Carbon Dioxide (CO2) Market Size, Share, Trends, Industry Analysis Report By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, Others), By Application, By Region

Description

List of Tables

The carbon dioxide market size is expected to reach USD 12.50 billion by 2034, according to a new study by Polaris Market Research. The report "Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report By Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, Others), By Application, By Region; Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Carbon dioxide (CO2) is a colorless, odorless gas composed of one carbon atom bonded to two oxygen atoms. It is a naturally occurring compound in Earth's atmosphere and plays a crucial role in the carbon cycle, a process essential for life on Earth. CO2 is produced through natural processes such as respiration in animals, decomposition of organic matter, volcanic eruptions, and the combustion of organic materials. Human activities, especially the burning of fossil fuels such as coal, oil, and natural gas, significantly increase atmospheric CO2 levels, contributing to global climate change due to its nature as a greenhouse gas that traps heat in the atmosphere.

CO2 has numerous practical applications across various industries. In the food and beverage sector, it is used to carbonate soft drinks, beer, and sparkling water. In agriculture, CO2 enrichment in greenhouses enhances plant growth by boosting photosynthesis, leading to higher crop yields. The oil industry uses CO2 in enhanced oil recovery (EOR), where it is injected into oil reservoirs to increase pressure and extract more oil. Additionally, CO2 is used in portable fire extinguishers, as it displaces oxygen and suppresses flames, and in certain medical procedures, such as laparoscopic surgery.

CO2 Market Report Highlights

In terms of source, the ethyl alcohol segment accounted for 31.46% of revenue share in 2024, due to strong demand from food and beverage processing, particularly for carbonated drinks.

Based on application, the oil & gas segment held 66.19% of revenue share in 2024, due to growing energy demand and the need to maximize recovery from aging oil fields.

North America accounted for 38.38% of the global carbon dioxide (CO2) market share in 2024. This dominance is attributed to rising demand for packaged foods and growing oil & gas exploration activities.

The market in Asia Pacific is projected to hold a substantial revenue share by 2034 due to rapid industrialization, urbanization, and the expanding food and beverage industry.

The industry in Europe is projected to register a CAGR of 3.83% from 2025 to 2034, owing to stringent environmental regulations, a strong focus on sustainability, and innovation in carbon utilization technologies.

A few global key players in the carbon dioxide market include Air Liquide; Air Products and Chemicals, Inc.; AIR WATER INC; Aker Solutions; Aramco; BOSCO INDIA; Gulf Cryo; Jinhong Gas Co., Ltd; LanzaTech; Linde PLC; UNIVERSAL AIR PRODUCTS PVT LTD; SABIC; and SICGIL Industrial Gases Ltd.

Polaris Market Research has segmented the CO2 market report on the basis of source, application, and region:

By Source Outlook (Revenue, USD Billion, Volume Kiloton, 2020-2034)

Hydrogen

Ethyl Alcohol

Ethylene Oxide

Substitute Natural Gas

Others

By Application Outlook (Revenue, USD Billion, Volume Kiloton, 2020-2034)

Food & Beverages

Oil & Gas

Medical

Rubber

Firefighting

Others

By Regional Outlook (Revenue, USD Billion, Volume Kiloton, 2020-2034)

North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America

Product Code: PM1557

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Carbon Dioxide (CO2) Market Insights

4.1. Carbon Dioxide (CO2) Market - Market Snapshot
4.2. Carbon Dioxide (CO2) Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Expanding Beverage Industry
  - 4.2.1.2. Growing Urbanization
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Energy Consumption in Capturing and Storing CO2
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Carbon Dioxide (CO2) Market Trends
4.6. Value Chain Analysis

5. Global Carbon Dioxide (CO2) Market, by Source

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
5.3. Hydrogen
- 5.3.1. Global Carbon Dioxide (CO2) Market, by Hydrogen, by Region, 2020-2034 (USD Billion, Volume Kiloton)
5.4. Ethyl Alcohol
- 5.4.1. Global Carbon Dioxide (CO2) Market, by Ethyl Alcohol, by Region, 2020-2034 (USD Billion, Volume Kiloton)
5.5. Ethylene Oxide
- 5.5.1. Global Carbon Dioxide (CO2) Market, by Ethylene Oxide, by Region, 2020-2034 (USD Billion, Volume Kiloton)
5.6. Substitute Natural Gas
- 5.6.1. Global Carbon Dioxide (CO2) Market, by Substitute Natural Gas, by Region, 2020-2034 (USD Billion, Volume Kiloton)
5.7. Others
- 5.7.1. Global Carbon Dioxide (CO2) Market, by Others, by Region, 2020-2034 (USD Billion, Volume Kiloton)

6. Global Carbon Dioxide (CO2) Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
6.3. Food & Beverages
- 6.3.1. Global Carbon Dioxide (CO2) Market, by Food & Beverages, by Region, 2020-2034 (USD Billion, Volume Kiloton)
6.4. Oil & Gas
- 6.4.1. Global Carbon Dioxide (CO2) Market, by Oil & Gas, by Region, 2020-2034 (USD Billion, Volume Kiloton)
6.5. Medical
- 6.5.1. Global Carbon Dioxide (CO2) Market, by Medical, by Region, 2020-2034 (USD Billion, Volume Kiloton)
6.6. Rubber
- 6.6.1. Global Carbon Dioxide (CO2) Market, by Rubber, by Region, 2020-2034 (USD Billion, Volume Kiloton)
6.7. Firefighting
- 6.7.1. Global Carbon Dioxide (CO2) Market, by Firefighting, by Region, 2020-2034 (USD Billion, Volume Kiloton)
6.8. Others
- 6.8.1. Global Carbon Dioxide (CO2) Market, by Others, by Region, 2020-2034 (USD Billion, Volume Kiloton)

7. Global Carbon Dioxide (CO2) Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Carbon Dioxide (CO2) Market Assessment, By Geography, 2020-2034 (USD Billion, Volume Kiloton)
7.3. Carbon Dioxide (CO2) Market - North America
- 7.3.1. North America: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
- 7.3.2. North America: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.3.3. Carbon Dioxide (CO2) Market - U.S.
  - 7.3.3.1. U.S.: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.3.3.2. U.S.: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.3.4. Carbon Dioxide (CO2) Market - Canada
  - 7.3.4.1. Canada: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.3.4.2. Canada: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
7.4. Carbon Dioxide (CO2) Market - Europe
- 7.4.1. Europe: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.2. Europe: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.3. Carbon Dioxide (CO2) Market - UK
  - 7.4.3.1. UK: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.3.2. UK: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.4. Carbon Dioxide (CO2) Market - France
  - 7.4.4.1. France: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.4.2. France: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.5. Carbon Dioxide (CO2) Market - Germany
  - 7.4.5.1. Germany: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.5.2. Germany: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.6. Carbon Dioxide (CO2) Market - Italy
  - 7.4.6.1. Italy: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.6.2. Italy: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.7. Carbon Dioxide (CO2) Market - Spain
  - 7.4.7.1. Spain: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.7.2. Spain: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.8. Carbon Dioxide (CO2) Market - Netherlands
  - 7.4.8.1. Netherlands: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.8.2. Netherlands: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.9. Carbon Dioxide (CO2) Market - Russia
  - 7.4.9.1. Russia: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.9.2. Russia: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.4.10. Carbon Dioxide (CO2) Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.4.10.2. Rest of Europe: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
7.5. Carbon Dioxide (CO2) Market - Asia Pacific
- 7.5.1. Asia Pacific: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.2. Asia Pacific: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.3. Carbon Dioxide (CO2) Market - China
  - 7.5.3.1. China: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.3.2. China: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.4. Carbon Dioxide (CO2) Market - India
  - 7.5.4.1. India: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.4.2. India: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.5. Carbon Dioxide (CO2) Market - Malaysia
  - 7.5.5.1. Malaysia: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.5.2. Malaysia: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.6. Carbon Dioxide (CO2) Market - Japan
  - 7.5.6.1. Japan: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.6.2. Japan: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.7. Carbon Dioxide (CO2) Market - Indonesia
  - 7.5.7.1. Indonesia: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.7.2. Indonesia: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.8. Carbon Dioxide (CO2) Market - South Korea
  - 7.5.8.1. South Korea: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.8.2. South Korea: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.9. Carbon Dioxide (CO2) Market - Australia
  - 7.5.9.1. Australia: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.9.2. Australia: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.5.10. Carbon Dioxide (CO2) Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.5.10.2. Rest of Asia Pacific: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
7.6. Carbon Dioxide (CO2) Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.2. Middle East & Africa: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.3. Carbon Dioxide (CO2) Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.6.3.2. Saudi Arabia: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.4. Carbon Dioxide (CO2) Market - UAE
  - 7.6.4.1. UAE: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.6.4.2. UAE: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.5. Carbon Dioxide (CO2) Market - Israel
  - 7.6.5.1. Israel: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.6.5.2. Israel: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.6. Carbon Dioxide (CO2) Market - South Africa
  - 7.6.6.1. South Africa: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.6.6.2. South Africa: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.6.7. Carbon Dioxide (CO2) Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.6.7.2. Rest of Middle East & Africa: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
7.7. Carbon Dioxide (CO2) Market - Latin America
- 7.7.1. Latin America: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
- 7.7.2. Latin America: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.7.3. Carbon Dioxide (CO2) Market - Mexico
  - 7.7.3.1. Mexico: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.7.3.2. Mexico: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.7.4. Carbon Dioxide (CO2) Market - Brazil
  - 7.7.4.1. Brazil: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.7.4.2. Brazil: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.7.5. Carbon Dioxide (CO2) Market - Argentina
  - 7.7.5.1. Argentina: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.7.5.2. Argentina: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)
- 7.7.6. Carbon Dioxide (CO2) Market - Rest of Latin America
  - 7.7.6.1. Rest of Latin America: Carbon Dioxide (CO2) Market, by Source, 2020-2034 (USD Billion, Volume Kiloton)
  - 7.7.6.2. Rest of Latin America: Carbon Dioxide (CO2) Market, by Application, 2020-2034 (USD Billion, Volume Kiloton)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Air Liquide
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Air Products and Chemicals, Inc.
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. AIR WATER INC
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Aker Solutions
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Aramco
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. BOSCO INDIA
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. Gulf Cryo
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Jinhong Gas Co., Ltd
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. LanzaTech
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. UNIVERSAL AIR PRODUCTS PVT LTD
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
9.11. SABIC
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
9.12. SICGIL Industrial Gases Ltd
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development