Carbon Dioxide Market Growth Trends and Forecast to 2032

ameliajemss
3 hours ago
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According to Fortune Business Insights, The global Carbon Dioxide (CO₂) Market is witnessing consistent growth, driven by its diverse industrial applications and the increasing adoption of carbon capture and utilization technologies. The global carbon dioxide market was valued at USD 11.11 billion in 2023 and is expected to increase from USD 11.50 billion in 2024 to USD 15.21 billion by 2032, registering a CAGR of 3.6% during the forecast period (2024–2032). Asia Pacific led the market in 2023, accounting for 45.72% of the global share. In the United States, the market is anticipated to experience notable growth, reaching approximately USD 3.57 billion by 2032, fueled by rising demand from the food and beverage sector, the impact of stringent environmental regulations, and the expanding use of carbon dioxide across various industrial applications.

In 2023, the Carbon Dioxide Market was valued at USD 11.11 billion and is expected to reach USD 11.50 billion in 2024. By 2032, it will likely touch USD 15.21 billion. Asia Pacific dominated the global market with a 45.72% share in 2023, driven by strong demand from industries such as food & beverage, healthcare, and manufacturing. The U.S. market alone is projected to reach USD 3.57 billion by 2032, supported by growth in the medical and carbon capture sectors.

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Key Growth Drivers

Rising demand in food & beverage applications: CO₂ is widely used for carbonation, freezing, and packaging of perishable food items.
Expanding medical applications: Increasing usage in surgeries, cryotherapy, and biological sample transport is boosting demand.
Adoption of carbon capture technologies: The development of carbon capture and storage (CCS) systems is creating new sources of sustainable CO₂ supply.

Market Restraints

High transportation and storage costs: Handling CO₂ requires advanced pipeline and cylinder infrastructure, adding to operational expenses.
Regulatory challenges: Growing environmental regulations aimed at reducing CO₂ emissions may impact traditional production methods.

Market Segmentation

By Form

Liquid CO₂: The largest segment, driven by applications across food & beverage, chemicals, and healthcare industries.
Gaseous CO₂: Expected to grow steadily due to its use in welding, oil recovery, and industrial processes.
Solid CO₂ (Dry Ice): Popular in food transport, healthcare logistics, and entertainment sectors.

By Source

Ethyl Alcohol (Ethanol): The leading source, as CO₂ is a by-product of fermentation in alcohol production.
Hydrogen: Growing due to its association with clean fuel production and industrial processes.
Others: Includes ethylene oxide, substitute natural gas, and other by-products.

By End-Use Industry

Food & Beverage: Dominant sector, with strong use in carbonated beverages and food preservation.
Medical: Rising demand from hospitals and biotech for cryogenic and sterilization purposes.
Oil & Gas: Used in enhanced oil recovery (EOR) and drilling operations.
Metal Fabrication: CO₂ serves as a shielding gas in welding and cutting operations.
Firefighting & Others: Used in fire extinguishers and industrial cooling systems.

Regional Insights

Asia Pacific: The largest market, accounting for nearly half of the global share, supported by industrial growth in China, India, and Southeast Asia.
North America: Expected to grow significantly due to technological advancements and increasing adoption of CCS systems.
Europe: Strong industrial gas infrastructure and beverage industry demand are driving market expansion.
Latin America & Middle East/Africa: Gradual growth supported by industrial development and oil & gas projects.

Key Players and Industry Developments

Linde plc (Ireland)
Air Products and Chemicals, Inc. (U.S.)
Air Liquide (France)
Sicgil India Limited (India)
Matheson Tri-Gas, Inc. (U.S.)
Universal Industrial Gases, Inc. (U.S.)
The Messer Group GmbH (Germany)
SOL Spa (Italy)
POET, LLC (U.S.)
Reliant Gases (U.S.)
India Glycols Limited (India)

Recent Developments:

April 2023: ExxonMobil partnered with Linde to store CO₂ captured from a blue hydrogen project in California, targeting 90% emission reduction.
February 2023: POET, LLC announced a new plant to capture 200 tons per day of CO₂ for dry ice and beverage carbonation.
March 2021: Air Liquide launched a CO₂ capture and purification project in Australia’s Gippsland Basin.

Strategic Opportunities

Investing in CO₂ pipeline and transport infrastructure to reduce logistics costs.
Utilizing captured CO₂ in food, beverage, and medical applications to support sustainability goals.
Targeting emerging markets in Asia Pacific and the Middle East for expansion.
Exploring advanced applications such as supercritical CO₂ for industrial cleaning and extraction.

The global Carbon Dioxide Market is on a steady upward trajectory, fueled by growth in the food & beverage, healthcare, and oil & gas sectors. Although regulatory and logistic challenges persist, innovations in carbon capture and utilization are opening new opportunities. With the market expected to reach USD 15.21 billion by 2032, players focusing on sustainable CO₂ sourcing and regional expansion will gain a competitive edge.

Information Source: https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866

Trending FAQs

What is the size of the global Carbon Dioxide Market?The market was valued at USD 11.11 billion in 2023.
What is the growth rate of the Carbon Dioxide Market?The market is projected to grow at a CAGR of 3.6% from 2024 to 2032.
Which region dominates the global Carbon Dioxide Market?Asia Pacific held the largest share of about 45.72% in 2023.
Which form of CO₂ leads the market?Liquid CO₂ is the leading segment due to its wide range of industrial applications.
What is the key trend shaping the Carbon Dioxide Market?Increasing adoption of carbon capture and storage (CCS