"Innovative Market Solutions to Help Businesses Make Informed Decisions"

U.S. Carbon Monoxide Market Size, Share & COVID-19 Impact Analysis, By Application (Metal Fabrication, Chemicals, Ore Processing & Extraction, Pharma & Biotechnology, and Electronics), 2023-2030

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI108572

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. carbon monoxide market size was valued at USD 464.6 million in 2022 and is projected to grow at a CAGR of 4.9% during the forecast period.


Rapidly developing metal and chemical industries are expected to positively impact the U.S. market. Growing mining and metal ore exploration activities will also strengthen the market growth during the forecast period. Similarly, higher demand from metal extracting and processing companies is expected to boost the product demand. A large manufacturing base for end-user industries, such as chemical and pharmaceuticals will augment the market progress in the country. Moreover, increasing demand for an electronic grade high-purity carbon-monoxide to produce Integrated Circuits (ICs) and other sensitive components is expected to propel the U.S. carbon monoxide market growth.


As per Atradius N.V. Company, the metals and steel output of the U.S. was projected to increase by nearly 5% in 2022. The demand for these materials is mainly from the aerospace, residential construction, engineering, and transportation sectors.


The COVID-19 pandemic hindered market growth due to introduction of social distancing norms, trade sanctions, and strict lockdowns, causing disruptions in the supply chain network. Nationwide lockdowns resulted in the closure of business operations of various market players. However, the market is gradually recovering from the pandemic due to the resumption of industrial operations.


LATEST TRENDS


Increasing Adoption of Syngas to Emerge as Promising Market Trend


Synthetic gas, also called as syngas, combines hydrogen, carbon monoxide, carbon dioxide, and methane in equal amounts. This type of gas is being increasingly used in various applications in numerous industrial processes. In industrial processes, syngas is used as fuel. Moreover, in the World War II era, syngas was extensively used in spark-ignition engines. The increasing use of syngas as industrial fuel is expected to act as an emerging trend in the U.S. market.


DRIVING FACTORS


Increasing Mining and Metal Extraction Activities to Drive Market Growth


In the refinery process, carbon monoxide is used as a reducing agent in the mineral & metals industry. Growing mining and metal ore exploration activities will positively influence the market growth during the forecast period. The country has a strong manufacturing base for carbon monoxide. For instance, the presence of Linde and Air Liquide, renowned commercial manufacturers of industrial gases, will significantly contribute to the expansion of the market in the country. In addition, rising product demand from the metal fabrication sector is expected to propel the market growth.


As per the U.S. Geological Survey (USGS), the country’s metal mine production has increased by 3% from 2019. In 2020, the metal mine production reached USD 27.7 billion. Gold, copper, iron ore, and zinc are major metals in the U.S. metal mine production.


RESTRAINING FACTORS


Stringent Government Regulations Regarding Carbon Monoxide to Restrain Market Growth


Exposure to carbon monoxide for a longer period has resulted in the death of humans. Therefore, governments are taking strict action and imposing stringent regulations with respect to the use of this gas. Such strict regulations help create a safe working environment and also avoid any life-threatening situations for workers. Thus, implementation of these regulations by the U.S. government is expected to restrain the demand for carbon-monoxide during the forecast period.


SEGMENTATION


By Application Analysis


Based on application, the market is segmented into metal fabrication, chemicals, ore processing & extraction, pharma & biotechnology, and electronics. In 2022, the metal fabrication segment held a dominant U.S. carbon monoxide market share. The rising demand for metal extraction, purification, and fabrication activities is expected to propel the growth of this segment. Carbon monoxide is used in the reduction of ores and production of metal carbonyls in the metal industry. In metal fabrication, this gas is used in fuel gas mixtures with hydrogen and other gases for domestic and industrial heating.


As per an American Iron and Steel Institute study, the domestic raw steel production in the U.S. was 1,721,000 net tons in July 2022 and reached 1,741,000 net tons in July 2023. Thus, the current production has increased by 1.5%.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, the U.S. market depicts the presence of established as well as emerging companies. Some of these key players include Air Products, Praxair, Air Liquide, and Linde Plc. These companies are competing on the price and application characteristics of the product. They are emphasizing on product innovation, social media marketing, mergers & acquisitions, collaborations, and other business growth strategies.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS: 



  • February 2022 – Linde Plc. revealed that it had expanded its agreement with Celanese Corporation to supply carbon dioxide and hydrogen in the latter’s manufacturing facility located in Texas, U.S.

  • February 2021 – Celanese Singapore signed a contract with Linde Gas Singapore to supply carbon monoxide. Such an agreement was expected to increase the company's presence in the Singaporean market.


REPORT COVERAGE


The study report has studied several major factors, such as leading applications, key companies, and product types. It has also offered valuable insights on the significant advancements in the industry and highlighted latest market trends. The study has included various variables that have boosted the market's growth in recent years. It has also analyzed the market’s historical data, opportunities, latest market dynamics, and revenue growth estimates at the country levels.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year  



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.9% from 2023 to 2030



Unit



Value (USD Million)



Segmentation



By Application



  • Metal Fabrication

  • Chemicals

  • Ore Processing and Extraction

  • Pharma & Biotechnology

  • Electronics






Frequently Asked Questions

Fortune Business Insights says the U.S. market was worth USD 464.6 million in 2022.

The market is expected to exhibit a CAGR of 4.9% during the forecast period of 2023-2030.

By application, the metal fabrication segment accounts for a considerable share of the market.

Air Products, Praxair, Air Liquide, Linde Plc., American Gas Products, and Sipchem are the top players in the market.

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

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 150

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

Mckinsey
3M
Kpmg
Citibank
Petronas

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.
X