Major players in the carbon dioxide market are AGA, Air Liquide, Air Products and Chemicals, Inc, AIR WATER INC, Airgas, Buzwair Industrial Gases Factories, Continental Carbonic Products, Cosmo Engineering, EPC Engineering & Technologies GmbH, and Gulf Cryo.
The global carbon dioxide market is expected to grow from $11.3 billion in 2021 to $13.15 billion in 2022 at a compound annual growth rate (CAGR) of 16.3%. The market is expected to grow to $23.19 billion in 2026 at a CAGR of 15.2%.
The carbon dioxide market consists of sales of carbon dioxide and its related services in the form of liquid, gas, and solid.Carbon dioxide is a colorless chemical element that is a product of both fermentation and combustion.
It is widely used in the food industry for applications such as removing the caffeine from coffee beans to make decaffeinated coffee and for carbonating beer, soft drinks, etc. Also used for cooling in food and manufacturing industries.
The main product types of carbon dioxide are liquid carbon dioxide, solid carbon dioxide, gaseous carbon dioxide.Liquid carbon dioxide is a carbon dioxide gas that is highly compressed and cooled to a liquid form.
Carbon dioxide is existing as a liquid below the temperature of 31C and above the triple point at a temperature of -56.6 C and 4.18 bar. The sources are hydrogen, ethyl alcohol, ethylene oxide, substitute natural gas, and other sources. The various applications involved are food & beverages, oil & gas, medical, rubber, firefighting, and other applications.
Asia Pacific was the largest region in the carbon dioxide market in 2021.North America was the second-largest region in the carbon dioxide market.
The regions covered in the carbon dioxid report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
During the historic period, increased demand for the oil and gas industry globally contributed to the carbon dioxide market’s growth.Carbon dioxide is primarily used for enhancing oil recovery (EOR) in the oil and gas industry as it is compatible with crude oil and more lucrative than other fluids.
Crude oil is extracted by pouring carbon dioxide into pore spaces in rocks.The enhanced oil refinery application accounts for the largest share of the carbon dioxide market with increased investments in research and development for advanced technologies.
The global enhanced oil recovery (EOR) market is estimated to grow at a CAGR of 17.6% during 2019-2025. Increased demand for the EOR market supported with massive investments in advanced technologies drove the carbon dioxide market and is also expected to drive the market in the next five years.
The high cost of capturing, liquefying, and transporting carbon dioxide is a major challenge in the carbon dioxide market.Carbon dioxide can be transported either in solid, liquid, or gas form and is available through various means including motor carriers, railways, ship,s and pipelines.
Transporting carbon dioxide as a solid form is neither cost-effective nor feasible as it requires more energy compared with other alternatives.However, for larger quantities of carbon dioxide, pipelines are the lucrative mode of transport.
The liquefaction of carbon dioxide for ship transport and compression for pipeline transport requires abundant electrical energy.Globally, government agencies have formulated various regulations for the proper storage and transportation of carbon dioxide.
These regulations also affect the cost of transportation. The high cost of transportation is expected to affect the profit margins of carbon dioxide manufacturers and limit the growth of the market.
Carbon dioxide manufacturers are using advanced carbon capture and storage (CCS) technologies to effectively capture, purify, liquefy, and store carbon dioxide.CCS works by trapping carbon dioxide at its emission source and transporting it to a storage site.
It is a technology that captures around 90% of the carbon dioxide emissions generated from the use of fossil fuels in electricity production and industrial processes. CCS technologies offer an effective method for capturing carbon dioxide, restraining the carbon dioxide from entering the environment.
In March 2019, Air Products acquired ACP Europe SA, an independent carbon dioxide business in Continental Europe, for an undisclosed amount.This deal enables Air Products to better serve existing customers and pursue new industrial gas growth opportunities.
Air Products is an industrial gases company that provides industrial gases and related equipment to various industries including refining, chemical, metals, electronics, manufacturing, and food and beverage. It has four liquid carbon dioxide production plants and two dry ice production locations across Europe.
The countries covered in the carbon dioxide market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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