The global carbon dioxide market is anticipated to grow at a CAGR of 3.12% in terms of revenue during the forecast period. In terms of volume, the global market is set to record a CAGR of 2.81%
NEW YORK, April 22, 2020 /PRNewswire/ --
KEY FINDINGS
The global carbon dioxide market is anticipated to grow at a CAGR of 3.12% in terms of revenue during the forecast period. In terms of volume, the global market is set to record a CAGR of 2.81%. The factors boosting the market are the growing demand for carbonated drinks, the use of carbon dioxide for enhanced oil recovery, and the increase in the use of carbon dioxide in the medical industry.
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MARKET INSIGHTS
Carbon dioxide is a colorless, odorless, incombustible gas with a molecular composition of one carbon atom and two oxygen atoms.It is used largely in the industry as dry ice, carbonated beverages, fire extinguishers, etc.
Increasing demand for carbonated drinks is one of the significant factors driving the market.Commonly known as soft drinks, carbonated drinks have carbon dioxide dissolved in it.
The growing young population in developed countries, coupled with rising disposable income among consumers, is anticipated to propel the overall growth of the market.Harmful effect on the environment is one of the factors restraining market growth.
The large scale emission of carbon dioxide has resulted in not only polluting the atmosphere, but also in the acidification of the ocean by 30%. The air pollution caused by carbon dioxide affects human health adversely. Oil and gas is the leading application segment capturing the largest market share throughout the forecast period. The leading players are trying to increase their market share by developing new technology for carbon dioxide.
REGIONAL INSIGHTS
The global carbon dioxide market has been segmented into four main geographical regions such as North America, Europe, Asia Pacific, and the Rest of the World for further analysis.The North American region captured the largest market share in terms of volume in 2019, which is expected to continue until the end of the forecast period.
Growing demand for convenience beverages and changing lifestyles like workaholic culture are some of the factors driving the market growth.
COMPETITIVE INSIGHTS
The market is progressing due to the presence of several major players. Some of the prominent companies enlisting their presence in the market are INOX Air Products Ltd., Universal Industrial Gases, Inc, Cosmo Engineering Ltd, Airgas, Inc, etc.
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• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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Companies mentioned
1. UNIVERSAL INDUSTRIAL GASES INC
2. LINDE AG
3. AIR PRODUCTS AND CHEMICALS INC
4. INOX AIR PRODUCTS LTD
5. AIRGAS INC
6. CONTINENTAL CARBONIC PRODUCTS INC
7. MATHESON TRI-GAS INC
8. THE BOC GROUP
9. AIR LIQUIDE SA
10. COSMO ENGINEERING CO LTD
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