Carbon Dioxide Market Report Scope & Overview:
The Carbon Dioxide Market was valued at USD 10.82 billion in 2023 and is expected to reach USD 16.35 billion by 2031 and grow at a CAGR of 5.24% over the forecast period 2024-2031.
The carbon dioxide market is experiencing significant growth due to the growing adoption of carbon dioxide in Enhanced Oil Recovery (EOR). Industrialization is driving increased demand across sectors like food and beverage, healthcare, and manufacturing. The use of carbon dioxide in enhanced oil recovery (EOR) techniques is also boosting demand. Stringent environmental regulations aimed at reducing carbon emissions are further propelling the market. The rise of renewable energy projects, including bioenergy with carbon capture and storage (BECCS), is expected to drive continued growth in the carbon dioxide market. Increasing demand for carbon dioxide in the agriculture sector, particularly for greenhouse farming and crop fertilization further drives the growth of the carbon dioxide market. Carbon dioxide is utilized to enhance plant growth and improve crop yields, driving demand in agricultural applications.
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Market Dynamics
Drivers
Increasing industrialization and demand across various sectors.
Growing adoption of carbon capture and storage (CCS) technologies.
Rising popularity of enhanced oil recovery (EOR) techniques.
The increasing popularity of the enhanced oil recovery (EOR) technique is a driving factor for the carbon dioxide market due to its potential to significantly enhance oil production from mature reservoirs. Carbon dioxide injection improves oil recovery rates by reducing the oil viscosity and expanding reservoir volume. Moreover, EOR techniques help offset declining oil production from conventional reserves, making them economically viable and environmentally sustainable solutions for oil extraction.
Restraint
High costs associated with carbon capture and storage technologies.
Limited availability of suitable storage sites for captured carbon dioxide.
Opportunities
Stringent environmental regulations to reduce carbon emissions.
Emergence of renewable energy projects utilizing carbon dioxide.
The emergence of renewable energy projects utilizing carbon dioxide presents a significant opportunity for the carbon dioxide market. These projects, such as bioenergy with carbon capture and storage (BECCS), integrate carbon dioxide capture with renewable energy production, offering a dual benefit of emissions reduction and sustainable energy generation. By capturing and storing carbon dioxide emissions from biomass combustion or industrial processes, BECCS contributes to carbon neutrality or even negative emissions, aligning with global climate goals while creating new revenue streams for the carbon dioxide market.
Challenges
Regulatory uncertainties affecting investment decisions.
Competition from alternative greenhouse gas reduction strategies.
Impact of Russia-Ukraine War:
The Russia-Ukraine war affected the carbon dioxide market. Russia's invasion of Ukraine has resulted in substantial carbon dioxide emissions, with around 150 million tons emitted. War-related activities and fires contributed to carbon emissions, totaling around 39.6 million tons of carbon dioxide equivalents (tCO2e). These emissions counter Ukraine's previous goals of reducing energy use by two-thirds, with renewable energy installations accounting for over 13% of the nation's energy mix before the conflict. The destabilization caused by the war has likely disrupted energy markets and infrastructure, potentially impacting carbon dioxide supply chains and market dynamics.
Impact of Economic Downturn:
During economic downturns, reduced industrial activity in sectors such as manufacturing, construction, and chemicals leads to decreased demand for carbon dioxide. Budget constraints limit investments in carbon capture and storage technologies, further slowing market growth. Companies prioritize cost-cutting over sustainability, dampening demand. Overall, economic downturns cause a temporary contraction in the carbon dioxide market as industries adapt to economic challenges.
Market segmentation
By Source
Hydrogen
Ethylene Oxide
Ethyl Alcohol
Substitute Natural Gas
Others
By source, Ethyl Alcohol held the highest revenue share of more than 35% in the carbon dioxide market in 2023. This significant share underscores the substantial contribution of Ethyl Alcohol as a source of carbon dioxide, likely driven by its extensive use in various industries such as food and beverage, pharmaceuticals, and chemicals. The growing adoption of food-grade CO2 further drives the growth of this segment. During the production of ethyl alcohol through the process of alcoholic fermentation, CO2 is produced as a by-product. The versatility and widespread application of Ethyl Alcohol contribute to its dominant position in the market, indicating its importance as a key revenue generator within the carbon dioxide industry landscape.
By Form
Solid
Liquid
Gas
The liquid segment dominated the carbon dioxide market with the highest revenue share in 2023. This dominance is due to the widespread application of liquid carbon dioxide across various industries such as food and beverage, healthcare, and chemical processing. Liquid carbon dioxide offers advantages such as ease of transportation, storage, and handling, making it preferred for diverse industrial processes. The increasing demand for liquid carbon dioxide in enhanced oil recovery (EOR) techniques further boosts its dominance in the market.
By Application
Food & Beverages
Oil & Gas
Rubber
Medical
Fire Fighting
Others
Food & Beverages dominated the application segment of the carbon dioxide market with the highest revenue share of more than 45% in 2023 due to its crucial role in carbonating beverages, preserving food freshness, and facilitating modified atmosphere packaging. Additionally, the demand for carbon dioxide as a processing aid in food manufacturing processes and its significance in brewing and winemaking further propelled the segment's revenue share to exceed 45%.
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Regional Analysis
North America held the largest revenue share of more than 41.5% in 2023 in the Carbon Dioxide Market due to the region's robust industrial infrastructure, particularly in sectors such as manufacturing, chemicals, and oil & gas, which drove substantial demand for carbon dioxide across various applications. Secondly, stringent environmental regulations in North America encouraged industries to invest in carbon capture and storage technologies, thereby boosting the market for carbon dioxide. Additionally, the region's focus on enhancing oil recovery techniques utilizing carbon dioxide further propelled its dominance in the market. The presence of advanced research and development facilities and supportive government initiatives contributed to North America's leadership in the carbon dioxide market.
Asia Pacific secured the position of the second-largest region in the Carbon Dioxide Market in 2023, propelled by dynamic factors. The region experienced rapid industrialization and urbanization, notably in China and India, driving heightened demand for carbon dioxide across diverse sectors like manufacturing, construction, and chemicals. Concurrently, the expanding food and beverage industry, coupled with increasing consumption of carbonated beverages, fueled significant demand for carbon dioxide in food processing and preservation applications. Furthermore, robust investments in renewable energy projects and the adoption of carbon capture technologies further bolstered Asia Pacific's substantial presence in the carbon dioxide market, highlighting its pivotal role in shaping market dynamics and sustainability efforts.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Key Players:
Air Liquide, Greco Gas Inc., Messer Group, SOL Group, Strandmøllen A/S, Acail Gás, Air Products and Chemicals Inc., Linde AG, Sicgil India Limited, Taiyo Nippon Sanso Corporation, and other Players.
Air Liquide-Company Financial Analysis
Recent Development:
In February 2024, Air Liquide and Dow renewed their industrial gas supply agreement in Stade, one of the largest chemical production sites in Lower Saxony, Germany. As part of this agreement, Air Liquide will provide industrial gases under a long-term contract and invest nearly 40 million euros in upgrading its facilities to enhance operational efficiency and reduce CO₂ emissions.
In December 2023, Air Liquide announced plans to construct, own, and operate a world-scale carbon capture unit in the industrial hub of Rotterdam, the Netherlands, utilizing its innovative Cryocap™ technology. This new unit will be installed at Air Liquide's hydrogen production plant in the Rotterdam port and will be linked to Porthos, a major carbon capture and storage infrastructure in Europe aimed at significantly decreasing CO₂ emissions in the region.
In May 2023, Air Products revealed plans to construct, own, and operate two new world-scale carbon monoxide (CO) production facilities in Texas. These facilities in La Porte and Texas City will collectively produce over 70 million standard cubic feet per day (MMSCFD) of CO and will be connected to Air Products' existing Gulf Coast.
In October 2022, SOL Group completed the construction and launch of a liquid food CO2 production plant in Wanze, Belgium.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | USD 10.82 Billion |
| Market Size by 2031 | USD 16.35 Billion |
| CAGR | CAGR of 5.24% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Source (Hydrogen, Ethylene Oxide, Ethyl Alcohol, Substitute Natural Gas, and Others) • By Form (Solid, Liquid, and Gas) • By Application (Food & Beverages, Oil & Gas, Rubber, Medical, Fire Fighting, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Air Liquide, Greco Gas Inc., Messer Group, SOL Group, Strandmøllen A/S, Acail Gás, Air Products and Chemicals Inc., Linde AG, Sicgil India Limited, Taiyo Nippon Sanso Corporation, and other Players. |
| DRIVERS | • Increasing industrialization and demand across various sectors. • Growing adoption of carbon capture and storage (CCS) technologies. • Rising popularity of enhanced oil recovery (EOR) techniques. |
| RESTRAINTS | • High costs associated with carbon capture and storage technologies. • Limited availability of suitable storage sites for captured carbon dioxide. |
Ans: The Carbon Dioxide Market was valued at USD 10.82 billion in 2023.
Ans: The expected CAGR of the global Carbon Dioxide Market during the forecast period is 5.24%.
Ans: The United States dominated the Carbon Dioxide Market in the Asia Pacific region.
Ans: In the oil and gas industry, CO2 is used for upstream well-servicing applications like enhanced oil recovery and hydraulic fracturing application. To improve the rates of oil recovery and increase the mature oil field operating life, the Enhanced Oil Recovery technique is used.
Ans. The restraining factors of the carbon dioxide market include the high costs of carbon capture and storage technologies and the limited availability of suitable storage sites for captured carbon dioxide
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Middle East & Africa
9.5 Latin America
10. Global Carbon Dioxide Market Segment, By Source
10.1 Introduction
10.2 Trend Analysis
10.3 Hydrogen
10.4 Ethylene Oxide
10.5 Ethyl Alcohol
10.6 Substitute Natural Gas
10.7 Others
11. Global Carbon Dioxide Market Segment, By Form
11.1 Introduction
11.2 Trend Analysis
11.3 Solid
11.4 Liquid
11.5 Gas
12. Global Carbon Dioxide Market Segment, By Application
12.1 Introduction
12.2 Trend Analysis
12.3 Food & Beverages
12.4 Oil & Gas
12.5 Rubber
12.6 Medical
12.7 Fire Fighting
12.8 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Eastern Europe
13.3.1.1 Poland
13.3.1.2 Romania
13.3.1.3 Hungary
13.3.1.4 Turkey
13.3.1.5 Rest of Eastern Europe
13.3.2 Western Europe
13.3.2.1 Germany
13.3.2.2 France
13.3.2.3 UK
13.3.2.4 Italy
13.3.2.5 Spain
13.3.2.6 Netherlands
13.3.2.7 Switzerland
13.3.2.8 Austria
13.3.2.9 Rest of Western Europe
13.4 Asia-Pacific
13.4.1 China
13.4.2 India
13.4.3 Japan
13.4.4 South Korea
13.4.5 Vietnam
13.4.6 Singapore
13.4.7 Australia
13.4.8 Rest of Asia Pacific
13.5 The Middle East & Africa
13.5.1 Middle East
13.5.1.1 UAE
13.5.1.2 Egypt
13.5.1.3 Saudi Arabia
13.5.1.4 Qatar
13.5.1.5 Rest of the Middle East
13.5.2 Africa
13.5.2.1 Nigeria
13.5.2.2 South Africa
13.5.2.3 Rest of Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Colombia
13.6.4 Rest of Latin America
14. Company Profiles
14.1 Air Liquide
14.1.1 Company Overview
14.1.2 Financial
14.1.3 Products/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Greco Gas Inc.
14.2.1 Company Overview
14.2.2 Financials
14.2.3 Product/Services Offered
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Messer Group
14.3.1 Company Overview
14.3.2 Financials
14.3.3 Product/Services Offered
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 SOL Group
14.4.1 Company Overview
14.4.2 Financials
14.4.3 Product/Services Offered
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Strandmøllen A/S
14.5.1 Company Overview
14.5.2 Financials
14.5.3 Product/Services Offered
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Acail Gás
14.6.1 Company Overview
14.6.2 Financials
14.6.3 Product/Services Offered
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Air Products and Chemicals Inc.
14.7.1 Company Overview
14.7.2 Financials
14.7.3 Product/Services Offered
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Linde AG
14.8.1 Company Overview
14.8.2 Financials
14.8.3 Product/Services Offered
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Sicgil India Limited
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Product/Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Taiyo Nippon Sanso Corporation
14.10.1 Company Overview
14.10.2 Financials
14.10.3 Product/Services Offered
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions
16. Use Case and Best Practices
17. Conclusion
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