Carbon Dioxide Industry Overview
The global carbon dioxide market size was valued at USD 7.80 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. The rise in utilization of carbon dioxide (CO2) in the oil & gas sector for Enhanced Oil Recovery (EOR) technology has been one of the key drivers for the market in countries that are working to enhance production efficiency from oil wells. The CO2 gas has been used for medical applications in form of an insufflation component for several surgical procedures including laparoscopy, endoscopy, and arthroscopy. A shift in focus of governments towards improvement in healthcare facilities owing to the ongoing global COVID-19 pandemic will also support the market growth. Gather more insights about the market drivers, restrains and growth of the Global Carbon Dioxide Market CO2 is used in numerous applications, such as inert gas in firefighting, enhanced Oil recovery (EOR), carbonation of beverages, and freezing & cooling food products. Increased investments in R&D for advanced technologies in EOR and Carbon Capture & Storage (CCS) have led to an increase in the demand for CO2. The harmful impact of carbon dioxide on the environment has resulted in the formulation of various government regulations globally. The rising concerns regarding the harmful impact of carbon emissions have encouraged carbon-pricing initiatives in several countries of the world. These regulations help limit the emissions into the atmosphere. A rise in carbon emissions has led some countries to opt for CCS to limit their carbon footprint. However, the high cost of CCS technology is among the key restraint for the market. The COVID-19 pandemic has resulted in a dip in the supply of carbon dioxide, which is made from ethyl alcohol manufacturing. According to Renewable Fuels Association, in 2020, ethyl alcohol plants in the U.S. had curbed production due to falling demand for ethanol due to strict lockdown in the country. Browse through Grand View Research's Conventional Energy Industry Research Reports.
Carbon Dioxide Market Segmentation Grand View Research has segmented the global carbon dioxide market report on the basis of source, application, and region:
Market Share Insights
Key Companies profiled: Some of the prominent players in the global carbon dioxide market include:
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