New York, April 19, 2023 (GLOBE NEWSWIRE) -- The Industrial Carbon Dioxide Market has gained significant attention in recent years due to increasing concerns about climate change and the need to reduce greenhouse gas emissions. In 2023, the industrial carbon dioxide market would be worth US$5.23 billion Sales of industrial carbon dioxide are expected to increase rapidly at a 3.2% CAGR and reach US$7.17 billion in market value by 2033.
The increasing demand for CO2 in various industrial applications, coupled with growing environmental regulations and the adoption of carbon capture, utilization, and storage (CCUS) technologies, are driving the growth of the industrial CO2 market.
CO2, a major greenhouse gas, is released into the atmosphere during various industrial processes, such as power generation, cement production, and chemical manufacturing. The industrial CO2 market encompasses the production, storage, transportation, and utilization of CO2 for various industrial applications. This research report provides an in-depth analysis of the global industrial CO2 market, including current trends, drivers, challenges, and future outlook.
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Market Trends and Drivers
- Growing Environmental Regulations: Stringent environmental regulations aimed at reducing greenhouse gas emissions are driving the adoption of CCUS technologies, which require the capture, utilization, and storage of CO2.
- Increasing Demand for CO2 in Food and Beverage Industry: The food and beverage industry is a major consumer of industrial CO2, with demand driven by the growing popularity of carbonated beverages and the need for food preservation.
- Expansion of Enhanced Oil Recovery (EOR) Operations: The use of CO2 in EOR operations, where CO2 is injected into mature oil fields to increase oil recovery, is gaining traction as an effective means to extend the life of oil reservoirs and boost production, thereby driving the demand for industrial CO2 in the oil and gas industry.
- Growing Adoption of Carbon Capture, Utilization, and Storage (CCUS) Technologies: CCUS technologies, which involve capturing CO2 emissions from industrial processes, utilizing CO2 for various applications, and storing CO2 in underground reservoirs, are gaining momentum as a key solution to mitigate greenhouse gas emissions. The increasing adoption of CCUS technologies by industries and governments to meet emissions reduction targets is expected to drive the demand for industrial CO2.
- Technological Advancements in CO2 Utilization: There is growing research and development focused on developing innovative technologies to utilize CO2 for the production of value-added products, such as chemicals, plastics, and fuels. These advancements in CO2 utilization technologies are expected to create new opportunities for the industrial CO2 market and drive its growth.
- Increasing Focus on Circular Economy and Sustainability: The growing awareness about the need for a circular economy and sustainability is driving industries to explore ways to reduce their carbon footprint and minimize their impact on the environment. The utilization of CO2 as a raw material for the production of chemicals, plastics, and other products aligns with the principles of circular economy and sustainability, thereby driving the demand for industrial CO2.
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Market Segmentation
By Source
- Natural CO2: CO2 obtained from natural sources, such as underground reservoirs and natural fermentation processes.
- Anthropogenic CO2: CO2 generated as a byproduct from industrial processes, such as power plants, cement and steel production, and chemical manufacturing.
By Application
- Food and Beverage: CO2 is widely used in the food and beverage industry for carbonation of beverages, preservation of food products, and as a cooling agent in refrigeration systems.
- Oil and Gas: CO2 is used in enhanced oil recovery (EOR) operations to increase oil production from mature oil fields.
- Chemicals: CO2 is utilized as a raw material in the production of chemicals, such as urea, methanol, and salicylic acid.
- Pharmaceuticals: CO2 is used in the pharmaceutical industry for various applications, including drug synthesis, sterilization, and as a pH regulator in drug formulations.
Regional Analysis
In terms of regional analysis, North America and Europe are currently the largest markets for industrial CO2, driven by the presence of key industries, stringent environmental regulations, and investments in CO2 capture and utilization technologies. Asia-Pacific is also emerging as a promising market, with increasing industrialization, urbanization, and demand for food and beverages driving the market growth.
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Competitive Landscape
The industrial carbon dioxide (CO2) market is characterized by intense competition among key players, ranging from global multinational companies to regional and local players. These companies are continuously focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. The competitive landscape of the industrial CO2 market is influenced by factors such as technology advancements, production capacity, distribution network, geographic presence, and customer relationships.
The following are a few of the major companies in the Industrial Carbon Dioxide Market: Linde Group, Abdullah Hashim Industrial & Equipment Co., Bristol Gases, Dubai Industrial Gases, Mohsin Hiader LLC, Ellenbarrie Industrial Gases, Matheson Tri Gas Inc., SICGIL India Limited, Air Products and Chemicals Ltd., Air Water Inc., Buzwair Industrial Gases, Continental carbonic products, Cosmo Engineering, Gulf Crypo, Iwatani corporation
Recent Developments
- In 2021, Guanggang Gas (G-gas), a Chinese chemical corporation, purchased the Linde Carbon Dioxide business. The acquisition broadens the product offering of G-gas by including new carbon dioxide choices from Linde Carbon Dioxide Company. Carbon dioxide solutions are offered by the UK-based Linde Carbon Dioxide Company.
- In 2021, the Dutch government granted a consortium that includes oil majors Royal Dutch Shell and ExxonMobil around 2 billion euros (US$2.4 billion) in subsidies, and is set to become one of the largest carbon capture and storage (CCS) projects in the world, at the Port of Rotterdam.
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