PUBLISHER: The Business Research Company | PRODUCT CODE: 1470334
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470334
Carbon dioxide (CO2) is an odorless, colorless gas with a slightly pungent, acid taste. Commercial carbon dioxide is recovered from industrial plants which produce hydrogen or ammonia from natural gas, coal and hydrocarbon feedstock. Corn-to-ethanol plants have been the most rapidly growing source of feed gas for CO2 recovery. CO2-rich natural gas reservoirs are another source of recoverable carbon dioxide.
The carbon dioxide market consists of the sales of carbon dioxide by entities (organizations, sole traders or partnerships) that manufacture carbon dioxide gas in compressed, liquid and solid forms.
The global carbon dioxide market was valued at $9,911.43 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Emerging Markets Growth
During the historic period, the carbon dioxide market was mainly driven by strong economic growth in emerging markets. Emerging markets growth was aided by rising disposable income, a stable political environment and increasing foreign investments in these countries. For example, China's gross domestic product (GDP) grew from $11.06 trillion in 2015, to $17.94 trillion in 2022. Additionally, according to the International Monetary Fund (IMF), emerging markets and developing economies together registered a growth of 4.5% in 2018, which increased to 6.1% in 2021. Strong economic growth, coupled with an increase in the middle-class population, enabled high demand for this industrial gas by the food and beverage industry, among other industries, driving the market.
The increase in demand from the medical industry supported the growth of the carbon dioxide market. The increasing popularity of minimally invasive surgeries, combined with a growing prevalence of diseases that require these surgeries, contributed to the global carbon dioxide demand, by increasing the use of carbon dioxide for medical purposes. Carbon dioxide is used for insufflating medical gas for minimally invasive surgeries, such as laparoscopy, arthroscopy, endoscopy and cryotherapy.
Increasing Focus On Carbon Dioxide Separation Technologies
Companies in the carbon dioxide industry are increasingly focusing on the use of carbon dioxide separation technologies. These technologies are based on using the CO2 emitted across various production processes to be further cleaned, to ensure that it is available for further use. For example, in 2023, the National Energy Technology Laboratory (NETL), a U.S. national laboratory, started testing direct air capture (DAC) technologies and launched various projects to remove carbon dioxide (CO2) and other greenhouse gases from the atmosphere. The DAC Center is a facility that helps partners develop DAC technologies. NETL also initiated a four-year plan to develop a DAC process that integrates computational materials design, computation fluid dynamics and process system design research portfolios. The goal is to advance cutting-edge DAC technology that will remove CO2 directly from the air. These initiatives demonstrate NETL's commitment to advancing DAC technologies and promoting environmental sustainability.
The global carbon dioxide market is concentrated, with large players dominating in market. The top ten competitors in the market made up to 62.48% of the total market in 2022. The market concentration can be attributed to the presence of large players in different geographies.
Carbon Dioxide Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global carbon dioxide market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for carbon dioxide? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The carbon dioxide market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider carbon dioxide market; and compares it with other markets.