PUBLISHER: Grand View Research | PRODUCT CODE: 1790015
PUBLISHER: Grand View Research | PRODUCT CODE: 1790015
Carbon Dioxide Market Size, Share & Trends Analysis Report By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas ), By Application (Food & Beverage, Oil & Gas, Medical), By Region, And Segment Forecasts, 2025 - 2033
Carbon Dioxide Market Summary
The global carbon dioxide market size was estimated at USD 11,798.7 million in 2024 and is projected to reach USD 19,997.6 million by 2033, growing at a CAGR of 6.0% from 2025 to 2033. The increasing application of carbon dioxide (CO2) in enhanced oil recovery (EOR) is primarily driven by depleting oil reserves and a heavy reliance on crude oil imports, especially in Asia.
Declining oil reserves and a heavy reliance on crude oil imports, particularly in the Asia Pacific region, have fueled the adoption of EOR methods to maximize extraction efficiency. Rising global demand for crude oil and natural gas is further widening the supply-demand gap, making EOR more critical. In addition, supportive government policies, infrastructure development initiatives, and financial incentives in countries like India, China, Indonesia, and Malaysia are encouraging foreign investment and advancing the use of CO2 in EOR applications in the oil & gas industry.
The carbon dioxide industry is expected to grow significantly due to its increasing adoption in enhanced oil recovery (EOR) technologies, particularly gas injection methods. Key drivers include fluctuating crude oil prices, a rising number of mature oil wells, and the growing need to extract hydrocarbons from unconventional reserves like tight sands and carbonate formations.
Technological advancements in CO2-based EOR, including innovations that capture and reuse CO2 from production processes, enhance recovery rates while reducing environmental impact. This dual benefit, higher oil output and lower emissions, makes CO2-EOR an attractive solution. In addition, government-backed initiatives in Asia Pacific and Latin America, along with favorable tax regimes, are accelerating foreign investments and infrastructure development. While North America currently leads due to its established unconventional energy sector, high-growth markets like Asia Pacific, Central & South America, and the Middle East are poised to gain a larger share due to rapid industrialization and policy support.
The use of CO2 in the medical field is becoming increasingly important worldwide. CO2 gas is primarily employed as an insufflation agent in various surgical procedures, including arthroscopy, endoscopy, and laparoscopy. It helps inflate and stabilize cavities within the human body, improving the visibility of the surgical area. In addition, CO2 is utilized during surgeries to enhance blood flow to the brain and assist with respiration. For medical applications, CO2 is supplied with specially designed chromium-plated steel cylinders equipped with valves.
The harmful effects of carbon emissions in the atmosphere are significant contributors to global climate change. While countries worldwide have invested heavily in reducing carbon pollution by introducing innovations in Carbon Capture and Storage (CCS) technology and implementing carbon pricing in some areas, many nations still need to achieve their climate goals.
Carbon capture, utilization, and storage (CCUS) is a technology designed to lower emissions from various industries, including steel production, power generation, refining, iron production, cement manufacturing, and petrochemicals. Carbon sequestration technologies encompass capturing, transporting, storing, and utilizing carbon emissions.
Carbon emissions in the atmosphere are among the major causes of global climate change. Although countries around the world have invested heavily in efforts to curb carbon pollution by introducing innovations in CCS technology and implementing carbon taxes in some considered, most of the countries still stand at a serious phase of not achieving the targeted climate goals. Various governments have taken subsequent steps to reduce carbon emissions from the power sector and are making continuous efforts to curb the greenhouse gas emissions from power plants. The provision of the cap-and-trade system, which puts a price on carbon emissions, is stimulating the CCS installations across several industries, such as power generation, chemical processing, oil & gas, iron & steel, and others.
Despite its negative impact on climate change, carbon dioxide can also be utilized in several ways, including as a feedstock for various industrial processes and as a potential fuel source. One approach to understanding these opportunities is to examine the existing research on carbon capture and utilization technologies. Carbon capture technologies have the potential to significantly reduce emissions from industrial processes such as power generation and cement production. In contrast, utilization technologies can transform captured carbon into valuable Sources such as building materials, chemicals, and fuels.
Global Carbon Dioxide Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global carbon dioxide market report based on source, application, and region:
- Source Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
- Hydrogen
- Ethyl Alcohol
- Ethylene Oxide
- Substitute Natural Gas
- Other Sources
- Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
- Fruit & Vegetables
- Oil & Gas
- Medical
- Rubber
- Firefighting
- Other Applications
- Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Ethyl Alcohol Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Carbon Dioxide Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Carbon Dioxide Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Outlook
- 3.2.2. Manufacturing Trends
- 3.2.3. Sales Channel Analysis
- 3.3. Price Trend Analysis, 2021 - 2033
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Industry Challenges
- 3.4.4. Industry Opportunities
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Five Forces Analysis
- 3.5.2. Macro-Environmental Analysis
Chapter 4. Carbon Dioxide Market: Source Estimates & Trend Analysis
- 4.1. Source Movement Analysis & Market Share, 2023 & 2033
- 4.2. Hydrogen
- 4.2.1. Hydrogen Market Estimates & Forecast, By Source, 2021 To 2033 (Kilotons) (USD Million)
- 4.3. Ethyl Alcohol
- 4.3.1. Ethyl Alcohol Carbon Dioxide Market Estimates And Forecasts, By Source, 2021 - 2033 (Kilotons) (USD Million)
- 4.4. Ethylene Oxide
- 4.4.1. Ethylene Oxide Carbon Dioxide Market Estimates And Forecasts, By Source, 2021 - 2033 (Kilotons) (USD Million)
- 4.5. Substitute Natural Gas
- 4.5.1. Substitute Natural Gas Carbon Dioxide Market Estimates And Forecasts, By Source, 2021 - 2033 (Kilotons) (USD Million)
- 4.6. Other Sources
- 4.6.1. Other Sources Carbon Dioxide Market Estimates And Forecasts, By Source, 2021 - 2033 (Kilotons) (USD Million)
Chapter 5. Carbon Dioxide Market: Application Estimates & Trend Analysis
- 5.1. Application Movement Analysis & Market Share, 2023 & 2033
- 5.2. Fruit & Vegetables
- 5.2.1. Fruit & Vegetables Carbon Dioxide Market Estimates & Forecast, By Application, 2021 To 2033 (Kilotons) (USD Million)
- 5.3. Oil & Gas
- 5.3.1. Oil & Gas Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
- 5.4. Asphalt Additives
- 5.4.1. Asphalt Additives Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
- 5.5. Medical
- 5.5.1. Medical Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
- 5.6. Rubber
- 5.6.1. Rubber Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
- 5.7. Firefighting
- 5.7.1. Firefighting Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
- 5.8. Other Applications
- 5.8.1. Other Applications Carbon Dioxide Market Estimates And Forecasts, By Application, 2021 - 2033 (Kilotons) (USD Million)
Chapter 6. Carbon Dioxide Market: Regional Estimates & Trend Analysis
- 6.1. Regional Movement Analysis & Market Share, 2023 & 2033
- 6.2. North America
- 6.2.1. North America Carbon Dioxide Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.2.2. U.S.
- 6.2.2.1. Key Country Dynamics
- 6.2.2.2. U.S. Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.2.3. Canada
- 6.2.3.1. Key Country Dynamics
- 6.2.3.2. Canada Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.2.4. Mexico
- 6.2.4.1. Key Country Dynamics
- 6.2.4.2. Mexico Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3. Europe
- 6.3.1. Europe Carbon Dioxide Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3.2. Germany
- 6.3.2.1. Key Country Dynamics
- 6.3.2.2. Germany Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3.3. UK
- 6.3.3.1. Key Country Dynamics
- 6.3.3.2. UK Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3.4. France
- 6.3.4.1. Key Country Dynamics
- 6.3.4.2. France Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3.5. Italy
- 6.3.5.1. Key Country Dynamics
- 6.3.5.2. Italy Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.3.6. Spain
- 6.3.6.1. Key Country Dynamics
- 6.3.6.2. Spain Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Asia Pacific Carbon Dioxide Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.4.2. China
- 6.4.2.1. Key Country Dynamics
- 6.4.2.2. China Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.4.3. India
- 6.4.3.1. Key Country Dynamics
- 6.4.3.2. India Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.4.4. Japan
- 6.4.4.1. Key Country Dynamics
- 6.4.4.2. Japan Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.4.5. South Korea
- 6.4.5.1. Key Country Dynamics
- 6.4.5.2. South Korea Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.5. Latin America
- 6.5.1. Latin America Carbon Dioxide Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.5.2. Brazil
- 6.5.2.1. Key Country Dynamics
- 6.5.2.2. Brazil Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.5.3. Argentina
- 6.5.3.1. Key Country Dynamics
- 6.5.3.2. Argentina Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Middle East & Africa Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.6.2. Saudi Arabia
- 6.6.2.1. Key Country Dynamics
- 6.6.2.2. Saudi Arabia Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
- 6.6.3. South Africa
- 6.6.3.1. Key Country Dynamics
- 6.6.3.2. South Africa Carbon Dioxide Market Estimates & Forecast, 2021 - 2033 (Kilotons) (USD Million)
Chapter 7. Carbon Dioxide Market - Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Market Share/Position Analysis, 2023
- 7.4. Company Heat Map Analysis
- 7.5. Regional Market Analysis
- 7.6. Strategy Mapping
- 7.7. Company Profiles
- 7.7.1. Acail Gas
- 7.7.1.1. Participant's Overview
- 7.7.1.2. Financial Performance
- 7.7.1.3. Source Benchmarking
- 7.7.1.4. Recent Developments
- 7.7.2. Air Liquide
- 7.7.2.1. Participant's Overview
- 7.7.2.2. Financial Performance
- 7.7.2.3. Source Benchmarking
- 7.7.2.4. Recent Developments
- 7.7.3. Air Products and Chemicals, Inc.
- 7.7.3.1. Participant's Overview
- 7.7.3.2. Financial Performance
- 7.7.3.3. Source Benchmarking
- 7.7.3.4. Recent Developments
- 7.7.4. Greco Gas Inc.
- 7.7.4.1. Participant's Overview
- 7.7.4.2. Financial Performance
- 7.7.4.3. Source Benchmarking
- 7.7.4.4. Recent Developments
- 7.7.5. Linde AG
- 7.7.5.1. Participant's Overview
- 7.7.5.2. Financial Performance
- 7.7.5.3. Source Benchmarking
- 7.7.5.4. Recent Developments
- 7.7.6. Messer Group
- 7.7.6.1. Participant's Overview
- 7.7.6.2. Financial Performance
- 7.7.6.3. Source Benchmarking
- 7.7.6.4. Recent Developments
- 7.7.7. Sicgil India Limited
- 7.7.7.1. Participant's Overview
- 7.7.7.2. Financial Performance
- 7.7.7.3. Source Benchmarking
- 7.7.7.4. Recent Developments
- 7.7.8. SOL Group
- 7.7.8.1. Participant's Overview
- 7.7.8.2. Financial Performance
- 7.7.8.3. Source Benchmarking
- 7.7.8.4. Recent Developments
- 7.7.9. Quimetal
- 7.7.9.1. Participant's Overview
- 7.7.9.2. Financial Performance
- 7.7.9.3. Source Benchmarking
- 7.7.9.4. Recent Developments
- 7.7.10. Taiyo Nippon Sanso Corporation
- 7.7.10.1. Participant's Overview
- 7.7.10.2. Financial Performance
- 7.7.10.3. Source Benchmarking
- 7.7.10.4. Recent Developments
- 7.7.1. Acail Gas
List of Tables
- Table 1 List of Potential End-Users
- Table 2 Regulatory Framework, by Regions
- Table 3 List of Raw Material Suppliers
- Table 4 U.S Macroeconomic Outlay
- Table 5 Canada Macroeconomic Outlay
- Table 6 Mexico Macroeconomic Outlay
- Table 7 Germany Macroeconomic Outlay
- Table 8 UK Macroeconomic Outlay
- Table 9 France Macroeconomic Outlay
- Table 10 Italy Macroeconomic Outlay
- Table 11 Spain Macroeconomic Outlay
- Table 12 China Macroeconomic Outlay
- Table 13 India Macroeconomic Outlay
- Table 14 Japan Macroeconomic Outlay
- Table 15 South Korea Macroeconomic Outlay
- Table 16 Brazil Macroeconomic Outlay
- Table 17 Argentina Macroeconomic Outlay
- Table 18 Saudi Arabia Macroeconomic Outlay
- Table 19 South Africa Macroeconomic Outlay
- Table 20 Participant's Overview
- Table 21 Financial Performance
- Table 22 Source Benchmarking
- Table 23 Company Heat Map Analysis
- Table 24 Key Strategy Mapping
List of Figures
- Fig. 1 Carbon Dioxide Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Source And Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Carbon Dioxide Market Snapshot
- Fig. 7 Carbon Dioxide Market Segmental Outlook, 2023 (Kilotons) (USD Million)
- Fig. 8 Carbon Dioxide Market: Competitive Insights
- Fig. 9 Global Carbon Dioxide Market, 2023 (Kilotons) (USD Million)
- Fig. 10 Global Carbon Dioxide Market Value Chain Analysis
- Fig. 11 Carbon Dioxide Market Dynamics
- Fig. 12 Carbon Dioxide Market: Porter's Analysis
- Fig. 13 Carbon Dioxide Market: Pestel Analysis
- Fig. 14 Carbon Dioxide Market Analysis & Segment Forecast, By Source, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 15 Hydrogen Market Analysis & Segment Forecast, By, Source 2021 - 2033 (Kilotons) (USD Million)
- Fig. 16 Ethyl Alcohol Carbon Dioxide Market Analysis & Segment Forecast, By Source, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 17 Ethylene Oxide Carbon Dioxide Market Analysis & Segment Forecast, By, Source, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 18 Substitute Natural Gas Carbon Dioxide Market Analysis & Segment Forecast, By, Source, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 19 Other Sources Carbon Dioxide Market Analysis & Segment Forecast, By, Source, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 20 Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 21 Fruit & Vegetables Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 22 Oil & Gas Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 23 Medical Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 24 Rubber Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 25 Firefighting Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 26 Other Carbon Dioxide Market Analysis & Segment Forecast, By Application, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 27 Carbon Dioxide Market Analysis & Segment Forecast, By Region, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 28 North America Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 29 U.S Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 30 Canada Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 31 Mexico Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 32 Europe Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 33 Germany Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 34 UK Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 35 France Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 36 Italy Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 37 Spain Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 38 Asia Pacific Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 39 China Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 40 India Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 41 Japan Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 42 South Korea Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 43 Latin America Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 44 Brazil Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 45 Argentina Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 46 Middle East & Africa Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 47 Saudi Arabia Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 48 South Africa Carbon Dioxide Market Analysis & Segment Forecast, 2021 - 2033 (Kilotons) (USD Million)
- Fig. 49 Carbon Dioxide Market: Company Categorization
- Fig. 50 Carbon Dioxide Market: Company Market Share Analysis
- Fig. 51 Carbon Dioxide Market: Company Market Positioning Analysis
- Fig. 52 Carbon Dioxide Market: Strategy Mapping
