The global industrial carbon dioxide market is estimated to be worth USD 5.35 billion in 2024 and is expected to grow at a compound annual growth rate of 3.1% to nearly USD 7.26 billion by 2034. Demand for the product continues to rise driven majorly by its enhanced application in the beverage industry for carbonating beverages. Industrial carbon dioxide is odorless and has a slightly sharp acidic taste.
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Demand for Industrial Carbon Dioxide
The demand for industrial carbon dioxide is robust and multifaceted, with key drivers including its essential role in various industries such as food and beverage, healthcare, metal fabrication, and electronics manufacturing. In the food and beverage sector, CO2 is widely used for carbonation of beverages, as well as in food processing and packaging to extend shelf life. In healthcare, it finds application in medical therapies and as a component in medical gases. Furthermore, the industrial sector utilizes CO2 for welding and metal fabrication processes, where it serves as a shielding gas.
The demand is also influenced by environmental factors, including the growing emphasis on sustainable practices. CO2 is increasingly utilized in processes like enhanced oil recovery (EOR) and renewable energy technologies such as carbon capture and storage (CCS) and carbon utilization (CCU).
Key Players
- Linde Plc
- Air Products and Chemicals Inc.
- Air Liquide
- Sicgil India Limited
- Matheson Tri-Gas Inc.
- Universal Industrial Gases Inc.
- The Messer Group GmbH
- Taiyo Nippon Sanso.
Industrial Uses of Industrial Carbon Dioxide
Food and Beverage Industry: CO2 is crucial for carbonating soft drinks and beers. It is also used in food processing and preservation, where it helps maintain product freshness and quality.
Healthcare: In the healthcare sector, CO2 is utilized in medical therapies such as cryotherapy and as a component in medical gases for therapeutic purposes.
Metal Fabrication: CO2 is used as a shielding gas in welding and metal fabrication processes, ensuring high-quality welds and preventing oxidation.
Chemical Industry: It serves as a raw material in the production of chemicals, including urea and methanol, through processes like the synthesis of ammonia.
Environmental Applications: CO2 is employed in environmental applications such as carbon capture and storage (CCS) to mitigate greenhouse gas emissions from industrial processes and power generation.
Oil and Gas Industry: It plays a crucial role in enhanced oil recovery (EOR), where it is injected into oil reservoirs to increase extraction efficiency.
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Industrial CO2 Market Outlook
Technological Advancements: Ongoing advancements in CO2 capture, purification, and utilization technologies are expected to expand its application scope and improve efficiency in industrial processes.
Regulatory Environment: Increasing regulations aimed at reducing greenhouse gas emissions are likely to drive the adoption of CO2 capture and utilization technologies across industries.
Sustainability Initiatives: Growing corporate and societal focus on sustainability is encouraging industries to adopt CO2 as a raw material for manufacturing processes and renewable energy applications.
Emerging Markets: Rapid industrialization in emerging economies, coupled with increasing investments in infrastructure and manufacturing, is expected to boost demand for industrial carbon dioxide.
Conclusion
The industrial carbon dioxide market is, therefore, expected to grow exponentially in the next couple of years, mainly due to rising demand from multiple industries, improved technology, and the urge to reduce the effects of climate change. It has large prospects in the future, coupled with immense opportunities for growth and innovation.
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