The Global Carbon Dioxide Market size is expected to reach $14.9 billion by 2030, rising at a market growth of 4.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 27,504.28 Kilo Tonnes, experiencing a growth of 2.2% (2019-2022).
Rubber products manufactured using CO2 as a feedstock can exhibit comparable or improved performance characteristics compared to those made using traditional feedstocks. Therefore, the rubber segment captured $1,270.21 million revenue in the market in 2022. Also, the Russia market consumed 38.92 kilo tonnes in the market in 2022. The pursuit of sustainable products and the growing consciousness of consumers are motivating manufacturers to investigate alternative feedstocks, such as carbon dioxide.
CO2 injection has been proven to be one of the most efficient EOR methods. Injecting CO2 into an oil reservoir causes the oil to mix with the CO2, which lowers the oil’s viscosity and facilitates easier flow through the pores in the reservoir. Advances in EOR technology, including improved reservoir modeling, drilling techniques, and CO2 capture and injection methods, have made CO2-based EOR more feasible and cost-effective. Hence, the growing adoption of enhanced oil recovery (EOR) drives the market’s growth.
Additionally, one of the primary drivers of CO2 demand in the food and beverage industry is the increasing consumption of carbonated beverages such as soda, sparkling water, and beer. The increasing processed food industry is driving the growth demand for CO2. For example, according to the United States Department of Agriculture, with an average yearly growth rate of 4.3 percent and a projected GDP contribution to Mexico’s economy of $39.4 billion by 2020, the food processing industry is one of the most dynamic in the country.
However, Industrial activities include the production of cement, electricity, and chemicals, which are some of the main sources of CO2. The energy-intensive nature of these processes can result in high production costs, particularly if energy prices are volatile or renewable energy sources are not readily available. Hence, high CO2 production costs are hampering the market’s growth.
Drivers 
Restraints 
Opportunities 
Challenges On the basis of application, the market is segmented into food & beverages, medical, oil & liquid, rubber, firefighting, and others. The food and beverages segment recorded the 41.15% revenue share in the market in 2022. In terms of volume, food and beverages segment registered 11,567.75 kilo tonnes in 2022. CO2 is used in cryogenic freezing and cooling applications to rapidly chill or freeze food products. In cryogenic freezing, liquid CO2 is sprayed or injected into food products, causing rapid cooling and freezing.
Based on form, the market is segmented into solid, liquid, and gas. In 2022, the gas segment garnered a 31.62% revenue share in the market. In terms of volume, gas segment would register 10,067.15 kilo tonnes by 2030. Gaseous CO2 is nonflammable, nontoxic, and noncorrosive, making it safe for various industrial and commercial applications. Due to its inert qualities, it can be used in food and beverage manufacturing plants, hospitals, and fire suppression systems where people’s safety is the top priority.
By source, the market is divided into hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and others. The ethyl alcohol segment attained the 36.44% revenue share in the market in 2022. In terms of volume, ethyl alcohol segment would consume 14,086.59 kilo tonnes by 2030. Ethyl alcohol, also known as ethanol, is widely available and accessible as a (CO2) production source. It is derived from renewable sources such as sugarcane, corn, and other biomass, making it a sustainable and abundant feedstock for CO2 generation.
Free Valuable Insights: Global Carbon Dioxide Market size to reach USD 14.9 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed a 32.93% revenue share in the market in 2022. In terms of volume, Asia Pacific segment would utilize 5,078.11 kilo tonnes by 2030. Rapid urbanization, economic growth, and industrialization in the Asia-Pacific region are driving up demand for CO2 across a range of industrial uses. CO2 is necessary for carbonation, chemical synthesis, metal production, and semiconductor creation in various industries, including electronics, metallurgy, food and beverage processing, and chemical manufacturing.
The market is characterized by intense competition driven by factors such as the demand for CO2 across various industries including food and beverage, healthcare, and agriculture, as well as the growing emphasis on reducing greenhouse gas emissions. Key players in the market vie for market share through strategies such as technological advancements, geographical expansion, and strategic partnerships, while regulatory frameworks and environmental concerns increasingly shape market dynamics, influencing pricing strategies and investment decisions.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 10.2 Billion |
| Market size forecast in 2030 | USD 14.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.9% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 365 |
| Number of Tables | 791 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Form, Application, Region |
| Country scope |
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| Companies Included | SOL Group, India Glycols Limited, Gulf Cryo, Linde plc, Ellenbarrie Industrial Gases Limited, Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings), Dubai Industrial Gas (Al Mana Group), Buzwair Industrial Gases Factories (Buzwair Group), Messer SE & Co. KGaA (Messer Industrie GmbH), Acail Gas (Acail Group) |
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Form (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Source (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $14.9 billion by 2030.
Growing adoption of enhanced oil recovery (EOR) are driving the Market in coming years, however, High production costs of carbon dioxide restraints the growth of the Market.
SOL Group, India Glycols Limited, Gulf Cryo, Linde plc, Ellenbarrie Industrial Gases Limited, Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings), Dubai Industrial Gas (Al Mana Group), Buzwair Industrial Gases Factories (Buzwair Group), Messer SE & Co. KGaA (Messer Industrie GmbH), Acail Gas (Acail Group)
In the year 2022, the market attained a volume of 27,504.28 Kilo Tonnes, experiencing a growth of 2.2% (2019-2022).
The Liquid segment is leading the Market by Form in 2022; there by, achieving a market value of $7.9 Billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $5.96 Billion by 2030.
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