The global carbon dioxide market size is expected to reach USD 10.00 Billion by 2027, registering a revenue-based CAGR of 3.4% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing application of carbon dioxide in the Enhanced Oil Recovery (EOR) technology, food and beverages, and medical industry is anticipated to be the major growth driver.
Factors like fluctuating crude oil prices and increasing number of matured wells are expected to drive the EOR market over the foreseeable future. Increasing need for extracting oil and other hydrocarbons from unconventional and low-permeability reserves, such as tight sands and carbonate traps, is expected to have a positive influence on the EOR market.
North American and European companies are focusing on R&D activities and improving EOR techniques. Technological advancements coupled with the introduction of several modern techniques, which utilize CO2 released in the production stage, are estimated to create growth opportunities for the market in the forthcoming years.
The CO2 market is moderately consolidated with the presence of numerous large multinational players. This makes the industry highly competitive in nature as it also requires high initial investment and R&D cost. Rising investments are anticipated to propel the market during the forecast period.
Further key findings from the report suggest:
- North America held the largest market share in terms of volume in 2019 and is expected to reach 44,806.1 kilotons by 2027
- Ethyl alcohol is the largest source for producing carbon dioxide owing to the economical processes, ease of gas production, and extensive availability of ethyl alcohol
- Food and beverage application accumulated the largest volume share of 32,843.8 kilotons in 2019
- Asia Pacific emerged as the fastest growing regional market with rising demand for rural electrification. China, India, Indonesia, and Southeast Asian countries hold immense potential concerning development of the power transmission infrastructure
- U.S. emerged as the major contributing country in 2019 for the regional market and accounted for USD 3.04 billion revenue in 2027
- Some of the significant market participants include Air Products & Chemicals Inc.; Messer; Linde AG; Praxair Inc.; and Air Liquide