H1 2023: The leading producers of Carbon Dioxide (CO2) on a global level were Sinopec, Chevron Corporation, ExxonMobil Corporation, and Occidental Petroleum. Geographically, North America was the leading consumer of C02. Based on its physical state, Carbon Dioxide (CO2) can be mainly classified into solid, liquid, and gas. In the first half of 2023, the US market for liquid carbon dioxide was largely optimistic. Due to an increase in consumption from end-user industries including food and beverage, the price of liquid carbon dioxide increased in the US. US suppliers had to deal with supply challenges as a result of the lack of material for the production of carbonated beverages. Manufacturers charged high prices throughout H1 2023 due to a shortage of liquid carbon dioxide. The market disturbance caused by the Lunar holiday break, as well as the economic uncertainties, contributed to the decrease in prices in the Chinese market. Domestic output of the commodity in China remained sluggish as major companies struggled to resume normal operations and clear backlogs. However, from April onwards, an increased trend in liquid carbon dioxide prices was observed in the Asia Pacific region. Demand for diet coke and carbonated drinks remained strong in the regional market as warm weather prompted shoppers to place large orders.
The global Carbon Dioxide (CO2) market has grown remarkably to reach approximately 236 million tonnes in 2022 and is expected to grow at an impressive CAGR of 6.50% during the forecast period until 2035.
Carbon Dioxide is a naturally occurring gas which is colorless & non-flammable at standard temperature and pressure. Carbon Dioxide is a major greenhouse gas which is significant for earth’s atmosphere and can also be recovered from flue gas in various industries. Carbon Dioxide is recovered as a by-product in Ammonia production in fertilizer industry. Moreover, in industrial manufacturing plants, Carbon dioxide is also produced by combustion method. Carbon Dioxide is used as a raw material for production of chemicals and fertilizers such as Methanol and Urea.
Carbon Dioxide is used as refrigerant in cryogenic freezing & chilling of food to increase the quality and improve its shelf life. Growing demand for Carbon Dioxide in Oil & Gas industry owing to its wide applications in Enhance Oil Recovery which used to increase the production rate. Carbon Dioxide also used as fire Extinguisher. Carbon Dioxide finds application in Carbonation of Beverages, Food processing, Enhance Oil Recovery (EOR), Firefighting, and Agriculture. This gas is an essential factor in carbonated drinks, vegetables, meat, packed food which is used to enhance flavour & freshness.
The primary driver of the Carbon Dioxide (CO2) global market is the Food & Beverages Industry. In 2022, approximately 37% of global Carbon Dioxide was utilized solely by this industry. Carbon dioxide is an essential component in carbonated drinks. In packed vegetables, meat, and food, this gas is used to enhance flavour & freshness. Furthermore, carbon dioxide is employed as refrigerant in cryogenic freezing & chilling of food to improve its shelf life. Other applications of carbon dioxide include Enhance Oil Recovery (EOR), Firefighting, and Agriculture. Medical sector is also expected to witness significant growth in coming years as growing requirement of inhalation gas in various surgeries (laparoscopy, arthroscopy, endoscopy) and treatments is on the rise which will further boost the demand for Carbon Dioxide in the future. The global Carbon Dioxide (CO2) market will most likely reach 520 million tonnes by 2035.
Based on demand by region, the North America is dominating the Carbon Dioxide (CO2) market. with 48% of the market share of global Carbon Dioxide (CO2) in 2022. Owing to the growing population, increasing urbanization coupled with industrial revolution in developing regions of United States, it is anticipated that the CO2 market will flourish in North America region by 2035. Factors such as ongoing food processing and healthcare projects and growing oil & gas industries further contributing to the growth of Carbon Dioxide market through 2035 in this region.
Based on the end-user industry, the global Carbon Dioxide (CO2) market is segmented into Food & Beverages, Medical, Oil & Gas, Rubber, and others. Among these, the Food & Beverages sector dominated the Carbon Dioxide market across the globe with a volume around 85 million tonnes in 2022. Due to the rising demand for carbonation of beverages, it is expected that this industry is expected to maintain its dominance in the forecast period. Medical sector is also a prominent share holder of Carbon Dioxide. The increasing use of Carbon Dioxide as an inhalation gas in various medical procedures, surgeries, and therapies may increase the demand for carbon dioxide in the future.
Major players in the production of Global Carbon Dioxide (CO2) are Occidental Petroleum, ExxonMobil Corporation, Mississipi Power, Chevron Corporation, Air Products & ChemIcals Inc., Dakota Gas, Sinopec, and Shenhua Ninxia Coal Group Corporation Limited.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Carbon Dioxide (CO2) which covers production, demand and supply of Carbon Dioxide (CO2) market in the globe.
• To analyse and forecast the market size of Carbon Dioxide (CO2)
• To classify and forecast Global Carbon Dioxide (CO2) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Carbon Dioxide (CO2) market in the globe.
To extract data for Global Carbon Dioxide (CO2) market, primary research surveys were conducted with Carbon Dioxide (CO2) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Carbon Dioxide (CO2) market over the coming years.
ChemAnalyst calculated Carbon Dioxide (CO2) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Carbon Dioxide (CO2) across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Carbon Dioxide (CO2) manufacturers and other stakeholders
• Organizations, forums and alliances related to Carbon Dioxide (CO2) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Carbon Dioxide (CO2) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Carbon Dioxide (CO2) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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236 million tonnes
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Market size Volume by 2035
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520 million tonnes
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Growth Rate
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CAGR of 6.50% from 2023 to 2035
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2035
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Quantitative units
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Demand in million tonnes and CAGR from 2023 to 2035
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process,
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Segments covered
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By End-Use: (Food & Beverages, Medical, Oil & Gas, Rubber, and others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com