The global carbon dioxide market size was valued at USD 11.11 billion in 2023. The industry is expected to expand from USD 11.50 billion in 2024 to USD 15.21 billion by 2032, exhibiting a CAGR of 3.6% over the study period. Carbon dioxide is a chemical compound composed of one carbon atom and two oxygen atoms. The increasing consumer preference for carbonated beverages is driving market expansion. Furthermore, CO2 is widely utilized across multiple industries due to its versatile applications.
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List of Key Players Mentioned in the Report:
Segmentation:
Massive Applications of Liquid CO2 in Different Industries to Fuel Segment Expansion
In terms of form, the market is classified into gas, solid, and liquid. The liquid segment captured the largest share in 2023 with extensive applications of liquid carbon dioxide in different industries, including chemical processing, healthcare, food and beverages, and more.
Carbon Dioxide (CO2) is a chemical compound composed of one carbon atom and two oxygen atoms. It is colorless, odorless, and about 60% denser than dry air. CO2 is known as a greenhouse gas due to its ability to trap heat in the earth's atmosphere. Despite being present in low concentrations in the atmosphere, it plays a crucial role in the carbon cycle. CO2 is also used in various industries for several applications, such as producing hydrogen by steam reforming natural gas or ethanol by fermentation.
Moreover, the product is a highly versatile compound that boasts a wide range of applications in various forms. It is utilized as an acidifying agent in water treatment, an inert gas for metalworking and fire suppression, a solvent for oil recovery, and in cooling applications. Thus, the increasing demand for carbonated beverages among consumers is driving market growth.