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Carbon Dioxide Market Evolution: From Emissions Regulation to Renewable Energy Integration

The global carbon dioxide market size is expected to reach USD 15.46 billion by 2030, expanding at 5.0% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing usage of CO2 for enhanced oil recovery (EOR) in oil & gas plants.carbon dioxide (CO2) is considered to be among the major and most extensively utilized medical gases. Furthermore, in the medical industry, CO2 is used in respiratory and cryotherapy stimulation during the process and post-anesthesia application. In cryotherapy, CO2 in frozen form (–78.5 °C) is used for killing body cells via a crystallization process. This gas can also be used in several processes to remove moles, skin tags, and warts.

Carbon Dioxide Market Report Highlights

Ethyl alcohol dominated the source type by accounting for a revenue share of 33.0% in 2023. It is projected to grow at the highest growth rate of 5.2% from 2024 to 2030 owing to its reliability as an easily available long-term source and high commercial value in producing CO2 as a by-product

Further, growth in demand for food-grade carbon dioxide in the forecast period will boost the growth of the production of carbon dioxide from ethyl alcohol

The food and beverages application segment of the market is anticipated to grow at a CAGR of 5.7% from 2024 to 2030, by revenue, thanks to rising demand for carbonated drinks globally

North America accounted for the largest revenue share of 42.0% of the CO2 industry in 2023. It is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D, expansion of the industrial sector & growth of enhanced oil recovery processes

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CO2 also finds application in modern medicine to minimize invasive surgeries. In medicinal baths, it induces warm sensations and acts as a vasodilator for the skin by stimulating its heat receptors. In addition, insufflation with CO2 makes it easier to perform endoscopic procedures.

CO2 can be produced and recovered through various sources such as ethyl alcohol, hydrogen, ethylene oxide, substitute natural gas, and various other sources. Further, current research & development to capture carbon emissions has gained momentum. New research and development do not only aim to capture the CO2 in the form of carbon emissions but to refine and reuse it for some applications.

The carbon capture and storage (CCS) technology is capable of delivering considerable emission reductions from the utilization of fossil fuels. It is capable of lowering emissions from a wide range of industries such as power generation, steel, iron, refining, petrochemicals, and cement manufacturing. CCS technologies include capture, transport, and storage. Capture technology includes post-combustion, pre-combustion, oxy-firing, and industrial separation.

The key players in this industry are Air Products and Chemicals Inc.; Messer SE & Co. KGaA; Air Liquide; Linde Plc to maintain the market, share. Large firms frequently engage in mergers and acquisitions as well as new product launches. For instance, In September 2022, Covestro and SOL Kohlensäure GmbH & Co. KG signed a memorandum of understanding for collaboration in regards to the supply of biogenic CO2, effective from September 2022.