Carbon Monoxide Market to Exhibit a CAGR of 4.4% from 2024 to 2032; Air Products Unveiled that its New Cold Box and Steam Methane Reformer (SMR) in Geismar is Huntsman’s Supplying Neighboring Industrial Operations, Which Boosted its Position

The global carbon monoxide market size stood at USD 3.36 billion in 2023. The market value is slated to rise from USD 3.50 billion in 2024 to USD 4.93 billion by 2032 at a CAGR of 4.4% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Carbon Monoxide Market Size, Share & Industry Analysis, By Application (Metal Fabrication, Chemicals, Ore Processing and Extraction, Pharma & Biotechnology, and Electronics) and Regional Forecast, 2024-2032”

Carbon monoxide (CO) is massively leveraged in the metal extraction and processing industries owing to its strong reducing features. The increasing uptake of syngas is propelling the market growth.

The COVID-19 pandemic witnessed upheavals in chemical production, which led to a decline in CO production. In addition, the reduction in the demand for products from mining and metal extraction industries hampered the market’s growth rate.

Air Products Unveiled the Setup of its New Steam Methane Reformer, Which Strengthened its Position

In July 2020, Air Products announced the setup of its new steam methane reformer (SMR) and cold box in Geismar, Louisiana are supplying neighboring industrial operations of Huntsman. The facility is owned and operated by the company under a long-term agreement, distributing carbon monoxide, steam, and hydrogen distributed from the facility to Huntsman.

Market Value to Grow Owing to Surging Metal Extraction and Mining Activities

The carbon monoxide market growth is driven by an increase in mining and metal extraction activities. The product is deployed as a reducing agent in the mineral and metals industry during the refinery process.

Despite such growth opportunities, the poisonous attribute of the product may impede the market growth.

Key Companies Emphasize Capacity Expansions to Increase Their Production Capacities

Many prominent companies are involved in many strategic alliances to promote sales and brands to gain a competitive advantage and surge their market share. Leading players are leveraging various strategic initiatives such as mergers & acquisitions, partnerships, product innovations, and others. Capacity expansion strategies are also being focused on by leading players to boost their production capacities.

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Key Players

• Air Liquide (France)


• Linde Plc. (Ireland)


• Air Products (U.S.)


• Praxair Inc. (U.S.)


• American Gas Products (U.S.)


• Sipchem Company (Saudi Arabia)


• Messer (Germany)


• MESA Specialty Gases & Equipment (U.S.)

Key Industry Development

July 2022 - Shanghai Chemical Industry Park Industrial Gases Co., Ltd, Air Liquide’s subsidiary company, announced an investment to install two hydrogen production units in Shanghai Chemical Industry Park. These production facilities are poised to generate 70,000 Nm3/h hydrogen (H2) and 28,000 Nm3/h carbon monoxide.

Further Report Findings

• The Asia Pacific captures the largest share owing to the growing demand for electronic grade high purity CO from Japan and China for the production of ICs and other sensitive components.


• North America is slated to observe considerable growth during the forecast period. This is on the back of the presence of many manufacturers in the U.S.


• Latin America is poised to witness moderate growth by the end of the forecast period due to the surging ore exploration activities. Moreover, non-ferrous metals, specifically copper, are found in abundance in the region, which is expected to surge the demand for the product as a reducing agent in the extraction process.


• The Middle East & Africa is expected to observe substantial growth during the forecast period. The rising demand for the product from end-use sectors is anticipated to bolster the growth of the market in the region.


• By application, the market is classified into chemicals, pharma & biotechnology, ore processing and extraction, metal fabrication, and electronics. The metal fabrication segment captured the largest carbon monoxide market share in 2023. The greater demand for the product in purification, metal fabrication, and extraction applications is bolstering the segment growth.


• The ore processing and extraction and chemicals segments are slated to generate significant revenue during the study period. This is on account of the product usage in the manufacturing process of many organic and inorganic chemicals, such as benzaldehyde, titanium dioxide, and metal carbonyls.

Table of Segmentation