Carbon Dioxide Market

Carbon Dioxide Market Study by Combustion and Biological for Metal Manufacturing & Fabrication, F&B, Pulp & Paper, Oil & Gas, Healthcare, and Chemicals from 2024 to 2034

Analysis of Carbon Dioxide Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Carbon Dioxide Market Outlook (2024 to 2034)

The global carbon dioxide market is projected to be worth US$ 4.3 billion by the end of 2034, ascending from US$ 1.9 billion in 2024. This is because worldwide demand for carbon dioxide is forecasted to increase at a noteworthy CAGR of 8.3% through 2034.

Primary driver for the growth of the carbon dioxide market is the need to mitigate climate change. Governments and international organizations are imposing regulations to minimize greenhouse gas emissions, particularly CO2. This is generating demand for solutions capable of capturing and storing CO2. This approach prevents CO2 from being released into the atmosphere. To reduce CO2 emissions, carbon capture and storage (CCS) solutions are being implemented in power plants, refineries, and other industrial sites.

Efforts to curb emissions have gone beyond mitigation initiatives to encompass the exploitation of captured CO2. Carbon dioxide is utilized in different industries such as food and beverages, oil and gas, healthcare, and agriculture. In the food and beverages industry, CO2 is used to carbonate soft drinks and preserve perishable items. In the oil and gas business, it is used for enhanced oil recovery, which involves injecting CO2 into oil reservoirs to boost production. CO2 is also used in medicinal applications, including cryotherapy and medical-grade CO2 generation.

Report Attributes Details
Carbon Dioxide Market Size (2024E) US$ 1.9 Billion
Projected Market Value (2034F) US$ 4.3 Billion
Global Market Growth Rate (2024 to 2034) 8.3% CAGR
China Market Value (2034F) US$ 900 Million
Canada Market Growth Rate (2024 to 2034) 9.7% CAGR
North America Market Share (2024E) 30.5%
East Asia Market Value (2034F) US$ 1.7 Billion
Key Companies Profiled
  • Linde Group
  • Air Liquide
  • Praxair Inc.
  • Air Products and Chemicals Inc.
  • Gulf Cryo
  • Dubai Industrial Gases
  • Mohsin Haider Darwish LLC
  • Yateem Oxygen
  • ERCO Worldwide

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What are the Opportunities Ahead for Carbon Dioxide Producers?

“Rising CO2 Use for Production of Synthetic Fuels and Associated Cost-effectiveness”

CO?-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 CO?-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 such as industry, heating, and power generation. Fuels derived from CO? can be used in areas where carbon-containing fuels continue to play an important role because the use of non-carbon energy carriers such as electricity or hydrogen is extremely difficult in the aviation sector.

What Strategies by Stakeholders are Leading to Carbon Dioxide Market Growth?

“Increasing Investments in Carbon Capture and Storage Technology”

Technological advancements in carbon capture and storage (CCS) solutions are driving innovation and are therefore crucial in ensuring efficient use of CO2. Companies are investing in research and development to create efficient and cost-effective methods for capturing and storing CO2. Partnerships and acquisitions such as the collaboration between Linde and ExxonMobil in 2023, and the acquisition of Mosaic Materials Inc. by Baker Hughes in 2022, are also contributing to market expansion.

Partnerships aim to enhance clean energy production and develop innovative CO2 capture technologies. Government policies and regulations encouraging the reduction of greenhouse gas emissions are pushing companies to adopt these technologies. Growing awareness about climate change and the need for sustainable practices is leading to increased demand for CO2 capture and storage solutions.

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Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that North America is projected to hold 33.6% share of the global market by 2034. Market players have broadened their presence to various regions such as Southeast Asia, Central and South America, and Australia. This expansion enables them to diversify their supply sources and reduce dependence on a single provider.

What is Leading the United States to Be a Key Carbon Dioxide Market?

“Robust Industrial Sector and Government Regulations Supporting CCS”

Attribute United States
Market Value (2024E) US$ 400 Million
Growth Rate (2024 to 2034) 9.6% CAGR
Projected Value (2034F) US$ 1.1 Billion

The robust industrial sector in the United States, which includes a wide range of segments from power generation to manufacturing, has led to an increased demand for carbon capture and storage technologies. The United States has been at the forefront of technological innovation in this field with companies such as Linde and Baker Hughes leading the way in developing advanced carbon dioxide capture technologies.

The government’s supportive policies and regulations have encouraged the adoption of these technologies. Key carbon dioxide market trends in the United States include growing public awareness about climate change and the need for sustainable practices. These factors have contributed to the dominance of the United States in the North American market.

Which Factors are Enabling Producers in China to Achieve a Higher Market Share?

“Leadership in Green Finance and Focus on Transition to Low-Carbon Economy”

Attribute China
Market Value (2024E) US$ 400 Million
Growth Rate (2024 to 2034) 8.7% CAGR
Projected Value (2034F) US$ 900 Million

China is investing heavily in research and development and focusing on innovation in carbon dioxide capture technologies. The Chinese government’s supportive policies and regulations are encouraging industries to adopt these technologies. The nation’s commitment to sustainable practices is leading to a growing emphasis on reducing its carbon footprint. This is also contributing to its leading position in the market.

China's focus on changing into a low-carbon economy has led to significant shifts in resources and technologies. This transition requires a shift in resources, innovation, and new technologies to enhance energy efficiency and resource productivity. China's advanced technological capabilities have opened new avenues for development. The country has a high domestic savings rate and a leadership position in green finance, which are advantageous for the production and development of low-carbon technologies. The substantial growth of China's renewable industry has contributed to a reduction in domestic carbon dioxide emissions.

Category-wise Insights

Carbon dioxide delivery is segmented into five types such as centralized, pipelines, trucks, cylinders, and onsite. Out of these segments, pipelines hold a leading carbon dioxide market share of 30.7% in 2024.

What are the Factors Contributing to Leading Market Share of Pipelines?

“Extensive Use of Pipelines for Transporting Carbon Dioxide”

Attribute Pipelines
Segment Value (2024E) US$ 600 Million
Growth Rate (2024 to 2034) 8.3% CAGR
Projected Value (2034F) US$ 1.3 Billion

Pipelines are extensively used for transporting gas such as carbon dioxide. The United States, which is a global leader in carbon management, has an extensive carbon dioxide pipeline network. This is significantly contributing to pipeline accounting for a leading market share. Expansion of the carbon dioxide market size is somewhat hindered by high maintenance costs and the risk of leaks into the atmosphere. Despite these challenges, growing industrialization and expansion of the oil & gas sector, particularly in the United States, are driving the growth of the carbon dioxide market.

Why is CO2 Production through Biological Processes Significant?

“Massive Scale of Biological Processes Adding Complexity to CO2 Emission Reduction Efforts”

Attribute Biological
Segment Value (2024E) US$ 1 Billion
Growth Rate (2024 to 2034) 7.7% CAGR
Projected Value (2034F) US$ 2.1 Billion

CO2 production through biological processes is significant. The natural process of respiration in living organisms results in the release of carbon dioxide as a byproduct. Microbial decomposition of organic matter also contributes substantially to carbon dioxide production. Human activities such as agriculture and waste management also involve biological processes that augment carbon dioxide levels in the atmosphere. Although efforts to reduce carbon emissions are underway, the scale of these biological processes contributes significantly to the overall carbon dioxide production.

Know thy Competitors

Competitive landscape highlights only certain players
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Competitive Landscape

Key players in the carbon dioxide market are Linde Group, Air Liquide, Praxair Inc., Air Products and Chemicals Inc., Gulf Cryo, Dubai Industrial Gases, Mohsin Haider Darwish LLC, Yateem Oxygen, and ERCO Worldwide. Carbon dioxide producers are developing partnerships with other globally recognized suppliers to develop new technologies to drive market growth to new heights.

  • In 2023, Air Liquide made a declaration about its plans to construct one of the largest carbon capture and storage units in Europe. This unit will be located at its hydrogen production facility in Rotterdam, the Netherlands, and will employ the company’s Cryocap technology. The operational date for this facility is set for 2026.
  • In 2023, ABB and PACE CCS formed a strategic alliance to develop carbon capture and storage (CCS) technologies. The objective of this collaboration was to speed up the implementation of CCS solutions which are crucial in diminishing carbon emissions. By pooling their knowledge and skills, ABB and PACE CCS aim to promote the use of CCS across various industries globally as a measure against climate change.

Key Segments of Carbon Dioxide Market Research

  • By Production :

    • Combustion
    • Biological
  • By Delivery :

    • Centralized
    • Pipelines
    • Trucks
    • Cylinders
    • Onsite
  • By End Use :

    • Metal Manufacturing & Fabrication
    • Food & Beverages
    • Pulp & Paper
    • Oil & Gas
    • Healthcare
    • Chemicals
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What is the market size for carbon dioxide in 2024?

The global carbon dioxide market is valued at US$ 1.9 billion in 2024.

How is the global carbon dioxide projected to fare?

The market for carbon dioxide has been calculated to expand at 8.3% CAGR and reach US$ 4.3 billion by 2034.

What is the CAGR forecasted for the North American market?

The market North America is forecasted to expand at 9.3% CAGR through 2034.

How fast is the East Asia market projected to expand through 2034?

The market in East Asia is projected to increase at 8.6% CAGR through 2034.

What are the statistics listed for the market in South Korea?

The South Korea market is projected to expand at 10.5% CAGR and reach US$ 200 million by 2034-end.

Which type of carbon dioxide delivery accounts for a leading market share?

Pipelines account for 30.7% share of carbon dioxide deliveries in 2024.

- Also of Interest -

Carbon Capture and Storage (CCS) Market

Carbon Capture and Storage (CCS) Market Analysis by Direct Air and Bioenergy through Pre-combustion, Oxy-fuel Combustion, and Post-combustion Capture from 2023 to 2033

Carbon Dioxide Incubators Market

Carbon Dioxide Incubators Market Analysis By Product (Water Jacketed CO2 Incubators, Air Jacketed CO2 Incubators, Direct Heat CO2 Incubators), By Capacity (Below 100 Litres, 100-200 Litres, Above 200 Litres), By Application (Laboratory Research & Clinical Applications, In Vitro Fertilization), & By Region - Global Market Insights 2022-2027

Carbon Dioxide Market

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