Carbon Dioxide Market To Grow By USD 2.12 Billion (2024-2028), Report On AI-Driven Market Trends And Rising Oil & Gas Demand - Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global
carbon dioxide market size is estimated to grow by USD 2.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.48% during the forecast period. Rising demand for co2 in oil and gas industry
is driving market growth,
with a trend towards
increase in R and D activities for new applications. However,
high manufacturing cost of industrial co2 poses a challenge. Key market players include Air Liquide SA, Air Products and Chemicals Inc., Axcel Gases, BASF SE, Buzwair Group, Chengdu Taiyu industrial Gases Co. Ltd., Ellenbarrie Industrial Gases Ltd., Gulf Cryo Holding CSC, Jinhong Gas Co. Ltd., Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., Pavan Industrial Gases Pvt. Ltd., Praxair Technology Inc., Reliant Gases, Salasar Carbonics Pvt. Ltd., SOL Spa, Steelman Gases Pvt. Ltd., The Linde Group, Universal Industrial Gases Inc., Westfalen AG, Acail Gas; Air Liquide; Air Products and Chemicals, Inc.; Greco Gas Inc.; Linde AG; Sicgil India Limited; Quimetal; and Taiyo Nippon Sanso Corporation.

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Key Market Trends Fueling Growth

Carbon Dioxide (CO2) is a colorless, odorless gas with various applications in industries and daily life. The oil and gas industry is a significant contributor to carbon emissions, leading to global climate change. However, CO2 has beneficial uses, such as in insufflation during diagnostic and therapeutic procedures like laparoscopy, endoscopy, and arthroscopy. Air Liquide, ExxonMobil, and Global Thermostat are key players in CO2 production. CO2 is a byproduct of natural activities like respiration and volcanic activity, as well as industrial processes. In the beverage industry, CO2 is used for carbonation in soft drinks, beer, and sparkling wine. It acts as a preservative, extending shelf life and maintaining flavor stability. CO2 is also used as a cooling agent and foaming agent in whipped cream, ice cream, and baked goods. The global thermostat, ACAIL Gas, and Climeworks plant focus on carbon recycling and reducing CO2 emissions. Renewable materials and energy supply are also exploring CO2 utilization. CO2 is used in carboxytherapy for skin treatment, and in hydrogen production. CO2 fire extinguishers and greenhouse management are other applications. The Paris Agreement aims to reduce greenhouse gas emissions, including CO2. CXOs in the gas industry are focusing on enhanced oil recovery from underground oil reservoirs using CO2. CO2 emissions from natural gas, propane, and compressed CO2 tanks are areas of concern for government regulations. CO2 is a versatile gas with numerous applications, but its adverse impacts on humans and the environment necessitate responsible use.

Major vendors in the Carbon Dioxide (CO2) market are expanding their research and development (R&D) efforts to discover new applications for CO2 where it can be utilized in substantial quantities. New application sectors, such as enhanced oil recovery, could become significant consumers of CO2. CO2 production occurs as a byproduct during the fermentation process for sugar and bioethanol. The alcohol industry and industrial applications are current major markets for CO2. Notably, R&D in the enhanced oil recovery sector heavily relies on CO2, which is expected to fuel the global CO2 market expansion throughout the forecast period.

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Market
Challenges

• The Carbon Dioxide (CO2) market faces several challenges due to its
  insufflation component used in medical procedures like laparoscopy, endoscopy, and arthroscopy. CO2 emissions contribute to global climate change, with the oil & gas industry being a significant contributor. Companies like Air Liquide, ExxonMobil, Global Thermostat, ACAIL Gas, and others are exploring carbon recycling and renewable materials for energy supply. Natural activities such as respiration, volcanic activity, and greenhouse gas emissions also increase CO2 levels in Earth's atmosphere. CO2 is a colorless, odorless gas used as a coolant, preservative, and foaming agent in various industries. In the beverage industry, it's used for carbonation in soft drinks, beer, and sparkling wine. However, excessive use of CO2 has adverse impacts on humans and the environment. CO2 fire extinguishers, while essential, can displace oxygen and pose safety risks. In surgical procedures, CO2 is used for visibility during laparoscopic surgery, but high concentrations can lead to oxygenation issues and slow wound healing. Industry releases, product literatures, industry journals, trade associations, and government websites provide valuable information on CO2 applications and challenges. CO2 is also used in cryogenic freezing, enhanced oil recovery, and as a refrigerant. Despite these uses, reducing CO2 emissions remains a priority to mitigate the effects of climate change, as agreed upon in the Paris Agreement.
• The Carbon Dioxide market involves the production and distribution of this gas, which is abundant in nature but requires significant investments to extract it from atmospheric gases through air separation plants. Vendors face challenges such as fluctuating raw material prices, rising product costs, and various expenses related to distribution, production, packaging, and storage. The energy-intensive process of separating CO2 from nitrogen, hydrogen, and oxygen adds to the production costs. To maximize utilization of capacities and reduce variable costs, vendors are focusing on tonnage distribution and offering large volumes of industrial gases.

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Segment Overview

This carbon dioxide market report extensively covers market segmentation by