The Global Carbon Dioxide Market size is expected to reach $14.9 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 27,504.28 Kilo Tonnes, experiencing a growth of 2.2% (2019-2022).
Rubber products manufactured using CO2 as a feedstock can exhibit comparable or improved performance characteristics compared to those made using traditional feedstocks. Therefore, the rubber segment captured $1,270.21 million revenue in the market in 2022. Also, the Russia market consumed 38.92 kilo tonnes in the market in 2022. The pursuit of sustainable products and the growing consciousness of consumers are motivating manufacturers to investigate alternative feedstocks, such as carbon dioxide.
CO2 injection has been proven to be one of the most efficient EOR methods. Injecting CO2 into an oil reservoir causes the oil to mix with the CO2, which lowers the oil's viscosity and facilitates easier flow through the pores in the reservoir. Advances in EOR technology, including improved reservoir modeling, drilling techniques, and CO2 capture and injection methods, have made CO2-based EOR more feasible and cost-effective. Hence, the growing adoption of enhanced oil recovery (EOR) drives the market's growth.
Additionally, one of the primary drivers of CO2 demand in the food and beverage industry is the increasing consumption of carbonated beverages such as soda, sparkling water, and beer. The increasing processed food industry is driving the growth demand for CO2. For example, according to the United States Department of Agriculture, with an average yearly growth rate of 4.3 percent and a projected GDP contribution to Mexico's economy of $39.4 billion by 2020, the food processing industry is one of the most dynamic in the country.
However, Industrial activities include the production of cement, electricity, and chemicals, which are some of the main sources of CO2. The energy-intensive nature of these processes can result in high production costs, particularly if energy prices are volatile or renewable energy sources are not readily available. Hence, high CO2 production costs are hampering the market's growth.
By Application Analysis
On the basis of application, the market is segmented into food & beverages, medical, oil & liquid, rubber, firefighting, and others. The food and beverages segment recorded the 41.15% revenue share in the market in 2022. In terms of volume, food and beverages segment registered 11,567.75 kilo tonnes in 2022. CO2 is used in cryogenic freezing and cooling applications to rapidly chill or freeze food products. In cryogenic freezing, liquid CO2 is sprayed or injected into food products, causing rapid cooling and freezing.
By Form Analysis
Based on form, the market is segmented into solid, liquid, and gas. In 2022, the gas segment garnered a 31.62% revenue share in the market. In terms of volume, gas segment would register 10,067.15 kilo tonnes by 2030. Gaseous CO2 is nonflammable, nontoxic, and noncorrosive, making it safe for various industrial and commercial applications. Due to its inert qualities, it can be used in food and beverage manufacturing plants, hospitals, and fire suppression systems where people's safety is the top priority.
By Source Analysis
By source, the market is divided into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and others. The ethyl alcohol segment attained the 36.44% revenue share in the market in 2022. In terms of volume, ethyl alcohol segment would consume 14,086.59 kilo tonnes by 2030. Ethyl alcohol, also known as ethanol, is widely available and accessible as a (CO2) production source. It is derived from renewable sources such as sugarcane, corn, and other biomass, making it a sustainable and abundant feedstock for CO2 generation.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed a 32.93% revenue share in the market in 2022. In terms of volume, Asia Pacific segment would utilize 5,078.11 kilo tonnes by 2030. Rapid urbanization, economic growth, and industrialization in the Asia-Pacific region are driving up demand for CO2 across a range of industrial uses. CO2 is necessary for carbonation, chemical synthesis, metal production, and semiconductor creation in various industries, including electronics, metallurgy, food and beverage processing, and chemical manufacturing.
Market Competition and Attributes
The market is characterized by intense competition driven by factors such as the demand for CO2 across various industries including food and beverage, healthcare, and agriculture, as well as the growing emphasis on reducing greenhouse gas emissions. Key players in the market vie for market share through strategies such as technological advancements, geographical expansion, and strategic partnerships, while regulatory frameworks and environmental concerns increasingly shape market dynamics, influencing pricing strategies and investment decisions.
Recent Strategies Deployed in the Market
- Feb-2024: Linde Engineering, a part of Linde PLC, has signed an agreement with Yara International ASA, a global fertilizer manufacturer, to build a world-scale CO2 liquefaction plant in Sluiskil, the Netherlands. This agreement will enhance Linde's geographical CO2 liquefaction portfolio.
- Dec-2023: Gulf Cryo announced its geographical expansion in Saudi Arabia's western region by inaugurating a new carbon capture and utilization facility. The new facility will be capable of capturing 300 metric tons of CO2 daily from the MEG plant, leading to a significant reduction in carbon emissions.
- Apr-2023: Linde PLC signed an agreement with ExxonMobil, an American multinational oil and gas corporation, for the off-take of CO2 associated with Linde's new clean hydrogen production in Beaumont, Texas. Under this agreement, Linde will decarbonize customer processes while safely and reliably supplying low-carbon hydrogen at scale.
- Oct-2022: SOL Group completed the geographical expansion of the liquid food CO2 production plant in Wanze (Belgium). This new plant will produce more than 65,000 metric tons of product per year to meet the growing demands of customers in Northern Europe and some neighboring foreign countries.
List of Key Companies Profiled
- SOL Group
- India Glycols Limited
- Gulf Cryo
- Linde plc
- Ellenbarrie Industrial Gases Limited
- Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings)
- Dubai Industrial Gas (Al Mana Group)
- Buzwair Industrial Gases Factories (Buzwair Group)
- Messer SE & Co. KGaA (Messer Industrie GmbH)
- Acail Gas (Acail Group)
Global Carbon Dioxide Market Report Segmentation
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
- Food & Beverages
- Oil & Gas
- Medical
- Rubber
- Firefighting
- Others
By Form (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Source (Volume, kilo Tonnes, USD Billion, 2019-2030)
- Ethyl Alcohol
- Hydrogen
- Ethylene Oxide
- Substitute Natural Gas
- Others
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Carbon Dioxide Market, by Application
- 1.4.2Global Carbon Dioxide Market, by Form
- 1.4.3Global Carbon Dioxide Market, by Source
- 1.4.4Global Carbon Dioxide Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Opportunities
- 3.2.3Market Restraints
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Strategies Deployed in Carbon Dioxide Market
Chapter 5.Global Carbon Dioxide Market by Application
- 5.1Global Food & Beverages Market by Region
- 5.2Global Oil & Gas Market by Region
- 5.3Global Medical Market by Region
- 5.4Global Rubber Market by Region
- 5.5Global Firefighting Market by Region
- 5.6Global Others Market by Region
Chapter 6.Global Carbon Dioxide Market by Form
- 6.1Global Liquid Market by Region
- 6.2Global Gas Market by Region
- 6.3Global Solid Market by Region
Chapter 7.Global Carbon Dioxide Market by Source
- 7.1Global Ethyl Alcohol Market by Region
- 7.2Global Hydrogen Market by Region
- 7.3Global Ethylene Oxide Market by Region
- 7.4Global Substitute Natural Gas market by Region
- 7.5Global Others Market by Region
Chapter 8.Global Carbon Dioxide Market by Region
- 8.1North America Carbon Dioxide Market
- 8.1.1North America Carbon Dioxide Market by Application
- 8.1.1.1North America Food & Beverages Market by Country
- 8.1.1.2North America Oil & Gas Market by Country
- 8.1.1.3North America Medical Market by Country
- 8.1.1.4North America Rubber Market by Country
- 8.1.1.5North America Firefighting Market by Country
- 8.1.1.6North America Others Market by Country
- 8.1.2North America Carbon Dioxide Market by Form
- 8.1.2.1North America Liquid Market by Country
- 8.1.2.2North America Gas Market by Country
- 8.1.2.3North America Solid Market by Country
- 8.1.3North America Carbon Dioxide Market by Source
- 8.1.3.1North America Ethyl Alcohol Market by Country
- 8.1.3.2North America Hydrogen Market by Country
- 8.1.3.3North America Ethylene Oxide Market by Country
- 8.1.3.4North America Substitute Natural Gas market by Country
- 8.1.3.5North America Others Market by Country
- 8.1.4North America Carbon Dioxide Market by Country
- 8.1.4.1US Carbon Dioxide Market
- 8.1.4.1.1US Carbon Dioxide Market by Application
- 8.1.4.1.2US Carbon Dioxide Market by Form
- 8.1.4.1.3US Carbon Dioxide Market by Source
- 8.1.4.2Canada Carbon Dioxide Market
- 8.1.4.2.1Canada Carbon Dioxide Market by Application
- 8.1.4.2.2Canada Carbon Dioxide Market by Form
- 8.1.4.2.3Canada Carbon Dioxide Market by Source
- 8.1.4.3Mexico Carbon Dioxide Market
- 8.1.4.3.1Mexico Carbon Dioxide Market by Application
- 8.1.4.3.2Mexico Carbon Dioxide Market by Form
- 8.1.4.3.3Mexico Carbon Dioxide Market by Source
- 8.1.4.4Rest of North America Carbon Dioxide Market
- 8.1.4.4.1Rest of North America Carbon Dioxide Market by Application
- 8.1.4.4.2Rest of North America Carbon Dioxide Market by Form
- 8.1.4.4.3Rest of North America Carbon Dioxide Market by Source
- 8.2Europe Carbon Dioxide Market
- 8.2.1Europe Carbon Dioxide Market by Application
- 8.2.1.1Europe Food & Beverages Market by Country
- 8.2.1.2Europe Oil & Gas Market by Country
- 8.2.1.3Europe Medical Market by Country
- 8.2.1.4Europe Rubber Market by Country
- 8.2.1.5Europe Firefighting Market by Country
- 8.2.1.6Europe Others Market by Country
- 8.2.2Europe Carbon Dioxide Market by Form
- 8.2.2.1Europe Liquid Market by Country
- 8.2.2.2Europe Gas Market by Country
- 8.2.2.3Europe Solid Market by Country
- 8.2.3Europe Carbon Dioxide Market by Source
- 8.2.3.1Europe Ethyl Alcohol Market by Country
- 8.2.3.2Europe Hydrogen Market by Country
- 8.2.3.3Europe Ethylene Oxide Market by Country
- 8.2.3.4Europe Substitute Natural Gas market by Country
- 8.2.3.5Europe Others Market by Country
- 8.2.4Europe Carbon Dioxide Market by Country
- 8.2.4.1Germany Carbon Dioxide Market
- 8.2.4.1.1Germany Carbon Dioxide Market by Application
- 8.2.4.1.2Germany Carbon Dioxide Market by Form
- 8.2.4.1.3Germany Carbon Dioxide Market by Source
- 8.2.4.2UK Carbon Dioxide Market
- 8.2.4.2.1UK Carbon Dioxide Market by Application
- 8.2.4.2.2UK Carbon Dioxide Market by Form
- 8.2.4.2.3UK Carbon Dioxide Market by Source
- 8.2.4.3France Carbon Dioxide Market
- 8.2.4.3.1France Carbon Dioxide Market by Application
- 8.2.4.3.2France Carbon Dioxide Market by Form
- 8.2.4.3.3France Carbon Dioxide Market by Source
- 8.2.4.4Russia Carbon Dioxide Market
- 8.2.4.4.1Russia Carbon Dioxide Market by Application
- 8.2.4.4.2Russia Carbon Dioxide Market by Form
- 8.2.4.4.3Russia Carbon Dioxide Market by Source
- 8.2.4.5Spain Carbon Dioxide Market
- 8.2.4.5.1Spain Carbon Dioxide Market by Application
- 8.2.4.5.2Spain Carbon Dioxide Market by Form
- 8.2.4.5.3Spain Carbon Dioxide Market by Source
- 8.2.4.6Italy Carbon Dioxide Market
- 8.2.4.6.1Italy Carbon Dioxide Market by Application
- 8.2.4.6.2Italy Carbon Dioxide Market by Form
- 8.2.4.6.3Italy Carbon Dioxide Market by Source
- 8.2.4.7Rest of Europe Carbon Dioxide Market
- 8.2.4.7.1Rest of Europe Carbon Dioxide Market by Application
- 8.2.4.7.2Rest of Europe Carbon Dioxide Market by Form
- 8.2.4.7.3Rest of Europe Carbon Dioxide Market by Source
- 8.3Asia Pacific Carbon Dioxide Market
- 8.3.1Asia Pacific Carbon Dioxide Market by Application
- 8.3.1.1Asia Pacific Food & Beverages Market by Country
- 8.3.1.2Asia Pacific Oil & Gas Market by Country
- 8.3.1.3Asia Pacific Medical Market by Country
- 8.3.1.4Asia Pacific Rubber Market by Country
- 8.3.1.5Asia Pacific Firefighting Market by Country
- 8.3.1.6Asia Pacific Others Market by Country
- 8.3.2Asia Pacific Carbon Dioxide Market by Form
- 8.3.2.1Asia Pacific Liquid Market by Country
- 8.3.2.2Asia Pacific Gas Market by Country
- 8.3.2.3Asia Pacific Solid Market by Country
- 8.3.3Asia Pacific Carbon Dioxide Market by Source
- 8.3.3.1Asia Pacific Ethyl Alcohol Market by Country
- 8.3.3.2Asia Pacific Hydrogen Market by Country
- 8.3.3.3Asia Pacific Ethylene Oxide Market by Country
- 8.3.3.4Asia Pacific Substitute Natural Gas market by Country
- 8.3.3.5Asia Pacific Others Market by Country
- 8.3.4Asia Pacific Carbon Dioxide Market by Country
- 8.3.4.1China Carbon Dioxide Market
- 8.3.4.1.1China Carbon Dioxide Market by Application
- 8.3.4.1.2China Carbon Dioxide Market by Form
- 8.3.4.1.3China Carbon Dioxide Market by Source
- 8.3.4.2Japan Carbon Dioxide Market
- 8.3.4.2.1Japan Carbon Dioxide Market by Application
- 8.3.4.2.2Japan Carbon Dioxide Market by Form
- 8.3.4.2.3Japan Carbon Dioxide Market by Source
- 8.3.4.3India Carbon Dioxide Market
- 8.3.4.3.1India Carbon Dioxide Market by Application
- 8.3.4.3.2India Carbon Dioxide Market by Form
- 8.3.4.3.3India Carbon Dioxide Market by Source
- 8.3.4.4South Korea Carbon Dioxide Market
- 8.3.4.4.1South Korea Carbon Dioxide Market by Application
- 8.3.4.4.2South Korea Carbon Dioxide Market by Form
- 8.3.4.4.3South Korea Carbon Dioxide Market by Source
- 8.3.4.5Australia Carbon Dioxide Market
- 8.3.4.5.1Australia Carbon Dioxide Market by Application
- 8.3.4.5.2Australia Carbon Dioxide Market by Form
- 8.3.4.5.3Australia Carbon Dioxide Market by Source
- 8.3.4.6Malaysia Carbon Dioxide Market
- 8.3.4.6.1Malaysia Carbon Dioxide Market by Application
- 8.3.4.6.2Malaysia Carbon Dioxide Market by Form
- 8.3.4.6.3Malaysia Carbon Dioxide Market by Source
- 8.3.4.7Rest of Asia Pacific Carbon Dioxide Market
- 8.3.4.7.1Rest of Asia Pacific Carbon Dioxide Market by Application
- 8.3.4.7.2Rest of Asia Pacific Carbon Dioxide Market by Form
- 8.3.4.7.3Rest of Asia Pacific Carbon Dioxide Market by Source
- 8.4LAMEA Carbon Dioxide Market
- 8.4.1LAMEA Carbon Dioxide Market by Application
- 8.4.1.1LAMEA Food & Beverages Market by Country
- 8.4.1.2LAMEA Oil & Gas Market by Country
- 8.4.1.3LAMEA Medical Market by Country
- 8.4.1.4LAMEA Rubber Market by Country
- 8.4.1.5LAMEA Firefighting Market by Country
- 8.4.1.6LAMEA Others Market by Country
- 8.4.2LAMEA Carbon Dioxide Market by Form
- 8.4.2.1LAMEA Liquid Market by Country
- 8.4.2.2LAMEA Gas Market by Country
- 8.4.2.3LAMEA Solid Market by Country
- 8.4.3LAMEA Carbon Dioxide Market by Source
- 8.4.3.1LAMEA Ethyl Alcohol Market by Country
- 8.4.3.2LAMEA Hydrogen Market by Country
- 8.4.3.3LAMEA Ethylene Oxide Market by Country
- 8.4.3.4LAMEA Substitute Natural Gas market by Country
- 8.4.3.5LAMEA Others Market by Country
- 8.4.4LAMEA Carbon Dioxide Market by Country
- 8.4.4.1Brazil Carbon Dioxide Market
- 8.4.4.1.1Brazil Carbon Dioxide Market by Application
- 8.4.4.1.2Brazil Carbon Dioxide Market by Form
- 8.4.4.1.3Brazil Carbon Dioxide Market by Source
- 8.4.4.2Argentina Carbon Dioxide Market
- 8.4.4.2.1Argentina Carbon Dioxide Market by Application
- 8.4.4.2.2Argentina Carbon Dioxide Market by Form
- 8.4.4.2.3Argentina Carbon Dioxide Market by Source
- 8.4.4.3UAE Carbon Dioxide Market
- 8.4.4.3.1UAE Carbon Dioxide Market by Application
- 8.4.4.3.2UAE Carbon Dioxide Market by Form
- 8.4.4.3.3UAE Carbon Dioxide Market by Source
- 8.4.4.4Saudi Arabia Carbon Dioxide Market
- 8.4.4.4.1Saudi Arabia Carbon Dioxide Market by Application
- 8.4.4.4.2Saudi Arabia Carbon Dioxide Market by Form
- 8.4.4.4.3Saudi Arabia Carbon Dioxide Market by Source
- 8.4.4.5South Africa Carbon Dioxide Market
- 8.4.4.5.1South Africa Carbon Dioxide Market by Application
- 8.4.4.5.2South Africa Carbon Dioxide Market by Form
- 8.4.4.5.3South Africa Carbon Dioxide Market by Source
- 8.4.4.6Nigeria Carbon Dioxide Market
- 8.4.4.6.1Nigeria Carbon Dioxide Market by Application
- 8.4.4.6.2Nigeria Carbon Dioxide Market by Form
- 8.4.4.6.3Nigeria Carbon Dioxide Market by Source
- 8.4.4.7Rest of LAMEA Carbon Dioxide Market
- 8.4.4.7.1Rest of LAMEA Carbon Dioxide Market by Application
- 8.4.4.7.2Rest of LAMEA Carbon Dioxide Market by Form
- 8.4.4.7.3Rest of LAMEA Carbon Dioxide Market by Source
Chapter 9.Company Profiles
- 9.1SOL Group
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Regional Analysis
- 9.1.4Recent strategies and developments:
- 9.1.4.1Partnerships, Collaborations, and Agreements:
- 9.1.4.2Geographical Expansions:
- 9.1.5SWOT Analysis
- 9.2India Glycols Limited
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3Segmental and Regional Analysis
- 9.2.4Research & Development Expenses
- 9.2.5SWOT Analysis
- 9.3Gulf Cryo
- 9.3.1Company Overview
- 9.3.2Recent strategies and developments:
- 9.3.2.1Partnerships, Collaborations, and Agreements:
- 9.3.2.2Geographical Expansions:
- 9.3.3SWOT Analysis
- 9.4Linde PLC
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Segmental Analysis
- 9.4.4Research & Development Expenses
- 9.4.5Recent strategies and developments:
- 9.4.5.1Partnerships, Collaborations, and Agreements:
- 9.4.6SWOT Analysis
- 9.5Ellenbarrie Industrial Gases Limited
- 9.5.1Company Overview
- 9.5.2SWOT Analysis
- 9.6Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Group Corporation)
- 9.6.1Company Overview
- 9.6.2Financial Analysis
- 9.6.3Segmental Analysis
- 9.6.4Research & Development Expenses
- 9.6.5SWOT Analysis
- 9.7Dubai Industrial Gas (Al Mana Group)
- 9.8Buzwair Industrial Gases Factories (Buzwair Group)
- 9.9Messer SE & Co. KGaA (Messer Industrie GmbH)
- 9.9.1Company Overview
- 9.9.2Financial Analysis
- 9.9.3Regional Analysis
- 9.9.4Recent strategies and developments:
- 9.9.4.1Geographical Expansions:
- 9.9.5SWOT Analysis
- 9.10.Acail Gas (Acail Group)
Chapter 10.Winning imperatives of Carbon Dioxide Market