Carbon Monoxide Market Expected to Reach $8.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Carbon Monoxide Market," The carbon monoxide market was valued at $5.6 billion in 2022, and is estimated to reach $8.2 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

Carbon monoxide (CO) is a colorless and odorless gas produced by all combustion processes. It has industrial use in addition to its reputation as a dangerous air contaminant. Carbon monoxide is used as a raw material or reducing agent in various industries, including metallurgy, fuel generation, and chemicals. 

The wide utilization of carbon monoxide in various end-use industries drives the market growth. Carbon monoxide market analysis shows that there are several potential uses for carbon monoxide in the pharmaceutical sector, making it a growing field of study. Carbon monoxide-releasing molecules (CORMs) have gained attention in medicinal chemistry due to their potential therapeutic benefits, making them one remarkable application. Carbon monoxide is a promising option for therapeutic interventions owing to its demonstrated cytoprotective, vasodilatory, and anti-inflammatory qualities. The application of CORMs in the development of novel medications to treat ailments like inflammation, cardiovascular illness, and neurodegenerative disorders is being examined by researchers.

According to the National Center for Biotechnology Information (NCBI), carbon monoxide works as a potent anti-inflammatory in preclinical animal models of organ transplantation, acute lung injury, sepsis, and ischemia/reperfusion injury. Pulmonary fibrosis, pulmonary hypertension, metabolic disorders, and preeclampsia are further experimental uses for this gas. Chemical CO-releasing compound research is a new pharmaceutical approach to carbon monoxide administration that has shown promise in sepsis models. 

Carbon monoxide is used in the automobile industry for a variety of purposes, one of which being the production of acrylonitrile-butadiene-styrene (ABS) resins, thus increasing carbon monoxide market size. ABS is a thermoplastic polymer that is extensively used in the production of dashboard components, interior trim, and bumpers for automobiles. A significant reactant in the synthesis of acrylonitrile, one of the essential monomers needed to produce ABS, is carbon monoxide. ABS is an ideal material for improving the longevity and aesthetics of automobile parts as it has excellent impact resistance, heat resistance, and aesthetic properties.  

Carbon monoxide is widely used in the plastic and polymer industry, particularly in the manufacturing of polycarbonates, a flexible class of thermoplastic polymers, leading to increase in the carbon monoxide market share. Polycarbonates are frequently used in optical discs, eyeglass lenses, and other transparent materials owing to their excellent optical clarity and endurance to impact.

Carbon monoxide plays a major part in the interaction between bisphenol-A (BPA) and phosgene (COCl2), which produces polycarbonates, thus increasing the carbon monoxide market trends. Carbon monoxide serves as a crucial building ingredient for the polymerization process as the reaction moves through several stages. Thus, lucrative use of carbon monoxide in various end-use industries drives the growth of the carbon monoxide industry during the forecast period. 

The price volatility of feedstock materials is an important limitation to the market expansion for carbon monoxide. Natural gas, coal, and biomass are some of the feedstock materials used in the various procedures that produce carbon monoxide. Price fluctuations for these feedstocks may impact the cost of producing carbon monoxide and may influence the entire viability of manufacturing activities from an economic standpoint.  

The methane found in natural gas is one of the primary feedstocks used in making carbon monoxide. Global energy demand fluctuations, geopolitical shifts, and market dynamics all affect natural gas pricing. Natural gas prices may change significantly in response to supply outages, geopolitical unrest, or changes in energy policy. The cost structure of producing carbon monoxide is directly impacted by this unpredictability, making manufacturers uneasy and making long-term planning more difficult.  

There are further challenges associated with using biomass as a fuel for the manufacture of carbon monoxide. Weather patterns, competing uses of biomass, such as biofuel production, and farming methods all impact biomass prices. The price and availability of biomass might fluctuate which may have a direct effect on the cost of using biomass gasification technologies to produce carbon monoxide.  Thus, fluctuations in the prices of feedstock materials restrain the carbon monoxide market growth.

The market for carbon monoxide is poised for significant expansion due to the growing need for sustainable and clean energy solutions, particularly regarding the changing hydrocarbon production landscape. Carbon monoxide is essential to one of the most promising processes for producing hydrogen, considered a significant factor in the transition to clean energy: the water-gas shift (WGS) reaction.

According to the International Energy Agency (IEA), in 2030, there might be over 38 Mt of low-emission hydrogen produced annually if all announced projects are completed. Publicly disclosed projects have the potential to produce 50% more by 2030 than they did at the time the IE’'s Global Hydrogen Review 2022 was released. 

Carbon monoxide and water vapor combine in the WGS process to form carbon dioxide and hydrogen. The synthesis of "blue hydrogen” that is produced when carbon capture and storage (CCS) technologies are used to reduce carbon dioxide emissions, depends on this reaction. As a greener substitute for traditional “grey hydrogen”, which is made from natural gas without carbon capture, blue hydrogen is seen as an important factor in the shift to a hydrogen-based economy.

The rising use of hydrogen as a clean energy source has contributed to the rise of the carbon monoxide market. The need for carbon monoxide as a feedstock for the synthesis of blue hydrogen increases along with the demand for hydrogen. Manufacturers of carbon monoxide and the companies that use it to make hydrogen have an immense opportunity to grow because of this. Thus, surge in demand for clean and sustainable energy solutions presented a lucrative growth opportunity for the carbon monoxide market. 

The carbon monoxide market is segmented based on purity, application, and region. On the basis of purity, the market is segregated into below 99% and more than 99%. Depending on application, it is classified into metal fabrication, chemicals, pharmaceuticals, electronics, ore processing and extraction, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

On the basis of the purity, the carbon monoxide market is classified into below 99% and more than 99%. Below 99% is projected to be the fastest-growing segment and has garnered the highest share in the carbon monoxide market. 

On the basis of the application, the carbon monoxide market is classified into metal fabrication, chemicals, pharmaceuticals, electronics, ore processing and extraction, and others. Metal fabrication is projected to be the fastest-growing segment and has garnered the highest share in the carbon monoxide market. Region-wise, Asia-Pacific is projected to register robust growth during the forecast period. 

The major players operating in the global carbon monoxide market are Air Liquide, Air Products and Chemicals, Inc., American Gas Products, ATCO Atmospheric And Speciality Gases Private Limited., Axcel Gases, Celanese Corporation, Linde plc, Messer, Middlesex Gases & Technologies, Inc., and Sipchem Company. 

Other players include Al-Barrak Group Company, Butler Gas Products, Chengdu Taiyu Industrial Gases Co., Ltd., Gruppo SIAD, Gulf Cryo, LOTTE INEOS CHEMICAL CO.,LTD, NEXAIR, PT Samator Indo Gas Tbk., and Topsoe A/S. 

Key Findings Of The Study: 

• On the basis of the purity, the below 99% segment is expected to grow at a CAGR of 4.2%, in terms of revenue, during the forecast period. 

• On the basis of the application, the metal fabrication segment is expected to grow at a CAGR of 4.5%, in terms of revenue, during the forecast period. 

• Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.