Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The global carbon monoxide market size was valued at USD 3.26 billion in 2022 and is projected to grow from USD 3.36 billion in 2023 to USD 4.53 billion by 2030, exhibiting a CAGR of 4.4% over the study period.
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, 2023-2030”.
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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)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.4% |
| 2030 Value Projection | USD 4.53 billion |
| Market Size in 2022 | USD 3.26 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Carbon Monoxide Market Growth Drivers | Metal Fabrication Segment to Register Notable Expansion Owing to Rapid Urbanization |
| Market Share to Rise Owing to Growing Demand for Inorganic and Organic Chemicals |
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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.
COVID-19 Impact:
Market Growth Impacted on Account of Falling Revenue amid the Coronavirus Pandemic
The coronavirus pandemic led to the migration of workers, bringing production activities to a halt. Besides, the supply chain was disrupted on account of economic uncertainty and the enforcement of strict restrictions on transportation. The pandemic also recorded a decline in product demand from the metal extraction and mining sectors, affecting industry expansion to a considerable extent.
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.
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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.
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.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Data Sources
- 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 Monoxide Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Carbon Monoxide Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Application (Value)
- Metal Fabrication
- Chemicals
- Ore Processing and Extraction
- Pharma & Biotechnology
- Electronics
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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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.
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