Carbon Monoxide Market Size, Share & Trends Analysis growing at a CAGR of 4.3% from 2025 to 2030
The global carbon monoxide market size was estimated at USD 5.4 million in 2024 and is projected to reach USD 7.0 million by 2030, growing at a CAGR of 4.3% from 2025 to 2030. This growth is attributed to increasing demand for carbon monoxide in chemical manufacturing plants as they are a crucial feedstock in the production of syngas (a mixture of CO and hydrogen), which is widely used to manufacture methanol, acetic acid, and hydrocarbons.
Key Market Trends & Insights
- In terms of region, Asia Pacific was the largest revenue generating market in 2024.
- Country-wise, UK is expected to register the highest CAGR from 2025 to 2030.
- In terms of segment, electronics accounted for a revenue of USD 1.9 million in 2024.
- Pharmaceutical & Biotechnology is the most lucrative application segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2024 Market Size: USD 5.4 Million
- 2030 Projected Market Size: USD 7.0 Million
- CAGR (2025-2030): 4.3%
- Asia Pacific: Largest market in 2024
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Moreover, increasing demand for methanol in fuel applications, plastics, and adhesives is driving CO consumption.
Carbon monoxide (CO) is a colorless and odorless gas comprising one carbon atom and one oxygen atom. The incomplete combustion of fossil fuels or gasoline produces it. Because it is odorless and invisible, carbon monoxide is challenging to detect without specialized equipment. Additionally, it is utilized as a reducing agent in various metallurgical processes and many chemical reactions, such as methanol synthesis.
The carbon monoxide industry is fragmented, featuring several key players such as Air Liquide, Air Products and Chemicals, Inc. and Chemicals, Inc., American Gas Products, Celanese Corporation, Axcel Gases, Messer, Linde plc, and Sipchem Company.
