Carbon Dioxide Industry Overview
The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030.
Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period. Depleting oil reserves and increasing dependence of different regions, especially in Asia Pacific, on crude oil imports have increased the deployment of enhanced oil recovery technology, thereby fueling the growth of the market. The U.S. is one of the largest markets for carbon dioxide in the world. The market in this country is projected to grow at a CAGR of 7.2% over the forecast period in terms of revenue. The growth of the market in the U.S. can be attributed to the ongoing industrialization and the flourishing oil & gas industry in the country.
Gather more insights about the market drivers, restrains and growth of the Global Carbon Dioxide Market
Carbon dioxide gas is widely consumed in the oil & gas industry in the U.S. for enhanced oil recovery. The use of this gas eases the flow of oil and reduces the viscosity of the extracted oil. The carbon dioxide flooding technique is used to enhance the quality of extracted light and heavy oils.
Increased investments in the development of advanced technologies related to enhanced oil recovery and Carbon Capture & Storage (CCS) have surged the demand for carbon dioxide in the U.S. The prevailing trends related to the enhanced oil recovery market in different states of the country suggest a significant rise in the number of carbon dioxide-enhanced oil recovery projects in the U.S. in the coming years. Increasing enhanced oil recovery activities and rising demand for carbon capture & storage in the country are projected to promote the product demand in the U.S. from 2022 to 2030.
The medical industry in the U.S. is anticipated to grow significantly over the forecast period owing to the increasing elderly population and growing health concerns among the masses in the country. The flourishing medical industry in the U.S. is anticipated to favor the market growth in the country as carbon dioxide is used in a wide range of medical applications, including transient respiratory stimulation. It is also used to encourage deep breathing and coughing in patients to treat atelectasis.
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- U.S. Carbon Dioxide Market – The U.S. carbon dioxide market size was valued at USD 3,190.54 million in 2021 and is projected to register a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030. Increasing usage of carbon dioxide for Enhanced Oil Recovery (EOR) in oil & gas plants is anticipated to result in the growth of the market in the country. The depletion of oil reserves in the U.S. has led to the growth of EOR technology.
- Enhanced Oil Recovery Market – The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period.
Carbon Dioxide Market Segmentation
Grand View Research has segmented the global carbon dioxide market report on the basis of source, application, and region:
- Carbon Dioxide Source Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2028)
- Hydrogen
- Ethyl Alcohol
- Ethylene Oxide
- Substitute Natural Gas
- Others
- Carbon Dioxide Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2028)
- Food & beverages
- Oil & Gas
- Medical
- Rubber
- Fire Fighting
- Others
- Carbon Dioxide Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- August 2019: Air Products and Chemicals, Inc. acquired the gasification business unit of General Electric Company to expand its synthesis gas solutions product offerings, strengthen its position and build, and own and operate gasification projects worldwide.
Key Companies profiled:
Some of the prominent players in the global carbon dioxide market include:
- Linde plc
- Air Liquide
- Air Products, Inc.
- Messer
- Taiyo Nippon Sanso Corp
- SOL Group
- Sicgil India Ltd.
- Strandmøllen A/S
- ACAIL Gas
- Gulf Cryo
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