Carbon Dioxide Market is Projected To Reach USD 141.9 Billion By 2031 Growing At A CAGR of 5.5% | Valuates Reports
BANGALORE, India, April 27, 2023 /PRNewswire/ -- Carbon Dioxide Market by Form (Solid, Liquid, Gas), by Application (Food and Beverages, Oil and Gas, Medical, Fire Fighting, Agriculture, Metal Fabrication, Others): Global Opportunity Analysis and Industry Forecast 2021-2031. It is published in Valuates Reports under the Energy & Utilities Category.
The global carbon dioxide market was valued at USD 84.2 billion in 2021 and is projected to reach USD 141.9 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Major Factors Driving The Growth Of Carbon Dioxide Market are
Factors such as enhancing oil recovery (EOR) by using carbon dioxide (CO2) more frequently is expected to drive the growth of the carbon dioxide market.
The carbon dioxide market is anticipated to expand as a result of rising demand from the food and beverage sector.
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TRENDS INFLUENCING THE GROWTH OF CARBON DIOXIDE MARKET
Carbon dioxide is widely used by customers due to its unique physical characteristics as a cold liquid. Through a network of railcars, resupply depots, and highway tankers, liquid carbon dioxide is delivered to end customers. Dry ice, which is carbon dioxide in its solid state and is mostly used for transport refrigeration, is also traded. These factors are expected to drive the growth of the carbon dioxide market.
Animals are first rendered immobile before being slaughtered with carbon dioxide. This technique was discovered to raise the animals' blood pressure, producing meat of higher quality. After these creatures have been killed, processing, storage, and preservation follow. Dry ice or cryogenic freezing can be used for these tasks. In contrast to the conventional method of freezing, cryogenic freezing involves the use of CO2 as a refrigerant. Because the procedure is quicker, the meat is better preserved without losing its flavor or texture. This factor is expected to drive the growth of the carbon dioxide market.
The market is growing as a result of the increased deployment of improved oil recovery technology due to depleting oil supplies and increasing dependence on crude oil imports across various areas, particularly in the Asia Pacific. The U.S. oil and gas business uses a lot of carbon dioxide gas for better oil recovery. Utilizing this gas facilitates oil flow and lowers the viscosity of the produced oil. The extraction of light and heavy oils is improved by the carbon dioxide flooding method. The demand for carbon dioxide in the United States has increased due to increased investments in the development of cutting-edge technology related to enhanced oil recovery and Carbon Capture & Storage (CCS). This factor is expected to drive the growth of the carbon dioxide market.
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CARBON DIOXIDE MARKET SHARE ANALYSIS
The gas segment is expected to be the most lucrative segment. This is due to the fact that carbon dioxide gas is frequently employed in a metal inert gas (MIG) and metal active gas (MAG) welding as a shielding gas, insulating the weld puddle from oxidation by the surrounding air.
Asia-Pacific accounted for more than two-fifths of the revenue generated by the worldwide carbon dioxide market in 2021, according to geography. This is due to the perception that using carbon dioxide has promise for lowering greenhouse gas emissions and creating new business opportunities in the Asia-Pacific area.
The food and beverage segment had the largest market share by application in 2021. This is due to the use of carbon dioxide in fizzy drinks as a drying agent to prolong the shelf life of fruits and vegetables and as dry ice for the refrigeration of goods while they are in transit.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
Gulf Cryo, India Glycols Limited, Linde plc, SOL Spa, ACAIL GÁS, Buzwair Industrial Gases Factories, Dubai Industrial Gases, Ellenbarrie Industrial Gases, Messer Group, Taiyo Nippon Sanso Corporation
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SIMILAR REPORTS
- Carbon Dioxide Enhanced Oil Recovery Market
- Carbon Dioxide Storage Tank Market
- Carbon Dioxide Absorber Market
- Carbon Dioxide Pump Market
- Compressed Carbon Dioxide Market
- Electronic Grade Carbon Dioxide Market
- Food Grade Carbon Dioxide Market
- High Purity Carbon Dioxide Market
- Industrial Grade Carbon Dioxide Market
- Liquefied Carbon Dioxide Market
- Medical Grade Carbon Dioxide Market
- Solid Carbon Dioxide Market
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