Carbon Dioxide Market is Expected to Grow at a CAGR of 6.15% by 2030 | ChemAnalystby Ganesh Kumar SEO Specialist
According to ChemAnalyst report, “Carbon Dioxide Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Carbon Dioxide market has witnessed significant growth as it reached 52 million tonnes in 2020 and is expected to achieve an impressive global CAGR of 6.15% in the forecast period until 2030. With the increasing utilization of Carbon Dioxide for Enhancing Oil Recovery (EOR) technology from the oil and gas industry is anticipated to boost the Carbon Dioxide market across the globe over the next ten years. Furthermore, manufacturers are adopting carbon dioxide-based advanced technologies, which will boost the product demand in the future.
Carbon Dioxide is a chemical compound consisting of one Carbon and two Oxygen atoms which is generally referred by its molecular formula CO2. It is colorless, non-flammable and soluble in nature at normal temperature. Carbon Dioxide is a trace gas which is way less abundant than Oxygen and Nitrogen present in Earth's atmosphere. It is considered an important heat-trapping greenhouse gas (GHG), which is released on a large scale through human activities such as burning fossil fuels and deforestation. Carbon Dioxide is an important renewable feedstock for the synthesis of chemicals and fuels.
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Carbon Dioxide naturally occurs in volcanoes, groundwater, hot springs, geysers, seawater, rivers and lakes, ice caps, glaciers, and others. It is also present in the deposits of natural gas (methane) and petroleum distillates (gasoline, kerosene, diesel, propane). Industrially, Carbon Dioxide is produced through various methods such as combustion of carbon-based fuels, oxidation of iron with coke, thermal decomposition of limestone, steam reforming and others. One of the major sources of food-grade Carbon Dioxide, which is largely used in the food and beverage sector for carbonation of beer and soft drinks is manufactured through the production of Hydrogen by the steam reforming method. CO2 is a versatile material which is extensively used in numerous applications including enhanced Oil recovery (EOR), inert gas in firefighting, carbonation of beverages, freezing & cooling food products, and Others.
Global Carbon Dioxide Market is segmented on the basis of type, application, sales channel and region. Based on the type, the global Carbon Dioxide market is segmented into solid, liquid and gaseous. Gaseous Carbon Dioxide dominates the global market as it widely used in a wide range of applications including refrigerators, fire extinguishers, blasting coal, foaming rubbers, plastics, carbonated beverages, for inflating life rafts and life jackets, and others. On the basis of different applications, the global Carbon Dioxide market is segregated into including oil & gas, food & beverages, medical, rubber, firefighting, and others. The segment of food and beverages led the global market in 2020 due to high utilization of CO2 in the production of carbonated beverages, inert gas for packing fresh meat and vegetables, and freezing & chilling of food. Rising demand of Carbon Dioxide from the medical sector as it is widely used in cryopreservation, cryotherapy, anaesthesia, insufflation gas, surgeries, etc., is expected to bolster the global Carbon Dioxide market in upcoming years. Carbon Dioxide is primarily used in Enhancing Oil Recovery (EOR) by the Oil and gas industry in order to improve oil recovery rates and to prolong the operating life of mature oil fields, which has contributed to the market growth of Carbon Dioxide in the historic period. A substantial increase in the demand of CO2 from the Oil and gas industry to enhance oil productivity is likely to boost the Carbon Dioxide market across the globe over the next ten years. Carbon manufacturers are now using advanced carbon capture and storage (CCS) technologies to effectively capture, purify, liquify, and store carbon dioxide to restrain the carbon dioxide from entering the environment.
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Many leading players are acquiring new companies in order to strengthen the R&D department and improve the market footprint. For example, Air Products acquired ACP Europe SA in 2019, which enables Air Products to chase new industrial gas growth opportunities and better focus on existing customers.
On the start of COVID-19, in 2020, the global market was severely affected due to factors, such as countrywide lockdowns and strict social distancing norms in emerging economies. Several end-user industries including oil and gas, automobile, consumer electronics, semiconductor, and others that largely consumes and utilizes Carbon Dioxide witnessed a negative impact. During the first half of 2020, there was a major decline in the demand of Carbon Dioxide from various industries due to strict containment measures and the halt on commercial activities which resulted in operational challenges. However, the demand of Carbon Dioxide from the food and beverage and medical sector surged during the covid times.
Among different regions, the Asia Pacific region is forecasted to dominate the global Carbon Dioxide market in the next ten years owing to the rising demand of Carbon Dioxide for the growth and expansion of various end-user industries including food & beverages, medical, oil and gas, electronics, and others. North America held the major share of the global demand of Carbon Dioxide in 2020 due to the high consumption of CO2 in Oil and gas, and Food and beverage sectors.
Carbon Dioxide Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Carbon Dioxide market include AGA, Air Liquide, Linde AG, Matheson Tri-Gas, Air Products and Chemicals, Inc., AIR WATER INC, Airgas, Buzwair Industrial Gases Factories, EPC Engineering & Technologies GmbH, Continental Carbonic Products, Universal Industrial Gases Inc, 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, and Others.
“Rapidly growing demand of CO2 from the blooming Food & beverage and oil & gas industries is likely to flourish the global Carbon Dioxide market in the forecast period until 2030. As oil and gas industry is among the global leaders in developing and deploying Carbon Dioxide capture, manufacturers are now focusing on advanced carbon capture and storage (CCS) technologies in order to capture, purify, liquify, and store carbon dioxide effectively to restrain the carbon dioxide from entering the environment, which will further increase the product demand in the future. Continuously growing demand of CO2 in emerging economies like India and China to expand end-use industries including food & beverages, medical, and others is likely to augment the market growth of Carbon Dioxide across the globe over the next ten years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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