Global Carbon Dioxide (CO2) Market by Source Types (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas), Application Types (Food & Beverages, Oil & Gas, Medical, Rubber, Fire Fighting) and Regions (Asia Pacific, Europe, North America,

The carbon dioxide (CO2) market was valued at approximately USD Billion in 2019 and is expected to surpass USD Billion by 2026, expanding at a CAGR of % during the forecast period.

Carbon dioxide (chemical formula CO2) is a colorless gas with a density about 60% higher than that of dry air. Carbon dioxide consists of a carbon atom covalently double bonded to two oxygen atoms. It occurs naturally in Earth's atmosphere as a trace gas. CO2 is produced by all aerobic organisms when they metabolize carbohydrates and lipids to produce energy by respiration. It is returned to water via the gills of fish and to the air via the lungs of air-breathing land animals, including humans. Carbon dioxide is produced during the processes of decay of organic materials and the fermentation of sugars in bread, beer and wine making. It is produced by combustion of wood and other organic materials and fossil fuels such as coal, peat, petroleum and natural gas. It is a versatile industrial material, used, for example, as an inert gas in welding and fire extinguishers, as a pressurizing gas in air guns and oil recovery, as a chemical feedstock and as a supercritical fluid solvent in decaffeination of coffee and supercritical drying. It is added to drinking water and carbonated beverages including beer and sparkling wine to add effervescence. The frozen solid form of CO2, known as dry ice is used as a refrigerant and as an abrasive in dry-ice blasting. It is a feedstock for the synthesis of fuels and chemicals.

Market Trends, Drivers, Restraints, and Opportunities:

The implementation of cryogenic solutions in high-quality food processing has been gaining significant momentum, driven by the increasing clamor for food preservation and safety. Use of liquefied carbon dioxide in cryogenic freezing and cooling applications is evolving as indispensable for adding to the refrigeration value of food products, primarily for meat, poultry, and baked goods.
Enhanced Oil Recovery (EOR) in oil and gas industries complementing sales of carbon dioxide. the oil & gas industry has been registering a burgeoning demand for carbon dioxide from last 35 years for additional oil recovery. An analysis by the U.S. Department of Energy (DOE) conveys that around 137 billion barrels of potential oil resources are recoverable through carbon dioxide enhanced oil recovery, with close to 67 billion barrels recoverable at the cost of around US$ 85 per barrel.

Growth of carbon dioxide market is expected to be adversely impacted by the concerns apropos of transportation. Deployment of a pipeline infrastructure for transporting carbon dioxide has been in practice for decades, but absence of standards authenticating pipeline quality is one of the prominent limitations hindering the market growth. The transportation of carbon dioxide in bulk entails high scale maintenance, holding back growth aspects of the market.
The growing eminence in manufacture of precipitated calcium carbonate to offer key revenue streams. Precipitated calcium carbonate (PCC) is extensively used across a multitude of applications and industries, with carbon dioxide being a vital part of its manufacture. Carbon dioxide is used during manufacturing of PCC, in a bid to establish a uniformity in the particle size distribution. Tailored versions of PCC have been picking pace across multiple domains such as paper industry, polymer applications, and healthcare applications.

Scope of the Report

The report on the carbon dioxide market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes Details
Base Year 2020
Historic Data 2015-2018
Forecast Period 2020–2026
Regional Scope Asia Pacific, Europe, North America, Middle East and Africa, Latin America
Report Coverage Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Carbon Dioxide Market Segment Insights:

Based on source types, hydrogen, ethylene oxide, ethyl alcohol, substitute natural gas. Carbon dioxide is often obtained as a by-product during the production of hydrogen. Various processes are used for the enhanced hydrogen production, such as thermochemical processes. Substitute Natural Gas (SNG) is anticipated to be the fastest growing source over the forecast period. SNG is utilized to obtain carbon dioxide and is subjected to electrolysis with water to again formulate substitute natural gas. Ethyl alcohol, which is estimated to be the largest feedstock for the production of CO2, is mainly used for food-grade carbon dioxide.

In terms of application types, the market is segmented into food and beverages, oil and gas, medical, rubber, firefighting. Food and beverage is anticipated to remain the largest application segment in the forthcoming years. In this end-use industry, food-grade CO2 is mainly used in carbonated beverages, wherein industrial grade is widely used for other applications, such as for maintaining the cryogenic temperature of frozen foods. The medical segment is also among the fastest-growing application segments. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy and endoscopy, to stabilize body cavities and to enlarge the surgical surface area. It is also used for maintaining cryotherapy temperatures of approximately -76°C.

On the basis of regions, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was estimated to be the dominant regional market in 2019. U.S. and Canada are the major contributing nations. CO2 gas is widely consumed in oil and gas industry for enhanced oil recovery. Asia Pacific is likely to be the fastest growing regional market during the forecast period. The increasing consumption of carbon dioxide in the region can be attributed to the expansion of end-user industries requiring CO2 consumption in China. The country is a key consumer of carbon dioxide both globally and in Asia Pacific. Rapidly growing end-use industries such as food and beverage and medical in the developing countries have also resulted in the market growth.

Competitive Landscape:

The market is consolidated and highly competitive in nature. 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 market players include Linde AG; Universal Industrial Gases Inc.; Linde AG; INOX Air Products Ltd.; Air Products and Chemical, Inc.; Praxair, Inc.; and Air Liquide. A few market leaders including Air Products & Chemicals Inc. and Universal Industrial Gases Inc. are vertically integrated. This provides the companies with advantages in terms of procurement of raw material and distribution; henceforth, trying to reach the optimum level for economies of scale. For example, in February 2018, Airgas, Inc. announced to construct a new liquid carbon dioxide plant in Stockton, California, U.S.

The global carbon dioxide market has been segmented on the basis of

Source Types
Hydrogen
Ethyl Alcohol
Ethylene Oxide
Substitute Natural Gas

Application types
Food & Beverages
Oil & Gas
Medical
Rubber
Fire Fighting

Regions

Asia Pacific
Europe
North America
Middle East and Africa
Latin America