The global carbondioxide market size is predicted to reach USD 12.15 Billion by2027, exhibiting a CAGR of 2.5% during the forecast period. The growingconstruction of water treatment plants in developing nations will spur thedemand of the market in the forthcoming years. The rising oil exploration anddrilling activities will necessitate the use of solvents in the process, which,in turn, will boost the carbon dioxide market growth during the forecast period,states Fortune Business Insights in a report, titled “Carbon DioxideMarket Size, Share & Industry Analysis, By End-Use Industry (Food &Beverage, Oil & Gas, Metal Fabrication, Medical, and Others), and RegionalForecast, 2020-2027” the market size stood at USD 10.00 Billion in2019
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Market Driver:
Heavy Demand for CO2 in Oil and Gas Industryto Enhance Market Potential
The growing utilization of carbon capture and storage (CCS)technology for the procurement of CO2 from the carbon emissionsproduced by biomass power plants, cement manufacturing, and consumption offossil fuels for electricity generation will contribute effectively to thegrowth of the market. This process also aids in lowering carbon emission in theatmosphere and preventing air pollution. The increasing application of carbondioxide in the oil & gas industry for enhanced oil recovery will incite thepractice of CCS technology for capturing CO2. The growingcognizance about the benefits of CCS such as, reduced CO2 emissions,positive environmental impact, and maintain ecological balance will escalatethe adoption of the is technology. In addition, the rising implementation ofcarbon capture and storage (CCS) technology around the globe can be anessential factor in bolstering the growth of the market in the foreseeablefuture.
Regional Analysis:
Advancement in Carbon Attainment Methods to Aid Expansion in NorthAmerica
The market in Asia Pacific stood at USD 3.62 Billion in 2019 andis likely to witness a high growth rate during the forecast period owing to thedemand from the food & beverage and medical industry in the developingnations. For instance, China is one of the biggest suppliers of carbon dioxidearound the world. The developing medical industry in India will promote thegrowth of the market in the region. The market in North America is predicted torise tremendously during the forecast period due to the high demand for CO2 inoil recovery applications.
The increasing initiatives for the use of carbon dioxide invarious industrial applications will enable speedy growth of the market in theregion. Moreover, the technological advancement in CO2 extractionmethods will aid growth in North America. The market in Europe is likely toaccount for a significant share in the forthcoming years. The growth in theregion is attributed to the use of carbon dioxide in alcoholic andnon-alcoholic beverages in the food & beverage industry. Therefore, thedemand for carbonated beverages will propel the market in the region. Themarket in Latin America and the Middle East & Africa is predicted to growrapidly during the forecast period owing to the rising oil & gasexploration activities. The rising consumption of carbon dioxide in oilrecovery activities to boost the market in the Middle East and Africa.
Gain More Insights into the Carbon Dioxide Market ResearchReport
https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
