Carbon Dioxide Market Size, Share | Global Analysis Reports, 2035
Posted by ChemAnalyst on June 21st, 2022
According to ChemAnalyst report, “Carbon Dioxide Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”. Carbon Dioxide market witnessed a demand of 230 million tonnes globally in 2021 and is anticipated to grow with a healthy CAGR of 6.50 % until 2035 owing to growing utilization of Carbon Dioxide in end-user industries such as food & beverages, medical, oil & gas, rubber, water treatment, fire extinguisher, & others.
Carbon Dioxide is produced during fermentation of high carbon compound which is toxic at low concentration. Carbon Dioxide is odorless compound which is soluble in water. Commercially, it is obtained as a by product in fertilizer (Ammonia) industries which is further used as raw material for urea manufacturing. Carbon Dioxide utilized as gas and dry ice which is further used for various downstream applications such as refrigerant, carbonation which is used for preserving food to prolonge the freshness and kill micro-organism.
Carbon Dioxide produced by various processes involve combustion of fuel, vacuum swing adsorption, steam reforming of methane, Haber-Bosch process. Food grade Carbon Dioxide comes from production of hydrogen from natural gas which is widely used in carbonation of beverages. Carbon Capture & Storage technique (CCS) is used to recover carbon dioxide from different emissions source such as chemical & petrochemical industries, power plants, steel industries which limits greenhouse gas to entering environment. Carbon Dioxide find application in refrigerants, metal fabrication, carbonation, water treatment, enhance oil recovery, food processing, pharmaceuticals. It is used to modify packaging and control temperature of food products. It is used to reduce the pH content in wastewater. Carbon Dioxide is also used in enhance oil recovery where it is injected in oil & gas to increase production rate. Carbon Dioxide is primarily used in food & beverages industry for carbonation of beverages. Rise in demand for packaged food coupled with growing beverage industry across globe is anticipated to push the demand of Carbon Dioxide through 2035.
Major driving factor include the surging demand from food & beverages industry as liquid carbon dioxide is used in soft drinks and dry ice used to maintain the freshness of food products during storage and transportation at different locations.
Region wise, North America holds the maximum demand share of Carbon Dioxide having consumption of more than 48% in the region. Rise in demand in food processing sector in the developing North America region is likely to fuel the market for Carbon Dioxide in the forecast period. APAC & Europe holds the second and third largest share of Carbon Dioxide in terms of demand.
According to ChemAnalyst report, “Carbon Dioxide Market Analysis: Plant Capacity, Production, Operating Efficiency, process,Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”, Major players for Carbon Dioxide globally are Sicgil India Limited, Sinopec, Shanxi International Energy Group, Toshiba Energy System & Solution Corporation, Messer Group GmbH, Linde Plc, ExxonMobil Corporation, Occidental Petroleum, Air Products & Chemicals, Saudi Aramco, Abu Dhabi National Oil Company, Air Liquide S.A, Praxair Inc and Others.
“Carbon Dioxide is recognized as an extremely used chemical, that is utilized in most of the chemical industries. Hence, its broad range industrial & manufacturing applications are anticipated to propel the Carbon Dioxide market growth in the forecast period. Rapid growth is witnessed in industries such as, food & beverages, medical, oil & gas, water treatment, and rubber. Owing to wide applications of Carbon Dioxide, rising demand is projected to drive its market growth over the forecast period and offer various openings for manufacturers to expand their capacities and cater to the rising demand - supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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