Carbon Dioxide Market Worth $10.67 Billion By 2028 | CAGR: 4.0%

Carbon Dioxide Market Growth & Trends

The global carbon dioxide market size is expected to reach USD 10.67 billion by 2028, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The rise in usage of carbon dioxide in sectors, such as oil & gas for enhanced oil recovery, food & beverages, and healthcare, is a key driving factor for the market.

Fluctuation in crude oil prices along with a rise in the number of matured oil & gas wells are resulting in oil & gas operators implementing various techniques to enhance the drilling efficiency of the existing wells. Furthermore, oil & gas operators are adopting carbon dioxide-based enhanced oil recovery techniques, which will boost the product demand in the future.

The COVID-19 pandemic has adversely affected the market growth owing to factors, such as strict social distancing norms and lockdowns in various countries around the world. This has resulted in a reduction in demand for oil & gas as well as the shutting down of industries, such as automobile, semiconductor, and consumer electronics, which affected the demand for carbon dioxide from these end users.

Major global players in the CO2 market, such as Linde plc, Air Liquide, and Air Products, Inc., account for a major share. Major companies utilize merger and acquisition strategies to enhance their industry share. For instance, Linde plc was formed by the merger of Linde AG and Praxair, which got completed in October 2018.

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Carbon Dioxide Market Report

Carbon Dioxide Market Report Highlights

• North America accounted for the largest revenue share in 2020 owing to the presence of several CO2-based EOR projects in the region and major food & beverages manufacturing companies
• Ethyl Alcohol emerged as the largest source segment in 2020 owing to the production of high purity CO2 and due to comparatively lower cost of production than other sources
• The food & beverages application segment led the market in 2020 with the largest revenue share owing to the utilization of CO2 in inert gas for packing fresh meat and vegetables, carbonated beverages manufacturing, and freezing & chilling of food
• Asia Pacific is expected to witness the fastest CAGR from 2021 to 2028 due to the rise in food & beverages manufacturing companies in APAC along with the focus on the implementation of CO2-based EOR in countries, such as China, India, and Indonesia
• The medical application segment is expected to witness the second-fastest CAGR over the forecast period owing to the rise in product utilization in pure form and gas mixtures for cryotherapy, cryopreservation, anesthesia, and insufflation gas

Carbon Dioxide Market Segmentation

Grand View Research has segmented the global carbon dioxide market on the basis of source, application, and region:

CO2 Source Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016–2028)

• Hydrogen
• Ethyl Alcohol
• Ethylene Oxide
• Substitute Natural Gas
• Others

CO2 Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016–2028)

• Food & beverages
• Oil & Gas
• Medical
• Rubber
• Fire Fighting
• Others