Carbon Dioxide Market size to increase by USD 2.12 Billion between 2023 to 2028, Market Segmentation by Technology, Application, Geography, Source , Technavio

NEW YORK, Jan. 20, 2025 /PRNewswire/ -- The global carbon dioxide market size is estimated to grow by USD 2.12 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.48% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Technology 
• 1.1 Combustion
• 1.2 Biological
2. Application 
• 2.1 Enhanced oil recovery
• 2.2 Food and beverages
• 2.3 Precipitated calcium carbonate
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America
4. Country
   US, China, India, Japan, and Germany
5. Source

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1.1 Fastest growing segment:

The combustion segment in the global CO2 market is projected to experience substantial growth in market share compared to the biological segment. Combustion is a rapid chemical reaction between a fuel and oxygen, producing heat. Fuel can be solid, liquid, or gas, including CO2. During this process, new compounds, or exhaust, are formed. When hydrocarbon fuels like gasoline burn, water and CO2 are released. Exhaust may also contain nitrous oxides from oxidizer reactions. The high temperature of exhaust results from the heat generated during combustion. These characteristics make CO2 essential for combustion processes, driving the growth of the global CO2 market.

Analyst Review

The Carbon Dioxide (CO2) market is experiencing significant growth due to its diverse applications in various industries. One of the major sectors driving demand is the healthcare industry, where CO2 is used as an insufflation component in medical procedures like laparoscopy, endoscopy, and arthroscopy. These procedures help reduce carbon emissions, contributing to mitigating global climate change. The oil & gas industry also utilizes CO2 for enhanced oil recovery and as a byproduct in natural gas processing. In addition, CO2 is used in cryogenic freezing for food preservation, hydrogen production, and in the production of ethyl alcohol through alcoholic fermentation. Furthermore, CO2 gas is used in carboxytherapy for skin treatments, improving circulation and oxygenation, and aiding in wound healing. Liquid CO2 is used in various applications such as in the food industry for carbonation and as a refrigerant.

Market Overview

Carbon Dioxide (CO2) is a colorless, odorless gas that plays a significant role in global climate change as a greenhouse gas. It is a byproduct of natural activities such as respiration and volcanic activity, as well as human activities like the oil and gas industry, power generation, and manufacturing. CO2 is used in various industries, including the beverage industry for carbonation, and in medical procedures like laparoscopy, endoscopy, and arthroscopy for insufflation and circulation. CO2 is also used in cryogenic freezing, as a coolant, and in CO2 fire extinguishers. It is produced through natural gas, propane, and other sources, and can be recycled for use in renewable materials and energy supply. CO2 is a key component of Earth's atmosphere, with each CO2 molecule consisting of one carbon atom and multiple oxygen atoms. The increasing atmospheric concentration of CO2 is a major concern due to its adverse impacts on humans and the environment. The global carbon market is dynamic, with industry releases, product literatures, and trade associations providing valuable insights. CO2 is used in various industries, including food and beverage, medical, and energy, and its uses continue to expand with advancements in technology. From carbonation of beverages to therapeutic procedures like carboxytherapy, CO2 plays a crucial role in various applications. The Paris Agreement and the Climeworks plant are recent initiatives aimed at reducing CO2 emissions and mitigating its impact on the environment. CXOs and gas industry leaders are focusing on enhanced oil recovery and underground oil reservoirs to optimize CO2 usage and reduce greenhouse gas emissions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis

• Acail Gas
• Air Liquide
• Air Products and Chemicals, Inc.
• Greco Gas Inc.
• Linde AG
• Messer Group
• Sicgil India Limited
• SOL Group
• Quimetal
• Taiyo Nippon Sanso Corporation
• Axcel Gases
• BASF SE
• Buzwair Group
• Chengdu Taiyu Industrial Gases Co. Ltd.
• Ellenbarrie Industrial Gases Ltd.
• Gulf Cryo Holding CSC
• Jinhong Gas Co. Ltd.
• Mitsubishi Chemical Group Corp.
• Pavan Industrial Gases Pvt. Ltd.
• Praxair Technology Inc.

12 Appendix

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SOURCE Technavio