Carbon Dioxide Market to Reach USD 17.13 Billion by 2031 Driven by Growing Need from Industries like Food and Drink and Medical Applications | by SNS Insider

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Fueling Industry Transformation: Innovations and Growth Drivers in the Carbon Dioxide Market

Pune, July 05, 2024 (GLOBE NEWSWIRE) — The SNS Insider report estimates the Carbon Dioxide Market Size at USD 10.82 billion in 2023, with a projected CAGR of 5.24% to reach USD 17.13 billion by 2032.  The carbon dioxide (CO2) market is encountering a powerful shift driven by its different applications across businesses and changing environmental regulations. By 2024, the market is expected to see new growth avenues because of rising application in areas like food and refreshment, medical services, and improved oil recuperation (EOR). An important improvement pushing this change is the developing utilization of CO2 enhancement frameworks in nurseries. This innovation can possibly change agribusiness by supporting harvest yields by up to 30%, featuring the diverse job of CO2 in molding our future. Moreover, the refreshment area stays a huge CO2 client, utilizing it to give carbonation to alcoholic and sodas.

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Key Players Listed in the Report:

  • Air Liquide
  • Greco Gas Inc.
  • Messer Group
  • SOL Group
  • Strandmøllen A/S
  • Acail Gás
  • Air Products and Chemicals Inc.
  • Linde AG
  • Sicgil India Limited
  • Taiyo Nippon Sanso Corporation

The carbon dioxide market experiences a unique interplay between its role in modern medicine and the push for cleaner energy solutions. On the other hand, CO2 assumes a crucial part in the medical care industry, utilized for insufflation during negligibly obtrusive medical procedures. Then again, stricter natural guidelines and innovative progressions are continually reshaping the market. A recent example from July 2024 highlights this dynamic. Researchers at McGill University fostered a historic electrocatalysis process that uses copper nanoclusters to change over CO2 into methane, a cleaner energy source. This inventive methodology offers a maintainable option in contrast to customary methane creation from petroleum derivatives, really eliminating overabundance CO2 from the climate while making an important energy asset. Carbon catch and capacity (CCS) innovations have arisen because of the drive towards maintainable practices, and they are being incorporated into modern cycles all the more frequently to diminish their negative natural impacts.

Numerous elements are coming together to promote the continuous rise of the carbon dioxide industry. A significant growth driver for EOR methods is the increasing need for CO2, which provides a workable way to extract more oil from fields that are already producing it by forcing CO2 into the remaining oil and dislodging it. This tendency is especially noticeable in areas that import a lot of crude oil, such as portions of Asia Pacific. In addition to improved oil recovery, carbon dioxide is essential to many end-use industries. Carbon dioxide (CO2) is used in the food and beverage industry to carbonate soft drinks and beers, and in the medical area for life-saving techniques including minimally invasive operations and cell culture incubators. Significant market growth is driven by these well-established uses as well as the rising need for CO2 for cultivation in the emerging cannabis sector.

However, challenges also face the carbon dioxide market. Producers may encounter difficulties due to strict rules pertaining to carbon dioxide emissions, which are a consequence of several industrial operations. Moreover, manufacturing costs and overall market stability may be impacted by the volatile price of natural gas, a vital feedstock for the synthesis of carbon dioxide.

Carbon Dioxide Market Report Scope & Overview

Report Attributes Details
Market Size in 2023 USD 10.82 Billion
Market Size in 2032 USD 17.13 Billion
CAGR (2024-2032) 5.24%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver
  • Increasing industrialization and demand across various sectors.
  • Growing adoption of carbon capture and storage (CCS) technologies.
  • Rising popularity of enhanced oil recovery (EOR) techniques.

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Segment Analysis

The food & beverages segment maintained its dominance with a majority revenue share exceeding 50.0% in 2023. This technology is quite popular in the meat, seafood, bakery, and confectionery sectors because it provides more temperature flexibility than mechanical refrigeration. Utilizing CO2 for cryogenic cooling and freezing increases output, retains nutrients and flavors, and successfully preserves the original flavor, color, and quality of food items. In Modified Atmospheric Packaging (MAP), CO2 is essential for prolonging the shelf life of certain food items. With this packaging technique, freshness and spoiling are avoided for foods like meat, fruits, salads, and bakery goods by creating a controlled atmosphere. In addition, CO2 is used in controlled atmosphere storage (CAS) to keep pests and insects under control in long-term storage facilities, protecting the commodities being held and maintaining their quality.

Recent Developments

December 2023: Air Liquide unveiled plans to construct one of Europe’s largest carbon capture and storage units at its Rotterdam hydrogen production plant using Cryocap technology, slated for completion by 2026.

April 2023: Linde entered a significant long-term agreement with ExxonMobil to annually transport and store 2.2 million metric tons of CO2 from Linde’s hydrogen production plant.

April 2023: ExxonMobil revealed plans to sequester 90% of Linde’s blue hydrogen complex’s carbon dioxide emissions in neighboring geological formations in California. This initiative is a part of ExxonMobil’s broader USD 3 billion pledge to clean energy technology.

February 2023: POET, the world’s largest biofuel producer, declared intentions to build a new plant at its Laddonia bioprocessing facility, intending to extract over 200 tons of CO2 daily for the production of dry ice. Serving the food processing, industrial, and soda carbonation industries in the US, POET’s renewable CO2 business has grown rapidly.

Regional Analysis

In 2023, North America has a market share of more than 35% for carbon dioxide worldwide. Strong industrial foundation and strict environmental laws, which drive market demand, are the main drivers of this expansion. Market development is further fueled by the region’s concentration on developing carbon capture and utilization technologies. North America leads the industry in carbon capture because to large investments made in these projects, especially in the oil and gas industry in the United States. Furthermore, the area gains from the thriving food and beverage sector’s ongoing demand, which strengthens its dominant market position.

SNS View for Carbon Dioxide Market

The worldwide carbon dioxide market is ready for critical development before very long, energized by a juncture of natural worries and stricter guidelines. Enterprises, especially oil and gas, are progressively embracing carbon catch and capacity (CCS) and CO2-based improved oil recuperation (EOR) to limit their carbon impression. The food and refreshment area is likewise expected to observe consistent extension driven by the rising interest for cutting edge cold capacity arrangements and carbonated drinks. Technological advancements in carbon capture promise to further enhance market efficiency and cost reduction. Furthermore, a noticeable trend towards green hydrogen production using CO2 as a feedstock aligns with the global shift towards sustainable practices and renewable energy sources, offering exciting prospects for the carbon dioxide market.

Key Takeaways:

  • Carbon Capture and Storage (CCS) advancements are key drivers for decreasing discharges and supporting CO2 use.
  • Food and beverage industries stay dependent on CO2 for saving food and carbonating drinks.
  • North America holds the best position in the CO2 market because of significant interests in CCS and boundless reception of Upgraded Oil Recuperation (EOR) strategies.
  • CO2 enrichment systems in agriculture are increasing crop yields and promoting environmentally friendly farming practices with success.

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Carbon Dioxide Market Segmentation, by Source

8. Carbon Dioxide Market Segmentation, by Form

9. Carbon Dioxide Market Segmentation, by Application

10. Regional Analysis

11. Company Profiles

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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