Carbon Dioxide Market Size, Share, Scope and Forecast 2022-2032

 The global carbon dioxide market, valued at US$ 1.7 billion in 2022, is projected to grow at a CAGR of 8.3% from 2022 to 2032, according to Fact.MR, a market research and competitive intelligence provider. This growth is driven by CO2's significant role in enhancing the conductivity and performance of electronic devices.

The food and beverage sector is expected to see substantial growth due to increasing population, evolving food preferences influenced by globalization, and the need for packaged and transported food in modified atmospheres. This demand is particularly high for carbonated beverages, which significantly boost CO2 consumption. Additionally, the expansion of R&D investments is set to create numerous opportunities for market players throughout the forecast period.

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Carbon dioxide is a critical component in cryogenic freezing and pre- or post-cooling applications, enhancing the refrigeration value of food products. This application is particularly significant in markets where CO2 is preferred over liquid nitrogen (LIN). The increasing use of CO2 in food processing is expected to drive substantial growth in the CO2 market in the coming years.

In the healthcare industry, CO2 is widely used as an insufflation gas during minimally invasive surgeries such as endoscopy, laparoscopy, and arthroscopy. It helps stabilize and expand body cavities to improve visibility during procedures, thereby boosting the demand for CO2 in medical applications and sustaining market growth.

Additionally, CO2 is utilized in construction materials for non-structural applications like roads and floors. It is also in demand for use in polymers and greenhouses to support crop growth. These factors are anticipated to contribute to a robust growth trajectory for the CO2 market from 2022 to 2025.

Key Takeaways from Market Study

  • The Global CO2 market is estimated to expand at a CAGR of 8.3% and reach US$ 3.8 billion by the end of 2032.
  • Worldwide demand for CO2 increased at 4.7% CAGR between 2017 and 2021.
  • The global market is led by North America with 28.4% market share in 2022.
  • Food and beverage sector will hold dominance as an end use during the assessment period.
  • Among the production method, combustion production accounted for the major a market share of 59.6% in 2021.

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Which Factors Drive Demand for Carbon Dioxide in Germany?

With increasing investments in R&D, Germany is experiencing significant growth opportunities in the CO2 market. BASF, a leading German chemical company, is innovating by producing polypropylene carbonate from captured CO2 emissions from power plants and other waste sources using advanced catalysts. This plastic has the potential to replace conventional oil-based plastics in applications such as coatings, adhesives, foams, and packaging.

Similarly, Bayer, another major German chemical firm, is developing a process to produce polyurethane foams using CO2, further expanding market opportunities. Both companies are actively pursuing commercial applications of their innovations.

Segmentation of Carbon Dioxides Industry Research

  • By Production:
    • Combustion
    • Biological

  • By Delivery:
    • Centralized
    • Pipelines
    • Trucks
    • Cylinders
    • Onsite

  • By End Use:
    • Metal Manufacturing & Fabrication
    • Food & Beverages
    • Pulp & Paper
    • Oil & Gas
    • Healthcare
    • Chemicals
    • Other Industrial

  • By Region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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Competitive Analysis

Key players in the CO2 market include Linde Group, Air Liquide, Praxair Inc., Air Products and Chemicals Inc., Gulf Cryo, Abdullah Hashim Industrial & Equipment Co., and Bristol Gases – Concorde Corodex Group.

To enhance their market presence, major carbon dioxide manufacturers are forming strategic collaborations with retailers. They are also introducing products with specialized technologies for various end-use industries. Additionally, these companies are expanding their R&D facilities to explore new application areas and improve profit margins.

Market Development

Companies are leveraging both organic and inorganic growth strategies, such as strategic acquisitions, to accelerate their market expansion. They are also focusing on building strong relationships with distributors and retailers through long-term associations and skilled marketing and sales teams.

CO2-derived synthetic fuels offer a range of products, including established fuels like methane, methanol, and syngas. These can be used directly or as intermediates for producing carbon monoxide and other fuels compatible with existing infrastructure, such as diesel, gasoline, and aviation fuel. Utilizing existing infrastructure is generally more cost-effective and simpler than transporting and storing electricity and hydrogen.

Furthermore, digital platforms are helping market players reach a broader customer base and enhance their brand visibility.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global CO2 market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of production (combustion, biological), delivery (centralized, pipelines, trucks, cylinders, onsite), and end use (metal manufacturing & fabrication, food & beverages, pulp & paper, oil & gas, healthcare, chemicals, other industrial), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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