Overview and Scope
Carbon dioxide is a colorless chemical element that is a product of both fermentation and combustion. It is widely used in the food industry for applications such as removing the caffeine from coffee beans to make decaffeinated coffee and for carbonating beer, and soft drinks. It is also used for cooling in the food and manufacturing industries.
Sizing and Forecast
The carbon dioxide market size has grown rapidly in recent years. It will grow from $15.13 billion in 2023 to $17.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to emerging markets growth, and increased demand from the medical industry.
The carbon dioxide market size is expected to see rapid growth in the next few years. It will grow to $29.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to growing demand for frozen food, and growing demand from the oil and gas industry. Major trends in the forecast period include developing carbon dioxide separation technology, focusing on carbon capture and utilization, supplying to greenhouses, and considering mergers or the acquisition to increase market share.
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Segmentation & Regional Insights
The carbon dioxide market covered in this report is segmented –
1) By Product Type: Liquid Carbon Dioxide, Solid Carbon Dioxide, Gaseous Carbon Dioxide
2) By Grade Type: Medical Grade, Food Grade, Industrial Grade, Other Grade
3) By Application: Food & Beverages, Oil & Gas, Medical, Rubber, Fire Fighting, Chemicals, Metal Products, Other Applications
Asia-Pacific was the largest region in the carbon dioxide market in 2023. North America was the second-largest region in the global carbon dioxide market. The regions covered in the carbon dioxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for firefighting is expected to propel the growth of the carbon dioxide market going forward. Firefighting is the practice and profession of extinguishing fires and managing emergency situations involving fires, with the primary goals of protecting life, property, and the environment. Carbon dioxide is widely used as a firefighting agent in specialized fire suppression systems by displacing oxygen and removing one of the elements required for combustion, reducing the risk of fire accidents and minimizing the extent of damage. For instance, in June 2023, according to the National Fire Protection Association, a US-based non-profit organization, there were 38 firefighters and 51 volunteer deaths in 2022, which is an increase of 27 firefighters and 35 volunteer deaths in 2021. Therefore, the growing demand for firefighting is driving the growth of the carbon dioxide market.
Key Industry Players
Major companies operating in the carbon dioxide market report are Linde PLC, Air Products and Chemical, Inc., Air Liquide, The Messer Group GmbH, Nippon Sanso Holdings Corporation, Air Water Inc, Gulf Cryo, SOL Spa, Reliant Gases, India Glycols Limited, Praxair Inc., NGK Spark Plug Co., Ltd., Taiyo Nippon Sanso, Oxair, Yingde Gas Group Co., Ltd., Core Industrial Gases, Supagas, AMCS Corporation, Gagan Gases Ltd, Refex Industries, BOC UK, Altex, Climeworks AG, Carbon Clean, GRASYS, Continental Carbonic Products, Inc., Matheson Tri-Gas, Messer Gases del Peru S.A., WIKA Alexander Wiegand SE & Co. KG, Buzwair, Sasol, Gas Africa Limited, Carbacid Investments Limited, Afrox
The carbon dioxide market report table of contents includes:
1. Executive Summary
2. Carbon Dioxide Market Characteristics
3. Carbon Dioxide Market Trends And Strategies
4. Carbon Dioxide Market – Macro Economic Scenario
5. Global Carbon Dioxide Market Size and Growth
…………………………….
32. Global Carbon Dioxide Market Competitive Benchmarking
33. Global Carbon Dioxide Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Carbon Dioxide Market
35. Carbon Dioxide Market Future Outlook and Potential Analysis
36. Appendix
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