Consumption of carbon dioxide witnessed a persistent rise during the historical period 2013-2017, and the status quo is expected to continue during the forecast period 2018-2026. According to Fact.MR, global carbon dioxide consumption is likely to reach nearly 23,000 KT in 2018, up from nearly 21,500 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%.
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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.
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.
Enhanced Oil Recovery (EOR) in Oil and Gas Industries Complementing Sales of Carbon Dioxide
As per a revelation by the American Petroleum Institute, the oil & gas industry has been registering a burgeoning demand for carbon dioxide from last 35 years for additional oil recovery. An analysis by the U.S. Department of Energy (DOE) conveys that around 137 billion barrels of potential oil resources are recoverable through carbon dioxide enhanced oil recovery, with close to 67 billion barrels recoverable at the cost of around US$ 85 per barrel.
This statistical data provides substantial credence to the fact that carbon dioxide usage is highly likely to offer potential benefits for enhanced oil recovery (EOH) in the oil and gas industry, underpinning the growth of carbon dioxide market. Furthermore, the carbon dioxide market is also likely to benefit from the rising intervention of governments worldwide to promote and incentivize enhanced oil recovery techniques.
Growing Eminence in Manufacture of Precipitated Calcium Carbonate to Offer Key Revenue Streams
Precipitated calcium carbonate (PCC) is extensively used across a multitude of applications and industries, with carbon dioxide being a vital part of its manufacture. Carbon dioxide is used during manufacturing of PCC, in a bid to establish a uniformity in the particle size distribution.
Tailored versions of PCC have been picking pace across multiple domains such as paper industry, polymer applications, and healthcare applications. This increasing vigor of PCC across a diverse set of applications, the carbon dioxide market is further likely to carry promising aspects for the carbon dioxide market.
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Growth of carbon dioxide market is expected to be adversely impacted by the concerns apropos of transportation. Deployment of a pipeline infrastructure for transporting carbon dioxide has been in practice for decades, but absence of standards authenticating pipeline quality is one of the prominent limitations hindering the market growth.
The transportation of carbon dioxide in bulk entails high scale maintenance, holding back growth aspects of the market. Moreover, international protocols, such as the Kyoto Protocol, can also have an adverse impact on the transportation process, if a massive amount escapes into the atmosphere from a truck or ship carrying carbon dioxide.
The competitive landscape in the research study on carbon dioxide market offers detailed information on the key stakeholders having a stronghold in the carbon dioxide market. Various prospects of the key players in the carbon dioxide market, such as product portfolio, technological innovations, key differential strategies, and other financials have been extensively covered. The report on carbon dioxide market features key companies such as Linde Group, Air Liquide, Praxair Inc., Air Products and Chemicals, Inc., Gulf Cryo, Abdullah Hashim Industrial & Equipment Co. Ltd, and many more. Air Liquide, a key company in the carbon dioxide market, invested over US$ 33 Mn to produce carbon dioxide and nitrogen for Coca-Cola FEMSA in Colombia in 2016, thereby entering the Colombian industrial gas market. Moreover, the company signed an agreement with AVR in 2018, in a bid to facilitate the storage and distribution of liquid carbon dioxide recovered from the AVR carbon dioxide capture systems in the Netherlands.
Air Products and Chemicals, Inc., a leading player in the carbon dioxide market, acquired EPCO Carbon Dioxide Products, Inc., a privately-held producer and marketer of liquid carbon dioxide. This acquisition included 12 CO2 purification and liquefaction plants and distribution assets.
The Linde Group, a prominent player in the carbon dioxide market, announced the establishment of a 250 TPD carbon dioxide facility for food and beverage producers and chemical manufacturers in Texas, US.
The carbon dioxide market is segmented on the basis of production, by delivery mode, by end use, and by region. By production, the carbon dioxide market has been segmented into combustion and biological. By delivery mode, the carbon dioxide market has been classified into centralized and onsite. By end use, the carbon dioxide market has been segmented into metal manufacturing and fabrication, food and beverage, pulp and paper, oil and gas, healthcare, chemical, and other industries. The carbon dioxide market has been assessed across key regions of North America, Latin America, Europe, Asia Pacific excluding China, China, and MEA
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Global Carbon Dioxide Market Evaluation Targets Advancement Anticipated until 2026
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