The global carbon dioxide market size is expected to reach USD 9.3 billion by
2025, according to a new report by Grand View Research, Inc. The industry is
estimated to expand at a CAGR of 3.4% from 2019 to 2025. Increasing consumption
of CO2 in
rapidly growing industries such as medical, food and beverage, and oil and gas
is likely to strengthen demand.
The market is primarily driven by growing
use of carbon dioxide in gas-based enhanced oil recovery (EOR). Depleting oil
reserves, coupled with heavy dependence on crude oil imports, mainly in Asia
Pacific, have led to the growth of EOR technology. With an increase in demand
for crude oil and natural gas, the supply-demand gap is also widening.
As CO2is
a greenhouse gas, it is known to have a severe environmental impact. This has
resulted in numerous carbon emission initiatives and effective carbon prices
around the globe. New carbon pricing initiatives have been introduced at
international, national, and subnational levels. In 2018, a total of 53 carbon
pricing initiatives were implemented or are scheduled for implementation.
Ethyl alcohol was largest CO2 production source and accounted for over 30.0% of
the total revenue in 2018. The economical processes involved, ease of
production of carbon dioxide, and extensive availability of the source have led
to initial penetration of the segment over the past few years. Substitute
natural gas is projected to exhibit the highest volume-based CAGR of 3.3% over
the forecast period.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/carbon-dioxide-market
https://www.grandviewresearch.com/industry-analysis/carbon-dioxide-market
Further key findings from the report suggest:
· Global demand for CO2 is expected to reach over 104,700 kilotons by
2025
· The food and beverages application segment
accounted for the largest share in the market with a total demand of over
31,690 kilotons in 2018
· The North America CO2 market held the largest share in 2018 and is
expected to reach just over 42,940 kilotons by 2025
· Asia Pacific is likely to emerge as the
fastest growing regional market with a volume-based CAGR of 3.5% from 2019 to
2025
· China, India, Indonesia, and several
Southeast Asian countries hold immense potential in the market thanks to rapid
development in the oil and gas, medical, and food processing industries
· U.S. emerged as a major contributing
country in 2018 and is projected to generate a net worth exceeding USD 2.8
billion by 2025
· Some of the noteworthy global CO2 manufacturers as
well as distributors are Air Products & Chemicals Inc.; Linde AG; Praxair
Inc.; and Air Liquide.
Grand View Research has segmented the
global carbon dioxide market on the basis of source, application, and region:
CO2 Source Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2025)
·
Hydrogen
·
Ethyl alcohol
·
Ethylene oxide
·
Substitute natural gas
·
Others
CO2 Application Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2014 - 2025)
·
Food & beverages
·
Oil & gas
·
Medical
·
Rubber
·
Fire fighting
·
Others
CO2 Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
U.K.
o
Italy
o
France
o
Spain
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
·
Central & South America
o
Brazil
o
Argentina
·
Middle East & Africa
o
Saudi Arabia
o
UAE
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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