Dublin, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The global carbon dioxide market is worth US$ 1.7 billion in 2022 and is predicted to surge ahead at a CAGR of 8.3% between 2022 and 2032, according to Fact.MR, market research, and competitive intelligence provider. Market growth is riding on the back of the remarkable contribution of CO2 to increasing the conductivity and performance of electronic devices.
Demand for food & beverage products is anticipated to register attractive growth as a basic need driven by the rising population and change in food habits due to globalization and exposure of people to various types of food. This demand brings in the need for food that is packaged and transported at modified atmospheres, as these are sourced from distant locations. Industrial gases find significant use for such applications in the food & beverage industry. Highly driven by the growing carbonated drinks market, the demand for carbon dioxide is expected to witness a significant surge over the decade.
Rising R&D investments will open up a plethora of opportunities for market players over the medium-term forecast period.
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Carbon dioxide liquid for cryogenic freezing and pre- or post-cooling applications to enhance the refrigeration value of food products is a significant, and perhaps key application for CO2 in some markets where CO2 is dominant as compared to liquid nitrogen (LIN). Increasing usage of CO2 in food applications will drive significant growth of the CO2 market over the coming years.
Carbon dioxide finds high consumption in the healthcare industry as an insufflation gas used for surgeries with minimal invasion (endoscopy, laparoscopy, and arthroscopy, among others) to stabilize and enlarge body cavities to offer enhanced visibility for surgical areas. This will escalate the demand for carbon dioxide in the healthcare industry and maintain market growth opportunities.
The utilization of C02 in construction materials for non-structural applications, such as roads and floors, is an opportunity. Also, demand is high for polymers and greenhouses to promote crop growth. Such factors will maintain a healthy growth trajectory for the market from 2022 to 2025.
Key Takeaways from Market Study
- The Global CO2 market is estimated to expand at a CAGR of 8.3% and reach US$ 3.8 billion by the end of 2032.
- Worldwide demand for CO2 increased at 4.7% CAGR between 2017 and 2021.
- The global market is led by North America with 28.4% market share in 2022.
- Food and beverage sector will hold dominance as an end use during the assessment period.
- Among the production method, combustion production accounted for the major a market share of 59.6% in 2021.
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Which Factors Drive Demand for Carbon Dioxide in Germany?
With growing investments in R&D, the market is witnessing high growth opportunities across Germany. German chemical company BASF is producing polypropylene carbonate by capturing it from power plants and other waste sources and using novel catalysts.
This plastic can take the place of other plastics in current oil-based applications for coatings, adhesives, foams, and packaging. Both businesses are following commercial procedures.
Another significant German chemical company, Bayer, is developing a method to create polyurethane foams using CO2, which is creating immense growth opportunities for the market.
Segmentation of Carbon Dioxides Industry Research
- By Production :
- Combustion
- Biological
- By Delivery :
- Centralized
- Pipelines
- Trucks
- Cylinders
- Onsite
- By End Use :
- Metal Manufacturing & Fabrication
- Food & Beverages
- Pulp & Paper
- Oil & Gas
- Healthcare
- Chemicals
- Other Industrial
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Competition Analysis
Major CO2 manufacturers are Linde Group, Air Liquide, Praxair Inc, Air Products and Chemicals Inc, Gulf Cryo, Abdullah Hashim Industrial & Equipment Co, and Bristol Gases – Concorde Corodex Group.
Manufacturers of carbon dioxide are focusing on forging collaborations with retailers to expand their businesses. Market players, to gain an edge, have started offering products with specialized technologies in different end-use industries. Further, they are also focusing on expanding their research and development facilities to explore more application areas and gain higher profit margins.
Market Development
Market players are focusing on strategic acquisitions as a part of their plans to rapidly expand through organic and inorganic growth strategies. Further, companies are strategizing to develop confidence among distributors and retailers through long associations with skilled marketing and sales representatives across diversified distribution channels.
CO2-derived synthetic fuels include a wide range of products that can be produced using it as a feedstock. These include commercially established products such as methane, methanol, and syngas, which can be used directly as fuel or as an intermediate for the production of carbon monoxide. It produces a range of other fuels compatible with existing infrastructure, such as diesel, gasoline, and aviation fuel. Using existing infrastructure is generally easier and more affordable than transporting and storing electricity and hydrogen.
In addition, digital platforms will also enable market players to reach more customers and increase their brand recognition.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global CO2 market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of production (combustion, biological), delivery (centralized, pipelines, trucks, cylinders, onsite), and end use (metal manufacturing & fabrication, food & beverages, pulp & paper, oil & gas, healthcare, chemicals, other industrial), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
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Carbon Fiber Coatings Market - Automakers have been augmenting the use of lightweight aluminum and carbon fiber so as to achieve superior fuel economy. This has been translating into several changes in the process of treating & painting surfaces; however, the application of carbon fiber coatings is a challenging task. Even though the substrate or panel surface is smooth, there are technical issues with regard to the coating method used.
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