Combustion Carbon Dioxide Market to Create an Absolute $ Opportunity of US$ 1.1 Bn by 2031

The U.S. and China together account for a vast majority of carbon dioxide supply & demand. This is mainly due to the fact that these countries are home to a large number of metal manufacturing & fabrication and food & beverage industries, where carbon dioxide plays a vital role in their processes. Further, increasing consumption from end-use industries such as oil & gas and food & beverages followed by surging adoption of carbon dioxide in medical and related industries is being seen across regions.

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The CO2 market is partially consolidated in nature, with a notable amount of players catering to overall demand. Majority of players are involved in strategies such as acquisitions and joint-ventures to gain market position.

As per the latest revised report published by Fact.MR, the global carbon dioxide (CO2) market is anticipated to surpass a valuation of US$ 3.5 Bn in 2021, and is poised to expand at a CAGR of more than 8% over the next ten years.

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Key Takeaways from Market Study

  • The carbon dioxide market is anticipated to add 2.2X value by 2031.
  • Combustion segment to capture major portion, equivalent to more than half of the global market share, and is set to create an absolute $ opportunity of around US$ 1.1 Bn over the forecast period.
  • Among the end use industries, metal manufacturing & fabrication and food & beverages are set to be the fastest-growing.
  • In 2021, North America is set to dominate market revenue, but by 2031 it is anticipated to lose 152 BPS.
  • The market in China, the U.S. and India is expected to rise at around 8% CAGR each through 2031.
  • Due to the COVID-19 crisis, demand for carbon dioxide was hit in 2020, which saw a decline in the 2nd and 3rd quarters of the year.

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“Investing in cost-effective transportation systems for carbon-dioxide to reduce overall product price would be the focus of CO2 manufacturing companies,” says a Fact.MR analyst.


Fact.MR has profiled the following top CO2 manufacturers in its report:

  • Linde Group
  • Air Liquide
  • Praxair Inc
  • Air Products and Chemicals Inc
  • Gulf Cryo
  • Abdullah Hashim Industrial & Equipment Co
  • Bristol Gases – Concorde Corodex Group
  • Buzwair Industrial Gases Factory

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