[Online Quarterly Update] Carbon Dioxide Market has shown considerable growth as it reached 52 million tonnes in 2020 and is anticipated to achieve an impressive CAGR of 6.15% during the forecast period 2022-2030. Carbon Dioxide (CO2) is a chemical compound consisting of one Carbon and two Oxygen atoms. It is colorless, soluble, and non-flammable at normal temperature and pressure. CO2 is a trace gas that is much less abundant than Oxygen and Nitrogen in Earth's atmosphere. It is considered an essential heat-trapping greenhouse gas (GHG), released via human activities such as deforestation and burning fossil fuels. Natural sources of Carbon Dioxide include volcanoes, hot springs, geysers, groundwater, rivers and lakes, ice caps, glaciers, seawater, and others. It is also present in the deposits of petroleum distillates (gasoline, diesel, kerosene, propane) and natural gas (methane). Industrial production of Carbon Dioxide includes several methods such as combustion of carbon-based fuels, thermal decomposition of limestone, oxidation of iron with coke, steam reforming, and others. Production of Hydrogen by the steam reforming method is one of the major sources of food grade Carbon Dioxide, which is widely used in the food and beverage industry for carbonation of beer and soft drinks.
It is an important renewable feedstock for the synthesis of fuels and chemicals. Carbon Dioxide is a versatile material that is extensively used in numerous applications including inert gas in firefighting, carbonation of beverages, enhanced Oil recovery (EOR), freezing & cooling food products, and Others. On the basis of end-use industries, the global Carbon Dioxide market is segmented into including food & beverages, oil & gas, medical, rubber, firefighting, and others. The food and beverage segment dominated the market in 2020 due to high utilization of CO2 in inert gas for packing fresh meat and vegetables, manufacturing of carbonated beverages, and freezing & chilling of food. The growing demand for Carbon Dioxide from the medical sector is widely used in cryotherapy, cryopreservation, anaesthesia, insufflation gas, surgeries, etc. It is expected to augment the global market of Carbon Dioxide the next few years. The oil and gas industry is among the global leaders in developing and deploying Carbon Dioxide capture. Increased demand of CO2 from the oil and gas industry as it is primarily used in Enhancing Oil Recovery (EOR) to improve oil recovery rates and to prolong the operating life of mature oil fields, has contributed to the market growth of Carbon Dioxide around the world in the historic period. Exponentially increasing demand of CO2 from the Oil and gas sector to enhance oil productivity is likely to boost the Carbon Dioxide market around the world over the next ten years. Several Carbon manufacturers are using advanced carbon capture and storage (CCS) technologies to effectively purify, capture, liquify, and store carbon dioxide to restrain carbon dioxide from entering the environment.
Key players are acquiring new companies in order to strengthen the R&D department and improve the market footprint. For example, in 2019, Air Products acquired ACP Europe SA, which enables Air Products to pursue new industrial gas growth opportunities and better serve existing customers.
Due to the outbreak of COVID-19, in 2020, the global market was adversely affected owing to factors, such as strict social distancing norms and countrywide lockdowns in various countries around the world. Several industries including oil and gas, automobile, semiconductor, consumer electronics, and others that largely consumes Carbon Dioxide witnessed a severe negative impact. During the first half of 2020, there was a major decline in the demand of Carbon Dioxide from various end-user industries due to strict containment measures and the closure of commercial activities which resulted in operational challenges. However, the demand of Carbon Dioxide from the food and beverage industry surged during the covid times due to increased demand of packed foods and soft drinks.
Among different regions, the Asia Pacific region is anticipated to dominate the global Carbon Dioxide market in the forecast period due to the rising demand for Carbon Dioxide for the growth and expansion of end-user industries, such as food & beverages and medical, electronics and, others. North America held the major share of the Carbon Dioxide market in 2020 due to the high consumption of CO2 in oil and gas, and food and beverage sectors.
Major players for Carbon Dioxide include AGA, Air Liquide, Linde AG, Matheson Tri-Gas, Air Products and Chemicals, Inc., AIR WATER INC, Airgas, Buzwair Industrial Gases Factories, Continental Carbonic Products, EPC Engineering & Technologies GmbH, Gulf Cryo, The BOC, INOX Air Products Ltd., Iwatani Corporation, Matheson Tri-Gas, Inc., Messer, Praxair, Inc., SABIC, SOL Spa, Southern Industrial Gas Sdn Bhd, Cosmo Engineering, The Southern Gas Limited, Universal Industrial Gases Inc, and Others.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
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Objective of the Study:
• To assess the demand-supply scenario of Carbon Dioxide which covers production, demand and supply of Carbon Dioxide market globally.
• To analyse and forecast the market size of Carbon Dioxide.
• To classify and forecast global Carbon Dioxide market based on application, technology, end-use and regional distribution.
• To identify drivers and challenges for global Carbon Dioxide market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global Carbon Dioxide market.
• To identify and analyse the profile of leading players involved in the manufacturing of Carbon Dioxide.
To extract data for Carbon Dioxide market, primary research surveys were conducted with Carbon Dioxide manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Carbon Dioxide market over the coming years.
ChemAnalyst calculated Carbon Dioxide demand globally by analyzing the historical data and demand forecast which was carried out considering imported Carbon Dioxide, styrene prices, monomers used for production of Carbon Dioxide. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Carbon Dioxide manufacturers and other stakeholders
• Organizations, forums and alliances related to Carbon Dioxide distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Carbon Dioxide manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, Carbon Dioxide market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by Type
Liquid, Solid, and Gaseous.
Market, by Application
Food & Beverage, Oil & Gas, Medical, Rubber, Fire Fighting, and Others
Market, by Sales Channel
Direct Company Sale, Direct Import, Distributors & Traders
Market, by Region
North America, APAC, Europe, MEA, South America
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