The Global Carbon Dioxide Market: Use of Carbon Dioxide (CO2) in the Enhanced Oil Recovery (EOR) technology, food and beverages, and the medical industry are expected to be the key drivers of growth

Published Date: 10/05/2021

The global market size of carbon dioxide was estimated at USD 7.91 billion in 2020 and is projected to reach USD 9.68 billion in 2027 with a growth rate CAGR of 3.40% over the forecast period.

Carbon dioxide is used in a variety of applications, including inert gas in firefighting, EOR, beverage carbonation, and food products for freezing and cooling. Increased R&D investment in advanced technologies in EOR and Carbon Capture and Storage (CCS) has resulted in increased demand for CO2, which is expected to fuel market growth in the years ahead.

The high cost of extracting, liquefying, and shipping carbon dioxide is a big problem on the carbon dioxide market. Carbon dioxide can be transported in the form of solid, liquid or gas and is available by various means including motor carriers, railways, ships and pipelines. It is neither cost-effective nor feasible to transport carbon dioxide as a solid form as it requires more energy compared to other alternatives. However, pipelines are the lucrative mode of transport for larger volumes of carbon dioxide.