Carbon monoxide is a colorless, odorless, flammable, toxic gas. Chemically, it is stable, but can act as a strong reducing agent at elevated temperatures. Carbon monoxide is primarily manufactured by the steam reforming natural gas method. Other methods include incomplete combustion of carbonaceous materials, dehydration of formic acid with sulfuric acid, reduction of carbon dioxide over hot coke, and by reacting carbon and oxygen at elevated temperatures. Several different grades of carbon monoxide are available across various manufacturing plants to support applications that can be classified on the basis of purity.
The carbon
monoxide market is primarily driven by the rise in demand for the gas
in the manufacture of various chemicals and extraction of metal from its ores.
Safety considerations play a crucial role in the carbon monoxide market, as it
is a toxic gas. Carbon monoxide has a broad flammability range. When inhaled,
it causes severe health problems related to blood circulatory system. Carbon
monoxide combines preferentially with hemoglobin. At that time oxygen cannot be
transported to tissues and organs, resulting in oxygen starvation. This acts as
a major restraint of the carbon monoxide market as it is a health hazard.
Proper storage, handling, and use; transportation, and disposal of carbon
monoxide plays a major role in any carbon monoxide manufacturing plants.
However, implementation of stringent safety and validation regulations in
carbon monoxide manufacturing plants helps in overcoming these restraints
Increase in research and development activities related to issues faced in
carbon monoxide plants with respect to production system design and personal
protective equipment is driving the market.
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Based on
type, the carbon monoxide market can be classified into commercial grade and
electronic grade. This classification is based on the level of purity. Commercial
grade carbon monoxide is typically > 98.0% purity, while the electronic
grade carbon monoxide is typically > 99.9% purity. Commercial grade is
anticipated to be the dominant and fastest growing segment during the forecast
period due to the increase in demand for carbon monoxide in end-use industries
such as chemical and metal.
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In terms
of end-use, the carbon monoxide market can be divided into metal industry,
chemical industry, and electronics industry. Carbon monoxide is used for the
reduction of ores and in the manufacture of metal carbonyls in the metal
industry. It is employed widely in the production of inorganic chemicals (metal
carbonyls, titanium dioxide), organic chemicals (benzaldehyde, citric acid),
and chemical intermediates (toluene, diisocyanates, used to produce
polyurethane) in the chemical industry. Carbon monoxide in combination with
several other gases (hydrogen, nitrogen, methane, and carbon dioxide) provides
a fuel gas called syngas, which is used as a substitute for natural gas. Carbon
monoxide also produces and regenerates catalysts such as nickel carbonyl. High
purity carbon monoxide is used for electronic and semiconductor applications in
the electronics industry. Chemical industry is anticipated to be the dominant
and fastest growing segment of the carbon monoxide market during the forecast
period.
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Based on
geography, the carbon monoxide market can be segmented into North America,
Latin America, Asia Pacific, Europe, and Middle East & Africa. North
America and Europe are technologically matured regions; thus, they are expected
to be the dominant regions of the carbon monoxide market during the forecast
period, led by the rapidly developing metal and chemical industries in the
region. The carbon monoxide market in Asia Pacific is projected to expand due
to the presence of emerging economies such as China, India, and Japan. The
carbon monoxide market in countries in Middle East & Africa is largely
untapped. This provides an opportunity to market players to expand their share
in the region.
Key
players operating in the global carbon monoxide market include, Linde, Air
Liquide, Air Products, Praxair Inc., Messer and Yingde Gases.
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