Carbon Dioxide Market
Carbon Dioxide Market Analysis, By Production (Combustion, Biological), By Delivery (Centralized, Pipelines, Trucks, Cylinders, Onsite), By End Use (Food & Beverages, Pulp & Paper, Oil & Gas, Healthcare, Chemical), & By Region - Global Market Insights 2022 to 2032
Analysis of Carbon Dioxide market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Dynamic Growth Opportunities in Carbon Dioxide Market
The global carbon dioxide (CO2) market size is estimated to reach US$ 1.7 billion in 2022 and expand at a CAGR of 8.3% to climb to a market valuation of US$ 3.8 billion by the end of 2032. Rising R&D investments will open up a plethora of opportunities for market players over the medium-term forecast period.
Carbon Dioxide Market Size (2021A)
US$ 1.6 Billion
Forecasted Market Value (2032F)
US$ 3.8 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2022)
Europe Market Share (2022)
China Market Share
Market Share of Top 3 Countries
Dominating End-use Segment
Food & Beverages
Key Companies Profiled
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Diverse Application Analysis to Determine Sales Spectrum
As the most prevalent greenhouse gas on earth, carbon dioxide (CO2) has diverse applications, including medical uses, food processing, beverage carbonation, and a wide range of industrial applications. Carbon dioxide is increasingly used for crop growth enrichment inside closed greenhouses as well as for applications in open fields for growth enhancement.
- According to Gas World data, there are some new claims for cosmetic surgical techniques where Co2 is used for Botox and skin fillers. These treatments are often called carboxytherapy, ranging from improving skin texture to opening the pores, to eliminating fat cells, all achieved via its injection by a specialist.
Dry ice and liquid CO2 agents are also used for the removal of unwanted skin growths (moles, warts, blemishes), wherein, complete healing occurs within a few days to weeks after treatment. Its laser can be used in applications such as closing wounds, destruction or 'burning' away of abnormal tissue occurring within oral cavities, and others.
- Early Market Opportunities: The utilization of C02 in construction materials for non-structural applications, such as roads and floors, is an opportunity. Also, demand is high for polymers and greenhouses to promote crop growth. Such factors will maintain a healthy growth trajectory for the market from 2022 to 2025.
- Factors Driving Medium-Term Sales Growth: Carbon dioxide finds high consumption in the healthcare industry as an insufflation gas used for surgeries with minimal invasion (endoscopy, laparoscopy, and arthroscopy, among others) to stabilize and enlarge body cavities to offer enhanced visibility for surgical areas. This will escalate the demand for carbon dioxide in the healthcare industry and maintain market growth opportunities.
- Long-Term Growth Opportunities: Investments in R&D coupled with government funding for the enhancement of CO2 production due to high growth opportunities will pave the way for market growth.
The global carbon dioxide market registered a CAGR of 4.7% from 2017 to 2021, and according to Fact.MR, a market research and competitive intelligence provider, sales of CO2 are projected to surge at 8.3% CAGR over the next ten years.
Analysis of market share of carbon dioxide based on end use and region. Under the end-use segment, food and beverages lead with 40% market share in 2022.
What Market Opportunities Await Carbon Dioxide Suppliers?
“CO2-derived Synthetic Fuels to Spur Market Outlook”
CO2-derived synthetic fuels include a wide range of products that can be produced using it as a feedstock. These include commercially established products such as methane, methanol, and syngas, which can be used directly as fuel or as an intermediate for the production of carbon monoxide. It produces a range of other fuels compatible with existing infrastructure, such as diesel, gasoline, and aviation fuel. Using existing infrastructure is generally easier and more affordable than transporting and storing electricity and hydrogen.
Most CO2-derived fuels have applications in the transportation sector (for instance: methanol mixed with gasoline), while others (such as methane) can be used in many fields, including industry, heating, and power generation. In particular, fuels derived from CO2 can be used in areas where carbon-containing fuels will continue to play an important role because the use of non-carbon energy carriers, such as electricity or hydrogen, is extremely difficult; for instance, in the aviation sector.
Hence, rising demand across various verticals for CO2-based fuels will redefine its demand spectrum.
“Conversion of Industrial Waste to Construction Aggregates by Adding CO2”
Construction aggregates can be produced by reacting CO2 with waste from power plants or industrial processes. This waste includes coal fly ash and iron slag, which would have gone into landfills and entered the food chain, affecting human health.
Producing construction materials from waste is competitive as it offsets the costs associated with conventional waste disposal. Waste materials such as bauxite residues, air pollution control (APC) residues, and steel slag, are good prospects for modification into CO2 using building materials. Companies across the world are evolving their businesses by employing this waste.
The climate advantages of these materials forged from waste rely on the energy intensity of the production process and the transportation of carbonated products and inputs. This, in turn, creates immense growth opportunities for the carbon dioxide (CO2) market in the near future.
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How Can Carbon Dioxide Market Growth Be Dented?
“High Cost: An Embankment to the Market”
The transportation of carbon dioxide across long distances is not a viable option. Transportation costs mainly depend on gas pipelines, which circulate enormous volumes of carbon dioxide to customer bases. Allotment costs for cylinder gases are also consistently rising.
Both liquid tanks and high-pressure cylinders have safety issues and demand skilled manpower for appropriate handling. Hence, sustaining and optimizing the use of gas tanks, pipelines, cylinders, and others for the transportation of CO2is anticipated to be one of the biggest challenges for market players.
“Hydroxyapatite Coatings over Metal Surface a Challenge”
Carbon dioxide is not a stand-alone finished product and is instead a consumable product that finds application across various end-use industries. Some of the end-use industries represent a cyclical behavior in their demand, which affects the demand for CO2 as well.
As a result of the derived demand from end-use industries, the growth and profitability of the carbon dioxide market depend on the growth and profitability of end-use industries. This is a major challenge for CO2 suppliers operating on a global scale.
Which Factors Drive Demand for Carbon Dioxide in Germany?
With growing investments in R&D, the market is witnessing high growth opportunities across Germany. German chemical company BASF is producing polypropylene carbonate by capturing it from power plants and other waste sources and using novel catalysts.
This plastic can take the place of other plastics in current oil-based applications for coatings, adhesives, foams, and packaging. Both businesses are following commercial procedures.
Another significant German chemical company, Bayer, is developing a method to create polyurethane foams using CO2, which is creating immense growth opportunities for the carbon dioxide market.
Will the Combustion Production Method Remain Most Preferred?
The combustion segment is projected to remain a high-volume growth segment throughout the forecast period. Increasing usage of fossil fuels and production of CO2 by the process leads to a high growth opportunity for the market as the alternative cost is comparatively higher than fossil fuel.
In addition, the gap in government regulations resulted in the continued usage of the combustion method for production purposes. The use of pollution-reducing sensors and related techniques will support segment growth over the projected period.
Combustion production has increased steadily in the recent past, surpassing a market valuation of US$ 937.4 million in 2021.
What is the CO2 Demand Scenario in the Healthcare Industry?
Increasing demand for CO2 is being witnessed in numerous applications in the healthcare and medical industries. Elevated average expenses of medical treatments have impacted regional governments to take action to decrease the general operational costs of average medical treatments. As such, the healthcare industry is undergoing vast infrastructural changes.
Carbon dioxide is used for respiratory and various cryogenic and technical applications in the healthcare industry. The rapid growth of the healthcare industry is expected to produce elevated demand for CO2 over the coming years.
Carbon dioxide is used in medical applications as Carbogen, which is a medical gas blend of 5% medical carbon dioxide in medical oxygen. Carbogen is a permanent gas provided in cylinders filled to high pressure.
Carbon dioxide is also used in cryogenic therapy and in performing gynecologic and endoscopic examinations, surgical diathermy, and other kinds of surgery that require using high-purity argon as a protective atmosphere. The wide application area of the industry in the healthcare industry will accelerate CO2 demand over the forecast period.
Major CO2 manufacturers are Linde Group, Air Liquide, Praxair Inc, Air Products and Chemicals Inc, Gulf Cryo, Abdullah Hashim Industrial & Equipment Co, and Bristol Gases – Concorde Corodex Group.
Manufacturers of carbon dioxide are focusing on forging collaborations with retailers to expand their businesses. Market players, to gain an edge, have started offering products with specialized technologies in different end-use industries. Further, they are also focusing on expanding their research and development facilities to explore more application areas and gain higher profit margins.
Fact.MR has provided detailed information about the price points of key manufacturers of carbon dioxide positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Carbon Dioxides Industry Research
By Production :
By Delivery :
By End Use :
- Metal Manufacturing & Fabrication
- Food & Beverages
- Pulp & Paper
- Oil & Gas
- Other Industrial
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global carbon dioxide market is expected to reach US$ 3.8 billion by 2032.
CO2 demand increasing across the food & beverage, oil & gas, and construction sectors.
Between 2017 and 2021, worldwide sales of CO2 increased at 4.7% CAGR.
Overall COVID-19 impact on the market was positive as it enjoyed wide applications across the healthcare sector as well.
The trucks segment accounts for a major share of the global market.