Pune, India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global carbon dioxide market size was USD 10.36 billion in 2020. The market 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 2021-2028 period.
Carbon dioxide (CO2) is a greenhouse gas that is released into the atmosphere primarily through the burning of fossil fuels. The future of CO2 in the business world is closely tied to the transition to renewable energy sources and the implementation of measures to reduce emissions. According to our expert researchers, this gas is utilized in numerous industries for several applications that are generally attained during the generation of hydrogen by steam reforming of natural gas or the making of ethanol by fermentation process.
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List of Key Players Covered 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)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 3.6% |
| 2028 Value Projection | USD 13.65 Billion |
| Base Year | 2020 |
| Carbon Dioxide Market Size in 2021 | USD 10.69 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 250 |
| Segments Covered | By End-Use and Regional |
| Carbon Dioxide Market Growth Drivers | Surging Usage in Medical and Food & Beverage Industries to Fuel Development of Market |
| Procurement Engaged by Chief Companies to Support Market Growth |
Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
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Segmentation
On the basis of the end-use industry
- food & beverage
- oil & gas
- metal fabrication
- medical
In terms of region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Amongst these segments, food & beverage accounts for the major share of the market.
Drivers and Restraints
Surging Usage in Medical and Food & Beverage Industries to Fuel Development of Market
In the medical industry, carbon dioxide (CO2) is utilized as an insufflation gas in various applications involving insignificantly aggressive surgery to alleviate body hollows, cryotherapy, as well as respiratory stimulation. The gas is also utilized for tissue freezing, and tooth sensitivity valuation. Moreover, the widespread usage of CO2 in the promptly increasing medical industry is anticipated to power the carbon dioxide market growth.
Regional Insights
North America is categorized by an increase in demand for oil recovery applications, thus endorsing the usage of this gas in the region.
Asia Pacific held the largest carbon dioxide market share and was worth USD 3.80 billion in 2020. Asia Pacific is the biggest and fastest-developing region owing to great demand from food & beverage, and medical industries.
The market in Europe is to be administered by the utilization of the gas for carbonation of alcoholic and non-alcoholic beverages in the food & beverage industry.
Competitive Landscape
Procurement Engaged by Chief Companies to Support Market Growth
The prominent players in the market repetitively opt for effective tactics to reinforce their brand value as well as endorse the global market growth of the product with confronting least possible hindrances. One such proficient strategy is obtaining competitive companies and further safeguarding financial benefit for both the involved companies.
Industry Future Development
This transition is being driven by government regulations, consumer demand for sustainable products and services, and increasing pressure from investors to address the risk of climate change.
As a result, businesses that can effectively reduce their carbon footprint and transition to clean energy are likely to see increased demand and growth opportunities in the future. Additionally, businesses that can develop and commercialize technologies that can capture and utilize CO2 could also see significant growth.
Latest Carbon Dioxide Market Research
Carbon dioxide (CO2) is a greenhouse gas that plays a significant role in Earth's climate. Research on CO2 focuses on understanding its sources and sinks, as well as its effects on the Earth's climate and biosphere. Scientists study the natural processes that regulate the levels of CO2 in the atmosphere, as well as the impact of human activities such as burning fossil fuels and deforestation.
Additionally, research on CO2 capture and storage aims to develop technologies to reduce CO2 emissions from power plants and other industrial sources. Other research focuses on the impacts of CO2 on agriculture, forestry, and ecosystems, and developing strategies to adapt to the changing climate.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Carbon Dioxide Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Carbon Dioxide Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By End-Use Industry (Volume/Value)
- Food & Beverage
- Oil & Gas
- Metal Fabrication
- Medical
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Carbon Dioxide Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By End-Use Industry (Volume/Value)
- Food & Beverage
- Oil & Gas
- Metal Fabrication
- Medical
- Others
- By Country (Volume/Value)
- U.S.
- By End-Use Industry (Volume/Value)
- Food & Beverage
- Oil & Gas
- Metal Fabrication
- Medical
- Others
- By End-Use Industry (Volume/Value)
- U.S.
TOC Continued…!
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Frequently Asked Questions (FAQs):
1. What industries use carbon dioxide?
Answer: Globally, some 230 million tonnes (Mt) of carbon dioxide (CO2) are used every year. The largest consumer is the fertiliser industry, where 130 Mt CO2 is used in urea manufacturing, followed by oil and gas
2. What are the 3 largest sources of carbon dioxide?
Answer: These sources are present in three main areas: fuel combustion activities, industrial processes and natural- gas processing. The largest CO2 emissions by far result from the oxidation of carbon when fossil fuels are burned.
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