Carbon Dioxide Utilization Market Size To Surpass USD 7 Bn By 2030

Published Date : 15 Dec 2022

The global carbon dioxide utilization market size was estimated at USD 4.02 billion in 2022 and it is expected to surpass around USD 7 billion by 2030 with a noteworthy CAGR of 13.8% from 2022 to 2030.

Carbon dioxide is ideally a greenhouse gas, which is important for the Earth’s ecosystem and can be regenerated from flue gases, in the form of a by-product from the manufacture of hydrogen for ammonia synthesis, from limekilns, and many other resources. Over the past few years, the market has been gradually growing pertaining to the increasing demand from metal manufacturing & fabrication, the food & packaging industry, oil & gas, and related sectors. The F&B industry is the biggest end user of carbon dioxide, with a market share of over 40% globally.

Report Highlights

  • On the basis of the end user, the oil and gas industry had the major carbon utilization market share in recent years and it is expected to dominate the market during the forecast period. Carbon dioxide is stored in deep offshore as well as onshore geological formations. This carbon dioxide is used for enhanced oil recovery. Carbon dioxide has been used in enhanced oil recovery projects across many nations.
  • The North American region had the largest market share due to a growing demand for clean technology and the use of carbon dioxide in enhanced oil recovery practices in this region. 75% of the global carbon capture capacity is used in enhanced oil recovery operations in the US.

Carbon Dioxide Utilization Market Report Scope

Report Coverage Details
Market Size In 2022 USD 4.02 Billion 
Market Size By 2030 USD 7 Billion
Growth Rate from 2022 to 2030 CAGR of 13.8%
Base Year 2022
Forecast Period 2022 to 2030
Segments Covered By Service, By Technology, By Application, By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Regional Snapshots

The existence of a huge number of oil refineries and food & beverage companies is driving the demand in North America from the utilization aspect. China is the second biggest producer of carbon dioxide after North America. Market players in the nation have high production capacity encouraged by advanced equipment for production. Europe is also one of the biggest producers of carbon dioxide. Major players such as Linde Group and Air Liquide have a good existence in the region.

Market Dynamics


In the last few years, the carbon dioxide market analysis had estimated a steady CAGR of around 4.7%, with metal manufacturing & fabrication and food packaging industries performing a vital role in driving the overall market growth. Increasing demand for packaged foods pertaining to the increasing population and rapid urbanization has been helping the demand growth for carbon dioxide. Carbon dioxide (CO2), the most fulfilled greenhouse gas on Earth, has a varied range of applications, extending from medical to food processing, beverage carbonation, and other industrial applications. Carbon dioxide is rapidly being used for crop growth and enrichment in enclosed greenhouses along with growth enhancement in fields.


As a result of the COVID-19 pandemic, market growth slipped in FY2020 due to the reduction of demand from metal manufacturing and other related sectors. But due to the market crash, a number of people have shifted their basic occupation resulting in decreased demand for carbon dioxide for agricultural processes which again proves to be a restraining factor for the market during the forecast period.


As per the data obtained from the gas world, some additional claims have been made for cosmetic surgical techniques that utilize CO2 instead of Botox and skin fillers. These therapeutic procedures are known as carboxytherapy, and they include a complete package from improving skin texture to opening pores, also destroying fat cells, everything of these is achieved by injecting CO2 into the skin by a skilled professional. Liquid carbon dioxide and dry ice are used as the primary agents for the excision of unwanted skin, thereby promoting the growth of the liquid carbon dioxide (liquid CO2) market as well.


Amongst many others, a major challenge faced by carbon dioxide producers is the GHGs (Green House Gases) rule in numerous regions. Strict regulations owing to carbon dioxide production are hampering its production. Regulatory units in numerous regions are aiming on cutting carbon emissions by 2050, which proves to be one of the major reasons for the imposition for such stringent laws. Interfering with those regulations could result in a negative side effect by long production stoppages, reflecting a sharp decline in cash flow.

Also, for major players, energy proves to be the largest cost item as far as the production and distribution of carbon dioxide is concerned. Electricity, natural gas, and diesel fuel prove as the basic energy sources for the production and distribution of carbon dioxide. The efficiency and economy behind the production of energy remain major setbacks for industry players.

Recent Developments

  • March 2019 – Air Products took over ACP Europe SA, which is one of the biggest independent carbon dioxide producers in Europe. 
  • March 2021 – With a view to provide CO2 to the sector of Australia, an equalized partnership is being done between Esso Australia Resources and BHP Petroleum. Gippsland Basin Joint Venture and Air Liquide made a union for this. It will be located beside the Longford Gas Conditioning Plant, which is headed by Gippsland Basin Joint Venture and whose functioning is taken care of by Esso Australia, will absorb the CO2 from its functioning and supply it to Air Liquide for purification and thus reuse it.

Key Market Players

  • Fluor Corporation (US)
  • Schlumberger Limited (US)
  • Aker Solutions (Norway)
  • Honeywell International Inc. (US)
  • Equinor ASA (Norway)
  • TotalEnergies SE (France)
  • Hitachi, Ltd (Japan)
  • ExxonMobil Corporation (US)
  • Linde plc (UK)
  • Royal Dutch Shell Plc (Netherlands)
  • Mitsubishi Heavy Industries, Ltd (Japan)
  • JGC Holdings Corporation (Japan)
  • General Electric (US)
  • Halliburton (US)

Market Segmentation

By Service

  • Capture, Transportation
  • Utilization
  • Storage

By Technology

  • Pre-Combustion Capture
  • Oxy-Fuel Combustion Capture
  • Post-Combustion Capture

By Application

  • Food and Beverages Industry
  • Oil and Gas Industry
  • Medical Industry

By End User

  • Oil & Gas Power Generation
  • Iron & Steel
  • Chemical & Petrochemical
  • Cement
  • Others

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