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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.
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.
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.
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.
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%.
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.
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.
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CAGR of 4.9% from 2023 to 2030
Value (USD Million)
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.
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