Middle East Carbon Dioxide (CO2) Market Size Worth USD 2.29 Billion by 2034 | CAGR: 5.60%

The middle east carbon dioxide market size is expected to reach USD 2.29 billion by 2034, according to a new study by Polaris Market Research. The report “Middle East Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, Others), By Application, By Country; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Carbon dioxide (CO2) is a naturally occurring, colorless gas critical to life on Earth. It is a key component of the planet's carbon cycle and a primary greenhouse gas that traps heat in the atmosphere. It is also used in carbonated beverages, fire extinguishers, as a refrigerant, and in enhanced oil recovery to extract more crude from wells.

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The Middle East is a significant contributor to CO2 emissions, primarily due to its extensive hydrocarbon-based economy. The region's arid climate also necessitates substantial energy consumption for water desalination and cooling, resulting in increased CO2 emissions. Gulf nations such as Saudi Arabia and the UAE are investing heavily in carbon capture, utilization, and storage (CCUS) technologies and renewable energy projects, such as NEOM and Masdar City, to diversify their economies and mitigate their substantial carbon footprint.

Middle East CO2 Market Report Highlights

• In terms of source, the ethyl alcohol segment accounted for a major revenue share in 2024 due to its extensive use in food and beverages, pharmaceuticals, and industrial applications.
• The substitute natural gas segment is projected to grow at a robust pace in the coming years, owing to the rising energy diversification initiatives and increasing adoption of alternative fuels.
• Based on application, the food & beverages segment held the largest revenue share in 2024 due to expanding consumption of carbonated drinks, packaged foods, and processed products.
• The oil & gas segment is projected to grow at a rapid pace during the forecast period, owing to the increasing use of CO2 in enhanced oil recovery (EOR) projects.
• Saudi Arabia held the largest Middle East carbon dioxide (CO2) market share in 2024. This dominance is attributed to its strong industrial base and high consumption of CO2 across food processing, beverages, oil and gas, and medical applications.
• The UAE market is projected to hold a substantial revenue share by 2034, driven by increasing investments in industrial gases and carbon capture, utilization, and storage (CCUS) projects.
• A few key market players include ADNOC; Air Liquide; Air Products and Chemicals, Inc.; Aramco; EIG; Gulf Cryo; Linde PLC; SABIC; Sicgil; and Technip Energies.

Polaris Market Research has segmented the CO2 market report on the basis of source, application, and country:

By Source Outlook (Revenue, USD Billion, Volume Kiloton, 2020–2034)

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

By Application Outlook (Revenue, USD Billion, Volume Kiloton, 2020–2034)

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

By Country Outlook (Revenue, USD Billion, Volume Kiloton, 2020–2034)

• Saudi Arabia
• UAE
• Qatar
• Israel
• Rest of Middle East