Authored By: Sarah
11 Jul 2024

 Carbon Dioxide Market Size to grow by USD 2.12 billion between 2024-2028

According to a research report “ Carbon Dioxide Market” by Technology (Combustion, Biological) Application (Enhanced oil recovery, Food and beverages, Precipitated calcium carbonate, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.12 billion, at a CAGR of  4.48% during the forecast period. The oil and gas sector represents a significant market share in the global carbon dioxide (CO2) industry. CO2 is primarily utilized in this sector for enhanced oil recovery (EOR) due to its miscibility with crude oil. This attribute makes CO2 a more economical choice compared to other miscible fluids derived from crude oil. By injecting CO2 into reservoir rocks, oil extraction is facilitated. While alternative miscible solvents exist for cleaning oil deposits, their high production costs, derived from crude oil, render CO2 an attractive alternative. Naturally occurring CO2 deposits, which are abundant and relatively inexpensive, are favored by vendors for their sustainability and large-scale extraction potential.

Browse market data tables, figures, and in-depth TOC on “Carbon Dioxide Market” by Technology (Combustion, Biological) Application (Enhanced oil recovery, Food and beverages, Precipitated calcium carbonate, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample


By Technology, the Combustion segment is projected to dominate the market size in 2024

In the oil and gas industry, Carbon Dioxide (CO2) plays a crucial role in enhancing oil recovery during the latter stages of production. This process, known as Enhanced Oil Recovery (EOR), is employed when oil fields experience declining production due to reasons such as pressure drops or thick oil in reservoirs, impeding the oil's movement to production wells. By injecting compressed CO2 into oil reservoirs, it functions as a solvent, facilitating oil expansion and ensuring the efficient flow of crude oil into production wells. Furthermore, this practice offers environmental benefits, as it can help reduce CO2 emissions, contributing to carbon-negative oil production. This trend is expected to boost the adoption of CO2 for EOR applications.

By Application, Enhanced oil recovery  segment is expected to hold the largest market size for the year 2024

The combustion segment is projected to experience substantial growth in market share within the global Carbon Dioxide (CO2) market during the forecast period. This growth can be attributed to the chemical reaction known as combustion, which involves a fuel rapidly combining with oxygen to produce heat. The fuel, which can be solid, liquid, or gas including CO2, reacts with the oxidizer, forming new chemical compounds, referred to as exhaust. This process, common in industries for power generation and transportation, significantly contributes to the overall CO2 market expansion.

APAC is forecasted to hold the largest market size by region in 2024

The North American CO2 market is projected to experience continuous expansion throughout the forecast period. Key contributors to this growth include the United States and Canada. The primary drivers of this market expansion are the surging demands for CO2 gas from various industries, including food and beverages, oil and gas, medical, and others. In the oil and gas sector, CO2 gas is extensively utilized in the US for enhanced oil recovery, which enhances oil flow and reduces the extracted oil's viscosity. This trend is anticipated to significantly contribute to the growth of the North American CO2 market during the forecast period.

The Carbon Dioxide Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Air Liquide SA
  • Air Products and Chemicals Inc.
  • Axcel Gases
  • Buzwair Group
  • Chengdu Taiyu industrial Gases Co. Ltd.
  • Ellenbarrie Industrial Gases Ltd.
  • Gulf Cryo Holding CSC
  • Jinhong Gas Co. Ltd.
  • Messer SE and Co. KGaA
  • Mitsubishi Chemical Group Corp.
  • Pavan Industrial Gases Pvt. Ltd.
  • Praxair Technology Inc.
  • Reliant Gases
  • Salasar Carbonics Pvt. Ltd.
  • SOL Spa
  • Steelman Gases Pvt. Ltd.
  • The Linde Group
  • Universal Industrial Gases Inc.
  • Westfalen AG

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Carbon Dioxide (CO2) market is experiencing significant growth due to its diverse applications in various industries. In the healthcare sector, CO2 is used in procedures such as arthroscopy, endoscopy, and laparoscopy as an insufflation component for better wound healing, oxygenation, and circulation in the subcutaneous tissue and skin. CO2 gas is also used in carboxytherapy for skin rejuvenation and pain relief. In industry, CO2 is used in the production of hydrogen through alcoholic fermentation and in the oil & gas industry for cryogenic freezing. CO2 is also used as a byproduct in ethanol production. Major players in the CO2 market include CarbonCure Technologies, Greco Gas Inc, Sicgil India Limited, ACAIL Gas, Global Thermostat, ExxonMobil, Messer SE & Co, SOL Group, Linde plc, and Air Liquide. These companies are investing in research and development to expand their product portfolio and meet the growing demand for CO2. However, the increasing use of CO2 in various industries contributes to carbon emissions, which is a major contributor to global climate change. Companies are exploring ways to reduce their carbon footprint, such as carbon capture and storage technologies. In conclusion, the CO2 market is diverse and growing, with applications in healthcare, industry, and energy production. However, the environmental impact of CO2 emissions is a major concern, and companies are working to find solutions to reduce their carbon footprint.

Market Research Overview



Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Read News Read Less
Interested in this report?
Get your sample now!