Carbon Dioxide Market Size, Share & Trends Analysis growing at a CAGR of 5.2% from 2023 to 2030
The global carbon dioxide market size was estimated at USD 10,273.4 million in 2022 and is projected to reach USD 15,464.4 million by 2030, growing at a CAGR of 5.2% from 2023 to 2030. The increasing application of carbon dioxide (CO2) in enhanced oil recovery (EOR) is primarily driven by depleting oil reserves and a heavy reliance on crude oil imports, especially in Asia.
Key Market Trends & Insights
- In terms of region, North America was the largest revenue generating market in 2022.
- Country-wise, Mexico is expected to register the highest CAGR from 2023 to 2030.
- In terms of segment, ethyl alcohol accounted for a revenue of USD 3,441.1 million in 2022.
- Substitute Natural Gas is the most lucrative source segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2022 Market Size: USD 10,273.4 Million
- 2030 Projected Market Size: USD 15,464.4 Million
- CAGR (2023-2030): 5.2%
- North America: Largest market in 2022
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In addition, the demand from growing end-use industries, such as food and beverages and medical sectors, is expected to boost the CO2 market during the forecast period. In the U.S., one of the world’s leading markets for CO2, revenue is projected to grow at a compound annual growth rate of 4.8% in the coming years. This growth can be attributed to rising industrialization and the country’s expanding oil and gas industry.
The use of CO2 in the medical field is becoming increasingly important worldwide. CO2 gas is primarily employed as an insufflation agent in various surgical procedures, including arthroscopy, endoscopy, and laparoscopy. It helps inflate and stabilize cavities within the human body, improving the visibility of the surgical area. In addition, CO2 is utilized during surgeries to enhance blood flow to the brain and assist with respiration. For medical applications, CO2 is supplied with specially designed chromium-plated steel cylinders equipped with valves.
The harmful effects of carbon emissions in the atmosphere are significant contributors to global climate change. While countries worldwide have invested heavily in reducing carbon pollution by introducing innovations in Carbon Capture and Storage (CCS) technology and implementing carbon pricing in some areas, many nations still need to achieve their climate goals.
