that consists one carbon atom bonded with two oxygen atoms. It is used for both combustion and fermentation. It is 60% denser than dry air. It is a versatile compound due to its properties and has many applications. It is used in acidifier for water treatment, fire suppression, inert gas for metalworking, and solvent for oil recovery. It is used in different forms; liquid, gas, and solid forms.
Segmentation
By End-Use Industry, Food and Beverage Segment to Lead End-Use Industry Segment During Forecast Period
Based on the end-use industry, the market is segmented into food and beverage, oil & gas, medical, metal fabrication, and others. Food and beverage segment is anticipated to have a noteworthy growth due to usage of CO2 in carbonated drinks, food products, and freeze poultry. Exponential increase in population has propelled the growth for food and beverage industry. Change in the consumer habits and behavior has led to an increase in the demand for ready-to-eat and make food products.
Oil & Gas industry segment is also expected to experience remarkable growth owing to its use as a solvent for oil & gas industry. It is used for enhanced recovery of oil. Medical segment is also projected to have a considerable growth due to development in advanced surgical procedures such as laparoscopy and endoscopy. It is also used as a cooling agent for electric arc welding which is projected to create growth in metal fabrication industry.
Drivers & Restraints
Growing Applications in Food and Beverage and Medical Industries to Boost Market Expansion
Expanding uses of carbon dioxide in food and beverage and medical industries is anticipated to propel in carbon dioxide market growth. The gas is used as insufflation gas for minimally invasive surgeries, respiratory stimulation, cryotherapy, tooth sensitivity assessment, and stabilization of body cavities. It is also used in food and beverage industry for freezing meat and poultry. Global surge in the food-grade CO2 is predicted to fuel market progression. Carbonation of beverages is also done by the usage of this gas. Rising demand from packaged food products is predicted to support market development.
On the other hand, transportation challenges regarding CO2 is predicted to impede market growth during the forecast period.
Information Source: https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
Regional Insights
High Consumption from Various End-User Industries in Asia Pacific to Develop Market Exponentially
Asia Pacific has the largest part in the global carbon dioxide market share due to high demand for medical and food and beverage industries. The market size for the region was USD 3.80 billion in 2020. The growth is attributed to China which is one of the largest contributor and manufacturing hub for various end-user industries. High consumption of beverages in India due to rise in the population and disposable incomes is projected to drive market growth. in the region is anticipated to drive market growth.
Competitive Landscape:
New players entering the market have launched their new product lines making the market more competitive with their advanced solutions. It includes R&D investments, launch of new and advanced products in the market. Companies have been adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Key Players Present in the Market
· Linde plc. (Ireland)
· Air Products and Chemicals, Inc. (U.S.)
· Sicgil India Limited (India)
· Air Liquide (France)
· Matheson Tri-Gas, Inc. (U.S.)
· The Meeser Group GmbH (Germany)
· SOL Spa (Italy)
· POET, LLC (U.S.)
· India Glycols Limited (India)
· Reliant Gases (U.S.)