The global carbon dioxide market size is expected to reach USD 9.91 billion by 2029 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, 2022 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The robust demand for carbon dioxide in various end-use industries including pharmaceuticals & medical, food & beverages, rubber, rubber, oil & gas, is expected to drive the growth of the industry over the forecast period. CO2 has a wide application in the food & beverage industry owing to its utilization in cooling and refrigeration during the transportation of food. Large quantities of CO2 are required to be used as a raw material in the chemical process industry. CO2 gas is utilized to make urea, polyurethanes, methanol, and sodium salicylate. It is mixed with epoxides to create plastics and polymers.
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On the basis of source, ethyl alcohol is expected to account for the largest share over the forecast period owing to the rising production of ethanol across the globe. Since ethanol is non-toxic and biodegradable, it is widely used to obtain CO2. Producing and burning ethanol results in the emission of carbon dioxide. The eco-friendly nature of ethanol is expected to drive the growth of the industry. On the basis of application, the food & beverage sector is expected to account for the largest share in the coming years. The rising trend of increased consumption of packaged food across the globe leads to the robust demand for CO2 as it preserves the food by inhibiting the growth of bacteria. It is widely used for carbonated soft drinks and maintains the cooling of food items during transportation.
North America is expected to witness the highest industry growth over the forecast period owing to the increased consumption of food & beverages in the region. The rising consumer expenditure on packaged food products is paving the way for the demand for CO2 as it is widely used to prevent and main the temperature of the food item. In addition, the wide presence of oil & gas refineries across the region is projected to accelerate the industry growth.
Major participants such as Sicgil India Ltd., Gulf Cryo, AGA AB, Air Liquide, Air Products & Chemicals, Inc., National Industrial Gases Company, Matheson Tri-Gas, Inc., ACAIL Gas, Airgas, Inc., Inox Air Products Ltd., Linde AG, Messer, Praxair, Inc., SOL Group, Strandmøllen A/S, Taiyo Nippon Sanso Corp., The BOC Group, and Universal Industrial Gases, Inc. are the key players operating in the global market.
Polaris Market Research has segmented the global carbon dioxide market on the basis of source, application, and region:
Carbon Dioxide, Source Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2029)
Carbon Dioxide, Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2029)
Carbon Dioxide, Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2029)