Carbon Dioxide Global Market Opportunities And Strategies To 2034

The carbon dioxide market is segmented by type into liquid carbon dioxide, solid carbon dioxide and gaseous carbon dioxide. The gaseous carbon dioxide market was the largest segment of the carbon dioxide market segmented by type, accounting for 64.22% or $8.43 billion of the total in 2024. Going forward, the solid carbon dioxide segment is expected to be the fastest growing segment in the carbon dioxide market segmented by type, at a CAGR of 10.19% during 2024-2029.

The carbon dioxide market is segmented by grade type into medical grade, food grade, industrial grade and other grades. The industrial grade market was the largest segment of the carbon dioxide market segmented by grade type, accounting for 55.89% or $7.33 billion of the total in 2024. Going forward, the medical grade segment is expected to be the fastest growing segment in the carbon dioxide market segmented by grade type, at a CAGR of 10.70% during 2024-2029.

The carbon dioxide market is segmented by application into food, beverages, oil and gas, medical, rubber, firefighting, chemicals, metal products, and other applications. The beverages market was the largest segment of the carbon dioxide market segmented by application, accounting for 25.90% or $3.4 billion of the total in 2024. Going forward, the firefighting segment is expected to be the fastest growing segment in the carbon dioxide market segmented by application, at a CAGR of 10.41% during 2024-2029.

Asia-Pacific was the largest region in the carbon dioxide market, accounting for 45.94% or $6.03 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the carbon dioxide market will be Africa and South America where growth will be at CAGRs of 17.17% and 13.55% respectively. These will be followed by Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 12.74% and 11.27% respectively.

The global carbon dioxide market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 81.89% of the total market in 2023. Air Liquide S.A. was the largest competitor with a 35.48% share of the market, followed by Linde PLC with 25.56%, Air Products and Chemicals, Inc. with 11.69%, Nippon Sanso Holdings Corporation with 3.80%, Air Water Inc. with 2.12%, Iwatani Corporation with 1.11%, Messer SE & Co. KGaA with 0.97%, SOL Spa with 0.52%, India Glycols Limited with 0.34% and Gulf Cryo with 0.30%.

The top opportunities in the carbon dioxide market segmented by type will arise in the gaseous carbon dioxide segment, which will gain $5.03 billion of global annual sales by 2029. The top opportunities in the carbon dioxide market segmented by grade type will arise in the industrial grade segment, which will gain $4.31 billion of global annual sales by 2029. The top opportunities in the carbon dioxide market segmented by application will arise in the beverages segment, which will gain $2.15 billion of global annual sales by 2029. The carbon dioxide market size will gain the most in China at $2.43 billion.

Market-trend-based strategies for the carbon dioxide market include data-driven platforms facilitate carbon credit compliance, virtual repositories transform carbon data management, revolutionizing carbon capture with advanced sorbent technology, increasing focus on carbon dioxide separation technologies, advancing nature-based solutions to drive carbon sequestration and strategic partnerships and collaborations to drive innovation in the market.

This report describes and explains the carbon dioxide market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global carbon dioxide market reached a value of nearly $13.12 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.91% since 2019. The market is expected to grow from $13.12 billion in 2024 to $21.11 billion in 2029 at a rate of 9.97%. The market is then expected to grow at a CAGR of 9.65% from 2029 and reach $33.46 billion in 2034.

Growth in the historic period resulted from increasing awareness to reduce greenhouse gas emissions, rising demand from the food and beverage industry, growing government initiatives, expansion of the healthcare and medical sector and expansion of cold chain and refrigeration industries. Factors that negatively affected growth in the historic period were the uncertain regulatory landscape and safety concerns.

Going forward, growth in enhanced oil recovery (EOR) projects, increasing adoption in metal fabrication and welding, expansion of chemical manufacturing industries and growing demand for firefighting support will drive growth. Factor that could hinder the growth of the carbon dioxide market in the future include were lack of CO₂ infrastructure and competition from alternative gases.

Player-adopted strategies in the carbon dioxide market include focus on expanding its business capabilities through new partnerships and growth centers on expanding its capabilities through strategic alliances.

To take advantage of the opportunities, the analyst recommends the carbon dioxide market companies to focus on enhancing CCUS operations through digital platform development, focus on leveraging digital platforms for carbon data management, focus on scaling innovative carbon capture technologies, focus on advancing carbon dioxide separation technologies for reuse and sustainability, focus on developing nature-based solutions for carbon sequestration, focus on solid carbon dioxide to capture high-growth opportunities, focus on medical grade carbon dioxide to maximize growth potential, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels through strategic partnerships, focus on pricing strategies for carbon dioxide companies, focus on digital and direct marketing strategies, focus on industry-specific messaging and focus on firefighting segment to leverage highest growth in application areas.

This product will be delivered within 3-5 business days.