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The global carbon monoxide market size was valued at USD 3.26 billion in 2022 and is projected to grow from USD 3.36 billion in 2023 to USD 4.53 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period.
Carbon monoxide (CO) is a strong reducing agent and plays a vital role in the extraction of iron in blast furnaces. The global market is expected to witness extensive growth due to the rising demand from metal extraction and processing industries. Moreover, growing investment toward the development of advanced and technical products is further enhancing the product applications and creating opportunities for the market players. In addition, the rising number of research and development activities will further propel the carbon monoxide market growth.
Falling Revenue and Increasing Challenges Negatively Hampered Market Growth amid the Pandemic
The COVID-19 pandemic changed the dynamics of the global economy without any warning. This event affected the chemical industry, which is one of the pillars of the global economy. After the declaration of the COVID-19 pandemic by the World Health Organization, it became necessary to mandate rules and regulations to avoid the spreading of infection in this strongly integrated and connected world. Amid the slowdown of the global economy, the halt in production activities, migration of workers, stringent restrictions on transportation and economic uncertainty in the market disrupted the supply chains.
Carbon monoxide is a byproduct of certain commercial grade chemical production processes. The halt in production of chemicals subsequently reduced the CO production. In addition, the decline in product demand from the mining and metal extraction industries hampered the growth rate of the market.
However, government regulations and intervention in the social and economic situations caused due to the pandemic depicted signs of a global economic revival.
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Increasing Adoption of Syngas is an Emerging Trend in the Market
The shortage of conservative petroleum resources and progression in the solid-to-gas conversion technologies revived the demand for the use of solid fuels. Among all conversion technologies, gasification is the most consistent and energy efficient with advantages in both upstream and downstream flexibility. Syngas, also known as water gas or synthesis gas, is a combination of carbon monoxide (60-65%), hydrogen (25-30%), methane, and carbon dioxide in trace amounts.
Syngas is used as a fuel across various applications in numerous industrial processes. The compound is produced from biomass and solid waste, which is a carbon-neutral fuel supposed to be an encouraging type of fuel for next-generation engines. Syngas was extensively used for spark-ignition engines in the World War II era. It has higher laminar flame speed as matched to Compressed Natural Gas (CNG). The increasing use of syngas as industrial fuel gas is expected to act as an opportunity for the market.
Swelling Demand for Organic and Inorganic Chemicals to Propel Market Growth
Carbon monoxide is an important reducing agent employed in the production of various organic and inorganic chemicals. The growing demand for chemicals from sectors such as pharmaceuticals, bulk chemical manufacturing, construction, and food & beverages is expected to drive market growth. CO is an important industrial compound employed in producing syngas or water gas. Syngas is used as fuel in industrial operations and is an efficient reducing agent used in producing metal from their oxides. For instance, CO is passed over iron oxides to form metallic iron. The industrial gas is also employed in meat and fish packaging. According to the National Center of Biotechnology Information of the U.S., a blend of low levels of CO with CO2 in high concentrations is used to reduce the growth of microbes and therefore, and is employed in meat and fish packaging.
The high demand for the product in pure form as well as syngas from various end-use sectors is likely to bolster market growth.
Increasing Mining and Metal Extraction Activities to Drive the Market Expansion
Carbon monoxide is used as a reducing agent in the metals and mineral industry during the refinery process. There has been a significant increase in the mining and metal extraction activities since the last decade. The high demand for iron ore and iron metallic from various end-sectors across the globe is likely to boost the product demand. The product demand is also impelled by exceptional properties such as high affinity toward transition metals. The compound does not exhibit acidic or basic properties and is predominantly used in the metal extraction process. According to the U.S. Geological Survey, (USGS) 48,000 thousand metric tons of iron ore was produced in the U.S. in 2019. The high product demand from the metal extraction and purification process is likely to drive the market growth.
Poisonous Nature of the Gas May Hamper the Market
Carbon monoxide is a poisonous gas, which can result in death if exposed for a longer period. It readily combines with hemoglobin to form carboxyhemoglobin, which potentially affects gas exchange, which can further lead to fatality. Nowadays, industries are following very strict and stringent regulations for the use of CO. These regulations ensure a safe working environment and avoid any dangerous, life-threatening situations for workers. Thus, regulations implemented by governments to ensure safety in workplaces is primarily hindering the growth of the market.
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Metal Fabrication Segment to Hold Significant Share Due to Rapid Urbanization
In terms of application, the market is segmented into metal fabrication, chemicals, ore processing & extraction, pharma & biotechnology, and electronics. The metal fabrication segment held the largest carbon monoxide market share in 2022. The high demand for the product in metal extraction, purification, and fabrication applications is anticipated to propel the growth of this segment. The chemicals and ore processing & extraction segments are expected to generate significant revenue. The product is mainly consumed in the manufacturing process of several inorganic as well as organic chemicals, including metal carbonyls, titanium dioxide, and benzaldehyde.
Asia Pacific Carbon Monoxide Market Size, 2022 (USD Billion)
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The market size in Asia Pacific stood at USD 1.36 billion in 2022. The high demand from metal extracting and processing companies is expected to boost the regional market growth. The large manufacturing base for end-user industries such as chemical and pharmaceuticals is expected to boost the Asia Pacific carbon monoxide market growth. Moreover, high demand for electronic grade high purity CO from China and Japan for the production of ICs and other sensitive components is expected to influence industry growth.
The Europe market is expected to show significant growth owing to the presence of a large manufacturing base for carbon monoxide. For instance, the presence of Linde and Air Liquide, renowned commercial manufacturers of industrial gases, will significantly contribute toward the Europe market. Additionally, the rising product demand from the metal fabrication and pharma & medical manufacturing sectors is likely to foster regional growth.
North America is expected to show considerable growth owing to ample manufacturers present in the U.S. The growing mining activities and rising metal ore exploration are influencing market growth. According to the U.S. Geological Survey, the U.S. metal mine production in 2020 was estimated to be 3% higher than 2019, of which iron ore comprised 15%. The predominant use of CO in iron extraction from iron ore in blast furnaces is expected to propel market growth.
Latin America is expected to show moderate growth by the end of the forecast period attributed to the growing ore exploration activities. The abundant availability of non-ferrous metals, especially copper, is likely to increase the product demand as a reducing agent in the extraction process.
The Middle East and Africa is anticipated to exhibit substantial growth over the study period. The swelling demand from end-use sectors is expected to boost market growth in the region.
Key Companies to Adopt Strategies and Broaden their Market Presence
With a large number of global players, the market is consolidated. Air liquid, Linde Plc., Air Products, and Praxair are the key players operating in the market. Industry players operate principally based on the product's price and application characteristics. To boost their market, share and achieve a competitive advantage, several major players are engaged in numerous strategic alliances to promote brand and sales.
An Infographic Representation of Carbon Monoxide Market
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The report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and raw materials. Additionally, the report offers insights into market growth trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market growth in recent years. It includes historical data and forecasts revenue growth at the global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.
CAGR of 4.4% during 2023 to 2030
Value (USD Billion)
By Application and Region
Fortune Business Insights says that the global market size was USD 3.26 billion in 2022 and is projected to reach USD 4.53 billion by 2030.
In 2022, the Asia Pacific market size stood at USD 1.36 billion.
Growing at a CAGR of 4.4%, the market will exhibit steady growth during the forecast period (2023-2030).
Metal fabrication is expected to be the leading segment in this market during the forecast period.
Growing mining and metal exploration activities are expected to drive the market growth.
Air Liquide, Praxair, Linde Plc., and Air Products are major players in the global market.
Asia Pacific held a dominant share in the market in 2022.
The high demand from metal working applications is expected to drive the product adoption.
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