Global Carbon Dioxide Market to Record Substantial Growth, Accounting for $15.61 Billion by 2030, with North America Leading the Market as Need to Combat Climate Change Rises, States Kings Research

DUBAI, UAE, Jan. 19, 2024 /PRNewswire/ -- According to a recent report by Kings Research, the global Carbon Dioxide Market revenue is estimated to reach USD 15.61 billion by 2030 from USD 10.37 billion in 2022, progressing at a 5.36% CAGR from 2023 to 2030. The carbon dioxide industry is growing due to the increasing global focus on combating climate change and reducing greenhouse gas emissions. This growth is fueled by strict environmental rules, widespread adoption of carbon capture and storage (CCS) technologies, and the high demand for carbon dioxide in various industries. Opportunities are plentiful, especially in the expanding food and beverage sector, where CO2 is essential for carbonation as well as cold chain logistics.

Carbon dioxide (CO2) is a colorless and odorless gas, comprising one carbon atom and two oxygen atoms. Its versatility is evident in various industries. In the food and beverage sector, CO2 adds bubbles to beverages and acts as a food preservative. The medical industry utilizes CO2 in laparoscopic surgery and respiratory treatments. CO2 is also integral to fire suppression systems, effectively extinguishing fires without leaving residue. In agriculture, CO2 is employed in greenhouses to enhance plant growth.

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Trending Now: ADNOC and Santos Sign Strategic Collaboration Agreement on Carbon Capture and Storage

In November 2023, ADNOC and Santos signed a strategic collaboration agreement (SCA) to explore and develop carbon capture and storage (CCS) technologies. This partnership focuses on developing cutting-edge CCS technologies, identifying and executing CCS projects worldwide, and establishing a CO2 shipping and transportation network. ADNOC aims to capture 10 mtpa of carbon by 2030. This collaboration marks a significant step toward decarbonizing industries and mitigating climate change.

Competitive Landscape:
Leading players in the carbon dioxide market are strategically prioritizing key business tactics, including partnerships, product innovations, mergers & acquisitions, and joint ventures. The focus on expansion and investments encompasses a spectrum of strategic initiatives, including investments in research and development (R&D) activities, the establishment of new manufacturing facilities, and optimization of the supply chain.

For instance, in September 2023, Climeworks, a Swiss carbon capture company, revealed its intention to launch a project in Kenya by 2024 focused on directly capturing carbon dioxide from the atmosphere. The objective of this initiative is to contribute to the reduction of greenhouse gas emissions and address climate change by employing innovative technologies to extract CO2 from the air.

Major players profiled in the global carbon dioxide market include:

• Linde plc
• Air Liquide S.A.
• Praxair, Inc. (now part of Linde plc)
• Air Products and Chemicals, Inc.
• Messer Group GmbH
• Taiyo Nippon Sanso Corporation (part of Nippon Sanso Holdings Corporation)
• Matheson Tri-Gas, Inc.
• SOL Group
• Sasol Limited
• Reliance Industries Limited

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Implementation of Carbon Capture Initiatives to Support Carbon Dioxide Market

Based on production method, the market is segmented into industrial capture, combustion, fermentation, and cryogenic separation.

The industrial capture segment dominated the global carbon dioxide market in 2022 and is expected to register the highest growth rate at a 5.59% CAGR through the review period of 2023-2030. This segment comprises industries dedicated to actively capturing and mitigating their CO2 emissions through diverse technologies and processes. The prevalent implementation of carbon capture and reduction initiatives across industrial sectors is significantly contributing to the growth of the segment.

Growing Importance of Carbon Dioxide in Medical Applications to Augment Carbon Dioxide Market Revenue

Based on application, the carbon dioxide market is categorized into agriculture, oil and gas, food and beverages, firefighting, metal fabrication, medical, and others.

The medical segment is anticipated to register a valuation of USD 456.9 million by 2030. This growth is driven by the surging importance of carbon dioxide in medical applications, including its utilization in minimally invasive surgeries and its role as a contrast agent in medical imaging. As medical technology advances, the healthcare sector is anticipated to undergo considerable expansion, positioning itself as the fastest-growing segment in the market.

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Global Emphasis on Carbon Capture & Storage to Drive Carbon Dioxide Market Growth

A major driving factor for the carbon dioxide market is the global emphasis on carbon capture and storage technologies in light of the urgent need to address climate change. This emphasis is reflected in strict environmental regulations, which foster growth opportunities in various industries. Notably, the growth of the food and beverage sector which requires CO2 for carbonation and cold chain logistics, is observing substantial development potential. Additionally, the exploration of CO2 applications in the oil and gas industry for enhanced oil recovery and carbon sequestration, along with its crucial role in medical applications like respiratory therapies and laparoscopic surgery, contributes to the market's growth. Overall, as the world transitions toward a more sustainable future, the carbon dioxide industry is positioned for further expansion and innovation.

Presence of Strong Industrial Base in North America to Boost Carbon Dioxide Market Progress

North America is slated to hold the lion's share in the global carbon dioxide market, accruing a valuation of USD 5.38 billion by 2030. The regional market growth is attributable to the strong industrial base and stringent environmental regulations. Furthermore, the mounting focus on the utilization of carbon capture and utilization technologies is propelling market expansion. Notably, the U.S. has witnessed sizable investments in carbon capture initiatives, especially in the oil & gas space, which is strengthening North America's dominance in the market. Moreover, the robust demand for carbon dioxide in the flourishing food & beverage industry in North America is aiding market expansion.

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Growing Industrialization and Urbanization in APAC to Augment Carbon Dioxide Market Proliferation

The Asia Pacific carbon dioxide market was valued at USD 3.0 billion in 2022 and is poised to experience robust growth in the forthcoming period. This expansion is primarily attributed to the ongoing industrialization and urbanization in the region, which has led to a substantial rise in CO2 emissions. As a result, there is a growing demand for carbon capture and utilization technologies across various industries, including energy, manufacturing, and chemical sectors. Furthermore, the expansion of the APAC carbon dioxide industry underscores the need for innovative solutions to address the increasing environmental challenges posed by CO2 emissions.

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Key Points from TOC:

Chapter 1 Introduction of The Global Carbon Dioxide Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Production Methods
3.1.2 Primary Production Methods
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Carbon Dioxide Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Carbon Dioxide Market, By Production Method
Chapter 7 Global Carbon Dioxide Market, By Form
Chapter 8 Global Carbon Dioxide Market, By Application
Chapter 9 Global Carbon Dioxide Market, By Geography
Chapter 10 North America 
Chapter 11 Europe 
Chapter 12 Asia-Pacific 
Chapter 13 Middle East & Africa 
Chapter 14 Latin America 

Chapter 15 Global Carbon Dioxide Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint

Chapter 16 Company Profiles
16.1 Linde plc
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis

16.2 Air Liquide S.A.
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis

16.3 Praxair, Inc.
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis

16.4 Air Products and Chemicals, Inc.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis

16.5 Nippon Sanso Holdings Corporation
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis

Continued……..

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