The global carbon monoxide market was valued at USD 3.36 billion in 2023. It is expected to expand from USD 3.50 billion in 2024 to USD 4.93 billion by 2032, with a compound annual growth rate (CAGR) of 4.4% over the forecast period. Asia Pacific led the market in 2023, holding a 41.67% share.
The escalation can be credited to the increasing product demand from the metal extraction and processing sectors. An additional factor favoring industry expansion is the surging investment toward the development of technical and advanced products.
Fortune Business Insights™ provides this information in its research report, titled “Carbon Monoxide Market, 2024-2032”.
List of Key Players Profiled in the Carbon Monoxide Market Report:
Air Liquide (France)
Linde Plc. (Ireland)
Air Products (U.S.)
Praxair (U.S.)
American Gas Products (U.S.)
Sipchem (Saudi Arabia)
Messer (Germany)
Tosoh (Japan)
Segments:
Metal Fabrication Segment to Register Notable Expansion Owing to Rapid Urbanization
On the basis of application, the market for carbon monoxide is fragmented into pharma & biotechnology, ore processing & extraction, chemicals, metal fabrication, and electronics. The metal fabrication segment is poised to register substantial expansion over the forecast period. The expansion is driven by the growing product demand in fabrication, purification, and extraction applications.
Based on geography, the market for carbon monoxide has been studied across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives an analysis of the major trends impelling the global business scenario over the forthcoming years. It further provides an insight into the key factors boosting industry expansion throughout the projected period. Other aspects of the report include an account of the significant steps undertaken by major market players for strengthening the positions of their businesses.
Drivers and Restraints:
Market Share to Rise Owing to Growing Demand for Inorganic and Organic Chemicals
One of the major factors impelling the carbon monoxide market growth is the soaring product demand from the construction, bulk chemical manufacturing, and chemical sectors. Besides, the industry expansion is further propelled by the rising product demand in fish and meat packaging sectors as a blend of low levels of CO with CO2 in high concentrations is used to reduce the growth of microbes.
However, the market growth may be affected by the poisonous nature of the gas.
Regional Insights:
Asia Pacific to Emerge Prominent Driven by Growing Demand from Metal Extracting Companies
Asia Pacific has recorded a soaring product demand from metal extracting and processing companies. This has been instrumental in fueling the carbon monoxide market share over the projected period.
The Europe market is estimated to depict considerable expansion throughout the analysis period. The surge is propelled by the increasing product demand from the metal fabrication sector. Besides, the region has a presence of commercial manufacturers of industrial gases. This is expected to impel market growth in the region.
The North America market share is expected to record lucrative growth over the forecast period. The escalation is driven by increasing mining activities in the region. The soaring product usage in iron extraction is further set to impel regional expansion over the study period.
Source: https://www.fortunebusinessinsights.com/carbon-monoxide-market-105343
Competitive Landscape:
Leading Companies Enter into Strategic Deals to Strengthen Market Position
Key market participants are devising a range of strategies for boosting the positions of their businesses. These include merger agreements, acquisitions, and the development and launch of new products. Other initiatives comprise collaborations and partnership deals.
Key Industry Development:
January 2021 – Air Liquide entered into an extended agreement with BASF. According to Air Liquide, the contract depicts BASF’s confidence and trust in the company for the creation of value and delivering long-term performance to customers.