The North America Carbon Dioxide Market would witness market growth of 4.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 10,483.22 kilo tonnes, showcasing a growth of 1.8% (2019-2022).
In the carbon dioxide (CO2) market, one of the most significant sectors is food and beverages. CO2 is extensively used in this industry for various purposes, with one primary application being carbonation. CO2 is dissolved into beverages such as soda, beer, and sparkling water to create the desired level of fizziness, enhancing taste and mouthfeel. This process is crucial for producing a wide range of carbonated drinks that consumers enjoy worldwide. Therefore, the US Market consumed 1,300.01 Kilo Tones in the market in 2022.
The US market dominated the North America Carbon Dioxide Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,205.9 Million by 2030. The Canada market is experiencing a CAGR of 6.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.9% during (2023 - 2030).
Adopting (CO2) technologies and solutions is driven by various factors, including regulatory requirements, market incentives, technological advancements, and sustainability goals. Across industries, businesses and governments increasingly recognize the importance of mitigating CO2 emissions and leveraging CO2 for sustainable development. Advances in CO2 capture, utilization, and storage technologies drive adoption by improving efficiency, scalability, and cost-effectiveness. Innovations in materials science, process engineering, and catalysis enable the development of novel CO2-based products and processes. Technological advancements reduce barriers to adoption, making CO2 solutions more accessible and attractive to businesses seeking to decarbonize their operations.
Furthermore, companies are increasingly focusing on supply chain sustainability and assessing the environmental impact of their products throughout the value chain. Adopting CO2 technologies enables companies to reduce the carbon footprint of their products and supply chains by using recycled CO2 as a raw material, minimizing emissions from production processes, and promoting circular economy principles. Supply chain sustainability initiatives drive demand for CO2-neutral or CO2-negative products, influencing adoption in the CO2 market.
The expansion of the greenhouse sector in Canada leads to a higher demand for CO2 as a critical input for plant growth. The largest proportion of total sales was generated in Ontario (55.2%), with Quebec (13.2%) and British Columbia (21.4%) following suit. Furthermore, in 2021, greenhouse sales increased by 8.3% year-over-year to reach $3.8 billion, whereas nursery product sales increased by 4.3% to $747.5 million. Thus, the growth of the greenhouse industry and expanding renewable energy sector in the region drive the market’s growth.
Free Valuable Insights: The Carbon Dioxide Market is Predict to reach USD 14.9 Billion by 2030, at a CAGR of 4.9%
Based on Application, the market is segmented into Food & Beverages, Oil & Gas, Medical, Rubber, Firefighting, and Others. Based on Form, the market is segmented into Liquid, Gas, and Solid. Based on Source, the market is segmented into Ethyl Alcohol, Hydrogen, Ethylene Oxide, Substitute Natural Gas, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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 Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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