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2024

Carbon Dioxide Market

Carbon Dioxide Market Size, Share, Competitive Landscape and Trend Analysis Report by Form, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Bulk Chemicals

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Author's: Naresh Ranjit Mawlankar | Eswara Prasad
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Carbon Dioxide Market Research, 2032

The global carbon dioxide market was valued at $79.0 billion in 2020, and is projected to reach $148.2 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032. Growth in demand for carbon dioxide from food and beverage industry and rise in use of carbon dioxide in healthcare industry drives the growth of carbon dioxide market. Carbon dioxide is growing popularity carboxytherapy, which is a therapeutic technique that involves the injection of CO2 gas into the skin or subcutaneous tissue. This therapy is thought to improve circulation and oxygenation, promoting wound healing, and reducing the appearance of scars. However, adverse impacts of carbon dioxide on humans and environment restraint the growth of market. The Surge in carbon recycling for renewable materials and energy supply provides lucrative opportunities to the market.

Carbon Dioxide Market

Introduction

Carbon dioxide is a colorless, odorless gas that is naturally present in the Earth's atmosphere. It is composed of one carbon atom and two oxygen atoms and is a byproduct of various natural and human activities, including respiration, combustion of fossil fuels, and natural processes such as volcanic activity and the decay of organic matter. Carbon dioxide is used in greenhouses to increase plant growth and yield. Controlled CO2 levels in the greenhouse can lead to up to 30% more yield.

CO2 can be added to the air using a variety of methods, such as burning natural gas or propane, or using compressed CO2 tanks or generators that produce CO2 through chemical reactions. The CO2 levels are typically maintained between 800 and 1,200 parts per million (ppm), which is higher than the current atmospheric concentration of around 400 ppm. Carbon dioxide (CO2) is widely used in the beverage industry to add carbonation or fizz to soft drinks, beer, sparkling wine, and other carbonated beverages. Carbonation is achieved by dissolving CO2 gas under pressure into the beverage, which then forms tiny bubbles of gas when the pressure is released.

Key Takeaways

  • The carbon dioxide market is highly fragmented, with several players including ACAIL GÁS, Buzwair Industrial Gases Factories, Dubai Industrial Gases, Gulf Cryo, India Glycols Limited, Linde PLC, Messer Group, SOL Group, Axcel Gases, PAVAN INDUSTRIAL GASES PVT. LTD., Coregas, and Air Liquide.
  • More than 6,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
  • The study covers nearly 20 countries. The segment analysis of each country in terms of value and volume during the forecast period 2020-2032 is covered in the carbon dioxide market report.

Market Dynamics

The food and beverage industry relies on carbon dioxide for a variety of applications, such as carbonating soft drinks and beer, preserving packaged food, and modifying the atmosphere in food processing and storage facilities. CO2 is used in various food processing applications, including freezing and chilling, as well as in the production of certain foods like baked goods. It can also be used in vacuum packaging, which removes oxygen from the packaging to help preserve the product. In December 2021, Sonoco Products announced the $1.35 billion cash acquisition of Ball Metalpack, a manufacturer of sustainable metal packaging for food and household products, to expand its focus on sustainable packaging.

Carbon dioxide can be used as a natural preservative to inhibit the development of bacteria and other microbes. It also helps to increase the shelf life of many different types of goods by lowering the oxygen level of the packaging. CO2 is used as a propellant in aerosol cans to dispense products such as whipped cream, cooking sprays, and other food products. Around 70% of the carbon dioxide produced in the U.S. is used by the food and drinks industry.

CO2 is a naturally occurring gas that is essential to life on Earth, but high concentrations can have adverse impacts on both humans and the environment. Exposure to high levels of CO2 can cause a variety of health problems, including headaches, dizziness, fatigue, and shortness of breath. Carbon dioxide is absorbed by the ocean and reacts with seawater to form carbonic acid, which can lower the pH of the ocean and make it more acidic. This can have negative impacts on marine life, particularly shell-forming organisms such as corals and mollusks, and changes in temperature and ocean chemistry can have far-reaching impacts on ecosystems, including changes in the distribution and behavior of plant and animal species, and increased risks of invasive species. Human-caused CO2 emissions are leading to rising global temperatures, melting ice caps, and sea level rise.

Segments Overview

The carbon dioxide market is segmented into form, application, and region. On the basis of form, the market is categorized into solid, liquid, and gas. On the basis of application, the market is divided into agriculture, metal fabrication, food and beverages, oil and gas, medical, firefighting, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Carbon Dioxide Market by Form

CO2 is used in food processing and packaging to extend the shelf life of products. It can be used as a cooling agent, in modified atmosphere packaging (MAP) to displace oxygen and prevent food spoilage, and in freezing and chilling processes. CO2 fire extinguishers are commonly used to extinguish fires involving electrical equipment and flammable liquids. The CO2 displaces oxygen, suffocating the fire.

Carbon Dioxide Market by Application

In the food industry, CO2 is utilized in processes such as cryogenic freezing and cooling. It can rapidly freeze food products to preserve their freshness, flavor, and texture. Carbon dioxide can be used to adjust the pH level of certain food and beverage products, helping to control acidity and enhance flavor stability.  CO2 is used as a foaming agent in various food applications, such as whipped cream, ice cream, and baked goods. It helps create a light, airy texture in these products.

In March 2023, Red Bull unveiled its Summer Edition product line in the UK, featuring an exciting new flavor Juneberry where carbon dioxide is gaining popularity for fizziness in drink. These Juneberry-flavored energy drinks are now widely accessible, being distributed across major retailers throughout the country. Consumers can enjoy them in both single-serving and multipack options.

Carbon Dioxide Market by Region

Many countries in the Asia Pacific region rely heavily on coal for energy production, which releases significant amounts of carbon dioxide when burned. The level of industrialization in a country also affects carbon dioxide usage. Industrial processes such as cement production, steel manufacturing, and chemical industries contribute to CO2 emissions. Countries such as China, Japan, and South Korea have large industrial sectors, resulting in substantial carbon dioxide output.

As per the Carbon Brief, China’s carbon dioxide (CO2) emissions grew 10% year-on-year in the second quarter of 2023, rising approximately 1% above the record levels seen in 2021. China is on track to meet a goal to bring its climate-warming carbon dioxide emissions to a peak before 2030

Competitive Analysis

The major players operating in the carbon dioxide market include ACAIL GÁS, Buzwair Industrial Gases Factories, Dubai Industrial Gases, Gulf Cryo, India Glycols Limited, Linde PLC, Messer Group, SOL Group, Axcel Gases, PAVAN INDUSTRIAL GASES PVT. LTD., Coregas, and Air Liquide. On October 31, 2022, Linde Plc and Schlumberger Limited (SLB) announced a strategic collaboration on carbon capture, utilization and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide (CO2) capture and sequestration innovative technology portfolios, project development and execution expertise capabilities

Recent Key Developments in the Carbon Dioxide Industry

  • As of April 5th, 2023, data from the National Oceanic and Atmospheric Administration reveals that the global surface average for CO2 has risen by 2.13 parts per million (ppm) to reach 417.06 ppm. This increase mirrors the consistent trend observed over the last decade. Notably, atmospheric CO2 levels have now surged to a staggering 50% higher than pre-industrial levels. Furthermore, 2022 marked the 11th consecutive year in which CO2 levels increased by more than 2 ppm, representing the most sustained rate of increase in the 65-year history of monitoring.
  • In 2022, global energy-related CO2 emissions increased by 0.9%, reaching a record high of over 36.8 billion tons. This growth was significantly slower compared to the previous year's rebound of over 6%, which followed two years of fluctuating energy use and emissions due to the Covid-19 pandemic.
  • In 2022, the increase in carbon dioxide (CO2) emissions was lower than the global Gross Domestic Product (GDP) growth rate of 3.2%. This marks a return to the trend of CO2 emissions and economic growth becoming less closely linked, which was interrupted by a significant increase in emissions in 2021. However, the rate of improvement in the CO2 intensity of energy use was slightly slower compared to the average of the past decade.
  • In May 2021, Esco introduced the Esco CelCulture CO2 Incubator with High Heat Sterilization (CCL-HHS), featuring a dry heat sterilization system at 180°C. This innovation effectively eliminates resistant fungi, bacterial spores, and vegetative cells from the workspace, ensuring a contaminant-free environment.

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    On May 1, 2020, Messer Group launched a new Carbon Dioxide (CO2) plant in Keyes, California. The plant provides up to 450 tons-per-day of CO2, which is an essential product for carbonated beverages, food freezing and chilling, and electronics.

Historic Trends of Carbon Dioxide Market

  • In 1767, Joseph Priestley discovered that carbon dioxide could be used to make water "sparkling" by dissolving it under pressure, thus creating carbonated water.
  • In 1850s, the first ice-making machines were developed, which used carbon dioxide as a refrigerant in food preservation, medical applications, and other purposes.
  • In 1950s, carbon dioxide was initially used in the oil and gas industry for enhanced oil recovery. It is injected into underground oil reservoirs to help extract more oil and improve recovery rates.
  • In 1988s, the Intergovernmental Panel on Climate Change (IPCC) is established by the United Nations Environment Program (UNEP) and the World Meteorological Organization (WMO) to assess scientific information related to climate change. Its first assessment report in 1990 highlights the role of greenhouse gases, including carbon dioxide, in driving global warming.
  • In 2015, the Paris Agreement aimed to significantly reduce greenhouse gas emissions, including CO2, to limit global warming. The agreement acknowledges the importance of achieving net-zero greenhouse gas emissions.
  • In 2018, the world's first direct air capture plant, the Climeworks plant, started operating in Switzerland. The plant captures carbon dioxide from the air and supplies it to a nearby greenhouse for use in plant growth.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the carbon dioxide market analysis from 2020 to 2032 to identify the prevailing carbon dioxide market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the carbon dioxide market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global carbon dioxide market trends, key players, market segments, application areas, and market growth strategies.

Carbon Dioxide Market Report Highlights

Aspects Details
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Market Size By 2032

USD 148.2 billion

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Growth Rate

CAGR of 5.8%

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Forecast period

2020 - 2032

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Report Pages

225

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By Form
  • Solid
  • Liquid
  • Gas
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By Application
  • Food and Beverages
  • Medical
  • Fire Fighting
  • Agriculture
  • Metal Fabrication
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

SOL Spa, Linde PLC, Dubai Industrial Gases, Messer Group, Gulf Cryo, Ellenbarrie Industrial Gases Private Limited, Taiyo Nippon Sanso Corporation, India Glycols Limited, ACAIL GAS, Buzwair Industrial Gases Factories

Analyst Review

According to the opinions of various CXOs of leading companies, carbon dioxide market is driven by rise in demand from gas industry. Carbon dioxide gas is widely used to carbonate beverages, such as soda, beer, and sparkling water. It is added to the liquid to create carbonic acid, which creates the bubbles that give these drinks their characteristic fizz.

Rise in use of carbon dioxide in healthcare industry drive the growth of carbon dioxide market. CO2 is increasingly being used in the healthcare industry for a variety of applications, including diagnostic, therapeutic, and surgical procedures. It is commonly used in laparoscopic surgery, where it is used to inflate the abdomen and improve visibility. CO2 is preferred over other gases because it is readily absorbed by the body and does not pose a risk of explosion.

However, adverse impacts of carbon dioxide on humans and the environment is expected to restrain industry expansion. CO2 is a naturally occurring gas that is essential to life on Earth, but high concentrations can have adverse impacts on both humans and the environment. Exposure to high levels of CO2 can cause a variety of health problems, including headaches, dizziness, fatigue, and shortness of breath.

The Asia-Pacific region is projected to register robust growth during the forecast period. Carbon dioxide can be used as a feedstock for chemicals, such as methanol and urea. In 2022, Australian cement manufacturer Boral partnered with Southern Oil Refining to produce a lower-carbon cement using CO2 captured from the refining process.

Author Name(s) : Naresh Ranjit Mawlankar | Eswara Prasad
Frequently Asked Questions?

The global carbon dioxide market was valued at $79.0 billion in 2020, and is projected to reach $148.2 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.

Asia-Pacific is the largest region of carbon dioxide market

Gas is the leading application of carbon dioxide market.

Surge in carbon recycling for renewable materials and energy supply are the upcoming trends of carbon dioxide market

The major players operating in the carbon dioxide market include ACAIL GÁS, Buzwair Industrial Gases Factories, Dubai Industrial Gases, Gulf Cryo, India Glycols Limited, Linde PLC, Messer Group, SOL Group, Axcel Gases, PAVAN INDUSTRIAL GASES PVT. LTD., Coregas, and Air Liquide.

Growth in demand for carbon dioxide from food and beverage industry and rise in use of carbon dioxide in healthcare industry are the main drivers of the market

Adverse impacts of carbon dioxide on humans and environment are the restraint of the market.

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Carbon Dioxide Market

Global Opportunity Analysis and Industry Forecast, 2023-2032