"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Carbon Dioxide Market Size, Share & Industry Analysis, By Form (Liquid, Gas, and Solid), By Source (Ethyl Alcohol, Hydrogen, Ethylene Oxide, Substitute Natural Gas, and Others), By End-Use Industry (Food & Beverage, Oil & Gas, Metal Fabrication, Medical, Firefighting, and Others), and Regional Forecast, 2024-2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI102866



Play Audio Listen to Audio Version

The global carbon dioxide market size was valued at USD 11.11 billion in 2023 and is projected to grow from USD 11.50 billion in 2024 to USD 15.21 billion by 2032 at a CAGR of 3.6% during the 2024-2032 period.

Carbon Dioxide (CO2) is a chemical compound composed of one carbon atom and two oxygen atoms. It is colorless, odorless, and about 60% denser than dry air. CO2 is known as a greenhouse gas due to its ability to trap heat in the earth's atmosphere. Despite being present in low concentrations in the atmosphere, it plays a crucial role in the carbon cycle. CO2 is also used in various industries for several applications, such as producing hydrogen by steam reforming natural gas or ethanol by fermentation.

Moreover, the product is a highly versatile compound that boasts a wide range of applications in various forms. It is utilized as an acidifying agent in water treatment, an inert gas for metalworking and fire suppression, a solvent for oil recovery, and in cooling applications. Thus, the increasing demand for carbonated beverages among consumers is driving market growth.

The COVID-19 pandemic had a significant impact on the global economy, including the production and supply of CO2. Many CO2 manufacturing facilities had to shutdown, resulting in decreased production rates temporarily. In addition, the shutdown of ethyl alcohol manufacturing facilities caused a shortage of CO2 worldwide. These unprecedented times certainly affected various industries and caused a drop in the availability of C02.

Carbon Dioxide Market Trends

Adoption of CCS Technology for CO2 Procurement to Boost Market Growth

Carbon Capture and Storage (CCS) is a technology used to capture CO2 emissions produced from burning fossil fuels for electricity generation, cement manufacturing, and biomass power plants, thereby preventing this gas from entering the atmosphere. This captured CO2 is suitable for enhanced oil recovery applications in the oil & gas industry. Although CCS is an expensive technology, it helps minimize the environmental impact caused by emissions. This factor makes it a beneficial technology, and its implementation across the globe is expected to increase during the forecast period. Furthermore, in September 2023, The U.S. Department of Energy’s (DOE’s) Office of Fossil Energy and Carbon Management (FECM) announced that it would be making up to USD 35 million available to advance technologies that remove Carbon Dioxide (CO2) emissions from the atmosphere. This move is observed as a major step forward in the fight against climate change and highlights the DOE's commitment to promoting clean energy and reducing carbon emissions in the U.S.

Request a Free sample to learn more about this report.

Carbon Dioxide Market Growth Factors

Increasing Use in Medical and Food & Beverage Industries to Drive Market Growth

Carbon dioxide has various applications in the medical industry, including stabilizing body cavities during minimally invasive surgery and respiratory stimulation. It is also used for tissue freezing and tooth sensitivity assessment. Moreover, gas is widely used for its effectiveness. In addition, CO2 is used in the food & beverage industry for the carbonation of beverages and freezing of meat & poultry. The market for CO2 is expected to grow due to the rising demand from packaged food & beverage producers.


Transportation Concerns Related to CO2 May Impede Market Growth

A critical challenge hampering the market's growth is the concerns related to the transportation of the product. Pipelines are widely used to transport gas. However, the lack of standards for pipeline quality authentication is expected to hinder market growth. Transporting CO2 involves high maintenance costs and the risk of leaking into the atmosphere, which, in turn, hinders the market's growth. In addition, protocols such as the Kyoto Protocol, which commits the involved countries to limit the emission of greenhouse gases, are also anticipated to be responsible for the decline in the carbon dioxide market growth during the forecast period.

Carbon Dioxide Market Segmentation Analysis

By Form Analysis

Liquid Segment Dominates Due to its Suitability for a Variety of Applications

Based on form, the market is segmented into liquid, gas, and solid. The liquid segment held the largest carbon dioxide market share in 2023. Liquid carbon dioxide is a versatile and widely used form that is commonly found in the market. It is a colorless, odorless, non-flammable, and non-toxic liquid that is stored in high-pressure cylinders or tanks. Liquid carbon dioxide has a wide range of applications in various industries, such as food and beverages, healthcare, chemical processing, and more.

In its gaseous form, the market is anticipated to depict considerable growth during the forecast period. It is a compound that is widely used in various industrial applications. It is used in the food and beverage industry for the carbonation of soft drinks and beer and as a refrigerant in cooling systems. CO2 is also used as a shielding gas in welding and metal fabrication and as a fire-extinguishing agent in certain situations. In addition, it is used in the oil and gas industry for enhanced oil recovery and in the medical field for respiratory therapy.

The solid form of the segment held a substantial market share in 2023. Solid carbon dioxide, also known as dry ice, is commonly used for cooling and freezing purposes. It is used in the food industry to transport and store frozen foods and for creating smoke effects in theater productions and special effects for movies. In the medical field, dry ice is used to transport organs and tissues for transplantation. It is also used in the cleaning industry to blast away dirt and grime from various surfaces and preserve biological samples.

By Source Analysis

Ethyl Alcohol Segment Led Due to Common Usage for Compound Production

Based on source, the market is segmented into ethyl alcohol, hydrogen, ethylene oxide, substitute natural gas, and others. The ethyl alcohol segment held the largest market share in 2023. Ethyl alcohol, also known as ethanol, is commonly used for producing CO2 gas. It is a byproduct of the fermentation process that occurs when yeast or bacteria break down sugars in the presence of oxygen. This process is widely used in the food and beverage industries, particularly in the production of beer, wine, and bread. In these applications, CO2 is a byproduct of the fermentation process and is often captured and used for carbonation. Ethyl alcohol can also be used as a fuel source in combustion engines, which produces CO2 as a byproduct.

The hydrogen segment will grow at a significant rate during the forecast period. Hydrogen can also be used to produce CO2, although it is not a direct source of CO2 production. It can be used as a fuel source in internal combustion engines or fuel cells, which produce water vapor as a byproduct. However, the production of hydrogen itself requires energy, and the most common method of producing hydrogen involves the use of fossil fuels, which produce CO2 emissions. Therefore, while hydrogen can be used as a fuel source that produces less harmful emissions than traditional fossil fuels when burned, the overall impact on the environment depends on how the hydrogen is produced in the first place.

By End-Use Industry Analysis

To know how our report can help streamline your business, Speak to Analyst

Food & Beverage Segment Leads Owing to Growing Consumption in Processed Food Industry

Based on end-use industry, the market is segmented into food & beverage, oil & gas, metal fabrication, medical, firefighting, and others.

The food & beverage segment accounts for the major share in the carbon dioxide market. In the food & beverage industry, CO2 is used in carbonated drinks, frozen poultry, and food products and to control pH levels. Moreover, changing lifestyle choices have increased the demand for ready-to-make and frozen foods, thereby increasing product consumption. In addition, the exponentially increasing population has propelled the demand for food and beverage products, which is slated to support the segment’s growth.

The substantial growth of the medical segment can be attributed to the development of advanced surgical procedures such as endoscopy and laparoscopy. In addition, the rising need for vaccines globally is anticipated to propel the consumption of dry ice.

Furthermore, the oil & gas segment is witnessing stable growth in CO2 demand due to its use as a solvent for oil recovery. This gas is used as a supercritical solvent for enhanced oil recovery and can increase oil output by 15%-20%. The demand for this gas boosts the fabrication of metals as it is used to protect the molten metal from atmospheric contamination during welding processes. The gas is also used as a cooling agent during electric arc welding. Hence, the growing metal fabrication industry would drive the demand for carbon dioxide.


By region, the market is divided into the Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.

Asia Pacific Carbon Dioxide Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

Asia Pacific is the dominating region owing to high demand from food & beverage and medical industries. China, being a manufacturing hub for several industries, is the largest contributor to the demand for the product, which shall further drive the market's growth in this region. Moreover, the market growth in India is linked to the boost in consumption of beverages owing to the growing population and rising disposable income.

To know how our report can help streamline your business, Speak to Analyst

The market in North America is also expected to witness significant growth in the coming years. The U.S. is a major contributor to product usage, accounting for a significant share of the region's overall market. The market in North America is characterized by a rise in demand for oil recovery applications, thereby promoting product use in the region.

The market in Europe is to be governed by the gas usage for carbonation of alcoholic and non-alcoholic beverages in the food & beverages industry. Some of the major players in Europe include Linde plc, Air Liquide, and SOL Spa, among others.

The market growth in Latin America can be attributed to the rising demand in industries such as food & beverage and medical. The demand for CO2 is exceptionally high in Brazil, Mexico, and Argentina, which are among the largest markets for industrial gases in the region.

The market in the Middle East & Africa is expected to experience substantial growth during the forecast period. The rising oil & gas exploration activities and the advancement of oil recovery technologies consuming carbon dioxide are poised to increase its demand. Therefore, the market in these regions is slated to witness growth during the forecast period.

List of Key Companies in Carbon Dioxide Market

Key Players Heavily Invest in R&D to Enhance Product Output

The competitive landscape depicts a consolidated and competitive market. Global players in the market have heavily invested in the research and development of better technologies to improve product output. Superior operational efficiency and novel technology development are the strategies used by the market leaders for their growth. In addition, major players are focusing on acquisition and expansion activities to increase their market share.



  • April 2023 – ExxonMobil announced that it will be storing carbon dioxide from Linde's blue hydrogen complex in the state of California in the U.S. The project aims to capture 90% of CO2 emitted from the hydrogen production process, which will then be stored in geologic formations in the vicinity. The initiative is part of ExxonMobil's plan to invest USD 3 billion in lower-emissions technology over the next few years.

  • February 2023 – POET announced plans to build a new facility at its bioprocessing location in Laddonia. The facility will capture over 200 tons per day of CO2 and manufacture dry ice. POET is the fastest-growing renewable CO2 business in the U.S. and sells the product for soda carbonation, food processing, and industrial uses.

  • March 2021 – Air Liquide entered an agreement with the Gippsland Basin Joint Venture, a 50-50 joint venture between BHP Petroleum (Bass Strait) Pty Ltd and Esso Australia Resources Pty Ltd, for the construction of a new facility to deliver carbon dioxide to Australian industries. This facility will be built next to the Longford Gas Conditioning Plant, owned by Gippsland Basin Joint Venture and operated by Esso Australia, which will capture CO2 from its operations and supply it to Air Liquide for purification and reuse.

  • March 2019 – Air Products acquired ACP Europe SA, one of the largest independent carbon dioxide companies in Europe. The acquisition helped the company serve its customers efficiently and boosted growth opportunities across additional European geographies.


An Infographic Representation of Carbon Dioxide Market

To get information on various segments, share your queries with us

The report provides a detailed analysis of the market and focuses on key aspects such as key companies, product types, and leading end-use industries. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion), Volume (Million Ton)

Growth Rate

CAGR of 3.6% from 2024 to 2032




By Form

  • Liquid

  • Gas

  • Solid

By Source

  • Ethyl Alcohol

  • Hydrogen

  • Ethylene Oxide

  • Substitute Natural Gas

  • Others

By End-Use Industry

  • Food & Beverage

  • Oil & Gas

  • Medical

  • Metal Fabrication

  • Firefighting

  • Others

By Region

  • North America (By Form, Source, End-Use Industry, Country)

    • U.S.  (By End-Use Industry)

    • Canada (By End-Use Industry)

  • Europe (By Form, Source, End-Use Industry, Country)

    • Germany (By End-Use Industry)

    • France (By End-Use Industry)

    • Italy (By End-Use Industry)

    • U.K. (By End-Use Industry)

    • Rest of Europe (By End-Use Industry)

  • Asia Pacific (By Form, Source, End-Use Industry, Country)

    • China (By End-Use Industry)

    • India (By End-Use Industry)

    • South Korea (By End-Use Industry)

    • Japan (By End-Use Industry)

    • Rest of the Asia Pacific (By End-Use Industry)

  • Latin America (By Form, Source, End-Use Industry, Country)

    • Brazil (By End-Use Industry)

    • Mexico (By End-Use Industry)

    • Rest of Latin America (By End-Use Industry)

  •  Middle East & Africa (By Form, Source, End-Use Industry, Country)

    • GCC (By End-Use Industry)

    • South Africa (By End-Use Industry)

  • Rest of the Middle East & Africa (By End-Use Industry)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 11.11 billion in 2023 and is projected to reach USD 15.21 billion by 2032.

In 2023, the market value of the Asia Pacific stood at USD 5.08 billion.

Growing at a CAGR of 3.6%, the market is expected to exhibit steady growth in the forecast period (2024-2032).

By end-use industry, the food & beverage segment leads the market.

Increasing use in the medical industry is the key factor driving the market growth.

Linde plc, Air Products and Chemicals, Inc., and Air Liquide are the top players in the market.

Asia Pacific held the dominant market share in 2023.

Rising demand from the oil & gas and food & beverage industries supports product adoption.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 280

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

LG Chem

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.