Allied Market Research published a report, titled, “Carbon Dioxide Market by Form (Solid, Liquid, and Gas) by Application (Agriculture, Metal Fabrication, Food and Beverages, Oil and Gas, Medical, Firefighting, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
Carbon Dioxide Market Growth Statistics:
According to the report, the global carbon dioxide industry generated $84.2 billion in 2021 and is anticipated to generate $141.9 billion by 2031, witnessing a CAGR of 5.5% from 2022 to 2031.
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Leading Market Players: –
- ACAIL GÁS
- Buzwair Industrial Gases Factories
- Dubai Industrial Gases
- Ellenbarrie industrial Gases
- Gulf Cryo
- India Glycols Limited
- Linde plc
- Messer Group
- SOL Spa
- Taiyo Nippon Sanso Corporation
The report provides a detailed analysis of these key players in the global carbon dioxide market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.
Prime determinants of growth
The global carbon dioxide market is being driven by the increasing demand for it from the food and beverage industry. However, this growth is being hindered by the negative effects of carbon dioxide on both the environment and human health. The availability of alternatives to carbon dioxide for food-grade applications also poses a challenge for the market. Despite these challenges, there are opportunities for expansion in the market, such as the rise of carbon recycling for renewable materials and energy production.
Covid-19 Scenario
The COVID-19 pandemic affected the CO2 market in various ways, including direct and indirect impacts resulting from supply chain disruptions and shifts in demand.
As a consequence of the pandemic, there was a surge in demand for medical gases like oxygen and carbon dioxide, which were vital in treating COVID-19 patients. Consequently, there was a redirection of production toward medical gases, which limited the availability of carbon dioxide for other purposes.
The gas segment is expected to rule the roost-
Based on form, the gas segment held the highest market share in 2021, accounting for more than two-thirds of the global carbon dioxide market revenue. This is because carbon dioxide gas is commonly used as a shielding gas in a metal inert gas (MIG) and metal active gas (MAG) welding, where it protects the weld puddle from oxidation by the nearby air. However, the liquid segment is projected to manifest the highest CAGR of 5.44% from 2022 to 2031, as it is used as a fire extinguishing agent in portable and built-in fire extinguishing systems.
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The food and beverages segment to maintain its dominance throughout the forecast period
Based on application, the food and beverages segment held the highest market share in 2021, accounting for more than one-third of the global carbon dioxide market revenue. This can be attributed to the fact that carbon dioxide is used in fizzy drinks as a drying agent in order to extend the shelf-life of fruits & vegetables and as dry ice for refrigeration of goods in transit. However, the medical segment is projected to manifest the fastest CAGR of 6.72% from 2022to 2031, owing to its utilization as an insufflation gas for endoscopy, laparoscopy, and arthroscopy to widen and stabilize body cavities to offer better visibility of the surgical area.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the major market share in 2021, accounting for more than two-fifths of the global carbon dioxide market revenue. The region is also expected to witness the fastest CAGR of 6.31% from 2022 to 2031 and is likely to dominate the market during the forecast period. This is because the utilization of Carbon dioxide is seen as a promising way to reduce greenhouse gas emissions while also generating new economic opportunities in the Asia-Pacific region.
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