Carbon Dioxide Industry Overview
The global carbon dioxide market size is expected to reach USD 6.83 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.3% from 2022 to 2030. Increasing usage of carbon dioxide for Enhanced Oil Recovery (EOR), and in the food & beverages and medical industries, is anticipated to fuel the growth of the global market during the forecast period. Depleting oil reserves and increasing dependence of different regions, mainly Asia Pacific, on crude oil imports, have surged the deployment of EOR technology, thereby contributing to the increased demand for Carbon Dioxide (CO2).
Increased investments in the development of advanced technologies related to enhanced oil recovery and Carbon Capture & Storage (CCS) have surged the demand for carbon dioxide in the U.S. The prevailing trends related to the enhanced oil recovery market in different states of the country suggest a significant rise in the number of carbon dioxide-enhanced oil recovery projects in the U.S. in the coming years. Increasing enhanced oil recovery activities and rising demand for carbon capture & storage in the country are projected to promote the product demand in the U.S. from 2022 to 2030.
Carbon Dioxide Market Segmentation
Grand View Research has segmented the global carbon dioxide market based on source, application, and region:
Based on the Source Insights, the market is segmented into Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, and Others
- The ethyl alcohol segment dominated the market in 2021 by accounting for a market share of about 33% in terms of revenue. The growth of this segment can be attributed to the easy availability of ethyl alcohol as a long-term and reliable source for producing high-commercial value carbon dioxide as a by-product.
- The Substitute Natural Gas (SNG) segment of the market is anticipated to grow at the highest CAGR over the forecast period.
- The fact that substitute natural gas can be reutilized is expected to drive the growth of the substitute natural gas segment of the market from 2022 to 2030.
Based on the Application Insights, the market is segmented into Food & Beverages, Oil & Gas, Medical, Rubber, Firefighting, and Others
- The food & beverages application segment dominated the market in 2021 with a revenue share of about 38%. The growth of this segment can be attributed to the increasing global demand for carbonated drinks.
- The consumption of carbon dioxide in medical applications is increasingly gaining significance worldwide. It is also used for the development of new medicines to minimize invasive surgeries.
- Ongoing innovations and R&D activities worldwide have led to the utilization of carbon dioxide for the production of fuels, chemicals, and building materials.
- The presence of a large number of high-end hospitals and medical facilities in developed countries and the increase in the number of healthcare facilities in developing countries are contributing to the growth of the medical segment.
- The medical industry is anticipated to grow over the forecast period owing to the increasing old age population and growing health concerns among the people due to the ongoing COVID-19 crisis.
Carbon Dioxide Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key players emphasize building robust and low-risk strategies that will ensure a significant profit margin and build a strong foundation for their shareholders. The companies are more focused on strategically producing industrial gases with advanced sourcing-automation production processes owing to increased demand from end-users for balancing the demand-supply scenario. Moreover, ascending demand for Carbon Capture Storage (CCS) has encouraged the market players to focus on the development of such technologies to control carbon emissions.
Some prominent players in the global Carbon Dioxide market include:
- Acail Gás
- Air Liquide
- Air Products and Chemicals, Inc.
- Greco Gas Inc.
- Linde AG
- Messer Group
- Sicgil India Limited
- SOL Group
- Strandmøllen A/S
- Taiyo Nippon Sanso Corporation
Order a free sample PDF of the Carbon Dioxide Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment