Carbon Dioxide Global Market Report 2024

The carbon dioxide market size has grown rapidly in recent years. It will grow from $15.13 billion in 2023 to $17.32 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The historical growth can be attributed to the expansion of emerging markets and increased demand from the medical industry.

The carbon dioxide market size is expected to see rapid growth in the next few years. It will grow to $29.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. Forecasted growth is fueled by increased demand for frozen food and rising needs from the oil and gas industry. Key trends include the development of carbon dioxide separation technology, a focus on carbon capture and utilization, supplying to greenhouses, and potential mergers or acquisitions for market share expansion.

The escalating demand for firefighting services is anticipated to be a significant driver propelling the growth trajectory of the carbon dioxide market in the foreseeable future. Firefighting, aimed at extinguishing fires and managing fire-related emergencies to safeguard lives, property, and the environment, relies on specialized fire suppression systems employing carbon dioxide as a firefighting agent. Carbon dioxide functions by displacing oxygen, thereby eliminating a crucial element required for combustion, consequently reducing fire hazards and minimizing potential damages. For instance, data from the National Fire Protection Association in June 2023 highlighted an increase in firefighter and volunteer deaths, with 38 firefighters and 51 volunteers reported deceased in 2022, marking a rise from the 27 firefighter and 35 volunteer deaths recorded in 2021. This escalating demand for firefighting services underscores the driving force behind the growth of the carbon dioxide market.

The carbon dioxide market encounters a substantial challenge rooted in the high costs associated with capturing, liquefying, and transporting carbon dioxide. Carbon dioxide transport methods encompass solid, liquid, or gaseous forms, facilitated through diverse modes such as motor carriers, railways, ships, and pipelines. Transporting carbon dioxide in its solid state is deemed neither cost-effective nor practically viable due to the excessive energy requirements compared to other viable alternatives. Nevertheless, pipelines emerge as the most economically viable mode for larger carbon dioxide quantities. The process of liquefying carbon dioxide for shipping and compressing it for pipeline transportation demands significant electrical energy resources. Additionally, global governmental regulatory agencies have established stringent guidelines governing the proper storage and transportation of carbon dioxide, further influencing transportation costs. The substantial expenses associated with transportation are anticipated to impact the profit margins of carbon dioxide manufacturers and potentially curtail the market's growth.

Prominent companies within the carbon dioxide market are placing a significant emphasis on developing innovative products as a strategic approach to attain a competitive advantage. These innovations are particularly evident in the realm of cosmetic products that integrate recycled carbon dioxide (CO2) as a key ingredient. Notably, in July 2022, Beiersdorf AG, a German-based manufacturer specializing in personal-care products, introduced the NIVEA MEN Climate Care Moisturizer. This groundbreaking moisturizer is crafted using recycled carbon dioxide (CO2), employing a sophisticated carbon capture utilization process. In the manufacturing process of this product, carbon is collected and transformed into ethanol, which is then integrated into the formulation of the moisturizer. Significantly, this marks the inception of the first skincare product harnessing state-of-the-art carbon dioxide (CO2) recycling technology.

In March 2021, Guanggang Gas (G-gas), a prominent Chinese chemical industry company, completed the acquisition of Linde Carbon Dioxide Company, although the financial details of the acquisition remain undisclosed. This strategic acquisition expands G-gas' business portfolio by incorporating Linde Carbon Dioxide Company's array of novel carbon dioxide products. Linde Carbon Dioxide Company, headquartered in the UK, specializes in delivering comprehensive carbon dioxide solutions within the industry.

Major companies operating in the carbon dioxide market report are Linde PLC, Air Products and Chemical, Inc., Air Liquide, The Messer Group GmbH, Nippon Sanso Holdings Corporation, Air Water Inc., Gulf Cryo, SOL Spa, Reliant Gases, India Glycols Limited, Praxair Inc., NGK Spark Plug Co., Ltd., Taiyo Nippon Sanso, Oxair, Yingde Gas Group Co., Ltd., Core Industrial Gases, Supagas, AMCS Corporation, Gagan Gases Ltd., Refex Industries, BOC UK, Altex, Climeworks AG, Carbon Clean, GRASYS, Continental Carbonic Products, Inc., Matheson Tri-Gas, Messer Gases del Peru S.A., WIKA Alexander Wiegand SE & Co. KG, Buzwair, Sasol, Gas Africa Limited, Carbacid Investments Limited, Afrox.

Asia-Pacific was the largest region in the carbon dioxide market in 2023. North America was the second-largest region in the global carbon dioxide market. The regions covered in the carbon dioxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the carbon dioxide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The carbon dioxide market consists of the sales of carbon dioxide gas and carbon dioxide liquid used to carbonate drinks and as a refrigerant. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary product types of carbon dioxide include liquid carbon dioxide, solid carbon dioxide, and gaseous carbon dioxide. Liquid carbon dioxide is formed by compressing and cooling carbon dioxide gas to a liquid state, with specific temperature thresholds. Sources of carbon dioxide include hydrogen, ethyl alcohol, ethylene oxide, substituted natural gas, and others. Applications span across various industries, including food and beverages, oil & gas, medical, rubber, firefighting, and others.

The carbon dioxide market research report is one of a series of new reports that provides carbon dioxide market statistics, including carbon dioxide industry global market size, regional shares, competitors with a carbon dioxide market share, detailed carbon dioxide market segments, market trends and opportunities, and any further data you may need to thrive in the carbon dioxide industry. This carbon dioxide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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