Carbon dioxide Market Insights: Increasing demand in the medical industry

 

The global carbon dioxide market size is expected to reach USD 15.46 billion by 2030, expanding at 5.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the increasing usage of CO2 for enhanced oil recovery (EOR) in oil & gas plants.

carbon dioxide (CO2) is considered to be among the major and most extensively utilized medical gases. Furthermore, in the medical industry, CO2 is used in respiratory and cryotherapy stimulation during the process and post-anesthesia application. In cryotherapy, CO2 in frozen form (–78.5 °C) is used for killing body cells via a crystallization process. This gas can also be used in several processes to remove moles, skin tags, and warts.

CO2 also finds application in modern medicine to minimize invasive surgeries. In medicinal baths, it induces warm sensations and acts as a vasodilator for the skin by stimulating its heat receptors. In addition, insufflation with CO2 makes it easier to perform endoscopic procedures.

CO2 can be produced and recovered through various sources such as ethyl alcohol, hydrogen, ethylene oxide, substitute natural gas, and various other sources. Further, current research & development to capture carbon emissions has gained momentum. New research and development do not only aim to capture the CO2 in the form of carbon emissions but to refine and reuse it for some applications.

The carbon capture and storage (CCS) technology is capable of delivering considerable emission reductions from the utilization of fossil fuels. It is capable of lowering emissions from a wide range of industries such as power generation, steel, iron, refining, petrochemicals, and cement manufacturing. CCS technologies include capture, transport, and storage. Capture technology includes post-combustion, pre-combustion, oxy-firing, and industrial separation.

The key players in this industry are Air Products and Chemicals Inc.; Messer SE & Co. KGaA; Air Liquide; Linde Plc to maintain the market, share. Large firms frequently engage in mergers and acquisitions as well as new product launches. For instance, In September 2022, Covestro and SOL Kohlensäure GmbH & Co. KG signed a memorandum of understanding for collaboration in regards to the supply of biogenic CO2, effective from September 2022.

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This is attributed to its rising utilization in enhanced oil recovery (EOR) owing to the depleting oil reserves coupled with heavy dependence on crude oil imports, mainly in the Asia Pacific. Moreover, growing end-use industries like food & beverages and medical are expected to boost the carbon dioxide (CO2) industry during the forecast period. The U.S. is one of the most prominent markets for CO2 in the world, growing at a CAGR of 4.9% in terms of revenue in the upcoming years. The growth of the CO2 industry in the U.S. is attributed to increasing industrialization and the flourishing oil and gas industry in the country.

Carbon Dioxide Market Report Highlights

• Ethyl alcohol dominated the source type by accounting for a revenue share of 33.5% in 2022. It is projected to grow at the highest growth rate of 5.2% from 2023 to 2030 owing to its reliability as an easily available long-term source and high commercial value in producing CO2 as a by-product
• Further, growth in demand for food-grade carbon dioxide in the forecast period will boost the growth of the production of carbon dioxide from ethyl alcohol
• The food and beverages application segment of the market is anticipated to grow at a CAGR of 5.7% from 2023 to 2030, by revenue, thanks to rising demand for carbonated drinks globally
• North America accounted for the largest revenue share of 42.1% of the CO2 industry in 2022. It is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D, expansion of the industrial sector & growth of enhanced oil recovery processes

The application of CO2 in the medical segment is increasingly gaining significance across the globe. The CO2 gas is primarily used as an insufflation component for several surgical procedures including laparoscopy, endoscopy, and arthroscopy. It is used to inflate and stabilize the cavities in the human body, thereby ensuring better visibility of the surgical area.

Moreover, CO2 is also used in surgeries for increasing the blood flow to the brain and aids respiration. For medical purposes, CO2 is supplied through uniquely manufactured steel cylinders that are chromium-plated and include valves.

Carbon Dioxide Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 10.94 billion
Revenue forecast in 2030	USD 15.46 billion
Growth Rate	CAGR of 5.2% from 2022 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players in the Carbon Dioxide Market

• Acail Gás
• Air Liquide
• Air Products and Chemicals, Inc.
• Greco Gas Inc.
• Linde AG
• Messer Group
• Sicgil India Limited
• SOL Group
• Strandmøllen A/S
• Taiyo Nippon Sanso Corporation