Carbon Dioxide Market Size, CO2 Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Carbon Dioxide Market


The global Carbon Dioxide market size is projected to reach US$ 9.67 billion by 2026, from US$ 7.91 billion in 2020, at a CAGR of 3.4% during 2021-2026. Increasing application of carbon dioxide (CO2) in enhanced oil recovery (EOR) in the oil and gas sector is expected to be a major driving factor for the global market.

The application of CO2 in the medical industry is increasingly gaining significance, as the gas finds application in modern medicine to minimize invasive surgeries. In medicinal baths, it induces warm sensations and acts as a vasodilator for the skin by stimulating its heat receptors. In addition, insufflation with carbon dioxide makes it easier to perform endoscopic procedures.

In the U.S. market, production of CO2 by ethyl alcohol was the largest segment in 2018 with revenue of USD 672.0 million. However, CO2 productionby substitute natural gas is anticipated to be the fastest growing segment in the country and is projected to register a CAGR of 3.7% over the forecast period.

The detrimental impact of CO2 on the environment has resulted in formation of various government regulations by various countries to limit harmful emissions into the atmosphere. For instance, in August 2018, the Central Pollution Control Board (CPCB) of India revised guidelines for continuous emission monitoring system to regulate and monitor greenhouse gas discharge across various industries.

Such harmful impact of carbon emissions has encouraged carbon-pricing initiatives in several countries. Thus, different governments and international agencies such as World Bank, ITEA, and OECD have undertaken numerous initiatives. Carbon pricing emissions allow countries to increase their resource efficiency, develop, and market low-emission goods and services and steers the economy towards a carbon-neutral growth path.

Market Segmentation, Outlook & Viewpoint: Global Carbon Dioxide Market

Source Market Segmentation & Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  
Hydrogen
  
Ethyl alcohol
  
Ethylene oxide
  
Substitute natural gas
  
Others

Application Market Segmentation & Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)

  
Food & beverages
  
Oil & gas
  
Medical
  
Rubber
  
Fire fighting
  
Others

Key Players, Recent Developments & Regional Insights: Global Carbon Dioxide Market

Food and beverages formed the largest application segment while accounting for over 36.0% of the global demand in 2018. Food-grade CO2 is mainly used in carbonated beverages, whereas industrial grade is widely used for other applications such as maintaining the cryogenic temperature of frozen foods. Food-grade carbon dioxide is primarily produced as a by-product in ethanol-based plants. The food and beverages segment is also among the fastest-growing application segments in the global industry.

The medical segment is also estimated to witness steady growth in the global CO2 market, registering a volume-based CAGR of 3.4% from 2019 to 2025. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy and endoscopy, to stabilize body cavities, and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76 degrees Celsius.

Regional Insights

North America is the dominant consumer of carbon dioxide, with an estimated market worth exceeding USD 2.9 billion in 2018, driven significantly by U.S. and Canada. CO2 is widely consumed in the oil and gas industry in the region for enhanced oil recovery (EOR) operations. The gas is injected under intense pressure in oil extraction pipelines, which pushes the oil through these pipelines to the ground surface. The use of CO2 eases the flow of oil and reduces the viscosity of the extracted oil.

Asia Pacific is likely to be the fastest growing regional market. Increasing consumption of CO2 in Asia Pacific can be attributed to the growth and expansion of key end-use industries, especially in nations such as China, South Korea, India, and Australia. China is a key consumer of carbon dioxide, both in Asia Pacific as well as globally.
Rapidly growing end-use industries such as food and beverage and medical in developing countries of the region have also resulted in its significant growth. China, India, and several Southeast Asian countries have witnessed moderately high industrial growth over the past decade, which has led to increased consumption of the industrial gas.

Carbon Dioxide Market Share Insights

The market is consolidated and highly competitive in nature. In addition, it is characterized by the presence of a large number of industry participants. Market players majorly focus on R&D activities to develop better technologies. Some of the major players involved in manufacturing, bottling, and distribution of the gas are Linde AG; Universal Industrial Gases Inc.; INOX Air Products Ltd.; Air Products and Chemical, Inc.; Praxair, Inc.; and Air Liquide.

Some of the market leaders, such as Air Products & Chemicals Inc. and Universal Industrial Gases Inc. are vertically integrated. This provides companies with advantages in terms of procurement of raw material and distribution, thereby enabling them to reach optimum levels to achieve economies of scale. For instance, in February 2018, Airgas, Inc. announced its plan to construct a new liquid CO2 plant in Stockton, California, U.S.

Key Insights Covered: Global Carbon Dioxide Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Carbon Dioxide industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Carbon Dioxide industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Carbon Dioxide industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Carbon Dioxide industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Carbon Dioxide industry.

Research Methodology: Global Carbon Dioxide Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other