Carbon Dioxide Market Report 2026

The carbon dioxide market size has grown strongly in recent years. It will grow from $10.52 billion in 2025 to $11.43 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to expansion of beverage manufacturing, growth of food preservation industries, rising use in welding and metal fabrication, availability of fermentation-based co₂ sources, industrial gas infrastructure development.

The carbon dioxide market size is expected to see strong growth in the next few years. It will grow to $16.61 billion in 2030 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increasing focus on carbon capture utilization, rising demand for medical-grade co₂, expansion of sustainable refrigeration solutions, growing greenhouse agriculture adoption, increasing investments in co₂ recovery technologies. Major trends in the forecast period include increasing demand for food and beverage carbonation, rising use of co₂ in cold chain logistics, growing adoption in medical and pharmaceutical applications, expansion of greenhouse enrichment practices, enhanced recovery and reuse of industrial co₂.

The growing demand for firefighting is expected to propel the growth of the carbon dioxide market going forward. Firefighting involves extinguishing fires and managing fire-related emergencies, with the primary objectives of protecting life, property, and the environment. Carbon dioxide is widely used as a firefighting agent in specialized fire suppression systems by displacing oxygen and eliminating one of the elements required for combustion, thereby reducing the risk of fire incidents and limiting damage. For instance, in April 2025, according to official statistics from a UK-based government agency, the total number of incidents attended by fire & rescue services (FRSs) in 2024 was 600,185, up 1.2% from 593,285 in the previous year. Therefore, the growing demand for firefighting is driving the growth of the carbon dioxide market.

Major companies operating in the industrial carbon dioxide market are focusing on technological advancements such as metal-organic frameworks to improve CO₂ capture efficiency, storage capacity, and overall sustainability in industrial applications. Metal-organic frameworks (MOFs) are highly porous structures made of metal nodes and organic linkers, enabling efficient gas adsorption and storage. For instance, in March 2025, Saudi Aramco, a Saudi Arabia-based energy company, launched the country’s first Direct Air Capture (DAC) test unit for CO₂. The pilot unit aims to capture carbon dioxide directly from the atmosphere, evaluate the scalability of DAC technology in the region, and explore integration with carbon utilization and storage solutions, supporting Saudi Arabia’s long-term climate and carbon management objectives.

In May 2024, Zero Carbon System Inc., a US-based company that specializes in global low carbon building design and low carbon urban planning solutions, acquired Global Thermostat for an undisclosed amount. With this acquisition, Zero Carbon System Inc. aims to significantly advance its carbon capture capabilities and establish itself as a leader in the direct air capture (DAC) industry. Global Thermostat is a US-based technology company that specializes in removing carbon dioxide from the air to help address climate change.

Major companies operating in the carbon dioxide market are Linde PLC, Air Products and Chemicals, 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., Taiyo Nippon Sanso, Oxair, Yingde Gas Group Co., Ltd., Core Industrial Gases, Supagas, AMCS Corporation, Gagan Gases Ltd, Refex Industries, BOC UK, Altex, Continental Carbonic Products, Inc., Matheson Tri-Gas, Messer Gases del Peru S.A., Buzwair, Sasol, Gas Africa Limited, Carbacid Investments Limited, Afrox.

Asia-Pacific was the largest region in the carbon dioxide market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, 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 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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