Advanced Materials and Chemicals

Carbon Dioxide Market is Expected to Reach USD 15.61 Billion by 2030

Mar 2024

Advanced Materials and Chemicals

As per the report published by Kings Research, the global Carbon Dioxide Market was valued at USD 10.37 billion in 2022 and is projected to reach USD 15.61 billion by 2030, growing at a CAGR of 5.36% from 2023 to 2030.

The global carbon dioxide market growth is driven by several factors that are shaping its current scenario and future prospects. Key driving factors include the increasing global awareness of the need to mitigate climate change, which is leading to more stringent environmental regulations. This, in turn, is boosting the adoption of carbon capture and storage (CCS) technologies in industries worldwide. Another major factor boosting market expansion is the growing demand for carbon dioxide in various sectors, with the food & beverage industry being a notable example. As the world strives for sustainability, opportunities arise in areas such as carbon utilization and enhanced oil recovery (EOR) in the oil & gas sector.

Key Insights

  • Based on production method, the industrial capture segment held the largest market share of 62.12% in 2022.
  • Based on form, the solid segment generated the highest revenue of USD 6.20 billion in 2022.
  • Based on application, the medical segment is set to grow at a CAGR of 6.45% over the forecast period.
  • On the basis of region, North America accounted for the largest market share of 35.12% in 2022.

Climeworks Initiates Groundbreaking Carbon Capture Project in Kenya to Tackle Greenhouse Gas Emissions

August 2022: Climeworks, a Swiss company specializing in carbon dioxide removal, planned a project in Kenya to capture carbon dioxide directly from the air. This initiative aimed to contribute to the global efforts to reduce greenhouse gas emissions. The project utilized Climeworks' direct air capture technology, which used special filters to extract carbon dioxide. It was expected to capture around 4,000 metric tons of carbon dioxide annually. The captured carbon dioxide could be utilized in various applications, including the production of sustainable fuels and materials.

Increasing Focus on CCS Technologies to Foster Market Expansion

A significant factor supporting the growth of the carbon dioxide market is the increasing focus on carbon capture and storage (CCS) technologies. Governments, industries, and environmental organizations globally are actively seeking ways to reduce carbon emissions and combat climate change. CCS offers a viable solution by capturing CO2 emissions from various sources, such as power plants and industrial processes, preventing them from entering the atmosphere. This factor is leading to significant investments in CCS projects worldwide, and it is expected to play a pivotal role in reducing greenhouse gas emissions and shaping the future of the carbon dioxide market.

Continued Growth of the Food and Beverage Sector to Present Significant Growth Opportunities

As consumer preferences evolve, there is a rising demand for carbonated beverages and cold chain logistics. This trend presents a lucrative opportunity for companies involved in the production and distribution of carbon dioxide. The expansion of this sector is mainly attributed to changing consumer tastes and the increasing middle-class population in emerging economies, where the consumption of carbonated drinks is on the rise. Meeting this demand and providing innovative solutions for carbonation and cold storage presents a promising growth opportunity for businesses operating in the carbon dioxide market.

Europe Poised to Boast Rapid Growth at a Remarkable CAGR of 4.47% Over 2023-2030

Europe has been at the forefront of climate change mitigation efforts, leading to stringent environmental regulations that foster the adoption of carbon capture and utilization technologies. European governments and key players are actively investing in renewable energy sources and green technologies, with a growing focus on reducing carbon emissions. The mature industrial base in the region provides a solid foundation for the development and implementation of carbon dioxide-related solutions. These factors, combined with a growing emphasis on sustainability and environmental responsibility, position Europe as a leading region in the global carbon dioxide market.

Major Companies to Forge Agreements to Strengthen Industry Foothold

The global carbon dioxide market study exhibits fragmentation, featuring key players such as 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, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global presence and strengthen their competitive position.

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