Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the carbon dioxide market size will attain a value of USD 15.93 billion by 2031, with a CAGR of 5.1% over the forecast period (2024-2031). Increasing use of carbon dioxide in the food and beverage industry and rising adoption of enhanced oil recovery technologies are expected to drive the global carbon dioxide market growth in the future. Rising adoption of carbon capture and storage technologies around the world are also expected to promote the demand for carbon dioxide in the long run.
The global carbon dioxide market is expanding rapidly across all regions due to increasing industrial demand, environmental regulations, and sustainability efforts. In North America, CO2 is primarily used in food and beverage industries, enhanced oil recovery, and industrial applications. Europe is witnessing growth driven by decarbonization policies and renewable energy sectors. Asia-Pacific, led by China and India, is experiencing robust demand in manufacturing and power generation. The Middle East and Africa have growing opportunities in oil and gas, while Latin America focuses on sustainable practices. The global CO2 market is increasingly influenced by climate change mitigation strategies and carbon capture technologies.
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Carbon Dioxide Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 10.7 Billion |
| Estimated Value by 2031 | USD 15.93 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing use of carbon dioxide in enhanced oil recovery technologies |
| Key Market Opportunities | Use of green carbon dioxide produced sustainably |
| Key Market Drivers | Increasing use of carbon capture and storage technologies |
Easy Availability of Ethyl Alcohol Makes it a Preferred Source for Carbon dioxide Generation
Ethyl alcohol is estimated to emerge as the preferred source for carbon dioxide owing to high availability of raw materials and growing demand for food-grade carbon dioxide. Rapidly expanding food and beverages industry around the world is forecasted to help this segment maintain its high carbon dioxide market share across the study period and beyond.
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Adoption of Oil Recovery Technologies Makes Oil & Gas Industry a Lucrative Segment Going Forward
Increasing investments in oil & gas exploration activities and high demand for petroleum products are slated to bolster the demand for carbon dioxide over the coming years. Efforts to increase oil output from old oil wells are promoting the adoption of oil recovery technologies thereby creating new opportunities for carbon dioxide providers in the long run.
High Adoption of Carbon Capture and Storage Technologies Allows North America to Dominate the Global Industry
The presence of a robust oil & gas industry, growing adoption of carbon capture and storage technologies, and high demand for frozen food and beverages are key factors allowing North America to lead the global carbon dioxide industry. High adoption of enhanced oil recovery technologies allows the United States to emerge as the most opportune market in this region going forward.
Carbon Dioxide Market Insights:
Drivers
- Rising use of carbon dioxide in food and beverages industry
- Growing adoption of carbon capture and storage technologies
- Increasing use of carbon dioxide in enhanced oil recovery technologies
Restraints
- High costs of storage and transport
- Health and safety risks associated with carbon dioxide
- Imposition of stringent environmental regulations
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Prominent Players in Carbon Dioxide Market
- Acail Gas
- Air Liquide
- Air Products and Chemicals, Inc.
- Greco Gas Inc.
- Linde AG
- Messer Group
- Sicgil India Limited
- SOL Group
- Quimetal
- Taiyo Nippon Sanso Corporation
Key Questions Answered in Carbon Dioxide Market Report
- Which segment is leading the global carbon dioxide market outlook?
- Can carbon dioxide storage and transportation become affordable?
- Where is most carbon dioxide sourced forms?
- Who are the top carbon dioxide providers as per this global carbon dioxide market analysis?
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This report provides the following insights:
Analysis of key drivers (growing use of carbon dioxide in food and beverage industry, rising adoption of enhanced oil recovery technologies), restraints (high costs of storage and transport, imposition of stringent environmental regulations), and opportunities (use of green carbon dioxide produced from sustainable methods and materials) influencing the growth of carbon dioxide market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the carbon dioxide market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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Source: GlobeNewswire – Press Releases