Carbon Dioxide Market Size, Share, Growth Analysis, By Source (Ethyl Alcohol, Ethylene Oxide), By Form (Solid, Liquid), By Production Method, By Application, By Region - Industry Forecast 2025-2032

Global Carbon Dioxide Market size was valued at USD 10.7 billion in 2023 and is poised to grow from USD 11.25 billion in 2024 to USD 16.74 billion by 2032, growing at a CAGR of 5.1% during the forecast period (2025-2032).

The demand for carbon dioxide is anticipated to grow significantly across multiple industry sectors due to its diverse applications, including enhanced oil recovery, carbonated beverage production, and food freezing. This versatility is creating new opportunities for carbon dioxide suppliers, particularly as investments in carbon capture and storage technologies increase. However, challenges such as stringent environmental regulations, high storage and transportation costs, and associated health and safety risks may hinder widespread adoption. Companies in the carbon dioxide market will need to navigate these obstacles while leveraging emerging opportunities to capture a share of this expanding market in the coming years. Overall, the outlook remains optimistic, driven by innovations and varied industry utilization.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Carbon Dioxide market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Carbon Dioxide Market Segments Analysis

Global Carbon Dioxide Market is segmented by Source, Form, Production Method, Application and region. Based on Source, the market is segmented into Ethyl Alcohol, Ethylene Oxide, Hydrogen, Substitute Natural Gas and Others. Based on Form, the market is segmented into Solid, Liquid and Gas. Based on Production Method, the market is segmented into Combustion, and Biological. Based on Application, the market is segmented into Food & Beverages, Oil & Gas, Medical, Solid, Agriculture, Firefighting and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Carbon Dioxide Market

Global carbon dioxide (CO2) levels have surged alarmingly, surpassing 410 parts per million (ppm) due to human activities such as fossil fuel combustion, deforestation, and industrial processes. This increase profoundly impacts climate change, triggering extreme weather events, rising sea levels, and ecological disruptions. The ongoing accumulation of CO2 in the atmosphere is a leading contributor to global warming, as it traps heat and alters planetary climates. Efforts to mitigate CO2 emissions through renewable energy, reforestation, and improved energy efficiency are critical in combatting climate change and fostering a sustainable future. International agreements, like the Paris Accord, aim to limit this carbon footprint.

Restraints in the Global Carbon Dioxide Market

Global carbon dioxide emissions must be restrained to mitigate the severe impacts of climate change. This calls for stringent international agreements to limit fossil fuel consumption, promote renewable energy sources, and enhance energy efficiency across all sectors. Transitioning to a circular economy, investing in carbon capture technologies, and implementing carbon pricing mechanisms are crucial strategies. Additionally, preserving and restoring natural carbon sinks like forests and wetlands can significantly contribute to reducing atmospheric CO2 levels. Governments, industries, and individuals must collaborate to adopt sustainable practices, ensuring that global CO2 emissions are drastically reduced to achieve climate stabilization and protect ecosystems.

Market Trends of the Global Carbon Dioxide Market

In the evolving landscape of the global carbon dioxide market, there is a significant trend toward the adoption of Carbon Capture, Utilization, and Storage (CCUS) technologies. As industries seek to reduce greenhouse gas emissions and enhance sustainability, companies are increasingly investing in innovative methods to capture CO2, transforming it into valuable products such as fuels, chemicals, and construction materials. This not only helps mitigate climate change but also opens up new revenue streams for market players. The surge in regulatory support and technological advancements is further driving this shift, positioning CCUS as a pivotal component of the carbon management strategy for businesses globally.