Carbon Dioxide Market Size Worth $14.66 Billion By 2032 | CAGR: 4.7%

Carbon Dioxide Market Size Worth $14.66 Billion By 2032 | CAGR: 4.7%

The global carbon dioxide market size is expected to reach USD 14.66 billion by 2032, according to a new study by Polaris Market Research. The report “Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report, By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, Others); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing global demand for food and beverages primarily drives the market. Food product consumption, production, and distribution rely on solid or liquid CO2 for surface freezing, quick freezing, and refrigeration during transportation and shipping. Additionally, CO2 gas plays a crucial role in the carbonation process of beverages such as beers, soft drinks, and wine, as it acts as a preservative by inhibiting fungal and bacterial growth.

Another significant factor contributing to the market's growth is its rising demand in the oil and gas industry. CO2 is extensively used in oil wells to facilitate oil extraction and maintain pressure within the formation. When pumped into an oil well, CO2 partially dissolves into the oil, making it easier to extract from the bedrock.

These applications, among others, have positioned the CO2 market for substantial expansion in the foreseeable future. As the global focus on sustainability and environmental responsibility intensifies, the demand for CO2-related products and services is expected to increase. Moreover, advancements in technology and innovative solutions for capturing, utilizing, and storing CO2 are driving further growth in the market.

Despite the positive outlook, challenges persist in the CO2 market. The costs associated with carbon capture and storage technologies remain high, hindering widespread adoption. Additionally, regulatory frameworks and public perception of CO2 utilization must be addressed to foster market growth.

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The carbon dioxide (CO2) market is experiencing notable trends driven by the need to mitigate climate change and reduce greenhouse gas emissions. One significant trend is the increasing focus on carbon capture, utilization, and storage (CCUS) as industries and power generation facilities invest in technologies that capture and utilize or store CO2 emissions. This emphasis on CCUS aims to contribute to reducing CO2 in the atmosphere.

The growing demand for CO2 in enhanced oil recovery (EOR) techniques. CO2 is extensively used to enhance oil production from mature oil fields, and companies are seeking to maximize oil recovery and extend the life of existing reservoirs. This demand for CO2 in EOR applications is expected to rise in the coming years.

Furthermore, there is a shift towards sustainable and low-carbon applications of CO2, where industries explore its use as a feedstock for producing chemicals, fuels, and building materials. This shift aligns with sustainability goals and promotes a circular economy, reducing reliance on fossil fuels. Technological advancements, government regulations, and international collaborations also play key roles in shaping the CO2 market, driving innovation, promoting cleaner technologies, and facilitating global efforts to address climate change.

Carbon Dioxide Market Report Highlights

  • Ethyl alcohol segment is anticipated to hold the largest shares of the market, due to government initiatives supporting global ethanol production, which emits CO2 as a by-product.
  • Food and beverage segment anticipated to hold significant market share during forecast period, due to CO2 has broad applications in adding carbonation to beverages, refrigerating food during transportation, and preserving packaged food by inhibiting bacterial growth.
  • North America holds the largest market revenue shares in 2022, CO2's diverse applications in the food and beverage industry and the oil and gas sector, combined with growing consumer consumption and spending on packaged food products, drive the region's significant demand for carbon dioxide.
  • The global key market players include ACAIL Gas, AGA AB, Air Liquide, Air Products & Chemicals, Inc., Airgas, Inc., Gulf Cryo, Inox Air Products Ltd., Linde AG, Matheson Tri-Gas, Inc., Messer, National Industrial Gases Company, and Praxair, Inc.

Polaris Market Research has segmented the Carbon Dioxide market report based on source, application, and region:

Carbon Dioxide, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hydrogen
  • Ethyl Alcohol
  • Ethylene Oxide
  • Substitute Natural Gas
  • Others

Carbon Dioxide, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Food & Beverages
  • Oil & Gas
  • Medical
  • Rubber
  • Firefighting
  • Others

Carbon Dioxide, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Carbon Dioxide Market Report Scope

Report Attributes


Market size value in 2023

USD 9.68 billion

Revenue forecast in 2032

USD 14.66 billion


4.7% from 2023 – 2032

Base year


Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments Covered

By Source, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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