Carbon Dioxide Market to Grow by USD 2.12 Billion (2024-2028) as AI Redefines Market Landscape, Rising CO2 Demand in Oil & Gas Boosts Revenue – Technavio

NEW YORK, Nov. 20, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global carbon dioxide market size is estimated to grow by USD 2.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.48%  during the forecast period. Rising demand for co2 in oil and gas industry is driving market growth, with a trend towards increase in r and d activities for new applications. However, high manufacturing cost of industrial co2  poses a challenge.Key market players include Air Liquide SA, Air Products and Chemicals Inc., Axcel Gases, BASF SE, Buzwair Group, Chengdu Taiyu industrial Gases Co. Ltd., Ellenbarrie Industrial Gases Ltd., Gulf Cryo Holding CSC, Jinhong Gas Co. Ltd., Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Pavan Industrial Gases Pvt. Ltd., Praxair Technology Inc., Reliant Gases, Salasar Carbonics Pvt. Ltd., SOL Spa, Steelman Gases Pvt. Ltd., The Linde Group, Universal Industrial Gases Inc., and Westfalen AG.

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Market Driver

Carbon Dioxide (CO2) is a colorless, odorless gas with various applications in industries and daily life. The oil and gas industry is a significant contributor to carbon emissions, leading to global climate change. However, CO2 has beneficial uses, such as in insufflation during diagnostic and therapeutic procedures like laparoscopy, endoscopy, and arthroscopy. Air Liquide, ExxonMobil, and Global Thermostat are key players in CO2 production. CO2 is a byproduct of natural activities like respiration and volcanic activity, as well as industrial processes. In the beverage industry, CO2 is used for carbonation in soft drinks, beer, and sparkling wine. It acts as a preservative, extending shelf life and maintaining flavor stability. CO2 is also used as a cooling agent and foaming agent in whipped cream, ice cream, and baked goods. The global thermostat, ACAIL Gas, and Climeworks plant focus on carbon recycling and reducing CO2 emissions. Renewable materials and energy supply are also exploring CO2 utilization. CO2 is used in carboxytherapy for skin treatment, and in hydrogen production. CO2 fire extinguishers and greenhouse management are other applications. The Paris Agreement aims to reduce greenhouse gas emissions, including CO2. CXOs in the gas industry are focusing on enhanced oil recovery from underground oil reservoirs using CO2. CO2 emissions from natural gas, propane, and compressed CO2 tanks are areas of concern for government regulations. CO2 is a versatile gas with numerous applications, but its adverse impacts on humans and the environment necessitate responsible use. 

Major vendors in the Carbon Dioxide (CO2) market are expanding their research and development (R&D) efforts to discover new applications for CO2 where it can be utilized in substantial quantities. New application sectors, such as enhanced oil recovery, could become significant consumers of CO2. CO2 production occurs as a byproduct during the fermentation process for sugar and bioethanol. The alcohol industry and industrial applications are current major markets for CO2. Notably, R&D in the enhanced oil recovery sector heavily relies on CO2, which is expected to fuel the global CO2 market expansion throughout the forecast period. 

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 Market Challenges

•  The Carbon Dioxide (CO2) market faces several challenges due to its insufflation component used in medical procedures like laparoscopy, endoscopy, and arthroscopy. CO2 emissions contribute to global climate change, with the oil & gas industry being a significant contributor. Companies like Air Liquide, ExxonMobil, Global Thermostat, ACAIL Gas, and others are exploring carbon recycling and renewable materials for energy supply. Natural activities such as respiration, volcanic activity, and greenhouse gas emissions also increase CO2 levels in Earth’s atmosphere. CO2 is a colorless, odorless gas used as a coolant, preservative, and foaming agent in various industries. In the beverage industry, it’s used for carbonation in soft drinks, beer, and sparkling wine. However, excessive use of CO2 has adverse impacts on humans and the environment. CO2 fire extinguishers, while essential, can displace oxygen and pose safety risks. In surgical procedures, CO2 is used for visibility during laparoscopic surgery, but high concentrations can lead to oxygenation issues and slow wound healing. Industry releases, product literatures, industry journals, trade associations, and government websites provide valuable information on CO2 applications and challenges. CO2 is also used in cryogenic freezing, enhanced oil recovery, and as a refrigerant. Despite these uses, reducing CO2 emissions remains a priority to mitigate the effects of climate change, as agreed upon in the Paris Agreement.

•  The Carbon Dioxide market involves the production and distribution of this gas, which is abundant in nature but requires significant investments to extract it from atmospheric gases through air separation plants. Vendors face challenges such as fluctuating raw material prices, rising product costs, and various expenses related to distribution, production, packaging, and storage. The energy-intensive process of separating CO2 from nitrogen, hydrogen, and oxygen adds to the production costs. To maximize utilization of capacities and reduce variable costs, vendors are focusing on tonnage distribution and offering large volumes of industrial gases.

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Segment Overview 

This carbon dioxide market report extensively covers market segmentation by 

1. Technology 
• 1.1 Combustion
• 1.2 Biological
2. Application 
• 2.1 Enhanced oil recovery
• 2.2 Food and beverages
• 2.3 Precipitated calcium carbonate
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Combustion-  The combustion segment in the global CO2 market is projected to experience substantial growth in market share compared to the biological segment. Combustion is a rapid chemical reaction between a fuel and oxygen, producing heat. Fuel can be solid, liquid, or gas, including CO2. During this process, new compounds, or exhaust, are formed. When hydrocarbon fuels like gasoline burn, water and CO2 are released. Exhaust may also contain nitrous oxides from oxidizer reactions. The high temperature of exhaust results from the heat generated during combustion. These characteristics make CO2 essential for combustion processes, driving the growth of the global CO2 market.

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Research Analysis

The Carbon Dioxide (CO2) market is experiencing significant growth due to its diverse applications in various industries. One of the major sectors driving demand is the healthcare industry, where CO2 is used as an insufflation component in medical procedures like laparoscopy, endoscopy, and arthroscopy. These procedures help reduce carbon emissions, contributing to mitigating global climate change. The oil & gas industry also utilizes CO2 for enhanced oil recovery and as a byproduct in natural gas processing. In addition, CO2 is used in cryogenic freezing for food preservation, hydrogen production, and in the production of ethyl alcohol through alcoholic fermentation. Furthermore, CO2 gas is used in carboxytherapy for skin treatments, improving circulation and oxygenation, and aiding in wound healing. Liquid CO2 is used in various applications such as in the food industry for carbonation and as a refrigerant.

Market Research Overview

Carbon Dioxide (CO2) is a colorless, odorless gas that plays a significant role in global climate change as a greenhouse gas. It is a byproduct of natural activities such as respiration and volcanic activity, as well as human activities like the oil and gas industry, power generation, and manufacturing. CO2 is used in various industries, including the beverage industry for carbonation, and in medical procedures like laparoscopy, endoscopy, and arthroscopy for insufflation and circulation. CO2 is also used in cryogenic freezing, as a coolant, and in CO2 fire extinguishers. It is produced through natural gas, propane, and other sources, and can be recycled for use in renewable materials and energy supply. CO2 is a key component of Earth’s atmosphere, with each CO2 molecule consisting of one carbon atom and multiple oxygen atoms. The increasing atmospheric concentration of CO2 is a major concern due to its adverse impacts on humans and the environment. The global carbon market is dynamic, with industry releases, product literatures, and trade associations providing valuable insights. CO2 is used in various industries, including food and beverage, medical, and energy, and its uses continue to expand with advancements in technology. From carbonation of beverages to therapeutic procedures like carboxytherapy, CO2 plays a crucial role in various applications. The Paris Agreement and the Climeworks plant are recent initiatives aimed at reducing CO2 emissions and mitigating its impact on the environment. CXOs and gas industry leaders are focusing on enhanced oil recovery and underground oil reservoirs to optimize CO2 usage and reduce greenhouse gas emissions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology

• Combustion
• Biological

• Enhanced Oil Recovery
• Food And Beverages
• Precipitated Calcium Carbonate
• Others

• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio