Dublin, Feb. 25, 2020 (GLOBE NEWSWIRE) -- The "Carbon Dioxide Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
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 historic and forecast market growth by geography. It places the market within the context of the wider carbon dioxide market, and compares it with other markets.
The global carbon dioxide market was worth $12.55 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7.4% and reach $16.76 billion by 2023.
During the historic period, increased demand for oil and gas industry globally contributed to the carbon dioxide market's growth. Carbon dioxide is primarily used for enhancing oil recovery (EOR) in the oil and gas industry as it is compatible with crude oil and lucrative than other fluids. Crude oil is extracted by poring carbon dioxide into pore spaces in rocks.
The enhanced oil refinery application to account for the largest share of the carbon dioxide market with increased investments in research and development for advanced technologies. The global enhanced oil recovery (EOR) market is estimated to grow at a CAGR of 17.6% during 2019-2025. Increased demand for EOR market supported with massive investments in advanced technologies drove the carbon dioxide market and is also expected to drive the market in the next five years.
The high cost for capturing, liquefying, and transporting carbon dioxide is a major challenge in the carbon dioxide market. Carbon dioxide can be transported either in solid, liquid or gas form and is available through various means including motor carriers, railway, ship and pipelines. Transporting the carbon dioxide as a solid form is neither cost-effective nor feasible as it requires more energy compared with other alternatives. However, for larger quantities of carbon dioxide, pipelines are the lucrative mode of transport.
The liquefaction of carbon dioxide for ship transport and compression for pipeline transport requires abundant electrical energy. Globally, government agencies have formulated various regulations for the proper storage and transportation of carbon dioxide. These regulations also affect the cost of transportation. The high cost of transportation is expected to affect profit margins of carbon dioxide manufacturers and limit the growth of the market.
Carbon dioxide manufacturers are using advanced carbon capture and storage (CCS) technologies to effectively capture, purify, liquify, and store carbon dioxide. CCS works by trapping carbon dioxide at its emission source and transporting it to a storage site. It is a technology that captures around 90% of the carbon dioxide emissions generated from the use of fossil fuels in electricity production and industrial processes. CCS technologies offers effective method for capturing carbon dioxide, restraining the carbon dioxide from entering the environment.
In March 2019, Air Products acquired ACP Europe SA, an independent carbon dioxide business in Continental Europe, for an undisclosed amount. This deal enables Air Products to better serve existing customers and pursue new industrial gas growth opportunities. Air Products is an industrial gases company that provides industrial gases and related equipment to various industries including refining, chemical, metals, electronics, manufacturing, and food and beverage. It has four liquid carbon dioxide production plants, and two dry ice production locations across Europe.
Major players in the market are AGA, Air Liquide, Air Products and Chemicals, Inc., AIR WATER INC, Airgas, Buzwair Industrial Gases Factories, Continental Carbonic Products, Cosmo Engineering, EPC Engineering & Technologies GmbH.
Key Topics Covered
1. Executive Summary
2. Carbon Dioxide Market Characteristics
3. Carbon Dioxide Market Size and Growth
3.1. Global Carbon Dioxide Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Carbon Dioxide Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Carbon Dioxide Market Segmentation
4.1. Global Carbon Dioxide Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Liquid Carbon Dioxide
- Solid Carbon Dioxide
- Gaseous Carbon Dioxide
4.2. Global Carbon Dioxide Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Food & Beverages
- Oil & Gas
- Medical
- Rubber
- Fire Fighting
- Others
5. Carbon Dioxide Market Regional and Country Analysis
Companies Mentioned
- AGA
- Air Liquide
- Air Products & Chemicals Inc.
- Air Water Inc.
- Airgas
- Buzwair Industrial Gases Factories
- Continental Carbonic Products
- Cosmo Engineering
- EPC Engineering & Technologies GmbH
- Gulf Cryo
- INOX Air Products Ltd.
- Iwatani Corporation
- Linde AG
- Matheson Tri-Gas Inc.
- Messer Group
- Praxair Inc.
- SABIC
- SOL S.p.A.
- Southern Industrial Gas Sdn. Bhd.
- The BOC
- The Southern Gas Limited
- Universal Industrial Gases Inc.
- Yingde Gas Group Co. Ltd.
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