Carbon dioxide (CO2) is an odorless, colorless gas with a slightly pungent, acid taste. Commercial carbon dioxide is recovered from industrial plants which produce hydrogen or ammonia from natural gas, coal and hydrocarbon feedstock. Corn-to-ethanol plants have been the most rapidly growing source of feed gas for CO2 recovery. CO2-rich natural gas reservoirs are another source of recoverable carbon dioxide.
The carbon dioxide market consists of the sales of carbon dioxide by entities (organizations, sole traders or partnerships) that manufacture carbon dioxide gas in compressed, liquid and solid forms.
The global carbon dioxide market was valued at $9,852.32 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 5.00%.
Increasing Awareness To Reduce Greenhouse Gas Emissions
The increasing awareness to reduce greenhouse gas emissions drove the growth of the carbon dioxide market during the historic period. As industries and governments intensify efforts to reduce carbon emissions, significant investments are being directed toward carbon capture, utilization and storage (CCUS) technologies. These systems prevent carbon dioxide (CO2) from entering the atmosphere and enable its reuse or storage, turning it into a valuable asset. Captured carbon dioxide (CO2) is now widely used in oil recovery, agriculture, beverage production and materials manufacturing. This transformation is fueling the growth as CO2 becomes a key input in the transition to a low-carbon economy. For instance, in 2023, according to EDGAR - Emissions Database for Global Atmospheric Research, an Italy-based emissions inventory, global greenhouse gas (GHG) emissions increased by 1.9% compared to 2022, reaching 53.0 gigatonnes of carbon dioxide equivalent (Gt CO2 eq). Therefore, the increasing awareness to reduce greenhouse gas emissions supported the growth of the carbon dioxide market.
Virtual Repositories Transform Carbon Data Management
Major companies operating in the carbon dioxide market are focusing on developing innovative virtual repositories to efficiently store and manage carbon capture data. These digital platforms enable real-time monitoring, enhance data accessibility, and streamline compliance and reporting for carbon capture, utilization, and storage (CCUS) projects. For example, in July 2024, Tata Steel Limited, an India-based steel manufacturing company launched Carbon Bank, a virtual repository designed to track and manage CO2 savings generated from various sustainability initiatives within Tata Steel's operations. This innovative approach aims to transform CO2 from a liability into a valuable asset by quantifying and certifying emission reductions. The process involves identifying decarbonization projects, monitoring the CO2 savings, and having them verified by an independent auditor. Upon verification, a carbon savings certificate is issued and virtually deposited in the Carbon Bank. This move underscores Tata Steel's commitment to sustainability and proactive steps in carbon abatement initiatives.
The global carbon dioxide market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 81.89% of the total market in 2023.
Carbon Dioxide Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global carbon dioxide market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 16 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for carbon dioxide? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The carbon dioxide market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider carbon dioxide market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by grade type and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product type, by grade type and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for carbon dioxide providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Liquid Carbon Dioxide; Solid Carbon Dioxide; Gaseous Carbon Dioxide
- 2) By Grade Type: Medical Grade; Food Grade; Industrial Grade; Other Grades
- 3) By Application: Food; Beverages; Oil And Gas; Medical; Metal Products Chemicals; Firefighting; Other Applications
- Companies Mentioned: Air Liquide S.A.; Linde PLC; Air Products and Chemicals, Inc.; Nippon Sanso Holdings Corporation; Air Water Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Bulgaria; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; carbon dioxide indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.