Carbon Dioxide Market Size, Share & Industry Analysis, By End-Use Industry (Food & Beverage, Oil & Gas, Metal Fabrication, Medical, and Others), and Regional Forecast, 2020-2027”
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Heavy Demand for CO2 in Oil and Gas Industry to Enhance Market Potential
The growing utilization of carbon capture and storage (CCS) technology for the procurement of CO2 from the carbon emissions produced by biomass power plants, cement manufacturing, and consumption of fossil fuels for electricity generation will contribute effectively to the growth of the market. This process also aids in lowering carbon emission in the atmosphere and preventing air pollution. The increasing application of carbon dioxide in the oil & gas industry for enhanced oil recovery will incite the practice of CCS technology for capturing CO2. The growing cognizance about the benefits of CCS such as, reduced CO2 emissions, positive environmental impact, and maintain ecological balance will escalate the adoption of the is technology. In addition, the rising implementation of carbon capture and storage (CCS) technology around the globe can be an essential factor in bolstering the growth of the market in the foreseeable future.
Advancement in Carbon Attainment Methods to Aid Expansion in North America
The market in Asia Pacific stood at USD 3.62 Billion in 2019 and is likely to witness a high growth rate during the forecast period owing to the demand from the food & beverage and medical industry in the developing nations. For instance, China is one of the biggest suppliers of carbon dioxide around the world. The developing medical industry in India will promote the growth of the market in the region. The market in North America is predicted to rise tremendously during the forecast period due to the high demand for CO2 in oil recovery applications.
The increasing initiatives for the use of carbon dioxide in various industrial applications will enable speedy growth of the market in the region. Moreover, the technological advancement in CO2 extraction methods will aid growth in North America. The market in Europe is likely to account for a significant share in the forthcoming years. The growth in the region is attributed to the use of carbon dioxide in alcoholic and non-alcoholic beverages in the food & beverage industry. Therefore, the demand for carbonated beverages will propel the market in the region. The market in Latin America and the Middle East & Africa is predicted to grow rapidly during the forecast period owing to the rising oil & gas exploration activities. The rising consumption of carbon dioxide in oil recovery activities to boost the market in the Middle East and Africa.
The Report Lists the Main Companies in the Carbon Dioxide Market:
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