The Global Carbon Dioxide Market size is estimated to be USD 7.65 billion in 2019 and is predicted to reach USD 10.70 billion by 2030 with a CAGR of 3.1% from 2020-2030.
Carbon Dioxide (CO2) is the colorless gas which consists of a carbon atom covalently bonded with the two oxygen atoms. It is produced by burning of fossil fuels such as refined oils or crude, coal, and natural gas among others. It plays a major role in vital plants and animal process such as photosynthesis and respiration. CO2 is a greenhouse gas, which is vital for the earth’s ecosystem. Moreover, it traps the heat and helps to keep the earth’s atmosphere warm and also used in various nominal invasive surgeries including endoscopy, arthroscopy, and laparoscopy, as an insufflations gas.
It is majorly used as the chemical building block mainly for urea synthesis from ammonia, used to produce carbonated soft drinks and soda water, used in the process of requiring large scale refrigeration, fire-fighting, freezing & cooling food products, extraction of oil and among others. Moreover, it is also used to generate electricity and heat, or for transportation purposes and used by various other industries.
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Top Companies: Linde AG, INOX Air Products Ltd., Universal Industrial Gases Inc., Continental Carbonic Products, Inc., Air Products and Chemical, Inc., Cosmo Engineering Co. Ltd., Praxair, Inc and others.
Market Dynamics and Trends:
As CO2 is used in various applications mentioned have led an increase in the demand for carbon dioxide and is anticipated to drive the market growth during the forecast timeframe. Moreover, rising demand of the CO2 in the medical industry is projected to o propel the growth of carbon dioxide market in the upcoming years. However, high cost of the carbon capture and storage (CCS) technology is estimated to hamper the market growth in the coming years. Substitute natural gas segment within the source is anticipated to be show largest market share in the upcoming years. Additionally, oil and gas segment within the application had a largest market share in 2017 and is projected to continue its dominance during the forecast period.
The huge investment in Research and Developments for advanced technologies in carbon capture & storage (CCS) and enhanced oil recovery (EOR), have led to an increase in the demand for CO2. Additionally, carbon capture & storage technology is used for capturing and storing CO2 which is later utilized for industrial purposes. Moreover, enhanced oil recovery technology aids in extracting large amount of resources from oil and gas reserves in a short time span.
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Market Segmentations and Scope of the Study:
The carbon dioxide market share is analysed on the basis of sources, application, and geography. On the basis of sources, the market is segmented into hydrogen, ethylene oxide, ethyl alcohol, and substitute natural gas. According to the application, the carbon dioxide market is classified into the food & beverages, medical, oil & gas, rubber, and firefighting. The geographical segment of the advanced ceramics market covers North America, Europe, Asia Pacific, and Rest of the World.
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