The US carbon monoxide market size was valued at USD 0.51 Billion in 2022. The carbon monoxide industry is projected to grow from USD 0.54 Billion in 2023 to USD 0.83 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the projected period (2023 - 2032).The growing environmental concerns regarding soil erosion, the expansion in the use of carbon monoxide in a broad range of construction applications, and the rising consumption of bio-based carbon monoxide are the prominent market drivers anticipated to propel the US carbon monoxide market.
Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
The US carbon monoxide market CAGR is expanding due to the growing demand for chemicals from sectors such as pharmaceuticals, bulk chemical manufacturing, construction, and food & beverages, which is expected to drive market growth. CO is an important industrial compound employed in producing syngas or water gas. Syngas are used as fuel in industrial operations and are an efficient reducing agent used in producing metal from their oxides. For instance, CO is passed over iron oxides to form metallic iron, which drives the carbon monoxide market revenue. Additionally, the increasing emphasis on syngas as a cleaner alternative for energy generation propels demand. Carbon monoxide's role in manufacturing various chemicals further boosts its significance. As industries prioritize sustainable practices, the versatile applications of carbon monoxide contribute to its high demand, establishing it as a pivotal component in processes that span energy, chemicals, and manufacturing sectors worldwide.
Furthermore, governments worldwide are increasingly recognizing the importance of mitigating carbon emissions and are allocating substantial funds to support projects and technologies focused on carbon monoxide reduction. These financial incentives incentivize industries to adopt cleaner processes and invest in carbon monoxide capture and utilization technologies. Funding initiatives range from research and development grants to subsidies for carbon capture infrastructure. This financial support not only accelerates innovation but also fosters the adoption of sustainable practices, positioning the carbon monoxide market as a key player in the US transition towards a low-carbon future.
The US carbon monoxide market segmentation, based on application, includes metal fabrication, chemicals, ore processing & extraction, pharma & biotechnology, and electronics. The metal fabrication category held a major market share due to its crucial role in the production of metals through processes like hydrogen reduction. Carbon monoxide serves as a reducing agent, facilitating the extraction of metals from ores, particularly in the production of iron and steel. This demand is further fueled by the growth in the construction and manufacturing industries, emphasizing the indispensable nature of carbon monoxide in metal fabrication processes, contributing to the overall expansion of the market. However, pharma & biotechnology is the fastest-growing category due to its pivotal role in specialized applications. Carbon monoxide, sourced from various methods, serves as a crucial component in pharmaceutical manufacturing processes, enabling the synthesis of key products. Its utility extends to biotechnology for enhancing cell culture conditions and optimizing fermentation processes. The demand is further fueled by the industry's focus on efficient and sustainable production methods, emphasizing the critical role of carbon monoxide in advancing pharmaceutical and biotechnological innovations.
Figure 1: US Carbon Monoxide Market, by Application, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The carbon monoxide market in the US is propelled by its widespread applications in diverse industries. Chemicals are crucial raw materials in the production of chemicals, plastics, and pharmaceuticals, fostering demand across manufacturing sectors. Additionally, carbon monoxide is extensively utilized in the presentation of metals, such as steel and iron, further boosting its market growth as these industries expand. The rising emphasis on clean energy and the shift towards hydrogen production through various methods, including carbon monoxide reforming, adds a sustainable dimension to its market. Strict regulations addressing environmental concerns and promoting cleaner industrial practices also stimulate the adoption of carbon monoxide as an essential component in emission control technologies, contributing to its sustained relevance in the US market.
Leading market participants are investing heavily in research and development to enhance their product lines, which will help the carbon monoxide market expand even more. Market participants are also undertaking different strategic activities to extend their footprint, with significant market developments including new product establishment, mergers and acquisitions, contractual agreements, and collaboration with other organizations. The carbon monoxide industry must deliver cost-effective items to extend and stay in a more competitive and growing market climate.
Major players in the carbon monoxide market are attempting to expand market demand by investing in research and development operations, including Air Products, Praxair, Air Liquide, Linde Plc., and American Gas Products.
Air Liquide
Linde Plc.
American Gas Products
February 2022: Linde entered into an expanded agreement with Celanese to enhance prescreens. Linde expanded its existing agreement with Celanese Corporation to begin supplying carbon dioxide and hydrogen to the Celanese manufacturing establishment in Clear Lake, Texas.
Metal Fabrication
Chemicals
Ore Processing & Extraction
Pharma & Biotechnology
Electronics
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.51 Billion |
| Market Size 2023 | USD 0.54 Billion |
| Market Size 2032 | USD 0.83 Billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Growth Factors, Revenue Forecast, Market Competitive Landscape, and Trends |
| Segments Covered | Application and Region |
| Countries Covered | The US. |
| Key Companies Profiled | Air Products, Praxair, Air Liquide, Linde Plc., and American Gas Products. |
| Key Market Opportunities | Swelling demand for organic and inorganic chemicals The availability of funding from the Government |
| Key Market Dynamics | Growing environmental concerns regarding soil erosion. The expansion in the use of carbon monoxide in a broad range of construction applications. |
US Carbon Monoxide Market Market Highlights:
Frequently Asked Questions (FAQ) :
The US carbon monoxide market size was valued at USD 0.51 Billion in 2022.
The market is projected to extend at a CAGR of 5.50% during the forecast period, 2023-2032.
The prominent players in the carbon monoxide market are Air Products, Praxair, Air Liquide, Linde Plc., and American Gas Products.
The road construction category had the largest share of the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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