Increased demand for CO2 in the oil and gas industry for oil extraction is likely to drive carbon dioxide market growth over the forecast period. Enhanced oil recovery (EOR) is a method that uses carbon dioxide gas to increase the amount of crude oil retrieved from oil fields. High-pressure CO2 is fed into an oil reservoir, allowing the oil to flow via pipelines and to the ground’s surface. CO2 gas injection aids oil recovery by lowering the viscosity of recovered oil. It is used in oil wells to extract oil and maintain pressure within a formation. When CO2 is injected into an oil well, it partially dissolves into the oil, enabling for the extraction of oil from the bedrock to be as simple as possible.
Carbon Dioxide Market Report Scope and Research Methodology :
The competitive landscape describes the expansion tactics used by Carbon Dioxide industry providers. The news in this part gives helpful thoughts at numerous levels while staying up to date with the company and enthralling stakeholders in the economic war. The competitive environment in the Carbon Dioxide The market report includes company news classified as Merger & Acquisition, Agreement, Collaboration, & Partnership, Product Launch & Enhancement, Investment & Funding, and Award, Recognition, & Expansion. All of the information gathered for the Carbon Dioxide reports assists suppliers in understanding market gaps and rivals’ strategies. Strengths and weaknesses are identified, providing insights into how to improve the product and service. It compares its income generation into the overall Carbon Dioxide market to other suppliers in the field. It gives information about how players compare in terms of income generation and customer base.
Carbon Dioxide Market Report Overview:
Stellar Market Research conducts a thorough research of Carbon Dioxide Market to provide a current snapshot of the market and an optimised understanding of its aspects. The market study Carbon Dioxide describes market features such as accumulation, segmentation, dominance, and combination traits. The report gives a Carbon Dioxide market overview through typical subjects that are highlighted with customized data according to the need. This overview aids in making decisions about how to approach the market and comprehending the backdrop of the Carbon Dioxide industry.
Carbon Dioxide Market size was valued at US$ 7.73 Bn. in 2020. Global Carbon Dioxide Market is estimated to grow at a CAGR of 4.9% over the forecast period.
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Carbon Dioxide Market Regional Insights:
North America: U.S., Canada
Europe: U.K., Germany, Rest of Europe
Asia-Pacific: China, Japan, Rest of Asia Pacific
Latin America: Brazil, Mexico, Rest of Latin America
Middle East and Africa: GCC, Rest of MEA
Market size and forecast for these regional and country-level markets are presented in this Carbon Dioxide market report for the period 2020-2029.
Carbon Dioxide Market Segmentation:
The Carbon Dioxide Market is classified into Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Others based on the source. In 2020, the Ethyl Alcohol category held 33% of the market. As a byproduct of alcoholic fermentation, carbon dioxide is created in the production of ethyl alcohol. Carbon dioxide generated from ethyl alcohol has a high purity level and is mostly employed in the food business, which drives demand in this market.
During the projection period, the Hydrogen segment is expected to rise at a CAGR of 4.8%. The initiatives taken by rich countries like the United States and the United Kingdom to transition to a hydrogen economy are likely to boost hydrogen production while simultaneously boosting carbon dioxide emissions in this sector. Increased demand for Ethylene Alcohol from end-use categories such as chemicals, medical devices, and pharmaceuticals is likely to drive the segment’s growth in the carbon dioxide market during the forecast period.
Carbon Dioxide Market is classified into Food & Beverage, Oil & Gas, Medical, Rubber, Fire Fighting, and Others. In 2020, the Food & Beverage segment held 39% of the market. Carbon dioxide is largely used in the Food and Beverage industry to carbonate beverages, freeze poultry and food goods, and manage pH levels. People’s changing lifestyles contribute to an increase in demand for ready-to-eat and frozen foods, which raises CO2 emissions. Furthermore, as the world’s population expands, so does demand for food and drinks, which is likely to drive the expansion of the carbon dioxide market over the forecast period.
Because of the increased demand for food preservation and safety, the use of cryogenic solutions in high-quality food processing is gaining popularity. Liquefied carbon dioxide is being utilised more frequently in cryogenic freezing and chilling applications to increase the refrigerated value of food products, particularly meat, poultry, and baked goods. The demand for cryogenic freezing in food processing applications is expected to rise, supporting industry growth in the carbon dioxide market over the forecast period.
Carbon Dioxide Market Key Players:
Air Liquide (France)
Linde AG (Ireland)
Matheson Tri-Gas (United States)
Air Products and Chemicals, Inc.( United States)
AIR WATER INC (Japan)
Airgas (United States)
Buzwair Industrial Gases Factories (Qatar)
Gulf Cryo (United Arab Emirates)
INOX Air Products Ltd. (India)
Iwatani Corporation (Japan)
Matheson Tri-Gas, Inc. (United States)
Messer (Germany)
Praxair, Inc. (United States)
SABIC (Saudi Arabia)
SOL (Italy)
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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