After a detailed analysis, Triton Market Research has determined that the carbon dioxide market is likely to witness an upsurge and will grow at a CAGR of 3.02% and 2.59% in terms of revenue and volume respectively over the forecast period of 2019 to 2028. The market, which was valued at $7376.6 million in 2019, is expected to reach $9641.6 million by 2028.
Carbon dioxide is an integral element of many industrial processes and many consumer products. Beverage companies are known for using carbon dioxide for carbonating the soft drinks to give them a unique taste and feel in the mouth. Carbon dioxide is majorly used in the oil & gas industry to enhance oil & gas recovery from the reservoirs. Many sources are used for extracting carbon dioxide, but the extensively used source is ethyl alcohol.
Within this report from Triton Market Research on the carbon dioxide market, the market definition and key insights regarding the industry are discussed. Also, the market attractiveness matrix, vendor scorecard, value chain analysis, PESTEL analysis and Porter’s five force analysis are studied for the carbon dioxide industry.
Market drivers like the use of carbon dioxide in enhancing oil recovery and the growing demand for soft drinks are fueling the growth of this market. The industry is facing market restraints like the huge cost of capturing and storing carbon dioxide. Key opportunities, such as the increasing use of CO2 in the medical industry, can be leveraged by the carbon dioxide industry to get towards the projected growth. Environmental challenges are faced by the industry at this moment, creating hurdles in market growth.
Geographies covered for the global carbon dioxide market include:
• North America: United States and Canada
• Europe: United Kingdom, Germany, France, Italy, Spain, Russia and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand and Rest of Asia-Pacific
• Latin America: Brazil, Mexico and Rest of Latin America
• Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa and Rest of Middle East & Africa
The segmentation analysis of the global carbon dioxide market are:
• Market by source:
O Ethyl alcohol
O Ethylene oxide
O Hydrogen
O Substitute natural gas
O Others
• Market by application:
O Oil & gas
O Food & beverages
O Medical
O Rubber
O Fire fighting
O Others
Some of the prominent players in the carbon dioxide market are BOC, Air Liquide, Air Products And Chemicals Inc, Linde, Universal Industrial Gases Inc, Continental Carbonic Products Inc, Inox Air Products Pvt Ltd (Air Products and Chemicals Inc), Cosmo Engineering Co Ltd, Airgas Inc and Matheson Tri-Gas Inc.
The strategic analysis for each of these companies in the carbon dioxide market is covered in detail. Company profiles help to dive into the information about the key market players in this industry and how much hold they have on the market. The immense growth opportunities are attracting new companies to rush into the market and thus accelerating the degree of competition.