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Global Carbon Dioxide/ CO2 Market- Industry Trends, Covid-19 Impact and Opportunities to 2030

Global Carbon Dioxide/ CO2 Market: Overview

Over the period of 2020 to 2030, the global carbon dioxide/CO2 market is set to record a sluggish growth rate and moderate increase in its valuation. As per Transparency Market Research, growing demand for CO2 in healthcare is a notable growth factor and increasing demand for aerated drinks will lead to increase in demand for food-grade carbon dioxide over the stated period. Countries with EOR will account for notable share of the market. It is worth noting here that this is the reason that North America will remain a lucrative market over the coming years.

Global Carbon Dioxide/ CO2 Market: Competitive Landscape

The market for carbon dioxide/CO2 is consolidated to a certain extent as top tier companies claim approximately 60% of total revenue share. To grow in such a competitive environment, other players opt for measures such as increase in production capacity and alliances. One of the biggest challenges faced by these players is limited geographic presence. This is also the reason why mid-sized companies have directed massive efforts towards growth in regional sales.

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Players in the global carbon dioxide/CO2 market who have made their mark in the vendor landscape include:

·         Schlumberger

·         CIRCOR International

·         Parker Hannifin

·         Metso Corporation

·         Emerson Electric

·         Watts Water Technologies

·         BHGE

·         National Oilwell Varco

·         The Weir Group

·         HYDAC

·         IMI

·         Armstrong

It is pertinent to note here that the highly competitive market landscape of global carbon dioxide/CO2 market is set to witness players dabbling with extensive research and development activities over the forecast period.

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Global Carbon Dioxide/ CO2 Market: Key Trends and Drivers

Used in varied application, carbon dioxide is set to witness increase in demand at the back of expansion in end-use industries. Some of the top trends and drivers that are keeping the global carbon dioxide/CO2 market buoyant over the forecast period are delineated below:

·         Technological advancement is paving way for growth in the market in a major way. It is pertinent to note here that increased investment towards this goal is also being observed. It is set to drive the market on a high growth trajectory in the future. Research and development in technology apropos carbon capture and storage, EOR have been crucial for growth in recent years.

·         Increasing demand in food and beverages industry – result of higher disposable income and population growth - is anticipated to fuel growth in the global carbon dioxide/CO2 market over the forecast period. Mainly used in aerated drinks, carbon dioxide used in food and beverages industry is a by-product of ethanol-based plants.

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The carbon dioxide/CO2 market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the carbon dioxide/CO2 market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the carbon dioxide/CO2 market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.

 

Companies in the carbon dioxide/CO2 market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.     

 

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