Carbon Dioxide Market Global Analysis by 2027, Fortune Business Insights™
The global carbon dioxide market share is
predicted to reach USD 12.15 Billion by 2027, exhibiting a CAGR of 2.5% during
the forecast period. The growing construction of water treatment plants in
developing nations will spur the demand of the market in the forthcoming years.
The rising oil exploration and drilling activities will necessitate the use of
solvents in the process, which, in turn, will boost the carbon dioxide market
growth during the forecast period, states Fortune Business Insights in a
report, titled “Carbon
Dioxide Market Size, Share & Industry Analysis, By End-Use Industry (Food
& Beverage, Oil & Gas, Metal Fabrication, Medical, and Others), and
Regional Forecast, 2020-2027”
The carbon
dioxide market growth stood at USD 10.00 Billion in 2019 and is predicted to reach USD 12.15
Billion by 2027, exhibiting a CAGR of 2.5% during the forecast period
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Market
Driver:
Heavy
Demand for CO2 in Oil and Gas Industry to Enhance Market Potential
The growing
utilization of carbon capture and storage (CCS) technology for the procurement
of CO2 from the carbon emissions produced by biomass power plants,
cement manufacturing, and consumption of fossil fuels for electricity
generation will contribute effectively to the growth of the market. This
process also aids in lowering carbon emission in the atmosphere and preventing
air pollution. The increasing application of carbon dioxide in the oil &
gas industry for enhanced oil recovery will incite the practice of CCS
technology for capturing CO2. The growing cognizance about the benefits of
CCS such as, reduced CO2 emissions, positive environmental impact,
and maintain ecological balance will escalate the adoption of the is
technology. In addition, the rising implementation of carbon capture and
storage (CCS) technology around the globe can be an essential factor in
bolstering the growth of the market in the foreseeable future.
Browse
summary:
https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
Regional
Analysis:
Advancement in Carbon Attainment Methods to
Aid Expansion in North America
The market in Asia Pacific stood at USD 3.62 Billion in 2019 and
is likely to witness a high growth rate during the forecast period owing to the
demand from the food & beverage and medical industry in the developing
nations. For instance, China is one of the biggest suppliers of carbon dioxide
around the world. The developing medical industry in India will promote the
growth of the market in the region. The market in North America is predicted to
rise tremendously during the forecast period due to the high demand for CO2 in oil recovery
applications.
The increasing initiatives for the use of carbon dioxide in
various industrial applications will enable speedy growth of the market in the
region. Moreover, the technological advancement in CO2 extraction methods will aid growth in North
America. The market in Europe is likely to account for a significant share in
the forthcoming years. The growth in the region is attributed to the use of
carbon dioxide in alcoholic and non-alcoholic beverages in the food &
beverage industry. Therefore, the demand for carbonated beverages will propel
the market in the region. The market in Latin America and the Middle East &
Africa is predicted to grow rapidly during the forecast period owing to the
rising oil & gas exploration activities. The rising consumption of carbon
dioxide in oil recovery activities to boost the market in the Middle East and
Africa.
Key Development:
March 2019: Air Products announced that it has
acquired ACP Europe SA, one of the largest biggest carbon dioxide manufacturers
in Europe. The acquisition will aid the company to cater to the demand for
carbon dioxide and better serve its customer across the European continent.
The Report Lists the Main Companies in the
Carbon Dioxide Market:
·
Linde plc (Ireland)
·
Air Products and Chemicals, Inc. (U.S.)
·
Air Liquide (France)
·
Sicgil India limited (India)
·
Matheson Tri-Gas, Inc.(U.S.)
·
Universal Industrial Gases, Inc.(U.S.)
·
The Messer Group GmbH (Germany)
·
SOL Spa (Italy)
·
POET, LLC(U.S.)
·
Reliant Gases(U.S.)
·
India Glycols Limited (India)
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