The demand for cryogenic freezing across food processing applications is likely to pick the pace, which is expected to propel the growth of carbon dioxide market in the forthcoming years.
Volume consumption of carbon dioxide witnessed a persistent rise during the historical period 2013-2017, and this consumption trend is expected to continue during the forecast period 2018-2026.
According to Fact.MR, global carbon dioxide consumption is likely to reach 22,844 KT in 2018, up from 21,472 KT in 2017. The study shows that the carbon dioxide market remains moderately consolidated among tier 1 players and top 10 players collectively hold a revenue share of over 60%.
Fact.MR’s 8-year outlook of the carbon dioxide market reveals optimistic growth opportunities against the backdrop of increasing emphasis on industrial applications of CO2 in an effort to establish the low carbon economy.
Extensive application of carbon dioxide in the food and beverage industry range from carbonating drinks and wine conservation to preservation of packaged food. Study opines that demand for carbon dioxide from the food and beverage industry will continue to share a bulk of market share and account for worth US$ 2352.8 Mn by the end of 2026.
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Oil and gas industry is projected to hold the second largest market share in terms of volume. Study shows that metal manufacturing & fabrication industry is expected to closely follow the trail. Enhanced Oil Recovery (EOR) in the oil & gas industry continues to boost carbon dioxide consumption as CO2 –based EOR provides enhanced oil recovery.
Carbon dioxide market, amidst increasing demand from end-user industries, continues to seek balance in the supply-demand equation, finds Fact.MR. Primarily carbon dioxide is a by-product of multiple industrial production methods such as ammonia and hydrogen. Production dependency and accessibility of raw material continue to broaden the supply-demand gap in the carbon dioxide market.
By the production method, the study shows that combustion will remain the preferred production method of carbon dioxide throughout the forecast period. Combustion method is estimated to hold 60% of the volume share. The biological method is expected to report a moderate growth and increasing adoption can be witnessed in EU countries that promote sustainable industrial production.
Transportation of carbon dioxide presents another challenge in the carbon dioxide supply chain. The study finds that the centralized delivery mode of transportation will be embraced by carbon dioxide stakeholders. Owing to the lower maintenance costs involved, the centralized delivery mode is estimated to hold over 62% of the volume share, wherein truck/bulk mode will account for the largest market share by 2026 end.
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Carbon dioxide transportation system lacks sufficient pipeline infrastructure, however, increasing investments in the development of the international pipeline for oil and gas are expected to register faster adoption of pipeline mode in carbon dioxide market which is estimated to grow at an attractive value CAGR of 10% by 2026.
According to Fact.MR estimations, North America will continue to hold the largest volume share of 11,760 KT by the end of 2026. China is projected to follow suit with respect to volume share. Study finds that the flourishing oil and gas industry in these regions is one of the prime fillip responsible for their leading shares in the global carbon dioxide market.
Carbon dioxide market in Europe is estimated to outsell China in terms of value share with an excess of US$ 16 Mn by the end of 2026. The forecast includes current Europe carbon dioxide market dynamics which cover increasing CO2 prices on the back of CO2 shortage and growing reliance on imports.
In the carbon dioxide market space, stakeholders will target higher market share by adopting shrewd market strategies such as mergers and acquisitions. The merger of two industrial gas giants – Linde Ag and Praxair, Inc. was confirmed in October 2018. Another prominent market player - Airgas, an Air Liquide company acquired Weiler Welding Company in May 2018. These acquisitions are majorly aimed at strengthening local distribution network of the carbon dioxide market.
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Carbon Dioxide Market to Experience Significant Growth during the Forecast Period 2018 - 2026
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