Global Carbon Dioxide/ CO2 Market: Overview
Over the period of 2024 to 2030, the global carbon dioxide/CO2 market is set to record a sluggish growth rate and moderate increase in its valuation. As per Transparency Market Research, growing demand for CO2 in healthcare is a notable growth factor and increasing demand for aerated drinks will lead to increase in demand for food-grade carbon dioxide over the stated period. Countries with EOR will account for notable share of the market. It is worth noting here that this is the reason that North America will remain a lucrative market over the coming years.
Global Carbon Dioxide/ CO2 Market: Competitive Landscape
The market for carbon dioxide/CO2 is consolidated to a certain extent as top tier companies claim approximately 60% of total revenue share. To grow in such a competitive environment, other players opt for measures such as increase in production capacity and alliances. One of the biggest challenges faced by these players is limited geographic presence. This is also the reason why mid-sized companies have directed massive efforts towards growth in regional sales.
Players in the global carbon dioxide/CO2 market who have made their mark in the vendor landscape include:
- Schlumberger
- CIRCOR International
- Parker Hannifin
- Metso Corporation
- Emerson Electric
- Watts Water Technologies
- BHGE
- National Oilwell Varco
- The Weir Group
- HYDAC
- IMI
- Armstrong
It is pertinent to note here that the highly competitive market landscape of global carbon dioxide/CO2 market is set to witness players dabbling with extensive research and development activities over the forecast period.
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Global Carbon Dioxide/ CO2 Market: Key Trends and Drivers
Used in varied application, carbon dioxide is set to witness increase in demand at the back of expansion in end-use industries. Some of the top trends and drivers that are keeping the global carbon dioxide/CO2 market buoyant over the forecast period are delineated below:
- Technological advancement is paving way for growth in the market in a major way. It is pertinent to note here that increased investment towards this goal is also being observed. It is set to drive the market on a high growth trajectory in the future. Research and development in technology apropos carbon capture and storage, EOR have been crucial for growth in recent years.
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- Increasing demand in food and beverages industry – result of higher disposable income and population growth – is anticipated to fuel growth in the global carbon dioxide/CO2 market over the forecast period. Mainly used in aerated drinks, carbon dioxide used in food and beverages industry is a by-product of ethanol-based plants.
Global Carbon Dioxide/ CO2 Market: Regional Analysis
The region that is set to be the dominant market over the forecast period is that of North America. It will mainly be a result of major contributions to revenue coming in from Canada and the United States of America. The countries are consuming vast quantities of carbon dioxide for use in process of enhanced oil recovery.
On the other hand, Asia Pacific (APAC) region will also be a lucrative market over the forecast period owing to its high CAGR, anticipated for the next few years, that will lead to generation of untapped opportunities for market players. Expansion of end-use industries in the region will be responsible for growth in demand for carbon dioxide. China will be a notable contributor to the region’s growth, being a key consumer of CO2.
