Global Carbon Dioxide (CO2) Market by Source (Ethyl Alcohol, Hydrogen, Substitute Natural Gas, Ethylene Oxide, and Others); by Application (Food & beverages, Medical, Oil & Gas, Firefighting, Electronics, Rubber, and Others); by Region (North America, Asia-Pacific, Latin America, Middle East and Africa, and Europe); - Global Forecasts 2021 to 2027

Date: Nov 2021 Report Id: 136 Category: Chemicals & Materials Report Format: pdf-img excel-img ppt-img word-img

The Global Carbon Dioxide Market was valued at USD 8.1 Bn in 2020 and is expected to reach USD 11.6 Bn by 2027, with a growing CAGR of 5.3% during the forecast period.

The Global Carbon Dioxide Market Definition:

Carbon Dioxide is a chemical compound that consists of a Carbon atom along with two Oxygen atoms. It is soluble, colourless, and non-flammable gas when exposed at normal pressure and temperature. CO2 is believed to be an important heat-trapping greenhouse gas (GHG) that is released due to human activities like burning fossil fuels and others. Natural sources of carbon dioxide include hot springs, volcanoes, groundwater, geysers, lakes and rivers, glaciers, ice caps, seawater among others. However, the sources for industrial production of CO2 include ethyl alcohol, hydrogen, substitute natural gas, and ethylene oxide among others.

Carbon Dioxide Market

The Global Carbon Dioxide Market Dynamics:

The carbon dioxide market is accounted to boost at a significant pace in the forecast period. This growth is majorly owing to the myriad benefits and high abundance of carbon dioxide (CO2) in comparison to other industrial gases. Owing to its unique properties, carbon dioxide is considered a versatile compound that offers a range of applications in liquid, solid and gaseous forms. It is used as an acidifier in water treatment and beverage applications, enhanced oil recovery (EOR), inert gas in firefighting, cooling & freezing of food products, and other industrial use. Therefore, an increased adoption in several end-use applications is expected to create a higher product demand and expected to fuel the carbon dioxide market growth in the coming years.

Moreover, a growing environmental concern along with extensive research and development (R&D) activities are expected to influence the carbon dioxide market demand. The increasing R&D investments have led to the creation of advanced technologies such as Carbon Capture & Storage (CCS), thus providing growth opportunities in the market. According to the Center for Climate and Energy Solutions, Carbon capture and storage technologies can capture over 90% of CO2 emissions from industrial facilities and power plants. Further, the growing environmental concern due to the negative impact of CO2 in the environment has led to the formulation of several government regulations and has encouraged nations to adopt carbon-pricing initiatives. Thereby, more than 40 economies across the globe including Canada, the United States, Mexico, France, Germany, Italy, China, Japan, and Australia among many others have opted for CCS to limit their carbon footprint. Hence, the increasing adoption of these advanced technologies is expected to bring a boom in the carbon dioxide industry.

The Global Carbon Dioxide Market Segmentation:

By Source

  • Ethyl Alcohol
  • Hydrogen
  • Substitute Natural Gas
  • Ethylene Oxide
  • Others

By Application

  • Food & beverages
  • Medical
  • Oil & Gas
  • Electronics
  • Firefighting
  • Rubber
  • Others (Power plants, Agriculture)

By Region

  • North America
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
  • Europe

The unique insights provided by this report also include the following:

  • In-Depth Value Chain Analysis
  • Market Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post Covid 19 Impact on Carbon Dioxide Market
  • Competitive Landscape

Based on the source, the ethyl alcohol segment dominated the carbon dioxide market across the globe owing to a high demand especially from the beverage industry

Based on the source, the carbon dioxide industry is segmented as ethyl alcohol, hydrogen, substitute natural gas, ethylene oxide, and others. Among these, the ethyl alcohol source segment dominated the carbon dioxide market across the globe. Ethyl alcohol is also known as ethanol is obtained by a biological process that converts sugar such as fructose, glucose, and sucrose into carbon dioxide and alcohol. Ethyl alcohol is majorly preferred for producing food-grade CO2 as it provides a high purity level of carbon dioxide. The carbon dioxide obtained, bubbles through the liquid and disappears into the air. Additionally, in confined spaces, the CO2 dissolves in the liquid and makes it fizzy. Owing to this property, the CO2 obtained from ethanol experiences a high demand especially from the beverage industry which in turn is proliferating the carbon dioxide industry growth.

Based on the application, the food & beverages segment accounted for the largest share in the carbon dioxide market due to the implementation of cryogenic technology in high-quality food processing applications

Based on application, the carbon dioxide market is fragmented into food & beverages, medical, electronics, oil & gas, firefighting, rubber, and others. Among these, the food & beverages segment accounted for the largest share in the market across the globe. This growth is majorly attributed to the implementation of cryogenic technology in high-quality food processing applications which is driven by the rising need for food safety and preservation. A few major challenges faced by the food & beverage industry include product shrinkage, loss and toughening of tenderness, low product shelf life, dehydration and drip loss, and microbial activity. Cryogenic technology uses carbon dioxide and helps in overcoming these challenges by facilitating fast freezing and cooling processes. Therefore, the technology has a wide application in several food-related industries like confectionery, bakery, seafood, and meat. Hence, the increasing application of cryogenic technology is pegged to garner significant demand in the carbon dioxide market over the forecast period.

Based on region, Asia-Pacific is expected to be the fastest-growing market in the Carbon Dioxide market across the globe due to increasing product demand from several end-user industries

Based on region, the global carbon dioxide market is divided into North America, Asia-Pacific, Latin America, the Middle East and Africa, and Europe. Among these, Asia-Pacific is expected to be the fastest-growing market in the carbon dioxide market across the globe. This high share owing to the expansion and growth of end-user industries in the region, such as medical, food & beverages, rubber. Further, the rapidly expanding oil & gas industry in the region is another major factor driving the growth in carbon dioxide in the region. In terms of announced and planned offshore oil & gas projects, the Asia-Pacific region has 103 projects oil & gas projects that are projected to start during 2021-2025. Therefore, increasing demands from the above-mentioned end-use industries are expected to drive carbon dioxide industry growth in the region.

The report also provides an in-depth analysis of Carbon Dioxide market dynamics such as drivers, restraints opportunities, and challenges


  • Growing demand from end-use industries
  • Growing environment concern along with extensive research and development (R&D) activities
  • Myriad benefits and high abundance of carbon dioxide (CO2) in comparison to other industrial gases


  • Transportation concerns relating to carbon dioxide
  • Stringent regulations pertaining to carbon dioxide production


  • Favourable government support in expanding the end use industries

Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.

COVID-19 impact on the Carbon Dioxide market analysis

The Covid-19 pandemic has severely impacted several major economies across the globe such as India, China, the U.S., and the U.K. among many others resulting in the imposition of lockdown and strict social distancing norms by these nations. The entire lockdown situation in these economies left a major hit on several industries including oil and gas, food & beverages, consumer electronics, and others that largely consume carbon dioxide. Owing to the closure of commercial activities and stringent containment measures, the carbon dioxide market suffered a major decline in product demand during the first half of 2020 from several end-use industries. However, during the second half of the pandemic when many major countries started withdrawing the lockdown restrictions and these end-use industries started picking up pace again leading to a surge in the product demand in the carbon dioxide market.

The report also provides an in-depth analysis of key trends in Carbon Dioxide market

  • Increasing deployment of carbon capture technology to reduce emissions from power plants and industrial plants like steel manufacturing and cement industries are expected to positively drive the carbon dioxide industry across the globe.
  • The rising application of carbon dioxide for crop growth enrichment in closed greenhouses and growth enhancement in the fields is projected to surge the carbon oxide market across the globe.

The report also provides in-depth analysis of recent news developments and investments in the Carbon Dioxide industry

  • In October 2021, Linde, a global multinational chemical company announced the launch of new liquefied gases ranges known as the “Linde Green range”. This new range is expected to produce a variety of green liquid gases like nitrogen, oxygen, argon, and carbon dioxide using recycled CO2. With the launch of this new range, the company aims at providing customers with liquefied gases which have been produced using a zero-emission process.
  • In March 2019, Air Products, Inc., an American international corporation whose principal business is selling gases and chemicals for industrial uses announced the acquisition of ACP Europe SA, a key CO2 supplier, and manufacturer in the Europe region. This acquisition has helped Air Products, Inc. to improve its distribution capability, market share, and geographical presence.

Company Profiles and Competitive Intelligence

The key players operating in the carbon dioxide industry are:

  • Linde Group
  • AGA
  • Air Liquide
  • Air Products and Chemicals Inc
  • Praxair Inc
  • Gulf Cryo
  • Messer Group
  • Bristol Gases – Concorde Corodex Group
  • Buzwair Industrial Gases Factory
  • Dubai Industrial Gases
  • Yateem OxygenERCO Worldwide
  • Airgas
  • The BOC
  • Matheson Tri-Gas, Inc
  • Taiyo Nippon Sanso
  • Abdullah Hashim Industrial & Equipment Co
  • National Industrial Gas Plants-Mohammed Hamad Al Mana Group
  • India Glycols
  • SOL Group
  • Air Water
  • Hunan Kaimeite Gases
  • Strandmøllen A/S
  • ACAIL Gas
  • Other Notable Players

Frequently Asked Questions (FAQs)

The Global Carbon Dioxide Market was valued at USD 8.1 Bn in 2020 and is anticipated to reach USD 11.6 Bn by 2027.
The Carbon Dioxide Market is estimated to grow at a compound annual growth rate (CAGR) of 5.3% during forecast period.
The Asia-Pacific regional segment has dominated the Carbon Dioxide Market.
A few key players include, but not limited to: Akzo Nobel NV, China Petrochemical Corporation, BASF SE, Clariant AG, DowDupont Inc., Formosa Plastics Corporation, and Exxon Mobil Corporation among others.
Yes, the report contains detailed COVID-19 analysis for Carbon Dioxide Market.
Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Introduction
    1. Product Outline
    2. Carbon Dioxide Overview
    3. Different Types Of Carbon Dioxide 
    4. Analysis Of Carbon Dioxide Ecosystem
    5. Supply Chain Analysis
    6. Covid -19 Impact
    7. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology Overview
  2. Technology and Regulatory Landscape for Carbon Dioxide    
    1. Regulations and Standards
  3. Carbon Dioxide Market Pricing Analysis
    1. Prices of Carbon Dioxide   
  4. Carbon Dioxide Market by Source
    1. Ethyl Alcohol
    2. Hydrogen
    3. Substitute Natural Gas
    4. Ethylene Oxide
    5. Others
  5. Carbon Dioxide Market by Application
    1. Food & beverages
    2. Medical
    3. Oil & Gas
    4. Fire Fighting
    5. Electronics
    6. Rubber
    7. Others (Power Plants and Agriculture)
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  7. Key Strategic Insights
    1. New Raw Material Sources
    2. New Applications
    3. Emerging Technologies
    4. Opportunity mapping
    5. Critical Success Factors
    6. Environmental Impact and sustainability issues
    7. Consumer preferences
  8. Key Market Trends / Recent Developments
  9. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  10. Key Global Players
    1. Linde Group
    2. AGA
    3. Air Liquide
    4. Air Products and Chemicals Inc
    5. Praxair Inc
    6. Gulf Cryo
    7. Messer Group
    8. Bristol Gases – Concorde Corodex Group
    9. Buzwair Industrial Gases Factory
    10. Dubai Industrial Gases
    11. Yateem OxygenERCO Worldwide
    12. Airgas
    13. The BOC
    14. Matheson Tri-Gas, Inc
    15. Taiyo Nippon Sanso

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