Carbon Dioxide Market Size, Share, Trends, Industry Analysis Report: By Source, Application, End User, and Region

Description

List of Tables

The carbon dioxide (CO2) market size is expected to reach USD 17.77 billion by 2034, according to a new study by Polaris Market Research. The report "Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report: By Technology, Application, End User (Utilities, Government & Regulatory Bodies, Commercial & Industrial, Residential), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The carbon dioxide market focuses on the production, storage, and utilization of CO2 across numerous industries such as food & beverages, healthcare, oil & gas, and industrial manufacturing. Carbon dioxide plays a key role in diverse applications, including carbonation in beverages, medical gas in healthcare, enhanced oil recovery (EOR) in energy, and as a refrigerant in various industrial processes. Additionally, CO2 is vital for environmental applications such as greenhouse farming and carbon capture, utilization, and storage (CCUS).

The CO2 market expansion is attributed to the rising demand for CO2 in food and beverage processing, driven by growing consumer preference for carbonated drinks and modified atmosphere packaging to preserve food quality. In the oil & gas sector, CO2 enhances crude oil recovery, especially from mature wells, making it a critical component in energy production. Increasing investments in CCUS technologies also boost the carbon dioxide market growth, as industries and governments aim to mitigate carbon emissions while promoting sustainable development.

Key carbon dioxide market trends include advancements in carbon recycling technologies and increasing applications of CO2 in clean energy projects. Innovations in medical-grade CO2 and its expanding use in surgeries, anesthesia, and respiratory therapies are also shaping the market. Furthermore, the integration of green technologies to produce sustainable CO2 is gaining momentum, aligning with global efforts to combat climate change.

Carbon Dioxide Market Report Highlights

In terms of application, in 2024, the food & beverages segment held the largest share of the carbon dioxide market revenue due to the high demand for carbonation, chilling, and food preservation applications.

The natural gas processing segment, based on source, held the largest market share in 2024 due to its efficiency in producing high-purity carbon dioxide and abundant natural gas reserves.

In 2024, North America accounted for the largest share of the global carbon dioxide (CO2) market due to its strong oil & gas sector, widespread adoption of enhanced oil recovery (EOR) techniques, and significant investments in carbon capture technologies.

The Asia Pacific market is expected to witness the highest CAGR during the forecast period due to rapid industrialization, increasing demand for CO2 in food and beverage processing, and growing adoption of greenhouse farming and carbon capture technologies in countries such as China and India.

A few global key market players include Air Liquide; Linde PLC; Air Products and Chemicals, Inc.; Praxair, Inc.; Taiyo Nippon Sanso Corporation; Messer Group GmbH; Gulf Cryo; SOL Group; Hunan Kaimeite Gases Co., Ltd.; Yingde Gases Group Company; Air Water Inc.; Matheson Tri-Gas; India Glycols Limited; SABIC; and Sicgil India Limited.

Polaris Market Research has segmented the carbon dioxide market report on the basis of source, application, end user, and region:

By Source Outlook (Revenue, USD Billion, 2020-2034)

Ethanol Production
Natural Gas Processing
Industrial Processes
Fermentation

By Application Outlook (Revenue, USD Billion, 2020-2034)

Food & Beverages
Enhanced Oil Recovery (EOR)
Medical
Industrial Processes

By End User Outlook (Revenue, USD Billion, 2020-2034)

Oil & Gas
Food & Beverage Industry
Healthcare
Chemicals

By Regional Outlook (Revenue, USD Billion, 2020-2034)

North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Vietnam
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa

Product Code: PM1557

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Carbon Dioxide Market Insights

4.1. Carbon Dioxide Market - Market Snapshot
4.2. Carbon Dioxide Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Increasing Demand for Carbon Dioxide in Food and Beverage Applications
  - 4.2.1.2. Application in Enhanced Oil Recovery (EOR) For Extracting Crude Oil from Mature Wells
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Environmental Concerns
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Carbon Dioxide Market Trends
4.6. Value Chain Analysis

5. Global Carbon Dioxide Market, by Source

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
5.3. Ethanol Production
- 5.3.1. Global Carbon Dioxide Market, by Ethanol Production, by Region, 2020-2034 (USD Billion)
5.4. Natural Gas Processing
- 5.4.1. Global Carbon Dioxide Market, by Natural Gas Processing, by Region, 2020-2034 (USD Billion)
5.5. Industrial Processes
- 5.5.1. Global Carbon Dioxide Market, by Industrial Processes, by Region, 2020-2034 (USD Billion)
5.6. Fermentation
- 5.6.1. Global Carbon Dioxide Market, by Fermentation, by Region, 2020-2034 (USD Billion)

6. Global Carbon Dioxide Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
6.3. Food & Beverages
- 6.3.1. Global Carbon Dioxide Market, by Food & Beverages, by Region, 2020-2034 (USD Billion)
6.4. Enhanced Oil Recovery (EOR)
- 6.4.1. Global Carbon Dioxide Market, by Enhanced Oil Recovery (EOR), by Region, 2020-2034 (USD Billion)
6.5. Medical
- 6.5.1. Global Carbon Dioxide Market, by Medical, by Region, 2020-2034 (USD Billion)
6.6. Industrial Processes
- 6.6.1. Global Carbon Dioxide Market, by Industrial Processes, by Region, 2020-2034 (USD Billion)

7. Global Carbon Dioxide Market, by End User

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
7.3. Oil & Gas
- 7.3.1. Global Carbon Dioxide Market, by Oil & Gas, by Region, 2020-2034 (USD Billion)
7.4. Food & Beverage Industry
- 7.4.1. Global Carbon Dioxide Market, by Food & Beverage Industry, by Region, 2020-2034 (USD Billion)
7.5. Healthcare
- 7.5.1. Global Carbon Dioxide Market, by Healthcare, by Region, 2020-2034 (USD Billion)
7.6. Chemicals
- 7.6.1. Global Carbon Dioxide Market, by Chemicals, by Region, 2020-2034 (USD Billion)

8. Global Carbon Dioxide Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. Carbon Dioxide Market Assessment, By Geography, 2020-2034 (USD Billion)
8.3. Carbon Dioxide Market - North America
- 8.3.1. North America: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
- 8.3.2. North America: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
- 8.3.3. North America: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.3.4. Carbon Dioxide Market - US
  - 8.3.4.1. US: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.3.4.2. US: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.3.4.3. US: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.3.5. Carbon Dioxide Market - Canada
  - 8.3.5.1. Canada: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.3.5.2. Canada: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.3.5.3. Canada: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
8.4. Carbon Dioxide Market - Europe
- 8.4.1. Europe: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
- 8.4.2. Europe: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
- 8.4.3. Europe: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.4. Carbon Dioxide Market - UK
  - 8.4.4.1. UK: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.4.2. UK: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.4.3. UK: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.5. Carbon Dioxide Market - France
  - 8.4.5.1. France: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.5.2. France: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.5.3. France: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.6. Carbon Dioxide Market - Germany
  - 8.4.6.1. Germany: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.6.2. Germany: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.6.3. Germany: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.7. Carbon Dioxide Market - Italy
  - 8.4.7.1. Italy: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.7.2. Italy: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.7.3. Italy: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.8. Carbon Dioxide Market - Spain
  - 8.4.8.1. Spain: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.8.2. Spain: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.8.3. Spain: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.9. Carbon Dioxide Market - Netherlands
  - 8.4.9.1. Netherlands: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.9.2. Netherlands: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.9.3. Netherlands: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.10. Carbon Dioxide Market - Russia
  - 8.4.10.1. Russia: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.10.2. Russia: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.10.3. Russia: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.4.11. Carbon Dioxide Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.4.11.2. Rest of Europe: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.4.11.3. Rest of Europe: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
8.5. Carbon Dioxide Market - Asia Pacific
- 8.5.1. Asia Pacific: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.4. Carbon Dioxide Market - China
  - 8.5.4.1. China: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.4.2. China: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.4.3. China: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.5. Carbon Dioxide Market - India
  - 8.5.5.1. India: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.5.2. India: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.5.3. India: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.6. Carbon Dioxide Market - Malaysia
  - 8.5.6.1. Malaysia: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.6.2. Malaysia: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.6.3. Malaysia: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.7. Carbon Dioxide Market - Japan
  - 8.5.7.1. Japan: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.7.2. Japan: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.7.3. Japan: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.8. Carbon Dioxide Market - Indonesia
  - 8.5.8.1. Indonesia: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.8.2. Indonesia: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.8.3. Indonesia: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.9. Carbon Dioxide Market - South Korea
  - 8.5.9.1. South Korea: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.9.2. South Korea: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.9.3. South Korea: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.10. Carbon Dioxide Market - Australia
  - 8.5.10.1. Australia: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.10.2. Australia: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.10.3. Australia: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.5.11. Carbon Dioxide Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.5.11.2. Rest of Asia Pacific: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.5.11.3. Rest of Asia Pacific: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
8.6. Carbon Dioxide Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.6.4. Carbon Dioxide Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.6.4.2. Saudi Arabia: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.6.4.3. Saudi Arabia: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.6.5. Carbon Dioxide Market - UAE
  - 8.6.5.1. UAE: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.6.5.2. UAE: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.6.5.3. UAE: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.6.6. Carbon Dioxide Market - Israel
  - 8.6.6.1. Israel: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.6.6.2. Israel: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.6.6.3. Israel: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.6.7. Carbon Dioxide Market - South Africa
  - 8.6.7.1. South Africa: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.6.7.2. South Africa: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.6.7.3. South Africa: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.6.8. Carbon Dioxide Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.6.8.2. Rest of Middle East & Africa: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.6.8.3. Rest of Middle East & Africa: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
8.7. Carbon Dioxide Market - Latin America
- 8.7.1. Latin America: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.7.4. Carbon Dioxide Market - Mexico
  - 8.7.4.1. Mexico: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.7.4.2. Mexico: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.7.4.3. Mexico: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.7.5. Carbon Dioxide Market - Brazil
  - 8.7.5.1. Brazil: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.7.5.2. Brazil: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.7.5.3. Brazil: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.7.6. Carbon Dioxide Market - Argentina
  - 8.7.6.1. Argentina: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.7.6.2. Argentina: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.7.6.3. Argentina: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)
- 8.7.7. Carbon Dioxide Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Carbon Dioxide Market, by Source, 2020-2034 (USD Billion)
  - 8.7.7.2. Rest of Latin America: Carbon Dioxide Market, by Application, 2020-2034 (USD Billion)
  - 8.7.7.3. Rest of Latin America: Carbon Dioxide Market, by End User, 2020-2034 (USD Billion)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. Air Liquide
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. Linde PLC
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. Air Products and Chemicals, Inc.
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Praxair, Inc.
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. Taiyo Nippon Sanso Corporation
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. Messer Group GmbH
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. Gulf Cryo
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. SOL Group
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Hunan Kaimeite Gases Co., Ltd.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. Yingde Gases Group Company
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
10.11. Air Water Inc.
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
10.12. Matheson Tri-Gas
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
10.13. India Glycols Limited
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
10.14. SABIC
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
10.15. Sicgil India Limited
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development