The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, and construction materials are facing a diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.
Carbon Dioxide Market Overview
The global carbon dioxide market was valued at USD 7.30 billion in 2021 and is expected to grow at a CAGR of 4.5% during the forecast period 2023-2030
The global carbon dioxide/CO2 market is showing sluggish growth and a moderate increase in its valuation for the next few years. Increasing demand for CO2 in the healthcare sector is a key fact which contributing more to the market’s growth. Also, the growing demand for aerated drinks will directly increase the demand for food-grade carbon dioxide. Eventually, it boosts the growth of the market during the forecast period.
Additionally, technological advancement plays an important role in the market’s growth so, increasing investment towards this goal also drives the market in a fruitful direction in the future. Also, Enhanced oil recovery ( EOR) has been establishing a significant road map for market growth in the coming years. As well, the global carbon dioxide market is mainly driven by the expansion in end-use industries. carbon dioxide has huge demand in end-use industries due to its use in a different application.
On the downside, factor such as transportation of CO2 involves high maintenance cost, and risk of CO2 leakage in the atmosphere are hampering the growth of the market. In addition, protocols such as the Kyoto Protocol which commits the involved countries to limit the emission of greenhouse gases will also deter the growth of the market in the forthcoming years.
Carbon Dioxide Market Segment Overview
The Food & Beverages segment has the largest share of the market. In the Food & Beverages industry, CO2 is mostly used for the carbonation of drinks, freezing poultry and food products as well as control of pH level. Changing lifestyles of people leads to rise in demand for ready-to-make and frozen foods, which increases the consumption of CO2. Moreover, the massively increasing population across the world has boosted the demand for Food & Beverages, which will be enhancing the growth of the carbon dioxide market in the coming years. In addition, the medical segment is also the fastest-growing application segment in the market. CO2 is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and to expand the surgical surface area.
Carbon Dioxide Market Regional Overview
North America commanded a major share of the market and is predictable to maintain its supremacy over the forecast period. This is due to the major contribution in terms of revenue from the US and Canada. These countries are consuming a huge amount of co2 for Enhanced Oil Recovery Processes. Then again, the market of the Asia Pacific is projected to grow at the fastest rate owing to the vast expansion of end-use industries in the region. China will be a prominent contributor to the region’s growth, being a main consumer of CO2.
Carbon Dioxide Market Competitor overview
· In March 2019, Air Products acquired ACP Europe SA (ACP), the largest independent carbon dioxide (CO₂) business in Continental Europe. This acquisition enables the company to better serve existing customers and pursue new industrial gas growth opportunities across additional European geographies.
· In October 2018, Linde plc announced the successful completion of the business combination between Praxair and Linde AG.
Carbon Dioxide Market, Key Players
· Universal Industrial Gases, Inc.
· The Linde Group
· Air Products and Chemicals, Inc.
· INOX Air Products Ltd.
· Continental Carbonic Products, Inc.
· Matheson Tri-Gas, Inc.
· Air Liquide International S.A.
· Praxair Inc
· Gulf Cryo
· Bristol Gases – Concorde Corodex Group
· Buzwair Industrial Gases Factory
· Dubai Industrial Gases
Carbon Dioxide Market Segmentation
Carbon Dioxide Market, By Source
· Hydrogen
· Ethyl Alcohol
· Ethylene Oxide
· Substitute Natural Gas
· Others
Carbon Dioxide Market, By Application
· Food & Beverages
· Oil & Gas
· Medical
· Rubber
· Fire Fighting
· Others
Carbon Dioxide market, By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Source
- 5.2.1. Hydrogen
- 5.2.2. Ethyl Alcohol
- 5.2.3. Ethylene Oxide
- 5.2.4. Substitute Natural Gas
- 5.2.5. Others
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Food & Beverages
- 5.3.2. Oil & Gas
- 5.3.3. Medical
- 5.3.4. Rubber
- 5.3.5. Fire Fighting
- 5.3.6. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Latin America
- 5.4.3. Europe
- 5.4.4. Asia Pacific
- 5.4.5. Middle East and Africa
6. North America Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Source
- 6.2.1. Hydrogen
- 6.2.2. Ethyl Alcohol
- 6.2.3. Ethylene Oxide
- 6.2.4. Substitute Natural Gas
- 6.2.5. Others
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Food & Beverages
- 6.3.2. Oil & Gas
- 6.3.3. Medical
- 6.3.4. Rubber
- 6.3.5. Fire Fighting
- 6.3.6. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Latin America Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Source
- 7.2.1. Hydrogen
- 7.2.2. Ethyl Alcohol
- 7.2.3. Ethylene Oxide
- 7.2.4. Substitute Natural Gas
- 7.2.5. Others
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Food & Beverages
- 7.3.2. Oil & Gas
- 7.3.3. Medical
- 7.3.4. Rubber
- 7.3.5. Fire Fighting
- 7.3.6. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Brazil
- 7.4.2. Mexico
- 7.4.3. Rest of Latin America
8. Europe Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Source
- 8.2.1. Hydrogen
- 8.2.2. Ethyl Alcohol
- 8.2.3. Ethylene Oxide
- 8.2.4. Substitute Natural Gas
- 8.2.5. Others
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Food & Beverages
- 8.3.2. Oil & Gas
- 8.3.3. Medical
- 8.3.4. Rubber
- 8.3.5. Fire Fighting
- 8.3.6. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Rest of Europe
9. Asia Pacific Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Source
- 9.2.1. Hydrogen
- 9.2.2. Ethyl Alcohol
- 9.2.3. Ethylene Oxide
- 9.2.4. Substitute Natural Gas
- 9.2.5. Others
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Food & Beverages
- 9.3.2. Oil & Gas
- 9.3.3. Medical
- 9.3.4. Rubber
- 9.3.5. Fire Fighting
- 9.3.6. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. South East Asia
- 9.4.6. Rest of Asia Pacific
10. Middle East & Africa Carbon Dioxide Market Analysis (USD Billion), Insights and Forecast, 2023-2030
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Source
- 10.2.1. Hydrogen
- 10.2.2. Ethyl Alcohol
- 10.2.3. Ethylene Oxide
- 10.2.4. Substitute Natural Gas
- 10.2.5. Others
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Food & Beverages
- 10.3.2. Oil & Gas
- 10.3.3. Medical
- 10.3.4. Rubber
- 10.3.5. Fire Fighting
- 10.3.6. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Universal Industrial Gases, Inc.
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. The Linde Group
- 11.6. Air Products and Chemicals, Inc.
- 11.7. INOX Air Products Ltd.
- 11.8. Continental Carbonic Products, Inc.
- 11.9. Matheson Tri-Gas, Inc.
- 11.10. Air Liquide International S.A.
- 11.11. Praxair Inc
- 11.12. Gulf Cryo
- 11.13. Bristol Gases – Concorde Corodex Group
- 11.14. Buzwair Industrial Gases Factory
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
