The global carbon dioxide market size is expected to reach USD 8.6 billion by 2025, according to a new report by Grand View Research, Inc. Increasing applications of enhanced oil recovery (EOR) technology, owing to rising crude oil demand and number of mature wells is anticipated to fuel the market growth over the next nine years. Carbon dioxide is a high profile greenhouse gas. However, the excessive amount of CO2 is being dumped into the atmosphere from past few years due to the growth in industrialization. This has resulted in global warming, suffocation of living organisms, and various other health related problems which becomes toxic and harmful to humans. To control and regulate the emission from CO2 in the atmosphere, government across the globe have formed various regulations such as Directive 2009/31/EC and Carbon Pollution Standard for new, modified and reconstructed power plants. These regulations have formulated specific rules for the storage, transport, usage and limiting the emission of carbon dioxide into the atmosphere. Companies are also developing advanced carbon capturing and storage technologies such as CCS for effectively capturing, purifying, liquefying, and storing CO2. These companies are also involved in developing effective systems for transporting CO2, which include pipelines, ships, rail, and road tankers. Oil and gas is the major application segment for carbon dioxide market from past few years. Growing demand for crude oil and advancement in the EOR technologies are the major factor fueling the growth in this segment. In 2015, oil & gas application was followed by food & beverages sector in terms of growth. Increasing demand for carbonation of beverages is anticipated to drive the growth of food & beverages market segment. Further Key Findings from the Study Suggest: • The global carbon dioxide demand was USD 6.0 billion in 2015 and is expected to grow at a CAGR of 3.7% from 2016 to 2025
• Ethyl alcohol dominated the source segment with over 34% of the market share in 2015 owing to the extensive availability of resources, and cheap processes involved
• Asia Pacific region had a market share of over 30% in 2015. The market in the region is expected to grow due to rising demand in the food & beverage industry, especially in the emerging economies.
• North America was the dominant market in 2015, and the Middle East and Africa is anticipated to have the highest growth rate over the forecast period
• The market is highly consolidated and competitive in nature. Some of the major industry participants include Linde AG, Air Products and Chemical, Inc., Praxair, Inc., and Air Liquide.