The global carbon dioxide market size was USD 10.36 billion in 2020. The market is projected to grow from USD 10.69 billion in 2021 to USD 13.65 billion in 2028 at a CAGR of 3.6% during the 2021-2028 period.
According to our expert researchers, this gas is utilized in numerous industries for several applications that are generally attained during the generation of hydrogen by steam reforming of natural gas or the making of ethanol by fermentation process.
COVID-19 Impact
Upsurge in Demand from Food Industry during Pandemic to Sustain Market Growth
The current COVID-19 pandemic has resulted in deterioration in global production, diminished formation competences, and numerous impacted nations across the globe. The motionless nature of carbon dioxide manufacturing facilities has resulted in a decline in the production rate. The provisional shutdown of divisions of ethyl alcohol manufacturing factories led to a drop in the accessibility for carbon dioxide across the world.
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Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for carbon dioxide in the near future.
Segmentation
On the basis of the end-use industry, the market is segregated into food & beverage, oil & gas, metal fabrication, medical, and others.
Amongst these segments, food & beverage accounts for the major share of the market.
In terms of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Surging Usage in Medical and Food & Beverage Industries to Fuel Development of Market
In the medical industry, carbon dioxide (CO2) is utilized as an insufflation gas in various applications involving insignificantly aggressive surgery to alleviate body hollows, cryotherapy, as well as respiratory stimulation. The gas is also utilized for tissue freezing, and tooth sensitivity valuation. Moreover, the widespread usage of CO2 in the promptly increasing medical industry is anticipated to power the carbon dioxide market size growth.
Regional Insights
Asia Pacific held the largest carbon dioxide market size share and was worth USD 3.80 billion in 2020. Asia Pacific is the biggest and fastest-developing region owing to great demand from food & beverage, and medical industries.
North America is categorized by an increase in demand for oil recovery applications, thus endorsing the usage of this gas in the region.
The market in Europe is to be administered by the utilization of the gas for carbonation of alcoholic and non-alcoholic beverages in the food & beverage industry.
Competitive Landscape
Procurement Engaged by Chief Companies to Support Market Growth
The prominent players in the market repetitively opt for effective tactics to reinforce their brand value as well as endorse the global market growth of the product with confronting least possible hindrances. One such proficient strategy is obtaining competitive companies and further safeguarding financial benefit for both the involved companies.
Industry Development
March 2021: Air Liquide got engaged into a contract with the Gippsland Basin Joint Venture, which is an equal joint venture between BHP Petroleum (Bass Strait) Pty Ltd and Esso Australia Resources Pty Ltd, intended for the construction of novel division to provide carbon dioxide to all Australian industries.
List of Key Players Covered in the Report
- Linde plc (Ireland)
- Air Products and Chemicals, Inc. (U.S.)
- Air Liquide (France)
- Sicgil India limited (India)
- Matheson Tri-Gas, Inc.(U.S.)
- Universal Industrial Gases, Inc.(U.S.)
- The Messer Group GmbH (Germany)
- SOL Spa (Italy)
- POET, LLC (U.S.)
- Reliant Gases (U.S.)
- India Glycols Limited (India)
Source-https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
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