LONDON, Feb. 12, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Carbon Dioxide Global Market Report 2024, the global carbon dioxide market is set to experience robust growth in the forecast period, with a compound annual growth rate (CAGR) of 13.8% from 2023 to 2028. Recent research indicates that the market size will surge from $15.13 billion in 2023 to $17.32 billion in 2024, showcasing a CAGR of 14.5%. This upward trajectory is primarily driven by escalating demand from the oil and gas industry, particularly for enhanced oil recovery processes (EOR).
Driving Forces and Market Dynamics
The carbon dioxide market is witnessing rapid expansion, fueled by the growing applications of carbon dioxide in enhanced oil recovery processes. Gas injection EOR, utilizing carbon dioxide, is widely practiced, constituting around 60% of total EOR processes in the US. This tertiary crude oil production process enables producers to extract 30-60% more oil than through primary and secondary recovery methods. With the global oil and gas market estimated to grow at a CAGR of 9.7% between 2020-2025, the demand for EOR is anticipated to surge, further propelling the carbon dioxide market.
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Innovations Driving Market Growth
Major players in the carbon dioxide market are leveraging digital technologies like blockchain to enhance carbon traceability and transparency. Technologies such as Rootcloud's ROOTCLOUD platform and VeChain Foundation's VeCarbon platform utilize blockchain to track and analyze energy consumption data, calculate carbon emissions, and manage carbon footprints effectively. Such innovations not only improve environmental sustainability but also enable organizations to make informed decisions, contributing to market growth.
Market Segmentation and Regional Insights
The carbon dioxide market is segmented by product type into Liquid Carbon Dioxide, Solid Carbon Dioxide, and Gaseous Carbon Dioxide. The gas segment dominated the market in 2023, accounting for 64.3% or $9,730.54 million of the total carbon dioxide market share. Regionally, Asia Pacific emerged as the largest market, contributing 45.3% or $6,852.3 million of the total market share in 2023, followed by North America and Western Europe.
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This comprehensive carbon dioxide market report provides valuable insights for companies seeking to capitalize on the burgeoning carbon dioxide market. By understanding market dynamics, emerging trends, and regional preferences, businesses can tailor their strategies to seize opportunities and overcome challenges. Additionally, insights into technological innovations and competitive landscapes empower players to stay ahead in the carbon dioxide market, fostering sustainable growth and profitability.
Carbon Dioxide Global Market Report 2024 by The Business Research Company provides insights on the carbon dioxide market size, carbon dioxide market segments, carbon dioxide market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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