Carbon Dioxide Market
The global carbon dioxide market share and size
is predicted to reach USD 12.15 Billion by 2027, exhibiting a CAGR of 2.5%
during the forecast period. The growing construction of water treatment plants
in developing nations will spur the demand of the market in the forthcoming
years.
Advancement in Carbon Attainment Methods to Aid
Expansion in North America
The market in Asia Pacific stood at USD 3.62 Billion in 2019 and
is likely to witness a high growth rate during the forecast period owing to the
demand from the food and beverage and medical industry in the developing
nations. For instance, China is one of the biggest suppliers of carbon dioxide
around the world. The developing medical industry in India will promote the
growth of the market in the region. The market in North America is predicted to
rise tremendously during the forecast period due to the high demand for CO2in
oil recovery applications.
The increasing initiatives for the use of carbon dioxide in
various industrial applications will enable speedy growth of the market in the
region. Moreover, the technological advancement in CO2extraction
methods will aid growth in North America. The market in Europe is likely to
account for a significant share in the forthcoming years. The growth in the
region is attributed to the use of carbon dioxide in alcoholic and
non-alcoholic beverages in the food and beverage industry. Therefore, the
demand for carbonated beverages will propel the market in the region. The
market in Latin America and the Middle East and Africa is predicted to grow
rapidly during the forecast period owing to the rising oil and gas exploration
activities. The rising consumption of carbon dioxide in oil recovery activities
to boost the market in the Middle East and Africa.
The rising oil exploration and drilling 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 Dioxide Market Size, Share
and Industry Analysis, By End-Use Industry (Food and Beverage, Oil and Gas,
Metal Fabrication, Medical, and Others), and Regional Forecast, 2020-2027” the
market size stood at USD 10.00 Billion in 2019
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Market Driver:
Heavy Demand forCO2in Oil and Gas
Industry to Enhance Market Potential
The growing utilization of carbon capture and storage (CCS)
technology for the procurement of CO2from the carbon emissions
produced by biomass power plants, cement manufacturing, and consumption of
fossil fuels for electricity generation will contribute effectively to the
growth of the market. This process also aids in lowering carbon emission in the
atmosphere and preventing air pollution. The increasing application of carbon
dioxide in the oil and gas industry for enhanced oil recovery will incite the
practice of CCS technology for capturing CO2.The growing cognizance
about the benefits of CCS such as, reduced CO2emissions, positive
environmental impact, and maintain ecological balance will escalate the
adoption of the is technology. In addition, the rising implementation of carbon
capture and storage (CCS) technology around the globe can be an essential
factor in bolstering the growth of the market in the foreseeable future.
Gain More Insights into the Carbon Dioxide
Market Research Report
https://www.fortunebusinessinsights.com/carbon-dioxide-market-102866
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