Introduction:

Industrial Carbon Dioxide Market was valued at US$ 5.4 billion in 2024 and is projected to grow at a CAGR of 3.5% to reach US$ 7.4 billion by 2034.

The Industrial Carbon Dioxide mainly includes production and usage of Carbon Dioxide at an industrial level.  Carbon Dioxide is a colorless, and odorless gas with an acidic pungent taste. Industrial facilities that generate ammonia or hydrogen from gas, coal, and hydrocarbon feedstock also recover commercial carbon dioxide. The most rapidly expanding source of feed gas for carbon dioxide recovery is corn-to-ethanol facilities. Gas reservoirs high in carbon dioxide are an additional source of recoverable carbon dioxide. Carbon dioxide is a greenhouse gas that is essential to the Earth's ecology, it may be recovered from a variety of sources, including flue gases, limekilns, and hydrogen produced during the production of ammonia.

Carbon dioxide finds utility in various applications such as firefighting, beverage carbonation, enhanced oil recovery (EOR), inert gas usage, and freezing and chilling food products. The demand for carbon dioxide has risen due to increased investments in research and development for advanced technologies like carbon capture and storage (CCS) and enhanced oil recovery (EOR). Concerns over the environmental impact of carbon dioxide have prompted the establishment of multiple international government regulations. Initiatives that enforce price hikes for carbon dioxide have gained traction in a number of nations throughout the world due to growing worries about the detrimental effects of carbon emissions.

The need for dry ice in the pharmaceutical industry is a key factor in determining the need for carbon dioxide as a cooling agent during the COVID-19 pandemic since it is required for the safe storage and transportation of mRNA antibodies. The usage of dry ice for vaccine storage has greatly boosted industrial carbon dioxide producers due to the increasing immunization rate during the ongoing COVID-19 emergency. These factors are attributed to societal distancing norms and lockdown restrictions. However, there is a decrease in the need for oil and gas as well as the closure of businesses like consumer electronics, semiconductors, and automobiles, which has an impact on the end consumers' demand for carbon dioxide.   

The industrial Carbon Dioxide market is attributed to show significant growth in the forecast period due to its rising demand in various different industries. Although, it is hindered owing to the rising environmental concerns. Also the over-increasing government initiatives is further driving the Industrial Carbon Dioxide market to its substantial growth in different industrial sectors.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Industrial Carbon Dioxide Market Key Drivers:

• Rising demand for the carbon dioxide-derived fuels

Many different products that may be made using carbon dioxide as a feedstock are considered as synthetic fuels since they are generated from carbon dioxide. These include well-known, widely used products like syngas, methane, and methanol, which may be used as a fuel or as a starting point for the synthesis of carbon monoxide. Although certain fuels, like methane, have several uses in the electricity, heating, and industrial sectors, the majority of fuels generated from carbon dioxide are utilized in the transportation sector (e.g., methanol and gasoline).

They are particularly useful in sectors like aviation, where the usage of carbon-containing fuels will likely remain significant due to the difficulty of utilizing non-carbon energy sources like hydrogen or electricity. Consequently, when demand rises across several sector, the demand range for carbon dioxide-based fuels will change which will in turn boost the industrial carbon dioxide market.

• Technological advancements

The market for industrial carbon dioxide has gained new insights due to the increased demand for ecologically acceptable and sustainable carbon dioxide utilization choices. The development of carbon capture and storage (CCS) technology is the result of this. This technology is used to absorb carbon dioxide emissions from the combustion of fossil fuels in power plants, cement production facilities, and energy producing facilities. This keeps the gas from escaping into space. Applications for enhanced oil recovery in the oil and gas sector are appropriate for this acquired carbon dioxide.

Despite being a costly technology, CCS reduces the negative effects that emissions have on the environment. Because of this, the technology is advantageous and will be used more widely around the world throughout the predicted period.

Industrial Carbon Dioxide Market Restrains:

• High cost of production

The production of industrial carbon dioxide requires substantially high capital investment as the procedures for carbon dioxide extraction, purification and distribution are complex and tedious and requires massive machinery which is often expensive. These expensive equipment pose a hindrance for the small scale producers and customers to afford and hence this stands as a retrain for the market’s growth.

• Environmental concerns

The harmful Carbon Dioxide emissions is a threat to the environment which is affecting the Earth’s overall temperature, melting of glaciers, and depleting ozone layer. According to an annual report generated by the Global Carbon Project, the record 36.8 billion metric tons of greenhouse gas emissions from fossil fuels were produced in 2023, up from 1.1% more than 2022.

And hence government has set regulations for the usage of Carbon dioxide gas. Due to these compliances additional operational expenses are added which affects the overall profitability of the carbon dioxide based applications. This in turn pose as a discouragement for the companies to invest in the carbon dioxide infrastructure, hindering the growth of the market.

Industrial Carbon Dioxide Market Opportunities:

The industrial carbon dioxide market has enormous development potential due to the implementation of carbon capture and storage (CCS) technology. Businesses are looking into creative ways to capture and use carbon dioxide in order to manage emissions in a sustainable way. Further, the rising demand of carbon dioxide in the food & beverages industry and the medical industry offers substantial growth prospects. The market is developing due to the need for carbon dioxide in applications for preservation and carbonation of beverages. In conclusion, advancements in technology, rising applications in different sectors and sustainability programs are driving revolutionary changes in the industrial carbon dioxide market. Businesses may position themselves for long-term success and development in the changing market landscape by taking advantage of these new trends and possibilities.

Industrial Carbon Dioxide Market is segmented based on Application and region:

Application Insights:

• Automotive Industry:

Carbon dioxide demand is mostly driven by the automotive industry, which uses it in operations like welding and airbag inflation systems. In order to ensure passenger safety, airbag inflation systems use carbon dioxide to quickly inflate the airbags upon collision.      

• Shipping Industry:

Carbon dioxide is used extensively in the shipping industry for ship fire suppression systems and pH regulation in ballast water treatment. Carbon dioxide is a gas that fire suppression systems use to put out flames efficiently and without leaving behind residue that might harm delicate equipment. In order to stop invasive species from spreading during water discharge, carbon dioxide is also utilized to change the pH levels in ballast water.

• Aerospace:

In the aerospace industry, carbon dioxide is essential, especially for cryogenic applications and fire extinguishing systems. Because carbon dioxide can replace oxygen and put out flames without leaving toxic residues behind, it is employed as a fire suppressant in aircraft applications. In cryogenic applications, carbon dioxide also acts as a coolant to keep a variety of aeronautical components at low temperatures.

• Electronics Industry:

Carbon dioxide finds application in the electronics industry where it is used as a shielding gas during welding operations and for cleaning semiconductor components. In precision cleaning procedures, carbon dioxide is used to eliminate impurities from semiconductor surfaces without causing harm.

Among all the applications mentioned above, the one that dominated the market is the automotive industry. It uses a lot of CO? in welding and airbag inflating systems. The automobile industry is a major force behind market expansion due to its high demand for carbon dioxide for vital safety applications and production operations.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Industrial Carbon Dioxide Market Regional Insights

• North America market is estimated to witness a significantly large revenue share over the forecast period, owing to the strong infrastructure for electric vehicles. The industry is expanding as a result of investments in charging networks, subsidies from the government, and rising environmental consciousness.
• Asia Pacific market is estimated to witness fastest revenue share due to the usage of carbon dioxide-based fire extinguishers, due to its affordability, ease of use, and low maintenance requirements, they are the most popular option for industrial firefighting applications, also the food& beverage industry is gaining traction for the usage of carbon dioxide in the carbonation of beverages. 
• Europe market finds lucrative market opportunities owing to the production of foams, adhesives, and other materials by German businesses for use in the automotive and aerospace industries. Furthermore, the country's food and beverage sector is predicted to open up significant potential for the market to expand.
• Latin America market is increasing gradually due to the increasing awareness over sustainability and initiatives taken to establish charging infrastructure.
• Middle East & Africa market is an emerging market owing to the increasing demand for electric vehicles. Opportunities for market development are presented by investments in renewable energy sources and charging stations.

Report Scope:

Attribute	Details
Market Size 2024	US$ 5.4 billion
Projected Market Size 2034	US$ 7.4 billion
CAGR Growth Rate	3.5%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Application - Automotive Industry, Shipping Industry, Aerospace, and Electronics Industry.
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Industrial Carbon Dioxide Market report based on Application and region:

Industrial Carbon Dioxide Market, By Application:

• Automotive Industry
• Shipping Industry
• Aerospace
• Electronics Industry

Industrial Carbon Dioxide Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Industrial Carbon Dioxide Market includes, Gases, Inc., Linde AG, Air Products & Chemicals, Inc., Inox Air Products Ltd., Airgas, Inc., Taiyo Nippon Sanso Corp., Praxair, Inc., Matheson Tri-Gas, Inc., The BOC Group, and AGA AB.

Recent Development:

• In March 2021, the Linde Carbon Dioxide company was purchased by the Chinese chemical company Guanggang Gas (G-gas). The purchase results in an expansion of G-gas' product portfolio with the addition of new carbon dioxide choices from Linde Carbon Dioxide Company. Carbon dioxide solutions are offered by the UK-based Linde Carbon Dioxide Company.
• In May 2021, A consortium was led by oil giants ExxonMobil and Royal Dutch Shell that received around 2 billion euros (US$ 2.4 billion) in subsidies from the Dutch government. This project, located near the Port of Rotterdam, is expected to be one of the biggest carbon capture and storage (CCS) projects in the world.

• Gases, Inc.*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Linde AG
• Air Products & Chemicals, Inc.
• Inox Air Products Ltd.
• Airgas, Inc.
• Taiyo Nippon Sanso Corp.
• Praxair, Inc.
• Matheson Tri-Gas, Inc.
• The BOC Group
• AGA AB

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for medical carts Strategies
  • Key Questions this Study will Answer
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Automotive Industry
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Shipping Industry
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Aerospace
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Electronics Industry
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• GCC
• Israel
• South Africa
• Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Gases, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Linde AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Air Products & Chemicals, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Inox Air Products Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Airgas, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Taiyo Nippon Sanso Corp.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Praxair
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Matheson Tri-Gas, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• The BOC Group
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• AGA AB
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact