H1 2023: The key producers of Liquid Carbon Dioxide (CO2) in H1 2023 were Southern Petrochemical Industries Corporation Limited (SPIC), Linde plc, Carbolim (ACP - Air Liquide JV), and Air Liquide-Zeeland Refinery JV. Globally, Asia Pacific region consumed the highest percentage of liquid CO2 in H1 2023. However, the price of liquid carbon dioxide fluctuated in the Asia Pacific region during H1 2023. The market disruption brought on by the Lunar holiday vacation and the looming economic uncertainty also contributed to the decline in prices in the Chinese market. As the big producers worked to resume normal operations and clear backlogs, domestic output of the product remained sluggish in China. However, April onwards, an upward trend in liquid carbon dioxide pricing was seen in the Asia Pacific region. Besides, with the rising temperatures there came a rise in demand for fizzy carbonated beverages and the Asian market for liquid carbon dioxide experienced significant expansion. On the other side, the US market experienced a fairly bullish liquid carbon dioxide market in H1 2023. US saw an increase in the price of liquid carbon dioxide due to a rise in consumption from the end-user sectors like food and beverage. Due to the shortage of carbonated beverage production facilities, US vendors had to face supply issues. Since there was a shortage of the liquid carbon dioxide, manufacturers sold at high prices throughout the months of H1 2023.
The global Liquid Carbon Dioxide (CO2) market stood at approximately 14.5 million tonnes in 2022 and is expected to grow at a CAGR of 4.91% during the forecast period until 2035. The growing demand for food and beverages is anticipated to fuel the Liquid Carbon Dioxide market.
Liquid CO2 is primarily used in the food and beverage industry for carbonated soft drinks and alcoholic beverages like beer, and water. It serves as a preservative in food packaging as well. Carbonating soft drinks, water, and alcoholic beverages like beer is the primary usage of CO2. Liquid CO2 is frequently used in breweries to supplement the CO2 created during fermentation. The CO2 extends shelf life of baby food, meats, fresh foods, and baked goods.
Additionally, CO2 is employed in the form of dry ice and snow to convey fresh food. In the medical field, carbon dioxide is used as a blowing gas for various procedures, including minimally invasive surgery. In treating water, the chemical is mostly used as an acidifier.
As the global consumption of carbonated beverages rises, the food and beverage sectors will continue to be the largest end-use market for liquid CO2. Owing to the rising population, the food and beverage sector is anticipated to dominate the market in the forthcoming years. Furthermore, its application in the healthcare industry is another factor driving the market. Moreover, CO2-derived fuels have uses in the transportation industry but others, like methane, have several uses in industrial, heating, and power generation, which is expected to swell up the demand in the forecast period. The global Liquid Carbon Dioxide market is anticipated to reach approximately 27 million tonnes by 2035.
Asia Pacific is dominating all over the world with the highest demand for Liquid Carbon Dioxide. This region accounted for a market share of roughly 60% of the global Liquid Carbon Dioxide market in 2022. Owing to the rising demand of food and beverages along with water treatment, the demand for Liquid Carbon Dioxide is anticipated to rise in these countries. Europe stands as the second largest consumer of Liquid Carbon Dioxide. Germany, the United Kingdom, and Norway are leading European nations in liquefying and purifying CO2 to be used for food processing and beverage carbonation. Geographically, APAC produces the majority of the liquid CO2, with India and China being the top producers of liquid CO2.
Based on the end-user industry, the Liquid Carbon Dioxide market is segmented into sectors such as Chemicals & Petrochemicals, Food & Beverages, Healthcare, Fire Extinguisher, and Others. Among these, the food and beverages sector is in the lead, with a volume share of roughly 35% in 2022. Chemicals & Petrochemicals and Healthcare also hold significant market shares in the Liquid Carbon Dioxide market.
Significant players in the Global Liquid Carbon Dioxide market are Punjab Carbonic private Limited, SICGIL India Limited, India Glycols Limited, Prime Gases, Jubilant lifesciences limited, Indo Gulf Corporation, Hangzhou Oxygen Co. Ltd., Messer Group GmbH, Linde Plc, Bangkok Industrial Gas Company Limited (BIG), Messer - AlcoBioFuel Bio-Refinery - IJsfabriek Strombeek JV, Air Products (ACP Belgium), CropEnergies - Tyczka Energie JV, CF Fertilisers UK Ltd, and Linde Gáz Magyarország Zrt.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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The objective of the Study:
• To assess the demand-supply scenario of Liquid Carbon Dioxide, which covers the production, demand, and supply of Liquid Carbon Dioxide around the globe.
• To analyze and forecast the market size of Liquid Carbon Dioxide.
• To classify and forecast the Global Liquid Carbon Dioxide market based on end-use and regional distribution.
• To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Liquid Carbon Dioxide market.
To extract data for the Global Liquid Carbon Dioxide market, primary research surveys were conducted with Liquid Carbon Dioxide manufacturers, suppliers, distributors, wholesalers, and Traders. 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 segments and projected a positive outlook for the Global Liquid Carbon Dioxide market over the coming years.
ChemAnalyst calculated Liquid Carbon Dioxide demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Liquid Carbon Dioxide across the globe. 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:
• Liquid Carbon Dioxide manufacturers and other stakeholders
• Organizations, forums and alliances related to Liquid 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 Liquid Carbon Dioxide manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Liquid Carbon Dioxide market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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8 million tonnes
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Market size Volume by 2035
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16 million tonnes
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Growth Rate
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CAGR of 5.28% from 2022 to 2035
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Base year for estimation
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2022
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Historic Data
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2015 – 2022
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Forecast period
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2023 – 2035
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Quantitative units
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Demand in million tonnes and CAGR from 2022 to 2035
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
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Segments covered
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By End-Use: (Chemicals & Petrochemicals, Food & Beverages, Healthcare, Fire Extinguisher, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com