Carbon Dioxide Market to be Worth $15.46 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 5, 2023 /PRNewswire/ -- The global carbon dioxide market size is expected to reach USD 15.46 billion by 2030, expanding at 5.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing usage of CO2 for enhanced oil recovery (EOR) in oil & gas plants. carbon dioxide (CO2) is considered to be among the major and most extensively utilized medical gases. Furthermore, in the medical industry, CO2 is used in respiratory and cryotherapy stimulation during the process and post-anesthesia application. In cryotherapy, CO2 in frozen form (–78.5 °C) is used for killing body cells via a crystallization process. This gas can also be used in several processes to remove moles, skin tags, and warts.

Key Industry Insights & Findings from the report:

• Ethyl alcohol dominated the source type by accounting for a revenue share of 33.5% in 2022. It is projected to grow at the highest growth rate of 5.2% from 2023 to 2030 owing to its reliability as an easily available long-term source and high commercial value in producing CO2 as a by-product.

• Further, growth in demand for food-grade carbon dioxide in the forecast period will boost the growth of the production of carbon dioxide from ethyl alcohol.

• The food and beverages application segment of the market is anticipated to grow at a CAGR of 5.7% from 2023 to 2030, by revenue, thanks to rising demand for carbonated drinks globally.

• North America accounted for the largest revenue share of 42.1% of the CO2 industry in 2022. It is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D, expansion of the industrial sector & growth of enhanced oil recovery processes.

Read full market research report, "Carbon Dioxide Market Size, Share & Trends Analysis Report By Source (Ethyl Alcohol, Ethylene Oxide), By Application (Food & Beverages, Oil & Gas, Medical), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Carbon Dioxide Market Growth & Trends

CO2 also finds application in modern medicine to minimize invasive surgeries. In medicinal baths, it induces warm sensations and acts as a vasodilator for the skin by stimulating its heat receptors. In addition, insufflation with CO2 makes it easier to perform endoscopic procedures.

CO2 can be produced and recovered through various sources such as ethyl alcohol, hydrogen, ethylene oxide, substitute natural gas, and various other sources. Further, current research & development to capture carbon emissions has gained momentum. New research and development do not only aim to capture the CO2 in the form of carbon emissions but to refine and reuse it for some applications.

The carbon capture and storage (CCS) technology is capable of delivering considerable emission reductions from the utilization of fossil fuels. It is capable of lowering emissions from a wide range of industries such as power generation, steel, iron, refining, petrochemicals, and cement manufacturing. CCS technologies include capture, transport, and storage. Capture technology includes post-combustion, pre-combustion, oxy-firing, and industrial separation.

The key players in this industry are Air Products and Chemicals Inc.; Messer SE & Co. KGaA; Air Liquide; Linde Plc to maintain the market, share. Large firms frequently engage in mergers and acquisitions as well as new product launches. For instance, In September 2022, Covestro and SOL Kohlensäure GmbH & Co. KG signed a memorandum of understanding for collaboration in regards to the supply of biogenic CO2, effective from September 2022.

Carbon Dioxide Market Report Scope

Carbon Dioxide Market Segmentation 

Grand View Research has segmented the global carbon dioxide market report based on source, application, and region:

Carbon Dioxide Market - Source Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Hydrogen
• Ethyl Alcohol
• Ethylene Oxide
• Substitute Natural Gas
• Others

Carbon Dioxide Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Food & Beverages
• Oil & Gas
• Medical
• Rubber
• Firefighting
• Others

Carbon Dioxide Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE

List of Key Players in the Carbon Dioxide Market

• Acail Gás
• Air Liquide
• Air Products and Chemicals, Inc.
• Greco Gas Inc.
• Linde AG
• Messer Group
• Sicgil India Limited
• SOL Group
• Strandmøllen A/S
• Taiyo Nippon Sanso Corporation

Check out more related studies published by Grand View Research:

• Industrial Alcohol Market - The global industrial alcohol market size is projected to reach USD 248.82 billion by 2027 registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. High demand for ethyl alcohol as an industrial solvent is anticipated to drive the market over the forecast period. Due to its less intoxicating effects and lower emissions, it is widely utilized in vehicles as an alternative to petrol. Ethyl alcohol can be easily mixed with petrol and can be used as a solvent, reagent alcohol, fuel, and also as a food supplement.
• Ethyl Acetate Market - The global ethyl acetate market size is expected to reach USD 8.3 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to 2028. The market growth can be attributed to a significant increase in the production of sustainable packaging products such as flexible packaging owing to rising environmental concerns, which is anticipated to propel the demand for solvent-based printing inks in the packaging industry over the forecast period.
• Antifreeze Market - The global antifreeze market size is anticipated to reach USD 8,709.6 million by 2030, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing automotive sector in emerging economies including China, India, Indonesia, South Korea and Mexico is expected to drive market demand.

Browse through Grand View Research's  Organic Chemicals Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Pipeline Consulting
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.