Demand for industrial carbon dioxide is steadily rising from key industries such as oil & gas and food & beverages across various regions. Chemical industries have seen significant growth in the past few years, and are expected to maintain this pace over the coming years as well.
Growing demand for application of carbon dioxide in fire suppression and cooling sectors is also expected to drive market growth substantially through the forecast period of 2021-2031. East Asia, Asia Pacific, and North America are major markets for industrial carbon dioxide.
The global industrial carbon dioxide market is estimated to expand at a CAGR of around 3% over the forecast period of 2021-2031.
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Key Takeaways from Market Study
- Industrial carbon dioxide is widely used in industries such oil & gas for enhanced oil recovery from production wells, which has become a very important aspect for various industries due to fluctuating oil.
- This gas has numerous applications in the food & beverage industry for the carbonation of soft drinks, and the storage of frozen food in the food processing industry. Due to rising consumption of ready-to-cook and convenient food, demand for industrial carbon dioxide is parallelly rising.
- Owing to its chemical properties, industrial carbon dioxide is used in the manufacture of urea, which, in turn, is used to make fertilizers. Due to rise in population and urbanization, demand for agricultural products is surging, thereby driving the use of industrial carbon dioxide.
- Being a versatile chemical compound, it has key applications in some of the major industries such as metal welding, and is also used in the automotive industry for MAG welding.
- Consumption of industrial carbon dioxide, especially in Asia Pacific countries such as China, India, and South Korea, among others, is expected to grow at an above-average rate during the forecast period.
- Due to increased rate of vaccination drives during the ongoing COVID-19 crisis, usage of dry ice for the storage of vaccines has given industrial carbon dioxide manufacturers a huge boost.
“Demand for carbon dioxide as a cooling agent is expected to be majorly driven by the dry ice sector, as it is required for the safe storage and transport of mRNA vaccines, especially in the U.S., Germany, and U.K.,” says a Persistence Market Research analyst.
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This market has been identified as a moderately fragmented space, with leading international players accounting for a prominent chunk of revenue, even as they face intense competition from local players.
Some leading players included in the report, such as Abdullah Hashim Industrial & Equipment Co, Bristol Gases – Concorde Corodex Group, Dubai Industrial Gases, Mohsin Haider Darwish LLC, Ellenbarrie Industrial Gases Ltd., Matheson Tri-Gas Inc., Sicgil India Limited, and Air Products and Chemicals Inc., are anticipated to create a tough competitive environment at the global level.
The global industrial carbon dioxide market is anticipated to grow steadily owing to rising demand from key end-use industries such as oil & gas, food processing, and healthcare. Increasing use of industrial carbon dioxide is being witnessed in food processing, construction, metal, pharmaceutical, and oil and gas industries.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the industrial carbon dioxide market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, source, application, end use, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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