Latest News- Carbon Dioxide Market: Combustion is expected to lead the Technology segment during 2025-2029

The Carbon Dioxide Market is being driven by Rising demand for CO2 in oil and gas industry

The Carbon Dioxide Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2359.8 million. In the business arena, leading companies are expanding their R&D initiatives to discover novel applications for carbon dioxide (CO2) utilization in substantial quantities. Emerging application sectors could potentially become significant consumers of CO2. Notably, advanced technologies and methods for CO2 production are under intensive research and development. CO2 is generated as a byproduct during the fermentation process of sugar and bioethanol production. Traditional industries, such as alcohol production, consume a considerable amount of CO2. However, the enhanced oil recovery sector, which extensively employs CO2, is expected to significantly drive the growth of the global carbon dioxide market throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Combustion
  • Biological
• Application
  • Enhanced oil recovery
  • Food and beverages
  • Precipitated calcium carbonate
  • Others
• Source
  • Ethyl alcohol
  • Hydrogen
  • Substitute natural gas
  • Ethylene oxide
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for CO2 in oil and gas industry
• Increasing number of applications in food and beverages industry
• Development of advanced carbon capturing and storage technologies

However, the market also witnesses some limitations, which are as follows:

• High manufacturing cost of industrial CO2
• Stringent regulations and safety concerns regarding storage and transportation of CO2
• Harmful effects of CO2 leakage

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Market Scope in Carbon Dioxide Market Research Report

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Research Analysis Overview

The Carbon Dioxide market is experiencing significant growth due to its applications in various medical procedures such as insufflation during laparoscopy, endoscopy, and arthroscopy. This gas is also used in industries for carbon emissions reduction to mitigate global climate change. Companies like Air Liquide, Linde plc, SOL Group, Messer SE & Co, ExxonMobil, Global Thermostat, ACAIL Gas, Sicgil India Limited, Greco Gas Inc, and CarbonCure Technologies are major contributors. CO2 is utilized in cryogenic freezing, oil & gas industry, hydrogen production, and liquefied CO2 for carboxytherapy. In medicine, it aids in skin circulation, oxygenation, and wound healing. It is produced through alcoholic fermentation of ethyl alcohol or extracted from natural sources like natural gas or coal.

Market Research Overview

The Carbon Dioxide market is a significant segment of the global commodity chemicals industry, with key players such as Air Liquide, ExxonMobil, Global Thermostat, ACAIL Gas, and others contributing to its growth. This market caters to various industries, including healthcare, oil and gas, and ethyl alcohol production, through applications like insufflation in medical procedures such as laparoscopy, endoscopy, and arthroscopy. The increasing focus on reducing carbon emissions and mitigating global climate change has created a demand for carbon dioxide as a raw material and feedstock. The market's expansion is further fueled by the growing demand for lightweight, corrosion-resistant materials in industries, leading to continuous innovation in the production and utilization of carbon dioxide.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/