New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- As per Persistence Market Research, the global market for Industrial Carbon Dioxide is expected to be valued at US$ 5,238.2 million in 2023. The sales potential of Industrial Carbon Dioxide is projected to grow significantly, reaching a market value of US$ 7,177.6 million by 2033, with an annual growth rate of 3.2%. This growth is anticipated due to the expansion of the food and beverages industry.
There are three main types of carbon dioxide – gaseous, solid, and liquid. Liquid carbon dioxide is produced by compressing and cooling carbon dioxide gas. It is widely used in the food industry for decaffeinating coffee and in carbonated drinks and beer. Its sources include hydrogen, ethanol, ethylene oxide, and natural gas replacements. Various industries, such as oil & gas, food & beverages, medicinal, fire-fighting, and rubber, utilize carbon dioxide for different applications.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 5,238.2 Million | |
| Estimated Revenue 2033 | US$ 7,177.6 Million | |
| Growth Rate – CAGR | 3.2% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 275 Pages | |
| Market Segmentation | By Product Type, By Solubility, By Application, By Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Sales Analysis of the Global Market from 2017 to 2023 Vs Market Outlook for 2023 to 2033
The Industrial Carbon Dioxide market is expected to have a growth rate of 2.6% between 2017 and 2022. The forecast for the period between 2023 and 2033 maintains a growth rate of 3.2%. The slower growth in the historical period is attributed to the global economic crisis and reduced chemical sales during the peak of raw material shortages caused by the Covid-19 outbreak.
However, increased demand from various industries, especially the food and beverages sector, is anticipated to drive significant market growth in the forecast period. Carbon dioxide is used in water treatment, solvent recovery, metalworking, freezing applications, and as a fire extinguisher gas in various industrial applications. This broad range of industrial uses is expected to contribute to the high growth rate of carbon dioxide demand in the forecasted period.
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Market Dynamics Overview
How do oil & gas industries contribute to the demand for industrial carbon dioxide?
The increasing need for carbon dioxide in the oil & gas industry for oil extraction is expected to accelerate market growth. Carbon dioxide gas is used in enhanced oil recovery (EOR), a method to increase the amount of crude oil extracted from oil fields. High-pressure carbon dioxide is injected into an oil reservoir, pushing the oil through pipelines to the surface. This injection helps in oil recovery and reduces the viscosity of the recovered oil.
How is the growing use of synthetic fuel boosting the demand for carbon dioxide?
Synthetic fuels produced from carbon dioxide encompass various products that can be made using carbon dioxide as a raw material. These include commonly used items like methanol, methane, and syngas, which can be used as fuel or as a precursor for carbon monoxide production. This process generates additional fuels compatible with existing infrastructure, such as gasoline, diesel, and aviation fuel. Transporting and storing power and hydrogen are often more expensive and challenging than utilizing the current infrastructure.
Most fuels derived from carbon dioxide are used in the transport sector (e.g., methanol and gasoline), while certain fuels like methane find applications in power, heating, and industrial sectors. They prove particularly valuable in aviation, where carbon-containing fuels play a crucial role, as alternatives like hydrogen or electricity are challenging to implement. Consequently, the demand for carbon dioxide-based fuels will evolve across various industries as demand grows.
What are the obstacles to the growth of the industrial carbon dioxide market?
The industrial carbon dioxide market faces several barriers due to the high production cost, involving capture, liquefaction, and transportation. Carbon dioxide can be transported in solid, liquid, or gaseous forms through various means like pipelines, motor vehicles, trains, and ships. Transporting carbon dioxide in solid form consumes more energy than other methods, making it impractical and costly. Pipelines are considered the most efficient way to transport large quantities of carbon dioxide, but compressing and liquefying it for ship transit requires substantial electrical energy.
Global government agencies have established guidelines for the safe transport and storage of carbon dioxide, impacting transportation costs. The anticipated high transportation costs are likely to affect manufacturers' profit margins and potentially limit market growth.
Competitive Landscape Overview
Major players in the industrial carbon dioxide industry are focused on providing lasting value to shareholders for growth and competitiveness. They prioritize developing solid, low-risk strategies that promise significant profit margins and establish a strong foundation for their shareholders. In response to increased demand from end-users, companies are placing greater emphasis on strategically producing industrial carbon dioxide using advanced sourcing and automation production processes to address the demand-supply gap. Another driving factor pushing industry participants to focus on these solutions is the rising demand for Carbon Capture Storage (CCS) to reduce carbon emissions.
Key Developments in the Industrial Carbon Dioxide Market:
1. In 2021, Guanggang Gas (G-gas), a Chinese chemical company, acquired Linde Carbon Dioxide Company. This acquisition expands G-gas' product line with new carbon dioxide options from Linde Carbon Dioxide Company, a UK-based provider of carbon dioxide solutions.
2. In 2021, the Dutch government granted approximately 2 billion euros (US$2.4 billion) in subsidies to a consortium that includes oil majors Royal Dutch Shell and ExxonMobil. This consortium is set to create one of the largest carbon capture and storage (CCS) projects globally at the Port of Rotterdam.
Market Segmentation:
Applications Overview
The Food & Beverages segment held the highest revenue share, surpassing 50.0% in 2023. This dominance is due to the increased utilization of carbon dioxide (CO2) for cryogenic freezing, offering flexibility in temperature compared to mechanical refrigeration. Cryogenic cooling with CO2 is preferred in bakery, confectionery, meat, and seafood industries, providing enhanced production capacity and better preservation of aromas and nutrients, along with efficient conservation of natural taste, color, and food quality.
CO2 plays a crucial role in modified atmospheric packaging (MAP) to extend the shelf life of food products. It is used in controlled atmosphere storage (CAS) to control insects and pests in long-term storage facilities.
Additionally, the oil & gas industry extensively uses CO2 for upstream well servicing in hydraulic fracturing and enhanced oil recovery (EOR) applications like miscible oil displacement. EOR techniques improve oil recovery rates and extend the life of mature oil fields. The EOR-CO2 technique increases oil extraction by 30% to 60%, surpassing natural gas or water pressure injection.
Source Insights
Ethyl alcohol dominated with a revenue share exceeding 33.0% in 2023. This is due to its ready availability as a long-term and reliable source for CO2 production. The increasing global demand for food-grade CO2 is expected to further drive production from ethyl alcohol in the coming years.
Carbon dioxide is obtained as a by-product in the production of ethyl alcohol through alcoholic fermentation. Combustion of ethanol also releases CO2 and water vapor. This CO2 is primarily used for food & beverage applications such as carbonation and as a chilling, cooling, and freezing agent.
Form Insights
The liquid segment held the highest revenue share in 2023, primarily due to widespread use in the food & beverages sector for freezing and carbonation. Additionally, fuels derived from the product are increasingly utilized in the transportation and power generation sectors.
Regional Overview
North America dominated with the highest revenue share, exceeding 42% in 2023, driven by industrial sector expansion and growth in the healthcare industry. Asia Pacific secured the second-largest revenue share, attributed to significant industrial development in countries like China. The Philippines aims to reduce GHG emissions by 75% by 2030, promoting the carbon capture, utilization, and storage industry. The UK constitutes the largest share for the carbon dioxide market in Europe, followed by Germany, France, Spain, Italy, and the rest of Europe, with applications spanning food & beverages, oil & gas, medical, rubber, and firefighting.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Industrial Carbon Dioxide market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Industrial Carbon Dioxide market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Industrial Carbon Dioxide market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Industrial Carbon Dioxide industry?
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