Carbon Dioxide Market Size Worth $17.77 Billion by 2034 | CAGR: 5.2%

The carbon dioxide (CO₂) market size is expected to reach USD 17.77 billion by 2034, according to a new study by Polaris Market Research. The report “Carbon Dioxide Market Share, Size, Trends, Industry Analysis Report: By Technology, Application, End User (Utilities, Government & Regulatory Bodies, Commercial & Industrial, Residential), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The carbon dioxide market focuses on the production, storage, and utilization of CO₂ across numerous industries such as food & beverages, healthcare, oil & gas, and industrial manufacturing. Carbon dioxide plays a key role in diverse applications, including carbonation in beverages, medical gas in healthcare, enhanced oil recovery (EOR) in energy, and as a refrigerant in various industrial processes. Additionally, CO₂ is vital for environmental applications such as greenhouse farming and carbon capture, utilization, and storage (CCUS).

The CO₂ market expansion is attributed to the rising demand for CO₂ in food and beverage processing, driven by growing consumer preference for carbonated drinks and modified atmosphere packaging to preserve food quality. In the oil & gas sector, CO₂ enhances crude oil recovery, especially from mature wells, making it a critical component in energy production. Increasing investments in CCUS technologies also boost the carbon dioxide market growth, as industries and governments aim to mitigate carbon emissions while promoting sustainable development.

Key carbon dioxide market trends include advancements in carbon recycling technologies and increasing applications of CO₂ in clean energy projects. Innovations in medical-grade CO₂ and its expanding use in surgeries, anesthesia, and respiratory therapies are also shaping the market. Furthermore, the integration of green technologies to produce sustainable CO₂ is gaining momentum, aligning with global efforts to combat climate change.

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Top of FormCarbon Dioxide Market Report Highlights

• In terms of application, in 2024, the food & beverages segment held the largest share of the carbon dioxide market revenue due to the high demand for carbonation, chilling, and food preservation applications.
• The natural gas processing segment, based on source, held the largest market share in 2024 due to its efficiency in producing high-purity carbon dioxide and abundant natural gas reserves.
• In 2024, North America accounted for the largest share of the global carbon dioxide (CO₂) market due to its strong oil & gas sector, widespread adoption of enhanced oil recovery (EOR) techniques, and significant investments in carbon capture technologies.
• The Asia Pacific market is expected to witness the highest CAGR during the forecast period due to rapid industrialization, increasing demand for CO₂ in food and beverage processing, and growing adoption of greenhouse farming and carbon capture technologies in countries such as China and India.
• A few global key market players include Air Liquide; Linde PLC; Air Products and Chemicals, Inc.; Praxair, Inc.; Taiyo Nippon Sanso Corporation; Messer Group GmbH; Gulf Cryo; SOL Group; Hunan Kaimeite Gases Co., Ltd.; Yingde Gases Group Company; Air Water Inc.; Matheson Tri-Gas; India Glycols Limited; SABIC; and Sicgil India Limited.

Polaris Market Research has segmented the carbon dioxide market report on the basis of source, application, end user, and region:

By Source Outlook (Revenue, USD Billion, 2020–2034)

• Ethanol Production
• Natural Gas Processing
• Industrial Processes
• Fermentation

By Application Outlook (Revenue, USD Billion, 2020–2034)

• Food & Beverages
• Enhanced Oil Recovery (EOR)
• Medical
• Industrial Processes

By End User Outlook (Revenue, USD Billion, 2020–2034)

• Oil & Gas
• Food & Beverage Industry
• Healthcare
• Chemicals

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Carbon Dioxide Market Report Scope