Carbon Dioxide Market Dynamics: Supply, Demand, and Future Projections
Apr 12, 2024
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Carbon Dioxide Market Overview
Carbon dioxide Market Size was valued at USD 7,892.3 million in 2022. The Carbon dioxide industry is projected to grow from USD 8,142.2 million in 2023 to USD 11,652.3 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.25% during the forecast period (2023 - 2030).
Competitive Landscape
The market for Carbon dioxide offers considerable potential opportunities for domestic and unorganized companies. Some of the key players operating in the market include Air Liquide (France), Linde (Ireland), Air Products and Chemicals (US), Messer Group (Germany), Sicgil India Ltd (India), Acail (Portugal), Taiyyo Nippon Sanso Corporation (Japan), SOL Group (Italy), India Glycols Ltd (India), and Greco Gas (US).
Key players in the market are focusing on acquisitions and product innovation to expand globally. Manufacturers in the worldwide carbon dioxide industry use alliances and acquisitions to benefit clients and grow the market. New product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations are also helping market participants expand globally. In a competitive and developing market, Carbon dioxide Market competitors must offer cost-effective items to grow and survive.
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Market Dynamics
The carbon dioxide market is likely to witness substantial growth over the forecast period as demand from various industries, such as food and beverage and healthcare, rises. The market is likely to experience an increase in the applications of carbon dioxide as key players are prioritizing expanding their market scope. For instance, carboxytherapy, which injects CO2 into the skin or subcutaneous tissue, is becoming more popular. This therapy may increase circulation and oxygenation, prompting wound healing and scar reduction.
Given the current awareness of climate change around the world, the increased carbon recycling for renewable materials and energy supply creates industry prospects over the review period. Carbon dioxide is also used to carbonate soft beverages and beer, preserve food, and change food processing and storage facilities in the F&B sector. CO2 is used to freeze, chill, and bake meals. It can be used in vacuum packaging to preserve products by removing oxygen.
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Despite its expansive scope of applications, carbon dioxide's negative effects on individuals and the environment limit market expansion. However, with more R&D investment towards exploring sustainable solutions and wider applications, the carbon dioxide market is expected to record significant growth over the review period.
Segmental Analysis
The carbon dioxide market segmentation, based on source, has been segmented into ethyl alcohol, ethylene oxide, hydrogen, substitute natural gas, and others.
The carbon dioxide market segmentation is based on form; the market is segmented into solid, liquid, and gas.
The Carbon dioxide Market segmentation, based on application, the market is segmented as food & beverages, oil & gas, medical, chemical, agriculture, firefighting, and others.
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Regional Overview
North America is accounted as the leading region of the carbon dioxide market. Growth in the region is also attributed to the expansion of the industrial sector. Moreover, the growing healthcare industry across the countries of North America is likely to promote the use of CO2 for various purposes, such as in surgeries to stabilize body cavities and enlarge the surgical surface area.
Asia Pacific is considered one of the fastest-growing regions of the market. Many countries in the Asia-Pacific region rely heavily on coal for energy production, which releases significant amounts of carbon dioxide when burned. The level of industrialization in a country also affects carbon dioxide usage. Industrial processes such as cement production, steel manufacturing, and chemical industries contribute to CO2 emissions. Countries such as China, Japan, and South Korea have large industrial sectors, resulting in substantial carbon dioxide output.
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