Market Overview:
The global carbon dioxide market size was USD 10.36 billion in 2020 and is projected to grow from USD 10.69 billion in 2021 to USD 13.65 billion in 2028 at a CAGR of 3.6% during the 2021 to 2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a fueling demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a growth of 3.0% in 2020.
Market Driver:
Heavy Demand for CO2 in Oil and Gas Industry to Enhance Market Potential
The growing utilization of carbon capture and storage (CCS) technology for the procurement of CO2 from the carbon emissions produced by biomass power plants, cement manufacturing, and consumption of fossil fuels for electricity generation will contribute effectively to the growth of the market. This process also aids in lowering carbon emission in the atmosphere and preventing air pollution. The increasing application of carbon dioxide in the oil & gas industry for enhanced oil recovery will incite the practice of CCS technology for capturing CO2. The growing cognizance about the benefits of CCS such as, reduced CO2 emissions, positive environmental impact, and maintain ecological balance will escalate the adoption of the is technology. In addition, the rising implementation of carbon capture and storage (CCS) technology around the globe can be an essential factor in bolstering the growth of the market in the foreseeable future.
Regional Analysis:
Advancement in Carbon Attainment Methods to Aid Expansion in North America
The market in Asia Pacific stood at USD 3.62 Billion in 2019 and is likely to witness a high growth rate during the forecast period owing to the demand from the food & beverage and medical industry in the developing nations. For instance, China is one of the biggest suppliers of carbon dioxide around the world. The developing medical industry in India will promote the growth of the market in the region. The market in North America is predicted to rise tremendously during the forecast period due to the high demand for CO2 in oil recovery applications. The increasing initiatives for the use of carbon dioxide in various industrial applications will enable speedy growth of the market in the region. Moreover, the technological advancement in CO2 extraction methods will aid growth in North America. The market in Europe is likely to account for a significant share in the forthcoming years. The growth in the region is attributed to the use of carbon dioxide in alcoholic and non-alcoholic beverages in the food & beverage industry. Therefore, the demand for carbonated beverages will propel the market in the region. The market in Latin America and the Middle East & Africa is predicted to grow rapidly during the forecast period owing to the rising oil & gas exploration activities. The rising consumption of carbon dioxide in oil recovery activities to boost the market in the Middle East and Africa.
Source: https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
Key Development:
March 2019: Air Products announced that it has acquired ACP Europe SA, one of the largest biggest carbon dioxide manufacturers in Europe. The acquisition will aid the company to cater to the demand for carbon dioxide and better serve its customer across the European continent.
The Report Lists the Main Companies in the Carbon Dioxide Market:
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)