Carbon dioxide Market is predicted to reach USD xx at a CAGR of 11,652.3 million % during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Carbon dioxide Market”.

The Carbon dioxide market is estimated to register a CAGR of 5.25% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Carbon dioxide market— Air Liquide (France), Linde (Ireland), Air Products and Chemicals (US), Messer Group (Germany), Sicgil India Ltd (India), Acail (Portugal), Taiyyo Nippon Sanso Corporation (Japan), SOL Group (Italy), India Glycols Ltd (India), and Greco Gas (US).

Market Highlights

The global carbon dioxide market is accounted for to register a CAGR of 5.25% during the forecast period and is estimated to reach USD 11,652.3 million by 2030.

O2 is extensively used in the food and beverage industry for carbonation and as a preservative. It is employed to carbonate soft drinks, beer, and sparkling water. Additionally, it acts as an inert gas to prevent oxidation and spoilage in packaged foods, extending their shelf life. In the oil and gas sector, CO2 is used for enhanced oil recovery (EOR) and enhanced gas recovery (EGR) techniques. Injecting CO2 into oil reservoirs helps to increase the recovery of hydrocarbons and extend the life of mature oilfields.

CO2 serves as a feedstock and raw material in the chemical industry for the production of various chemicals and polymers. It is used to synthesize urea, salicylic acid, and other organic compounds. Additionally, it is used in the production of specialty chemicals and pharmaceuticals.

CO2 is commonly used as a shielding gas in welding processes, such as MIG (Metal Inert Gas) and TIG (Tungsten Inert Gas) welding. It helps protect the weld area from atmospheric contamination and produces high-quality welds. In water treatment, CO2 is used for pH adjustment and alkalinity control. It can be added to water to lower its pH and increase its acidity, making it suitable for various treatment processes, including coagulation, flocculation, and disinfection.

Medical-grade CO2 is used in various medical applications, including laparoscopic surgeries, cryotherapy, and dental procedures. It is also used in respiratory therapy to stimulate breathing in patients with respiratory conditions. CO2 is employed in fire suppression systems due to its ability to displace oxygen, effectively extinguishing fires. It is commonly used in areas where water-based fire suppression systems are not suitable, such as data centers and electrical substations. In agriculture, CO2 is used to enrich the atmosphere in controlled environments like greenhouses. Increased CO2 levels can enhance plant growth and yield, making it valuable for crop cultivation.

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Segment Analysis

The global carbon dioxide market has been segmented based on source, form, application, and region.

The global carbon dioxide market segmentation, based on source has been segmented as ethyl alcohol, ethylene oxide, hydrogen, substitute natural gas, and others. Among these, ethyl alcohol is projected to dominate the global carbon dioxide market revenue through the projected period. Ethanol is a common biofuel used in the automotive industry, particularly as an additive in gasoline (E10 or E85). It is produced through the fermentation of plant-based feedstocks, such as corn, sugarcane, and wheat, by yeast or bacteria. During fermentation, CO2 is generated as a byproduct. This CO2 can be captured, purified, and liquefied, making it available for various applications. Ethanol production plants, particularly those producing bioethanol, have the capacity to recover and purify the CO2 generated during fermentation. This recovered CO2 can be liquefied and sold into the CO2 market for various industrial applications. Ethanol plays a significant role in the food and beverage industry, particularly in the production of alcoholic beverages. In the brewing and distillation processes, yeast fermentation produces both ethanol (alcohol) and CO2 as byproducts. The CO2 generated during fermentation is captured and often used to carbonate beverages or as a propellant in the beverage industry. It is also used for other applications such as freezing and cooling.

The global carbon dioxide market segmentation, based on form, the market is segmented as solid, liquid, gas. Out of which the gas segment dominated the base year market and is also projected to be holding a dominating share in the forecasted period as well. Many industrial processes require gaseous CO2 as a crucial component. Industries such as food and beverage, chemical manufacturing, metallurgy, and electronics rely on CO2 for various purposes, including carbonation, cooling, pH control, and inert gas shielding in welding. Gaseous CO2 is used extensively in the food and beverage sector for carbonation of soft drinks, beer, and sparkling water. It is also employed in food processing and packaging, where it helps extend the shelf life of products and maintain food quality. In the chemical industry, CO2 is used as a raw material and feedstock for the production of various chemicals and polymers. It is employed in chemical synthesis processes, including the production of urea, salicylic acid, and organic compounds. Gaseous CO2 serves as a shielding gas in welding processes, particularly in MIG (Metal Inert Gas) and TIG (Tungsten Inert Gas) welding. It helps protect the weld area from atmospheric contamination, ensuring high-quality welds.

The global carbon dioxide market segmentation, based on application, the market is segmented as food & beverages, oil & gas, medical, chemical, agriculture, firefighting, and others. Out of which the oil & gas segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. One of the primary drivers is the use of CO2 in enhanced oil recovery (EOR) techniques. In EOR, CO2 is injected into mature oil reservoirs to increase oil production. This process involves the injection of pressurized CO2 into the reservoir, which helps displace and mobilize trapped oil, making it easier to recover. As EOR methods gain prominence, the demand for CO2 for EOR applications grows. Like EOR, enhanced gas recovery (EGR) uses CO2 to increase the recovery of natural gas from depleted reservoirs. CO2 is injected into these reservoirs to improve gas displacement and facilitate the extraction of remaining gas reserves. The oil and gas industry is a significant player in CCS, a technology aimed at reducing carbon emissions from industrial processes, including power generation and petrochemical production. CCS involves capturing CO2 emissions from industrial sources, compressing the CO2, and transporting it to geological storage sites for long-term sequestration. This process relies heavily on the transportation and storage of large volumes of CO2, driving the demand for CO2 storage and transport infrastructure.

Regional Analysis

By Region, the study segments the Carbon dioxide market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The APAC region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past decades. The Asia Pacific region has experienced rapid industrialization and economic growth over the past few decades. As industries expand and manufacturing sectors thrive, there is an increased demand for CO2 in various industrial applications. Industries such as food and beverage, chemicals, metal fabrication, and electronics rely on CO2 for processes like carbonation, cooling, and pH control.

Asia Pacific has a large and growing population with a rising middle class, leading to increased consumption of beverages like soft drinks, beer, and sparkling water. The food and beverage industry extensively uses CO2 for carbonation and packaging applications, contributing to the demand for CO2.

Key Findings of the Study

• The global carbon dioxide market is expected to reach USD 11,652.3 million by 2030, at a CAGR of 5.25% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on source, the ethyl alcohol segment was attributed to holding the largest market in 2022.


• Based on form, the gas segment was attributed to holding the largest market in 2022.


• Air Liquide (France), Linde (Ireland), Air Products and Chemicals (US), Messer Group (Germany), Sicgil India Ltd (India), Acail (Portugal), Taiyyo Nippon Sanso Corporation (Japan), SOL Group (Italy), India Glycols Ltd (India), and Greco Gas (US) are the key market players.