The global carbon dioxide market size was USD 10.36 billion in 2020 and is projected to grow from USD 10.69 billion in 2021 to USD 13.65 billion in 2028 at a CAGR of 3.6% during the 2021 to 2028 period.
The carbon dioxide (CO2) market encompasses various industries and sectors where CO2 is produced, captured, traded, and utilized. Here are some key aspects of the CO2 market:
- Sources of CO2: CO2 is emitted from various sources, including industrial processes, combustion of fossil fuels, biomass burning, and natural processes like respiration and volcanic eruptions.
- Capturing CO2: Industries such as power plants, cement production, refineries, and chemical plants may capture CO2 emissions to reduce greenhouse gas emissions and comply with regulations. Carbon capture and storage (CCS) or carbon capture and utilization (CCU) technologies are used for this purpose.
- Transportation and Storage: Once captured, CO2 may be transported via pipelines, trucks, or ships to storage sites. Underground geological formations such as depleted oil and gas reservoirs, saline aquifers, or deep ocean storage sites are commonly used for long-term storage.
- Utilization: CO2 can be utilized in various ways to create value-added products, thereby incentivizing its capture. Examples include enhanced oil recovery (EOR), where CO2 is injected into oil reservoirs to increase oil production, production of carbonated beverages, and manufacturing of chemicals, plastics, and building materials.
- Emissions Trading: In regions with carbon pricing mechanisms such as carbon taxes or cap-and-trade systems, CO2 emissions have a monetary value. Companies may buy or sell emission allowances or credits to comply with regulations or capitalize on emission reduction opportunities.
- Global Market Dynamics: The CO2 market is influenced by factors such as regulatory policies, technological advancements, energy prices, and market demand for carbon-neutral products. International agreements like the Paris Agreement also shape the global carbon market landscape.
- Emerging Trends: With increasing concerns about climate change and the transition to a low-carbon economy, there is growing interest in carbon removal technologies, such as direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS), which remove CO2 from the atmosphere.
- Challenges: Despite its potential benefits, the CO2 market faces challenges such as high costs associated with carbon capture and storage, lack of supportive policies and incentives, and uncertainties regarding long-term liability and regulatory frameworks for CO2 storage.
LIST OF KEY COMPANIES PROFILED:
- Linde plc (Ireland)
- Air Products and Chemicals, Inc. (U.S.)
- Air Liquide (France)
- Sicgil India Limited (India)
- Matheson Tri-Gas, Inc.(U.S.)
- Universal Industrial Gases, Inc.(U.S.)
- The Messer Group GmbH (Germany)
- SOL Spa (Italy)
Information Source:-https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
