Carbon Dioxide Market size was valued at US$ 8.91 Bn. in 2023. Global Carbon Dioxide Market is estimated to grow at a CAGR of 4.9% over the forecast period.
Carbon Dioxide Market Overview
Carbon dioxide (CO2) is a versatile compound with various applications in its gaseous, liquid, and solid forms. It is used as a chemical building block for synthesizing urea, an acidifier in beverages and water treatment, a supercritical solvent for enhanced oil recovery and caffeine extraction, and a shielding or inerting gas in metalworking and food preservation. In its solid form, CO2 acts as a chilling and cleaning agent through sublimation. Despite its many uses, CO2 is also a significant climate concern due to its role in accelerating global warming.
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Market Forecast and Key Dynamics:
The rising demand for CO2 in the oil and gas industry is expected to drive market growth. Carbon dioxide is utilized in Enhanced Oil Recovery (EOR) to increase crude oil extraction from reservoirs. By injecting CO2 under high pressure, the viscosity of the oil is reduced, making it easier to flow through pipelines to the surface. CO2 helps extract oil and maintain reservoir pressure by partially dissolving into the oil, facilitating more efficient extraction from the rock formations.
Carbon Dioxide Market Regional Insights
In 2023, North America led the carbon dioxide market with a 41% share, driven by its extensive oil and gas production and refining activities. The American Petroleum Institute notes a long-standing high demand for CO2 in enhanced oil recovery, a practice that has been prevalent for over 35 years. The US Department of Energy estimates that CO2 enhanced oil recovery could access over 137 billion barrels of oil, with approximately 67 billion barrels costing around $85 per barrel.
Carbon Dioxide Market Segmentation
by Source
Hydrogen
Ethyl Alcohol
Ethylene Oxide
Substitute Natural Gas
Others
By Production
Combustion
Biological
by Application
Food & Beverages
Oil & Gas
Medical
Rubber
Fire Fighting
Others
by Region
North America
Europe
Asia Pacific
The Middle East and Africa
South America
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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)
Key questions answered in the Carbon Dioxide Market are:
- What is Carbon Dioxide?
- What was the Carbon Dioxide market size in 2021?
- What is the growth rate of the Carbon Dioxide Market?
- Which are the factors expected to drive the Carbon Dioxide market growth?
- What are the different segments of the Carbon Dioxide Market?
- What growth strategies are the players considering to increase their presence in Carbon Dioxide?
- What are the upcoming industry applications and trends for the Carbon Dioxide Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Carbon Dioxide Market?
- What segments are covered in the Carbon Dioxide Market?
- Who are the leading companies and what are their portfolios in Carbon Dioxide Market?
- What segments are covered in the Carbon Dioxide Market?
- Who are the key players in the Carbon Dioxide market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2022-2027
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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