Vancouver, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global Carbon Monoxide (CO) market size was USD 4.10 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.5% during the forecast period. This growth is fueled by increasing demand for both organic and inorganic chemicals, coupled with a rising need for mining and metal extraction activities.
The versatile role of CO as a reagent in the production of a wide range of chemicals, particularly in pharmaceuticals, bulk chemical manufacturing, construction, and the Food & Beverage (F&B) industry, has been a driving force behind the market's upward trajectory. Notably, CO plays a vital role in industrial processes, such as the creation of syngas, a fuel source widely used in various industrial operations.
The U.S. National Center for Biotechnology Information highlights the use of CO in inhibiting the growth of microorganisms, preserving meat, and fish products. Furthermore, CO serves as a crucial reducing agent in the metals and minerals industry, aiding in the extraction and purification processes. Despite these advantages, concerns over the toxic nature of CO have led to stringent regulations, emphasizing workplace safety and posing potential challenges to market growth.
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Key Market Trends:
Rising Adoption of Syngas: A notable trend in the market is the increasing adoption of syngas, a fuel utilized in various industrial processes. Syngas, derived from CO, holds promise as a carbon-neutral fuel, generated not only from traditional sources but also from biomass and solid waste.
Product Type Insights: The electronic grade segment dominated the market in 2022, driven by the semiconductor industry's demand for CO in processes like Chemical Vapor Deposition (CVD) and epitaxial growth. Meanwhile, the commercial grade segment is expected to witness steady growth due to its essential role in chemical and metal industries.
End Use Insights: The metal industry segment is projected to hold a substantial revenue share, attributed to CO's crucial role in metallurgical processes and the reduction of metal ores. The chemical industry segment is anticipated to register moderate growth, highlighting CO's diverse applications in chemical processes.
Regional Insights: In 2022, North America accounted for the largest revenue share, driven by increased mining activities and CO's use in the Food & Beverage industry. Asia Pacific is expected to experience the fastest growth, supported by widespread CO applications in chemicals, electronics, and F&B, along with government initiatives. Europe is anticipated to maintain a considerable market share, owing to a large manufacturing base and growing demand in chemical and pharmaceutical industries.
Challenges and Opportunities:
While the market exhibits significant growth potential, the toxic nature of CO poses a challenge, leading to stringent regulatory measures. However, the increasing adoption of CO in innovative processes, such as gas biological fermentation technology, presents opportunities for sustainable development and environmental-friendly solutions.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 4.10 Billion |
| CAGR (2023–2032) | 4.5% |
| Revenue Forecast To 2032 | USD 6.41 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Wafer size, product type, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Yingde Gases Group Company, Ningbo DSW International Co., Ltd., Messer Group GmbH, ATCO Atmospheric and Specialty Gases Pvt. Ltd., Air Products and Chemicals, Middlesex Gases & Technologies, Inc., Praxair Inc., Broner Glove & Safety Company, Air Liquide S.A., Linde PLC, Tosoh, Sipchem, American Gas Products, Celanese Corporation, Shanghai Chemical Industry Park Development Co., Ltd., Sri Venkateswara Carbonic Gases (P) Ltd., Lundin Energy, LyondellBasell Industries N.V., Glencore plc, and SIAD |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global CO market is consolidated, with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective CO solutions. Some major players included in the global Co market report are:
- Yingde Gases Group Company
- Ningbo DSW International Co., Ltd.
- Messer Group GmbH
- ATCO Atmospheric and Specialty Gases Pvt. Ltd.
- Air Products and Chemicals
- Middlesex Gases & Technologies, Inc.
- Praxair Inc.
- Broner Glove & Safety Company
- Air Liquide S.A.
- Linde PLC
- Tosoh
- Sipchem
- American Gas Products
- Celanese Corporation
- Shanghai Chemical Industry Park Development Co., Ltd.
- Sri Venkateswara Carbonic Gases (P) Ltd.
- Lundin Energy
- LyondellBasell Industries N.V.
- Glencore plc
- SIAD
Strategic Development
- In February 2022, Linde extended its partnership with Celanese to provide additional pre-screening solutions. This expansion involves Linde supplying CO2 and hydrogen to Celanese's manufacturing plant in Clear Lake, Texas. Celanese intends to utilize this CO2 and hydrogen as an alternative raw material for producing methanol through their Fairway Methanol LLC joint venture. This approach will result in methanol with significantly reduced carbon emissions.
- In July 2020, Air Products revealed its plans to establish a new industrial gas facility in Geismar, Louisiana, featuring a steam methane reformer and cold box. The primary purpose of this plant is to provide Huntsman Corporation's industrial operations with a supply of hydrogen and CO. This facility has the capacity to generate around 6.5 million standard cubic feet per day (MMSCFD) of CO, 50 MMSCFD of hydrogen, and up to 50,000 pounds per hour of steam.
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For the purpose of this report, Emergen Research has segmented the global CO market on the basis of product type, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Commercial Grade
- Electronic Grade
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Chemical industry
- Metal Industry
- Electronic Industry
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- North America
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- Rest of Middle East & Africa
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