Global Carbon Capture Utilization And Storage Market 2032

The Carbon Dioxide Global Market Report 2023 by The Business Research Company, provides carbon dioxide market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Carbon Dioxide Global Market Report 2023, the market size will grow from $13.21 billion in 2022 to $15.12 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global carbon dioxide is expected to grow from $25.32 billion in 2027 at a CAGR of 13.8%.

During the historic period, increased demand for the oil and gas industry globally contributed to the carbon dioxide market’s growth. Carbon dioxide is primarily used for enhancing oil recovery (EOR) in the oil and gas industry as it is compatible with crude oil and more lucrative than other fluids. Crude oil is extracted by pouring carbon dioxide into the pore spaces in rocks. The enhanced oil refinery application accounts for the largest share of the carbon dioxide market with increased investments in research and development for advanced technologies. The global enhanced oil recovery (EOR) market is estimated to grow at a CAGR of 17.6% during 2019–2025. Increased demand for the EOR market, supported by massive investments in advanced technologies, drove the carbon dioxide market and is also expected to drive the carbon dioxide market in the next five years.

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The carbon dioxide market is segmented:

1) By Product Type: Liquid Carbon Dioxide, Solid Carbon Dioxide, Gaseous Carbon Dioxide

2) By Source: Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, Other Sources

3) By Application: Food & Beverages, Oil & Gas, Medical, Rubber, Fire Fighting, Other Applications

The carbon dioxide market report table of contents includes: