Carbon Monoxide Market to Reach $8.2 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

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Jan 24, 2024, 05:22 ET

The global carbon monoxide market is experiencing growth due to several factors such as increasing demand for carbon monoxide from pharmaceutical, automotive, plastic and polymer industry.

WILMINGTON, Del. , Jan. 24, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Carbon Monoxide Market by Purity (Below 99% and More Than 99%) and Application (Metal Fabrication, Chemicals, Pharmaceuticals, Electronics, Ore Processing and Extraction, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global carbon monoxide market was valued at $5.6 billion in 2022, and is projected to reach $8.2 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

Prime determinants of growth

The global carbon monoxide market is expected to possess high growth potential in the coming years, due to the rise in the demand for organic and inorganic chemicals, surge in the mining and metal extraction activities, and high demand of carbon monoxide from various end-use industries such as pharmaceuticals, automotive, plastic and polymer industries which is driving the carbon monoxide market. However, the health hazards associated with carbon monoxide exposure and volatility in the prices of feedstock materials are hampering the market. In addition, the rise in use of carbon monoxide as a preservative in the food and beverage industry is providing the market with lucrative opportunities in the future.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$5.6 billion
Market Size in 2032	$8.2 billion
CAGR	4.1 %
No. of Pages in Report	250
Segments Covered	Purity, Application, and Region.
Drivers	Increase in demand for organic and inorganic chemicals Surge in mining and metal extraction activities High demand from various end-use industries
Opportunity	Use of carbon monoxide as a preservative in the food and beverage Industry Technological advancements
Restraint	Health hazards associated with carbon monoxide exposure Volatility in the prices of feedstock materials Lack of Infrastructure

Impact of the Russia-Ukraine War on the Carbon Monoxide Market

Geopolitical tensions and conflicts pose significant threats to the carbon monoxide market. Supply chains may be disrupted, impacting raw material production and transportation. Uncertainty and geopolitical instability can lead to energy market volatility, influencing production costs and potentially affecting carbon monoxide pricing. These events also influence market confidence and industry investments, potentially reshaping strategies and impacting overall carbon monoxide demand.
Geopolitical situations may lead to regulatory changes, affecting the production and use of chemicals, including carbon monoxide. Broader economic consequences from conflicts can affect global growth, impacting industrial activities and chemical demand. Fluctuations in currency values driven by geopolitical events can impact chemical import/export costs, adding complexity to the carbon monoxide market.

The below 99% segment is expected to grow faster throughout the forecast period

Based on the purity, the below 99% segment held the highest market share in 2022, accounting for more than half of the global high carbon monoxide revenue and is likely to retain its dominance throughout the forecast period. The dominance of the below 99% segment can be attributed to its versatile applications spanning various industries, including manufacturing and healthcare. Increased demand is a result of its essential role in diverse processes, solidifying its critical status across sectors and contributing to its overall market dominance.

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The metal fabrication segment is expected to lead the trial by 2032

Based on the application, the metal fabrication segment held the highest market share in 2022, accounting for nearly one-third of the global high carbon monoxide revenue and is likely to retain its dominance throughout the forecast period. The metal fabrication segment claimed the largest share in the carbon monoxide market, driven by extensive use in metallurgical processes. Its pivotal role in reducing metal oxides and producing alloys led to heightened demand, making it a cornerstone in the metal fabrication industry and consequently securing the dominant market share.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global carbon monoxide market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. Asia-Pacific dominated the market share due to rapid industrialization, robust economic growth, and increasing demand for carbon monoxide across diverse sectors. The region's manufacturing, chemical, and energy industries contributed significantly to the heightened consumption, positioning Asia-Pacific as the primary contributor to the overall market share.

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Players: -

Air Liquide
Air Products and Chemicals, Inc.
American Gas Products
ATCO Atmospheric And Speciality Gases Private Limited
Axcel Gases
Celanese Corporation
Linde plc
Messer
Middlesex Gases & Technologies, Inc.
Sipchem Company

The report provides a detailed analysis of these key players in the global carbon monoxide market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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