Projections Estimate Carbon Dioxide Market to Reach USD 15.21 Billion by 2032; Messer Group Announced the Acquisition of Majority of Linde AG’s Business to Strengthen its Position

The global carbon dioxide market size stood at USD 11.11 billion in 2023. The market value is slated to rise from USD 11.50 billion in 2024 to USD 15.21 billion by 2032 at a CAGR of 3.6% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “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”

Carbon dioxide is a chemical compound that consists of one carbon atom and two oxygen atoms. It does not have odor or color and has around 60% more density than dry air. Its rising usage in medical and food & beverage industries is accelerating market expansion. In the medical industry, the product is deployed for the assessment of tooth sensitivity and freezing of tissue. In addition, it is utilized in the food & beverage industry to freeze meat & poultry and carbonate beverages.

The pandemic asserted a significant influence on the economy, including carbon dioxide production and supply. There was a shutdown of several product manufacturing facilities amid the COVID-19 pandemic, which caused a reduction in production rates temporarily. Moreover, there was a dearth of the product due to the shutdown of ethyl alcohol manufacturing facilities.

Messer Group Acquired Majority of Linde AG’s Business to Boost Its Position

In March 2019, Messer Group completed the acquisition of a majority of Linde AG’s business in North America and a few Linde and Praxair business activities in South America by the formation of a joint venture named Messer Industries GmbH. This partnership helped the company become a global player in the industrial gas sector.

Market Value to Grow Owing to Embracement of CCS Technology for CO2 Procurement

The carbon dioxide market growth is driven by the uptake of CCS technology for CO2 procurement. Despite the expensiveness of CCS technology, it aids in the reduction of environmental impact caused by emissions. Thus, it is an advantageous technology, and its deployment is anticipated to surge globally during the forecast period.

Despite such growth opportunities, the unavailability of standards for the authentication of pipeline quality may impede market growth.

Key Companies Deploy Novel Technology Development to Boost Their Growth

Prominent companies are deploying novel technology development and exceptional operational efficiency for their growth. Leading companies are also emphasizing expansion and acquisition activities to boost their market share. Many players are focusing on competitive strategies, including joint ventures, capacity expansions, and product innovations, to keep ahead of their competition.

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https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866

List of Key Players Profiled:

• Linde plc (Ireland)
• Air Products and Chemicals, Inc. (U.S.)
• Air Liquide (France)
• Sicgil India Limited (India)
• Matheson Tri-Gas, Inc. (U.S.)
• Universal Industrial Gases, Inc. (U.S.)
• The Messer Group GmbH (Germany)
• SOL Spa (Italy)
• POET, LLC (U.S.)
• Reliant Gases (U.S.)
• India Glycols Limited (India)

Key Industry Development

• April 2023 – ExxonMobil the storage of Carbon Dioxide (CO₂) from Linde's blue hydrogen complex in California. The project is aimed at capturing 90% of CO2 emissions generated from the hydrogen production process.

Further Report Findings:

• Asia Pacific holds a prominent position in the market, and the region’s rise in the consumption of beverages in India can be attributed to the surging disposable income and population.
• Europe's market growth can be credited to the gas deployment to carbonate non-alcoholic and alcoholic beverages in the food & beverages industry.
• In terms of end-use industry, the market is divided into firefighting, metal fabrication, medical, oil & gas, food & beverage, and others. The food & beverage segment captures the largest carbon dioxide market share. The growing product usage owing to the rise in the demand for frozen and ready-to-make foods due to changing lifestyle choices is impelling the food & beverage segment expansion.

Table of Segmentation