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The global carbon dioxide market size is projected to grow by USD 6.83 billion by 2030. It is considered one of the various greenhouse gases which are responsible for the warm atmosphere required to sustain life on earth. The rising demand for carbon dioxide, especially in the food and beverages, and medical industries for Enhanced Oil Recovery (EOR) is a driving factor for the market expansion during the forecast period.
The manufacturers are now focused on carbon capture and its utilization, produced by fossil fuels’ combustion which is used to produce sodium bicarbonate, and for EOR in the gas and oil industry. The growing dependence on crude oil, especially in the Asia Pacific due to the depleting oil reserves led to the deployment of EOR technology which is significantly contributing to the increasing demand for Carbon Dioxide.
Owing to its properties, carbon dioxide is also used for fire suppression, inert gas for metalworking, and as an acidifier in water treatment. Liquid carbon dioxide is highly in use for cryogenic freezing and cooling applications for better condition and durability of food items like meat and baked items. The demand for carbon dioxide in medical applications, and treatments like tissue freezing and tooth sensitivity assessment is also surging.
The COVID-19 pandemic led to a decline in carbon dioxide market productivity globally in recent times, owing to carbon dioxide’s stagnant nature. Renewable Fuels Associations in the U.S. stated that ethanol production and consumption declined by 40% in April 2020 as compared to the same month’s value for the last few years. However, the focus on healthcare by the Government due to the pandemic has again stimulated market growth. The need for vaccines worldwide has encouraged the demand for dry ice mainly for its storage and transportation.
The substitute for natural gas segment that is utilized to produce carbon dioxide is projected to record the fastest CAGR during the forecast period. Based on the source, the ethyl alcohol segment is anticipated to continue market domination from 2022 to 2030. The fastest-growing segment in application is expected to be food & beverages.
Considering the present regulatory scenario and the long-term opportunities, Linde plc and Matheson Tri-Gas, Inc. are focused on delivering long-term value and adopted sustainable sourcing strategies that are low-risk. Moreover, the expanding demand for carbon capture storage is encouraging the market players in developing better technologies for controlling carbon emissions.
Research Support Specialist, USA