In the fourth quarter of 2023, the price of the carbon dioxide in the United States reached 666 USD/MT by December. Similarly, in Japan, the carbon dioxide prices hit 249 USD/MT in the same month. Moreover, Belgium also witnessed carbon dioxide prices reaching 214 USD/MT during Q4 2023.

Explore IMARC's latest publication, “Carbon Dioxide Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the carbon dioxide market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of carbon dioxide at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed carbon dioxide price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting carbon dioxide pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Why did the Liquid Carbon Dioxide Price Change in July 2025? The Liquid Carbon Dioxide Price Index in the U.S. showed moderate upward pressure during Q2 2025, with prices reaching USD 590/MT, DEL Illinois.

The global direct carbon price averaged **** U.S. dollars per metric ton of carbon dioxide equivalent (USD/tCO₂e) in 2023. Around one quarter of global greenhouse gas emissions were covered by carbon pricing mechanisms as of April 2024, compared with ** percent in 2020.

Graph and download economic data for Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide (WPU06790302) from Jun 1981 to Jul 2025 about chemicals, commodities, PPI, inflation, price index, indexes, price, and USA.

As of April 2025, the European Union Emission Trading Scheme (EU ETS) carbon price was above ** U.S. dollars per metric tons of carbon dioxide equivalent (USD/tCO₂e). The EU ETS launched in 2005 as a cost-effective way of reducing greenhouse gas emissions, and was the world's first major international carbon market. The UK was formerly part of the EU ETS, but replaced this with its own system after withdrawing from the EU. As of April 2025, the price of carbon on the UK ETS was almost ** USD/tCO₂e.

EU Carbon Permits fell to 71.16 EUR on August 19, 2025, down 0.92% from the previous day. Over the past month, EU Carbon Permits's price has risen 1.90%, but it is still 2.61% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for EU Carbon Permits.

Graph and download economic data for Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide (PCU3251203251204) from Jun 1981 to Jul 2025 about gas, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

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Carbon Dioxide Market Size 2025-2029

The carbon dioxide market size is forecast to increase by USD 2.36 billion, at a CAGR of 4.7% between 2024 and 2029. The market is experiencing significant growth, driven primarily by the increasing demand in the oil and gas industry for enhanced oil recovery processes.

Major Market Trends & Insights

APAC dominated the market and accounted for a 51% share in 2023. The market is expected to grow significantly in North America region as well over the forecast period. Based on the Technology, the combustion segment led the market and was valued at USD 5.17 billion of the global revenue in 2023. Based on the Application, the enhanced oil recovery segment accounted for the largest market revenue share in 2023.

Market Size & Forecast

Market Opportunities: USD 9.04 Billion Future Opportunities: USD 2.36 Billion CAGR (2024-2029): 4.7% APAC: Largest market in 2023

The market continues to evolve as businesses and governments seek innovative solutions to mitigate greenhouse gas emissions and address climate change. The landscape is shaped by various factors, including technological advancements, regulatory policies, and market trends. Carbon capture technologies, such as direct air capture and carbon sequestration, are gaining traction as industries strive for emissions reduction. Industrial processes, including those in power generation and manufacturing, are undergoing optimization to minimize carbon footprints. Renewable energy sources, including solar, wind, and biomass, are increasingly integrated into energy portfolios. Carbon pricing, through mechanisms like carbon taxes and emissions trading, is a critical component of climate policy.

What will be the Size of the Carbon Dioxide Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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Industrial automation and building automation systems are streamlining energy management, while nuclear energy provides a low-carbon alternative to fossil fuels. Circular economy principles are guiding waste management strategies, and smart grids are optimizing energy storage and distribution. Climate change mitigation efforts extend to various sectors, with renewable energy and energy efficiency at the forefront. Environmental regulations continue to evolve, driving the adoption of cleaner technologies. CO2 sensors and monitoring systems are essential tools for tracking and managing emissions. Carbon utilization, through processes like CO2 storage in depleted oil and gas reservoirs and the production of carbon credits, offers potential for carbon markets to expand beyond emissions reduction. The biological segment is the second largest segment of the technology and was valued at USD 3.49 billion in 2023.

The ongoing dynamism of the carbon market reflects the continuous unfolding of market activities and evolving patterns in response to climate policy, technological advancements, and market trends. This sector's reliance on CO2 for extracting hard-to-reach reserves is a key market catalyst. Furthermore, the surge in research and development activities to discover new applications for CO2, such as in food processing and beverage industries, adds to the market's momentum.

However, high manufacturing costs, particularly for industrial CO2 production, pose a considerable challenge. Companies must navigate this cost obstacle to remain competitive and capitalize on the market's expanding opportunities. Effective cost management strategies, technological innovations, and strategic partnerships are essential for market players to thrive in this dynamic landscape.

How is this Carbon Dioxide Industry segmented?

The carbon dioxide industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Technology

Combustion Biological

Application

Enhanced oil recovery Food and beverages Precipitated calcium carbonate Others

Source

Ethyl alcohol Hydrogen Substitute natural gas Ethylene oxide Others

Geography

North America

US Canada

Europe

France Germany UK

APAC

Australia China India Japan South Korea

Rest of World (ROW)

By Technology Insights

The combustion segment is estimated to witness significant growth during the forecast period. The segment was valued at USD 5.17 billion in 2023. It continued to the largest segment at a CAGR of 4.21%.

The market is experiencing dynamic shifts as various sectors adopt measures to mitigate climate change and reduce their carbon footprint. Climate policy and carbon pricing, such as carbon taxes, are driving the demand for carbon capture, utilization, and storage (CCUS) technologies. Solar energy, wind energy, and biomass en

As per Cognitive Market Research's latest published report, the Global Liquid Carbon Dioxide market size will be $2,071.22 Million by 2028.Liquid Carbon Dioxide Industry's Compound Annual Growth Rate will be 4.82% from 2023 to 2030.

The North America Liquid Carbon Dioxide market size will be USD 780.64 Million by 2028.

Factors Affecting Liquid Carbon Dioxide Market Growth

Rising demand for food & beverages industry

The food and beverage industry has a unique role in expanding economic opportunity because it is universal to human life and health. This industry operates various segments where billions of people grow, transform, and sell food, particularly in developing countries where agriculture dominates all other economic sectors. The global food & beverage industry has seen rapid growth over the last ten years and this is expected to continue. The global food and beverage industry is growing at around 5% a year and global expenditure on food products by consumers is expected to reach US$20 trillion by 2030.

Following graph shows the global revenue in the food & beverages industry which is projected to reach US $258,741 million in 2021.

Asia Pacific is the fastest growing region for the food & beverage industry due to rapid increasing population. India is forecast to have the strongest annual growth of food & beverage sales between 2017 and 2020, with 13.1%. Average annual growth in China reached to 11.2% over the last four years. Indonesia and the Philippines both countries expected to see a strong acceleration in growth, with forecasts of 10.1% and 9.6% respectively. After Asia Pacific region second most growing region for the food & beverage industry is Middle East & Africa, which is followed by the America.

Moreover, healthy food development has become a relentless pattern, due to enormous part to a more prominent social attention to sustenance. The move towards more advantageous foods has been driven by shopper request, and when all is said in done the business has rushed to react, with numerous brands reformulating or re promoting their merchandise. Liquid carbon dioxide is widely used in the preservation of food, in fire extinguishers, and in commercial food processes. For food preservation, liquid carbon dioxide is used to refrigerate, preserve, store and soften.

Hence, rising demand for food & beverages industry boost the demand of liquid Co2 market.

The Restraining Factor of Liquid Carbon Dioxide

High Costs of Production and Transportation:

The production of liquid carbon dioxide is energy-intensive, requiring low-temperature liquefaction processes and high-purity feedstocks, which raise operational costs. Additionally, because liquid CO? must be stored at very low temperatures and under pressure, its transportation demands specialized cryogenic tanks and insulated pipelines. These storage and logistical requirements not only elevate capital and maintenance costs but also limit distribution over long distances, especially in underdeveloped regions lacking proper infrastructure. This cost barrier can deter small- and medium-scale end-users from adopting liquid CO?, limiting market growth.

Environmental and Regulatory Pressures:

Although liquid CO? is often a byproduct of industrial processes (such as ammonia or ethanol production), it is still classified as a greenhouse gas. Increasing global efforts to reduce carbon emissions have prompted tighter environmental regulations, which could restrict the availability of CO? from certain sources or impose additional compliance costs. Furthermore, evolving climate change policies and the push for carbon-neutral or carbon-negative technologies may shift focus away from conventional CO? utilization and toward carbon capture and storage (CCS) or alternative green technologies. This regulatory uncertainty could hinder long-term investment and slow market expansion.

Opportunities for Liquid Carbon Dioxide Market

Growing Demand in the Food and Beverage Industry:

Liquid carbon dioxide is widely used in the food and beverage sector for applications such as carbonation of soft drinks, preservation, chilling, freezing, and packaging under modified atmospheres. With the global increase in consumption of ready-to-eat and frozen foods, particularly in emerging markets like Asia-Pacific and Latin America, the demand for liquid CO? is expected to surge. Additionally...

Get the latest insights on price movement and trend analysis of Carbon Dioxide in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data was reported at 36.430 % in 2018. United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data is updated yearly, averaging 36.430 % from Dec 2018 (Median) to 2018, with 1 observations. The data reached an all-time high of 36.430 % in 2018 and a record low of 36.430 % in 2018. United States Road: Carbon Pricing Score: Excluding Emissions from the Combustion of Biomass: EUR 120 per Tonne of CO2 data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.ESG: Environmental: Effective Carbon Rates: by Sector: OECD Member: Annual. The carbon pricing score answers the question how close countries are to price carbon in line with carbon costs. EUR 60 is a midpoint estimate for carbon costs in 2020, and a low-end estimate for 2030. Pricing all emissions at least at EUR 60 in 2020 shows that a country is on a good track to reach the goals of the Paris Agreement to decarbonise by mid-century economically. EUR 30 is a historic low-end estimate for carbon costs, and EUR 120 is a midrange estimate for carbon costs in 2030.; The carbon pricing score answers the question how close countries price carbon emissions in line with carbon costs. EUR 120 per tonne CO2 is a central estimate for carbon costs in 2030.More generally, a carbon pricing score of 100% shows that a country prices all carbon emissions at the carbon cost estimate or more, and a carbon pricing score of 0% shows that a country does not price any carbon emissions.The carbon pricing score by country, by sector answers the question how close countries price carbon emissions in line with carbon costs within a given sector.For additional information, see Effective Carbon Rates 2021

In 2023, Wizz Air had the highest average price paid per a ton of carbon dioxide in Europe, with ***** euros. Furthermore, the other two low-cost carriers, Ryanair and easyJet, came after with ***** and ***** euros paid per a ton of CO2, respectively.

The market value of carbon dioxide amounted to approximately ***** billion U.S. dollars in 2022. In 2030, the global market value of carbon dioxide is forecast to reach ***** billion U.S. dollars. Carbon dioxide is used for a variety of applications, including as an inert gas in fire-fighting, for carbonating beverages, as well as for cooling and freezing food, among other uses.

Carbon pricing instruments covered almost ** billion metric tons of carbon dioxide equivalent as of April 2025, representing around ** percent of global GHG emissions. The share of global GHG emissions covered by carbon pricing mechanisms, like carbon taxes and emissions trading systems, has increased considerably since 2005, the year the EU ETS became the world's first major carbon market. As of 2025, there were ** carbon pricing mechanisms in operation worldwide.

Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data was reported at 0.351 kg in 2014. This records an increase from the previous number of 0.348 kg for 2013. Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data is updated yearly, averaging 0.491 kg from Dec 1990 (Median) to 2014, with 25 observations. The data reached an all-time high of 0.558 kg in 1992 and a record low of 0.348 kg in 2013. Canada CA: CO2 Emissions: Kg per PPP of(GDP) Gross Domestic Product2011 Price data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Canada – Table CA.World Bank.WDI: Environmental: Gas Emissions and Air Pollution. Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring.; ; Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States.; Weighted Average;

United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide was 755.10300 Index Jun 1981=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide reached a record high of 762.96200 in April of 2025 and a record low of 100.00000 in July of 1981. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Carbon Dioxide - last updated from the United States Federal Reserve on July of 2025.

United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide was 610.83800 Index 1982=100 in July of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide reached a record high of 610.83800 in July of 2025 and a record low of 80.80000 in July of 1981. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Commodity: Chemicals and Allied Products: Carbon Dioxide - last updated from the United States Federal Reserve on August of 2025.

In June 2022, the carbon dioxide price per tonstood at $373 per ton, picking up by 39% against the previous month.

After two years of decline, the U.S. carbon dioxide market increased by 8.7% to $1.2B in 2024. In general, consumption, however, saw a buoyant expansion. Over the period under review, the market hit record highs at $1.5B in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

Carbon Dioxide Utilization Market size was valued at USD 4.57 Billion in 2023 and is projected to reach USD 11.15 Billion by 2030, growing at a CAGR of 13.60% during the forecast period 2024-2030.

Global Carbon Dioxide Utilization Market Drivers

The market drivers for the Carbon Dioxide Utilization Market can be influenced by various factors. These may include:

Environmental rules: The development of technologies that capture and use CO2 instead of releasing it into the atmosphere is being driven by the tightening of rules aimed at decreasing greenhouse gas emissions, especially carbon dioxide.

Climate Change Mitigation: Investments in technology that can aid in lowering CO2 emissions by using them in various industrial processes are being driven by growing awareness of climate change and the need to mitigate its effects.

Government Incentives: As part of their efforts to mitigate climate change, numerous governments are providing tax breaks, subsidies, and incentives to encourage the creation and use of carbon dioxide utilisation technologies.

Technological Developments: The cost, efficiency, and scalability of CO2 capture, storage, and utilisation technologies are increasing, which is propelling market expansion.

Demand for Sustainable Products: Businesses are being pushed to embrace CO2 utilisation technology in order to lower their carbon footprint and improve their environmental credentials. This is due to the growing customer demand for sustainable products and processes.

Carbon Pricing Mechanisms: Industries are incentivized to decrease their carbon emissions and invest in CO2 utilisation technology by the implementation of carbon pricing mechanisms, such as carbon taxes or cap-and-trade systems.

Initiatives for a Circular Economy: The idea of a circular economy, in which waste products are recycled, reused, or otherwise put to good use, is generating interest in CO2 utilisation as a means of converting waste into a useful resource.

Research & Development Investments: Governments, private businesses, and academic institutions are investing an increasing amount in research and development, which is resulting in innovations in CO2 utilisation technologies and propelling the market's growth.