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According to The Business Research Company’s carbon dioxide market report, the beverage market was the largest segment of the carbon dioxide market segmented by application, accounting for 26.2% of the total in 2020. Oil and gas is expected to be the fastest growing segment in the carbon dioxide market segmented by application going forward, at a CAGR of 5.3% during 2020-2025.
Carbon dioxide (CO2) is an odorless, colorless gas with a slightly pungent, acidic taste. Commercial carbon dioxide is recovered from industrial plants which produce hydrogen or ammonia from natural gas, coal, and hydrocarbon feedstock. Corn-to-ethanol plants have been the most rapidly growing source of feed gas for CO2 recovery. CO2-rich natural gas reservoirs are another source of recoverable carbon dioxide.
CO2 is widely used in the food industry for applications such as removing the caffeine from coffee beans to make decaffeinated coffee and for carbonating beer and soft drinks. Carbon dioxide is also used for cooling in the food and manufacturing industries. Carbon dioxide is commercially available as a high-pressure cylinder gas, relatively low-pressure (300psig) refrigerated liquid or as dry ice, thus including the compressed carbon dioxide market, liquefied carbon dioxide market, and carbon dioxide incubators market.
The Business Research Company’s report titled Carbon Dioxide Global Market Report 2020-30: COVID-19 Impact and Recovery covers major carbon dioxide companies, carbon dioxide market share by company, carbon dioxide manufacturers, carbon dioxide market size, and carbon dioxide market forecasts. The report also covers the global carbon dioxide market and its segments.
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The global carbon dioxide market reached a value of nearly $9.68 billion in 2020, having increased at a compound annual growth rate (CAGR) of 4.94% since 2015. The market is expected to reach $11.26 billion by 2025, and $12.70 billion by 2030.
CO2 manufacturing companies are focusing on carbon capture and utilization. Carbon dioxide manufacturers are drawing in CO2 that is created by burning fossil fuels, and the plants are using this CO2 for the production of sodium bicarbonate which can be used in the food, beverage, and pharmaceutical industries. Manufacturing CO2 based chemicals was deemed expensive or economically risky, but now due to improved carbon capture technology, it is becoming widely implemented among CO2 plants. For instance, The Tata Groups unit that makes chemicals in the UK will build the UK’s first industrial-scale carbon capture plant in Northwich, England. This plant is one of a kind, it will specialize in using the CO2 from the burning of fossil fuels for the food and pharmaceutical industries.
Companies in the carbon dioxide industry are also focusing on the use of separation technology. The technology is based on using the CO2 emitted across various production processes to be further cleaned to ensure that it is available for further use. For example, the partnership between Carbon Clean and LafargeHolcim aims at capturing the CO2 emitted through the cement production process that will be further transformed, cleaned, and reused locally.
Thus, companies are aiming for more efficient production processes overall. The global carbon dioxide market is moderately concentrate with a small number of global players operating in the market. The top ten competitors in the market made up to 35% of the total market in 2020. Major players in the market include Linde, Air Products and Chemical, Air Liquide, and The Messer Group.
Carbon Dioxide Global Market Report 2020-30: COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, carbon dioxide industry trends, carbon dioxide industry drivers, carbon dioxide market restraints, carbon dioxide market leading competitors’ revenues, profiles and carbon dioxide market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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