Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Carbon Dioxide Market by Form (Solid, Liquid, and Gas) by Application (Agriculture, Metal Fabrication, Food and Beverages, Oil and Gas, Medical, Firefighting, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report states that the global carbon dioxide market was valued at $84.2 billion in 2021 and is expected to garner $141.9 billion by 2031, with a growing CAGR of 5.5% during the forecast period of 2022 to 2031.
Drivers, restraints, and opportunities:
The global carbon dioxide market is experiencing growth due to factors such as a rise in demand for carbon dioxide from the food and beverage domain and surge in the use of carbon dioxide in the healthcare sector. However, the availability of alternatives to carbon dioxide for food grade application restrains the market growth to some extent. Nevertheless, surge in carbon recycling for energy production and renewable materials will offer ample growth opportunities for the market in the upcoming years.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2022 | $84.2 billion |
| Market Size in 2032 | $141.9 billion |
| CAGR | 5.5 % |
| No. of Pages in Report | 350 |
| Segments Covered | Form, Application, and Region. |
| Drivers | Growth in demand for carbon dioxide from the food & beverage industry Rise in the use of carbon dioxide in the healthcare industry |
| Opportunity | A surge in carbon recycling for renewable materials and energy supply |
| Restraint | Adverse impacts of carbon dioxide on humans and environment |
| Challenge | Availability of alternatives to CO2 in food-grade applications |
The gas segment to retain its dominance throughout the forecast timeframe
In terms of form, the gas segment grabbed the highest revenue in 2021, contributing to more than two-thirds of the total market revenue. Carbon dioxide is prominently utilized as shielding gas in a MIG (metal Inert Gas) and MAG (Metal Active Gas) welding, where it prevents oxidation of weld puddle. The liquid segment, on the other hand, would display the fastest CAGR of 5.44% during the forecast period. It is used in fire extinguishing in built-in and portable fire extinguishing systems.
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The food and beverages segment to grab the lion’s share in 2031
By application, the food and beverages segment dominated the market share in 2021, contributing to more than one-third of the overall market revenue. This is due to the fact that carbon dioxide is utilized as dry ice for goods refrigeration and in fizzy drink as a drying agent to increase the shelf-life of vegetables and fruits. Moreover, the medical segment would cite the highest CAGR of 6.72% during the forecast period. The utilization of carbon dioxide as an insufflation gas for arthroscopy, laparoscopy, and endoscopy to stabilize and broaden body cavities to provide improved visibility of the surgical area.
Asia Pacific to grow with highest CAGR
The reginal analysis in the report states that the market across Asia-Pacific was largest in 2021, contributing to more than two-fifths of the total market revenue and is expected to retain its dominance throughout the forecast period. The same region would cite the highest CAGR of 6.31% during the forecast period. This is due to the fact that the use of carbon dioxide is viewed as a promising method for reducing greenhouse gas emissions and concurrently creating fresh economic prospects in the region.
Top Market Players:
- Taiyo Nippon Sanso Corporation
- SOL Spa
- Messer Group
- Linde plc
- India Glycols Limited
- Gulf Cryo
- Ellenbarrie industrial Gases
- Dubai Industrial Gases
- Buzwair Industrial Gases Factories
- ACAIL GÁS
The report offers a comprehensive analysis of the prominent players in the global carbon dioxide market. These companies have implemented diverse strategies, including launching new products, collaborations, expanding their operations, entering into joint ventures, forming agreements, and other approaches, all aimed at growing their market presence and preserving their dominant positions across various regions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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