The global carbon dioxide market size is expected to reach USD 9.79 billion by 2028 according to a new study by Polaris Market Research. The report “Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report, By Application (Medical, Rubber, Firefighting, Food & Beverage, Oil & Gas, Others); By Source; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The application of carbon dioxide (CO2) for quick freezing, surface freezing, refrigeration, and chilling in the transportation of foods has been on the rise owing to the growth of the food & beverage segment. The use of CO2 in soft drinks, beers, and wines in order to prevent bacterial and fungal growth is expected to spur the market demand over the forecast period.
Fluctuating crude oil prices and increasing matured wells are also expected to drive the EOR market over the foreseeable future. Increasing requirements to extract oil and other hydrocarbons from unconventional and low permeability reserves such as tight sands & traps are expected to have a beneficial influence on the global EOR market growth driving the carbon dioxide (CO2) demand in the oil & gas industry.
Carbon dioxide (CO2) application in the healthcare industry is associated with the research & development of new drugs in laboratories. CO2 monitor levels are used to ensure that critical environments are stable. With the help of continuous temperature measurement and R&D, companies can easily identify the stability and changes during the research and manufacturing process.
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The CCS technology can capture over 90.0% of CO2 emissions from an industrial facility or power plant and store them in geological formations. The CO2 capture technology has been established in several industrial processes. However, the nature of the technology is expensive and has just reached maturity for power generation and other industrial processes.
The carbon dioxide (CO2) capture and storage technology are expensive as it requires a large amount of equipment to capture, purify, liquefy, store, transport, and bury the CO2. The average capital cost of a coal plant equipped with CO2 capture and storage technology would be 76.0% higher than a conventional plant.
The cost of the carbon dioxide (CO2) capture and storage technology along with a new plant set up is very high and this may not prove to be a viable solution for many industry players or even countries globally. Therefore, the high cost of CCS is expected to restrain the market in the near future.
New entrants in the carbon dioxide (CO2) industry bring innovation, new ways of doing things, and put pressure on players through lower pricing strategy, reducing costs, and providing new value propositions to the customers.
Market players have to manage all these challenges and build effective barriers to safeguard their competitive edge. However high capital costs, access to distribution channels, high industry rivalry is some of the factors contributing negatively to the threat of new entrants.
The advent of the COVID-19 pandemic and its rapid spread across the globe led governments to implement strict lockdowns as well as curb citizen movement in their respective countries. Such lockdowns affected almost all industries including the CO2 industry as well. At the peak of the pandemic, in almost all countries of the globe, there was a shortage of carbon dioxide (CO2) for various market applications.
Polaris Market Research has segmented the global carbon dioxide market on the basis of source, application, and region:
Carbon Dioxide Source Outlook (Revenue, USD Million, 2017 – 2028)
- Ethyl Alcohol
- Ethylene Oxide
- Substitute Natural Gas
Carbon Dioxide Application Outlook (Revenue, USD Million, 2017 – 2028)
- Food & Beverages
- Oil & Gas
Carbon Dioxide Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia