"Carbon Dioxide Market: Trends, Innovations, and Applications Across Industries for Sustainable Solutions"

TEXES, AUSTIN, UNITED STATES, June 6, 2024 /EINPresswire.com/ -- The SNS Insider report reveals that the carbon dioxide market, valued at USD 10.82 billion in 2023, is poised to reach USD 16.35 billion by 2031, exhibiting a CAGR of 5.24% throughout the forecast period of 2024-2031.

The burgeoning applications of carbon dioxide across diverse sectors are fueling its market growth.

In the medical field, CO2 is indispensable for surgical insufflation, enhancing visibility, and stabilizing body cavities during procedures like laparoscopy and endoscopy. Additionally, its use in surgeries to improve cerebral blood flow and aid respiration is gaining prominence. The carbon capture and storage (CCS) technology, designed to capture CO2 emissions from fossil fuel combustion and industrial processes, is gaining traction. The captured CO2 finds significant application in enhanced oil recovery (EOR), a crucial process in the oil and gas industry to extract residual oil from depleted reservoirs. While CCS is a capital-intensive technology, its environmental benefits and role in mitigating greenhouse gas emissions are driving its adoption.
The food and beverage industry also heavily relies on carbon dioxide for carbonating beverages and freezing meat and poultry. The growing demand for packaged food and beverages is further propelling the market's growth trajectory.

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Some of the Key Players Included are:
• Air Liquide
• Greco Gas Inc.
• Messer Group
• SOL Group
• Strandmøllen A/S
• Acail Gás
• Air Products and Chemicals Inc.
• Linde AG
• Sicgil India Limited
• Taiyo Nippon Sanso Corporation
• and other

Recent Developments Underscore Market's Dynamic Nature
• In April 2023, ExxonMobil'sannouncement to store carbon dioxide captured from Linde's blue hydrogen complex in California exemplifies the industry's commitment to reducing carbon emissions and promoting sustainable practices.
• In February 2023, POET's plans to build a new facility for capturing CO2 and manufacturing dry ice highlight the growing demand for CO2 in various industrial applications.

By Source, Ethyl alcohol emerged as the leading source, accounting for over 35% of the market share in 2023.
This is due to its readily available and reliable nature for CO2 production. The rising demand for food-grade CO2 further bolsters the production of ethyl alcohol.

By Source
• Hydrogen
• Ethylene Oxide
• Ethyl Alcohol
• Substitute Natural Gas
• Others
 
By Form
• Solid
• Liquid
• Gas

By Application, the food and beverages segment dominated with a substantial share of over 45% in 2023.
This is attributed to the increasing use of CO2 for cryogenic freezing, which offers enhanced flexibility in temperature control and superior preservation of food quality compared to mechanical refrigeration.

By Application
• Food & Beverages
• Oil & Gas
• Rubber
• Medical
• Fire Fighting
• Others

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Impact of Geopolitical Events
The Russia-Ukraine war has led to disruptions in the global energy market, including increased oil and gas prices. This has further intensified the demand for enhanced oil recovery, thereby boosting the carbon dioxide market. However, the economic slowdown caused by the war has negatively impacted various industries, leading to reduced demand for carbon dioxide in certain applications.
The economic slowdown, further exacerbated by the COVID-19 pandemic, has led to a decline in industrial activity and reduced demand for carbon dioxide across various sectors. However, the essential nature of CO2 in critical industries like healthcare and food and beverages has cushioned the market from significant downturns. For example, the pharmaceutical industry heavily relies on dry ice (solid CO2) for vaccine storage and transportation, which has remained a consistent demand driver during the pandemic.

North America commanded the largest revenue share of over 41.5% in 2023
This is primarily driven by the expanding industrial sector and the thriving healthcare industry. The Asia Pacific region secured the second-largest share, fueled by significant industrial development, especially in China.

Key Takeaways for the Carbon Dioxide Market Study
• The carbon dioxide market is experiencing robust growth, propelled by its expanding applications in enhanced oil recovery, medical procedures, and the food and beverage industry.
• The escalating demand for EOR, driven by depleting oil reserves and rising energy consumption, presents a lucrative opportunity for the carbon dioxide market.
• In March 2021, Air Liquide'sagreement with the Gippsland Basin Joint Venture to construct a new facility for delivering carbon dioxide to Australian industries underscores the expanding geographical reach of the market.

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