Carbon Dioxide Global Market Report 2023

NEW YORK, Feb. 15, 2023 /PRNewswire/ -- Major players in the carbon dioxide market are AGA, Air Liquide, Air Products and Chemicals, Inc, AIR WATER INC, Airgas, Buzwair Industrial Gases Factories, Continental Carbonic Products, Cosmo Engineering, EPC Engineering & Technologies GmbH, and Gulf Cryo.

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The global carbon dioxide market will grow from $13.21 billion in 2022 to $15.12 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The carbon dioxide market is expected to grow from $25.32 billion in 2027 at a CAGR of 13.8%.

The carbon dioxide market consists of the sales of carbon dioxide gas and carbon dioxide liquid used to carbonate drinks and as a refrigerant.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Carbon dioxide is a colorless chemical element that is a product of both fermentation and combustion.It is widely used in the food industry for applications such as removing the caffeine from coffee beans to make decaffeinated coffee and for carbonating beer, and soft drinks.

It is also used for cooling in the food and manufacturing industries.

Asia Pacific was the largest region in the carbon dioxide market in 2022.North America was the second-largest region in the carbon dioxide market.

The regions covered in the carbon dioxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product types of carbon dioxide are liquid carbon dioxide, solid carbon dioxide, and gaseous carbon dioxide.Liquid carbon dioxide is carbon dioxide gas that has been highly compressed and cooled to a liquid form.

Carbon dioxide exists as a liquid below the temperature of 31C and above the triple point at a temperature of 56.6 C and 4.18 bar. The sources are hydrogen, ethyl alcohol, ethylene oxide, substituted natural gas, and other sources. The various applications involved are food and beverages, oil & gas, medical, rubber, firefighting, and other applications.

During the historic period, increased demand for the oil and gas industry globally contributed to the carbon dioxide market's growth.Carbon dioxide is primarily used for enhancing oil recovery (EOR) in the oil and gas industry as it is compatible with crude oil and more lucrative than other fluids.

Crude oil is extracted by pouring carbon dioxide into the pore spaces in rocks.The enhanced oil refinery application accounts for the largest share of the carbon dioxide market with increased investments in research and development for advanced technologies.

The global enhanced oil recovery (EOR) market is estimated to grow at a CAGR of 17.6% during 2019–2025. Increased demand for the EOR market, supported by massive investments in advanced technologies, drove the carbon dioxide market and is also expected to drive the market in the next five years.

The high cost of capturing, liquefying, and transporting carbon dioxide is a major challenge in the carbon dioxide market.Carbon dioxide can be transported either in solid, liquid, or gas form and is available through various means, including motor carriers, railways, ships, and pipelines.

Transporting carbon dioxide as a solid form is neither cost-effective nor feasible as it requires more energy compared with other alternatives.However, for larger quantities of carbon dioxide, pipelines are the most lucrative mode of transport.

The liquefaction of carbon dioxide for ship transport and compression of pipeline transport requires abundant electrical energy.Globally, government agencies have formulated various regulations for the proper storage and transportation of carbon dioxide.

These regulations also affect the cost of transportation. The high cost of transportation is expected to affect the profit margins of carbon dioxide manufacturers and limit the growth of the market.

Carbon dioxide manufacturers are using advanced carbon capture and storage (CCS) technologies to effectively capture, purify, liquefy, and store carbon dioxide.CCS works by trapping carbon dioxide at its emission source and transporting it to a storage site.

It is a technology that captures around 90% of the carbon dioxide emissions generated from the use of fossil fuels in electricity production and industrial processes. CCS technologies offer an effective method for capturing carbon dioxide, restraining the carbon dioxide from entering the environment.

In March 2021, Guanggang Gas (G-gas), a Chinese chemical industry company acquired Linde Carbon Dioxide Company for an undisclosed amount.The acquisition adds another portfolio to G-gas' business with Linde Carbon Dioxide Company's new carbon dioxide products.

Linde Carbon Dioxide Company is a UK-based carbon dioxide solutions company.

The countries covered in the carbon dioxide market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The carbon dioxide market research report is one of a series of new reports that provides carbon dioxide market statistics, including carbon dioxide industry global market size, regional shares, competitors with a carbon dioxide market share, detailed carbon dioxide market segments, market trends and opportunities, and any further data you may need to thrive in the carbon dioxide industry. This carbon dioxide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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