PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284092
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284092
Carbon Monoxide Market Forecasts to 2028 - Global Analysis By Grade, Application, End User and By Geography
According to Stratistics MRC, the Global Carbon Monoxide Market is accounted for $3.31 billion in 2022 and is expected to reach $3.98 billion by 2028 growing at a CAGR of 3.1% during the forecast period. Carbon monoxide is a strong reducing agent and reduces metal oxides for metals less reactive than carbon. It is an odourless, colourless gas formed by the incomplete combustion of fuels. One carbon atom and one oxygen atom bound together by three bonds make up carbon monoxide. It is also a significant contributor to the greenhouse gases that cause climate change. It results from specific industrial chemical manufacturing processes as a by-product. it is most commonly used in mining and metal extraction activities.
According to the United States Geological Survey (USGS), in 2019, 48,000 metric tons of iron ore were produced in the U.S. High demand for the product for metal extraction and purification process.
Market Dynamics:
Driver:
Growing demand for organic and inorganic chemicals
Carbon monoxide is a significant industrial chemical used to create water gas or Syngas. It serves as a significant reducing agent in the production of a number of organic and inorganic compounds. Raising demand for chemicals from sectors, such as pharmaceuticals, bulk chemical manufacturing, construction, food & beverages and others is fueling the market demand.
Restraint:
Strict government regulations
Carbon monoxide is an odourless and colourless gas. It is exceedingly dangerous and cannot be found by scent or emissions. It is one of the six major air pollutants. Strict controls on carbon monoxide were enforced by the Occupational Safety and Health Administration (OSHA) and National Ambient Air Quality Standards. Throughout an 8-hour workday, the level shouldn't increase more than 35 PPM. These limitations are impeding market expansion.
Opportunity:
Expanding mining and metal extraction activities
Mining and metal extraction operations have significantly increased as a result of the high demand for iron ore and iron metallic from different end-sectors throughout the world. It is mostly utilized in the extraction of metals and exhibits neither acidic nor basic characteristics. Special characteristics including a strong affinity for transition metals are anticipated to boost market demand.
Threat:
Poisonous nature of the gas
Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It easily interacts with haemoglobin to form carboxyhemoglobin, which may interfere with gas exchange and further increase the risk of death. Exposure to CO is most frequently associated with tiredness, headaches, disorientation and dizziness. This is expected to hinder the market growth.
COVID-19 Impact:
The COVID-19 pandemic had a significant detrimental effect on the world economy, hurting a number of industries, notably chemical production. The chemical industry, a foundational sector of the world economy, was impacted by this catastrophe. Some commercial chemical production processes produce carbon monoxide (CO) as a by-product. Chemical manufacturing was stopped, which caused a decrease in output. The growth rate has slow downed due to declining product demand from the mining and metal extraction sectors.
The metal fabrication segment is expected to be the largest during the forecast period
The metal fabrication segment is estimated to have a lucrative growth. Carbon monoxide is used in fuel gas mixtures with hydrogen and other gases for industrial and domestic heating. It can cause corrosion and contamination of sensitive processes, like catalysts and semiconductor fabs, when exposed to metals that readily form oxides.
The chemical industry segment is expected to have the highest CAGR during the forecast period
The chemical industry segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its varied range of usage in producing different chemicals. Titanium dioxide, metal carbonyls, benzaldehyde, and critic acid are all made primarily from carbon monoxide. It also functions as a catalyst in chemical compounds like toluene and polyurethane. It is further employed as substitute of natural gas which is accelerating the segment's demand.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the adoption of technologically improved production techniques and increased R&D activities. China and India are two of the world's top markets for electronic manufacturing. High purity carbon monoxide is utilized as a semiconductor in a variety of electronic gadgets, rising demand for the fabrication of electronics in the area accelerated its market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Large industries and industrial merchant sellers both had a significant role in the region's robust industrial activity recovery. The healthcare business segment and the electronics industry both maintained substantial growth. The investment in a large-scale hydrogen and carbon monoxide generating complex with integrated CO2 recycling was announced by important firms like Air Liquide. These factors together are driving up market demand in this region.
Key players in the market:
Some of the key players profiled in the Carbon Monoxide Market include Middlesex Gases & Technologies, Inc, Linde PLC, Praxair Inc, Air Products and Chemicals, Air Liquide S.A., ATCO Atmospheric and Specialty Gases Pvt. Ltd, Messer Group GmbH, Broner Glove & Safety Company, Ningbo DSW International Co Ltd, Yingde Gases Group Company, Wison Group, Celanese Corporation, Praxair Incorporated, Wanhua, Sipchem, Messer, Tosoh and PT Aneka Gas Industry.
Key Developments:
In February 2022, Celenase Singapore, a global specialty material and chemical manufacturing company, announced the extension of its long-term contract with Linde Gas Singapore to supply carbon monoxide.
In July 2020, Air Products announced the steam methane reformer and cold box in Geismar are on stream and supplying hydrogen and carbon monoxide to Hunstman's neighboring industrial operations.
Grades Covered:
- Electronic Grade
- Commercial Grade
Applications Covered:
- Metal Fabrication
- Chemical
- Pharma & Biotechnology
- Electronics
- Meat Colouring & Preservative
- Other Applications
End Users Covered:
- Electronic Industry
- Chemical Industry
- Metal Industry
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options::
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Carbon Monoxide Market, By Grade
- 5.1 Introduction
- 5.2 Electronic Grade
- 5.3 Commercial Grade
6 Global Carbon Monoxide Market, By Application
- 6.1 Introduction
- 6.2 Metal Fabrication
- 6.3 Chemical
- 6.4 Pharma & Biotechnology
- 6.5 Electronics
- 6.6 Meat Colouring & Preservative
- 6.7 Other Applications
7 Global Carbon Monoxide Market, By End User
- 7.1 Introduction
- 7.2 Electronic Industry
- 7.3 Chemical Industry
- 7.4 Metal Industry
8 Global Carbon Monoxide Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.8 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Middlesex Gases & Technologies, Inc
- 10.2 Linde PLC
- 10.3 Praxair Inc
- 10.4 Air Products and Chemicals
- 10.5 Air Liquide S.A.
- 10.6 ATCO Atmospheric and Specialty Gases Pvt. Ltd
- 10.7 Messer Group GmbH
- 10.8 Broner Glove & Safety Company
- 10.9 Ningbo DSW International Co Ltd
- 10.10 Yingde Gases Group Company
- 10.11 Wison Group
- 10.12 Celanese Corporation
- 10.13 Praxair Incorporated
- 10.14 Wanhua
- 10.15 Sipchem
- 10.16 Messer
- 10.17 Tosoh
- 10.18 PT Aneka Gas Industry
List of Tables
- Table 1 Global Carbon Monoxide Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 3 Global Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 4 Global Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 5 Global Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 6 Global Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 7 Global Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 8 Global Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 9 Global Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 10 Global Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 11 Global Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 12 Global Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 13 Global Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 14 Global Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 15 Global Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
- Table 16 North America Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
- Table 17 North America Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 18 North America Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 19 North America Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 20 North America Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 21 North America Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 22 North America Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 23 North America Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 24 North America Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 25 North America Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 26 North America Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 27 North America Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 28 North America Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 29 North America Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 30 North America Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
- Table 31 Europe Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
- Table 32 Europe Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 33 Europe Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 34 Europe Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 35 Europe Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 36 Europe Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 37 Europe Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 38 Europe Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 39 Europe Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 40 Europe Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 41 Europe Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 42 Europe Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 43 Europe Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 44 Europe Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 45 Europe Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
- Table 46 Asia Pacific Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
- Table 47 Asia Pacific Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 48 Asia Pacific Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 49 Asia Pacific Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 50 Asia Pacific Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 51 Asia Pacific Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 52 Asia Pacific Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 53 Asia Pacific Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 54 Asia Pacific Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 55 Asia Pacific Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 56 Asia Pacific Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 57 Asia Pacific Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 58 Asia Pacific Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 59 Asia Pacific Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 60 Asia Pacific Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
- Table 61 South America Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
- Table 62 South America Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 63 South America Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 64 South America Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 65 South America Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 66 South America Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 67 South America Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 68 South America Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 69 South America Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 70 South America Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 71 South America Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 72 South America Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 73 South America Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 74 South America Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 75 South America Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
- Table 76 Middle East & Africa Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
- Table 77 Middle East & Africa Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
- Table 78 Middle East & Africa Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
- Table 79 Middle East & Africa Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
- Table 80 Middle East & Africa Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
- Table 81 Middle East & Africa Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
- Table 82 Middle East & Africa Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
- Table 83 Middle East & Africa Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
- Table 84 Middle East & Africa Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
- Table 85 Middle East & Africa Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
- Table 86 Middle East & Africa Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 87 Middle East & Africa Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
- Table 88 Middle East & Africa Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
- Table 89 Middle East & Africa Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
- Table 90 Middle East & Africa Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
