According to a report, “Carbon Dioxide (CO2) Market Analysis By Sources (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas), By Application (Food & Beverages, Oil & Gas, Medical, Rubber, Fire Fighting), Competitive Landscape, And Segment Forecasts, 2018 – 2025” , published by Grand View Research, Inc., The global carbon dioxide market size is expected to reach USD 8.6 billion by 2025. Carbon dioxide is a high profile greenhouse gas. However, the excessive amount of CO2 is being dumped into the atmosphere from past few years due to the growth in industrialization. This has resulted in global warming, suffocation of living organisms, and various other health related problems which becomes toxic and harmful to humans.
Key Takeaways from the report:
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The global carbon dioxide demand was USD 6.0 billion in 2015 and is expected to grow at a CAGR of 3.7% from 2016 to 2025
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Ethyl alcohol dominated the source segment with over 34% of the market share in 2015 owing to the extensive availability of resources, and cheap processes involved
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Asia Pacific region had a market share of over 30% in 2015. The market in the region is expected to grow due to rising demand in the food & beverage industry, especially in the emerging economies.
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North America was the dominant market in 2015, and the Middle East and Africa is anticipated to have the highest growth rate over the forecast period
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The market is highly consolidated and competitive in nature. Some of the major industry participants include Linde AG, Air Products and Chemical, Inc., Praxair, Inc., and Air Liquide.
To control and regulate the emission from CO2 in the atmosphere, government across the globe have formed various regulations such as Directive 2009/31/EC and Carbon Pollution Standard for new, modified and reconstructed power plants. These regulations have formulated specific rules for the storage, transport, usage and limiting the emission of carbon dioxide into the atmosphere.
U.S. carbon dioxide market revenue by application, 2014 – 2025 (USD Million)
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Thermic Fluids Market: Growing thermic fluid demand from concentrated solar power plants is expected to be a key driving factor for market demand over the next six years. Thermic fluids are used to transfer and store heat utilized for producing electricity. In addition, positive outlook on food and beverages market is also expected to enhance market penetration for food grade thermic fluids.
Mineral oils emerged as the leading product segment in the global market and accounted for 41.7% of the total thermic fluid volume in 2013. Mineral oils were followed by aromatic based thermic fluids, however, glycol based thermic fluids are expected to be the fastest growing product segment, at an estimated CAGR of 7.9% from 2014 to 2020.
Naphtha Market: Demand is also being driven by its robust use for hydrocarbon cracking process in the petrochemical industry. Naphtha is an essential part of hydrocarbon cracking process, which is conducted under extreme pressure and heat, as it exhibits superior heat resistant properties. Various environmental regulations and region dependent pricing also make the choice for usage of naphtha materials in the production process.The global demand is estimated to be worth USD 183.38 billion by 2022. Chemical feedstock was the largest application of naphtha accounting for 65% of the total market share in 2014 and is anticipated to grow at a CAGR of 7.7% over the forecast period.
Global carbon dioxide market share by region, 2015 (USD Million)
Companies are also developing advanced carbon capturing and storage technologies such as CCS for effectively capturing, purifying, liquefying, and storing CO2. These companies are also involved in developing effective systems for transporting CO2, which include pipelines, ships, rail, and road tankers. Oil and gas is the major application segment for carbon dioxide market from past few years. Growing demand for crude oil and advancement in the EOR technologies are the major factor fueling the growth in this segment. In 2015, oil & gas application was followed by food & beverages sector in terms of growth. Increasing demand for carbonation of beverages is anticipated to drive the growth of food & beverages market segment.
Grand View Research has segmented the carbon dioxide market on the basis of source, application, and region:
Carbon Dioxide Source Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
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Hydrogen
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Ethyl alcohol
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Ethylene oxide
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Substitute natural gas
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Others
Carbon Dioxide Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
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Food & beverages
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Oil & gas
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Medical
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Rubber
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Fire fighting
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Others
Carbon Dioxide Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
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North America
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U.S
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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Asia Pacific
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China
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India
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Japan
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South Korea
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Central & South America
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Brazil
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Argentina
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Middle East and Africa
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Saudi Arabia
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UAE
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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