According to ChemAnalyst report, “Global Carbon Dioxide (CO2) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035”, The Carbon Dioxide (CO2) market will likely experience a significant rise and reach approximately 520 million tonnes in 2035, at an expected CAGR of 6.28% during the forecast period by 2035. The rising demand from the Food & Beverages, Medical, Oil & Gas, Rubber, and other end-use industries, is anticipated to hike up the need for the Carbon Dioxide (CO2) market in the forecast period.
Carbon dioxide is a naturally occurring gas. It is colourless and non-flammable at normal temperature and pressure. It is a significant greenhouse gas for the earth's atmosphere. When ammonia is manufactured in the fertiliser industry, carbon dioxide is collected as a by-product. Although Carbon dioxide can also be produced by combustion method in chemical plants. Carbon Dioxide is used as feedstock for various chemicals and fertilizers such as Methanol and Urea. Carbon Dioxide finds application in Food & Beverage Sector, Enhance Oil Recovery (EOR), Firefighting, and Agriculture Sectors.
The Carbon Dioxide (CO2) market globally is primarily driven by the Food & Beverages Industry. In 2021, the Food & Beverages industries collectively consumed approximately 37% of the global Carbon Dioxide (CO2). In this industry, Carbon Dioxide finds application in Carbonation of Beverages, Food processing, and Food packaging. This industry is expected to see an expansion due to growing demand for ready to eat food items and carbonated beverages owing to the growing population. Furthermore, the demand from the medical industry for applications of Carbon Dioxide for an inhalation gas in various medical procedures, surgeries, and therapies may increase the demand for carbon dioxide in the future.
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The global Carbon Dioxide (CO2) market is segmented based on end-use, sales channel, and region. Based on end-uses, the Carbon Dioxide (CO2) market is segregated into Food & Beverages, Medical, Oil & Gas, Rubber, and others. The Food & Beverages Industry is leading the Carbon Dioxide (CO2) market and accounted for a market share of about 37% of the Carbon Dioxide (CO2) market in 2021. Medical industry also holds prominent shares of Carbon Dioxide (CO2) market.
Based on demand by region, North America dominates the global Carbon Dioxide market amongst all other regions. This region has reported to consume greater than 48% of the global Carbon Dioxide in 2021 The growing population resulting in increasing demand of Food & Beverages combined with industrialization is resulting in this trend in North America.
“Global Carbon Dioxide (CO2) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035”, the significant players active in the Carbon Dioxide (CO2) market are Occidental Petroleum, ExxonMobil Corporation, Mississipi Power, Chevron Corporation, Air Products & ChemIcals Inc., Dakota Gas, Sinopec, and Shenhua Ninxia Coal Group Corporation Limited.
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“The expansion of the global Carbon Dioxide (CO2) market in the food and beverage sector for producing carbonated beverages and improving shelf life of packed food items is most likely to drive the Global Carbon Dioxide (CO2) market in the forecast period until 2035. Demand from the medical sector also contributes finely to the growth of the Global Carbon Dioxide market by 2035. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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