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The global carbon monoxide market size was USD 3.12 billion in 2020. The market is projected to grow from USD 3.18 billion in 2021 to USD 3.94 billion in 2028 at a CAGR of 3.1% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 0.52% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The global market is expected to witness extensive growth due to the increasing demand from the metal extraction and processing industries. Carbon monoxide is a strong reducing agent and plays a vital role in extracting iron in blast furnaces.
Falling Revenue and Increasing Challenges to Hamper Market Negatively Due to the Pandemic
The COVID-19 pandemic had a strong negative impact on the global economy, affecting several industries, including chemical manufacturing. This event affected the chemical industry, 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. Amidst 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 supply chains.
Carbon monoxide (CO) is a byproduct of certain commercial chemical production processes. The halt in the production of chemicals subsequently reduced production. Additionally, decline product demand from the mining and metal extraction industries is expected to record a decline in the growth rate.
However, the outbreak of COVID-19 pandemic has forced governments to intervene in social as well as economic issues. This is expected to rejuvenate the global economy.
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Increasing Adoption of Syngas to Bolster Market
Shortage of conservative petroleum resources and progression in solid-to-gas conversion technologies have revived attention toward solid fuels. Gasification is the most consistent and energy-efficient in all conversion technologies with advantages in both upstream and downstream flexibility. Syngas, also known as water gas or synthesis gas, combine carbon monoxide (60-65%), hydrogen (25-30%), methane, and carbon dioxide in trace amounts. Syngas as a fuel finds its applications in various industrial processes. It is also produced from biomass and solid waste, a carbon-neutral fuel that is supposed to be the fuel for next-generation engines.
Syngas was extensively used for spark-ignition engines during the World War II era. It has a higher laminar flame speed as compared to compressed natural gas (CNG). The increasing use of syngas as an industrial fuel gas is expected to act as a market opportunity.
Swelling Demand for Organic and Inorganic Chemicals to Propel Market Growth
The carbon monoxide market is anticipated to show significant growth by the end of the forecast period. It is an important reducing agent employed in producing various organic and inorganic chemicals. Growing demand for chemicals from sectors, such as pharmaceuticals, bulk chemical manufacturing, construction, food & beverages, and others, is fueling the product demand further. Carbon monoxide is an important industrial compound, which is also employed in producing water gas or syngas. Syngas is also used as fuel in industrial operations. This gas is an efficient reducing agent used in producing metal from their oxides. For instance, CO is passed over iron oxides to form metallic iron.
For instance, this industrial gas is 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 for reducing the growth of microbes, and thus employed in meat and fish packaging. Higher demand for the product in its pure form and syngas form from various end-use sectors is expected to bolster the market growth.
Increasing Mining and Metal Extraction Activities to Drive Market
Since the last decade, there has been a significant increase in mining and metal extraction activities. High demand for iron ore and iron metallic from various end-sectors across the world is expected to boost the product demand. Exceptional properties, such as high affinity toward transition metals, are expected to augment demand. Also, it doesn’t show acidic or basic properties and is predominantly used in the metal extraction process. According to the United States Geological Survey (USGS), in 2019, 48,000 metric tons of iron ore were produced in the U.S. High demand for the product for metal extraction and purification process is expected to drive the market growth.
Poisonous Nature of the Gas May Hamper the Market Development
Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It readily combines with hemoglobin to carboxyhemoglobin, which potentially affects gas exchange, further leading to fatality. This is expected to hinder the market growth.
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Metal Fabrication Segment to Dominate Market Share Led by Increasing Urbanization
In terms of application, the carbon monoxide market share is broken into metal fabrication, chemicals, ore processing & extraction, pharma & biotechnology, and electronics. Metal fabrication service segment generated the highest revenue in 2020. The high demand for the product in metal extraction, purification, and fabrication applications is anticipated to propel the growth of this segment. Chemicals and ore processing & extraction segments are expected to generate significant revenue. The product is mainly consumed in manufacturing process of several inorganic as well as organic chemicals, including metal carbonyls, titanium dioxide, benzaldehyde, and others.
Asia Pacific Carbon Monoxide Market Size, 2020 (USD Billion)
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The Asia Pacific market size stood at USD 1.33 billion in 2020. High demand from metal extracting and processing companies will boost the regional market growth. A large manufacturing base for end-user industries, such as chemical and pharmaceuticals will augment the regional growth. Moreover, high demand for an electronic grade high purity carbon monoxide from China and Japan for the production of ICs and other sensitive components is expected to influence growth.
The Europe market is expected to show significant growth, owing to the presence of a large manufacturing base for this product. For instance, the presence of Linde and Air Liquide, renowned commercial manufacturers of industrial gases, will significantly contribute toward the Europe market. Additionally, rise in demand from metal fabrication and the pharma & medical manufacturing sector is expected to foster growth.
North America is expected to show considerable growth due to ample manufacturers present in the U.S. Growing mining activities and metal ore exploration influence the market growth. According to the United States Geological Survey, the U.S. metal mine production in 2020 was estimated to be 3% higher than 2019, and iron ore comprised 15%. The predominant use of CO in iron extraction from iron ore in blast furnaces is expected to propel the market growth.
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Latin America will exhibit moderate growth by the end of the forecast period attributed to growing ore exploration activities. The abundant availability of non-ferrous metals, especially copper, is expected to increase the product demand as a reducing agent in the extraction process.
The Middle East & Africa is expected to exhibit rational growth. Swelling demand from end-use sectors is expected to boost the market growth.
Major Players to Explore New Strategies to Strengthen their Market Position
The market is fairly consolidated in nature due to the presence of several key players. Air liquid, Linde Plc., Air Products, and Praxair are the key market players operating. Many companies are involved in strategies such as mergers, acquisitions, and collaborations to stay ahead of the competition. These strategies enable market players to gain a stronger foothold in the market and boost their brand value.
An Infographic Representation of Carbon Monoxide Market
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The global carbon monoxide market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products, and raw materials. It also offers insights into market 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 & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.
Value (USD Billion)
By Application and Region
Fortune Business Insights says that the global market size was USD 3.12 billion in 2020 and is projected to reach USD 3.94 billion by 2028.
In 2020, the Asia Pacific market size stood at USD 1.33 billion
Growing at a CAGR of 3.1%, the market will exhibit steady growth during the forecast period (2021-2028).
The metal fabrication segment 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.
Air Liquide, Praxair, Linde Plc., and Air Products are major players in the global market.
Asia Pacific controlled the market share in 2020
High demand from metal working applications will act as an opportunity for the market.
Extensive demand from metal extraction industries is a major industry driver.
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