Global Carbon Dioxide Market Projected to Reach $13.86 Billion by 2032

The Global Carbon Dioxide Market is poised for significant growth, with projections indicating an increase from $9.47 billion in 2024 to approximately $13.86 billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 4.87% during the forecast period. This growth is primarily driven by the expanding applications of carbon dioxide across various industries, including food and beverages, medical, and enhanced oil recovery (EOR).

Competitive Landscape

The carbon dioxide market is characterized by the presence of key players such as Linde PLC, Air Products and Chemicals, Inc., Air Liquide, The Messer Group GmbH, and Taiyo Nippon Sanso Corporation. These companies are actively investing in research and development to innovate and expand their product offerings, thereby maintaining a competitive edge in the market.

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Regional Demand Highlights

Asia Pacific dominated the carbon dioxide market with a market share of 45.72% in 2023, driven by rapid industrialization and increasing demand from end-use industries.

The United States also represents a significant market, with projections indicating substantial growth due to ongoing industrialization and technological advancements.China is actively pursuing strategies to reduce carbon dioxide emissions, with energy companies engaging in low-carbon mergers and acquisitions. These efforts aim to enhance operational efficiency and contribute to environmental sustainability

Vietnam: Carbon Dioxide Market Opportunities

Vietnam's mergers and acquisitions market is anticipated to boom in 2025, creating favorable conditions for the carbon dioxide industry.

This surge is expected to attract investments and foster collaborations, thereby enhancing the country's carbon dioxide production capabilities.

by Source

Hydrogen
Ethyl Alcohol
Ethylene Oxide
Substitute Natural Gas
Others

The market for carbon dioxide is divided into several segments, including substitute natural gas, hydrogen, ethylene, and ethyl alcohol. With 32.17% of the market in 2024, the Ethyl Alcohol category held the most share. Alcoholic fermentation produces carbon dioxide as a by-product in the production of ethyl alcohol. The need for this source is fueled by the high purity level of carbon dioxide derived from ethyl alcohol, which is mostly desired for food grade.

by Form

Liquid
Gas
Solid

by Application

Food & Beverages
Oil & Gas
Medical
Rubber
Fire Fighting
Others

Food and beverage, oil and gas, medical, rubber, firefighting, and other sectors make up the carbon dioxide market. In 2024, the Food and Beverages segment held the biggest share (41.37%). Carbon dioxide is primarily utilized in the food and beverage industries to manage pH levels, carbonate drinks, and freeze poultry and food sources. The demand for frozen and ready-to-make foods rises as a result of people's changing lifestyles, which raises carbon dioxide consumption. Additionally, the world's growing population has increased demand for food and beverages, which is anticipated to support the market's growth for carbon dioxide throughout the course of the projected period. The application of CO2 products Rapid growth is anticipated in the medical sector.

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Key Market Participants:

1. Universal Industrial Gases, Inc. [United States]
2. Linde Group
3. Air Products and Chemicals, Inc.
4. INOX Air Products Ltd.
5. Continental Carbonic Products, Inc. [United States]
6. Matheson Tri-Gas, Inc.
7. Air Liquide International S.A.
8. Praxair Inc.
9. Gulf Cryo
10. Bristol Gases–Concorde Corodex Group
11. Buzwair Industrial Gases Factory
12. Dubai Industrial Gases
13. Messer
14. Taiyo Nippon Sanso Corp.

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