The market size of carbon dioxide in the United States in 2022 was estimated to have reached a value of ***** million U.S. dollars. Carbon dioxide is forecast to have a United States market value amounting to more than ***** million U.S. dollars in 2032. Carbon dioxide is used by the food and beverage industry to produce carbonated beverages, for example, as well as in medical treatments, by the oil and gas industry, and other industries.

The global carbon dioxide market is projected to be worth US$ 4.3 billion by the end of 2034, ascending from US$ 1.9 billion in 2024. This is because worldwide demand for carbon dioxide is forecasted to increase at a noteworthy CAGR of 8.3% through 2034.

Report Attributes	Details
Carbon Dioxide Market Size (2024E)	US$ 1.9 Billion
Projected Market Value (2034F)	US$ 4.3 Billion
Global Market Growth Rate (2024 to 2034)	8.3% CAGR
China Market Value (2034F)	US$ 900 Million
Canada Market Growth Rate (2024 to 2034)	9.7% CAGR
North America Market Share (2024E)	30.5%
East Asia Market Value (2034F)	US$ 1.7 Billion
Key Companies Profiled	Linde Group Air Liquide Praxair Inc. Air Products and Chemicals Inc. Gulf Cryo Dubai Industrial Gases Mohsin Haider Darwish LLC Yateem Oxygen ERCO Worldwide

Country-wise Insights

Attribute	United States
Market Value (2024E)	US$ 400 Million
Growth Rate (2024 to 2034)	9.6% CAGR
Projected Value (2034F)	US$ 1.1 Billion

Attribute	China
Market Value (2024E)	US$ 400 Million
Growth Rate (2024 to 2034)	8.7% CAGR
Projected Value (2034F)	US$ 900 Million

Category-wise Insights

Attribute	Pipelines
Segment Value (2024E)	US$ 600 Million
Growth Rate (2024 to 2034)	8.3% CAGR
Projected Value (2034F)	US$ 1.3 Billion

Attribute	Biological
Segment Value (2024E)	US$ 1 Billion
Growth Rate (2024 to 2034)	7.7% CAGR
Projected Value (2034F)	US$ 2.1 Billion

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Carbon Dioxide Market Size 2025-2029

The carbon dioxide market size is valued to increase USD 2.36 billion, at a CAGR of 4.7% from 2024 to 2029. Rising demand for CO2 in oil and gas industry will drive the carbon dioxide market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 51% growth during the forecast period.
By Technology - Combustion segment was valued at USD 4.65 billion in 2023
By Application - Enhanced oil recovery segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 45.62 million
Market Future Opportunities: USD 2359.80 million
CAGR : 4.7%
APAC: Largest market in 2023

Market Summary

The market encompasses the global production, consumption, and trade of CO2 as a commodity. Key drivers propelling market growth include the rising demand for CO2 in the oil and gas industry for enhanced oil recovery and the surge in research and development activities for new applications in various sectors such as food and beverages, pharmaceuticals, and textiles. However, the high manufacturing cost of industrial CO2 poses a significant challenge to market expansion. According to a recent report, the oil and gas segment accounted for over 60% of the global CO2 market share in 2020. As the market continues to evolve, stakeholders must navigate the complex regulatory landscape and adapt to emerging trends, ensuring a sustainable and efficient CO2 value chain.

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

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How is the Carbon Dioxide Market Segmented and what are the key trends of market segmentation?

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 market encompasses various applications, including carbon footprint calculation, geologic carbon storage, and CO2 conversion processes, among others. Carbon footprint calculation is a critical aspect of climate change mitigation, helping businesses and individuals assess their greenhouse gas emissions. Geologic carbon storage involves injecting CO2 deep underground to reduce emissions. Combustion processes, such as biomass gasification, algae biofuel production, and renewable fuel production, are essential components of the market. These processes contribute to emissions reduction by generating energy from renewable sources and reducing reliance on fossil fuels. Additionally, afforestation and reforestation, methane emission reduction, renewable energy integration, emissions trading schemes, ocean CO2 absorption, waste gas treatment, sustainable transportation, enhanced oil recovery, carbon mineralization, industrial process optimization, atmospheric CO2 monitoring, carbon pricing mechanisms, greenhouse gas accounting, building energy codes, carbon tax policies, CO2 pipeline infrastructure, industrial CO2 utilization, and steel production emissions are all integral parts of the market.

According to recent studies, the carbon capture technology market is expected to grow by 15% in the next year, driven by increasing demand for reducing emissions. Furthermore, energy efficiency measures, such as the adoption of LED lighting and smart grids, are projected to expand by 20% during the same period. These trends underscore the market's continuous evolution and the ongoing efforts to minimize carbon emissions across various sectors.

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The Combustion segment was valued at USD 4.65 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 51% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Carbon Dioxide (CO2) market in Asia Pacific (APAC) is experiencing notable expansion, driven by the escalating demand for CO2 in food processing and beverage carbonation applications. China and India are the primary contributors to

U.S. Carbon Dioxide Market size was estimated at USD 2.36 billion in 2024 and is anticipated to grow at a CAGR of 4.08% from 2025 to 2034.

Carbon dioxide is forecast to have a United States market value amounting to more than *** billion U.S. dollars in 2025. Carbon dioxide is used by the food and beverage industry to produce carbonated beverages, for example, It is also used in medical treatments, by the oil and gas industry, and for other applications.

The carbon dioxide industry, which plays a vital role in supplying sectors such as beverages, enhanced oil recovery and a wide range of industrial applications, is in the midst of a period of strong growth. It is currently expanding at a CAGR of 12.6%. In 2025 alone, the industry is expected to grow by 4.7%, bringing revenues to approximately $2.5 billion. Some of this momentum is being driven by advances in capture and purification technologies, which are improving the profit margin by reducing operating costs and energy requirements. The adoption of modular, scalable processing units and the use of advanced materials have enhanced product quality, plant efficiency and environmental performance. These innovations not only support sustainability and emissions-reduction goals but also help producers maintain compliance with tightening regulations, strengthening both market competitiveness and overall revenue stability. In structural terms, the industry remains heavily oriented toward domestic supply chains, with exports representing only a small proportion of total production. The bulk of those exports are directed to Canada and Mexico, where close proximity and favorable trade conditions under agreements such as the USMCA support cost-efficient cross-border shipments. Supply chain resilience is further reinforced by growing use of modular on-site CO2 capture and reuse technologies at customer facilities, which reduce reliance on external suppliers and long-distance transportation. At the same time, producers are expanding into new utilization markets such as synthetic fuels, specialty chemicals and sustainable building materials. These emerging applications diversify revenue streams, reduce exposure to fluctuations in traditional demand patterns and enable producers to participate more fully in the growth of the circular carbon economy. The industry is forecast to expand at a 5.4% CAGR through 2030, reaching an estimated $3.3 billion in annual revenue. Continued growth will be supported by increasing CO2 demand for enhanced oil recovery projects and broader industrial expansion. Persistent upward pressure on feedstock and energy costs is expected to sustain price increases, and when combined with efficiency gains from advanced capture and modular deployment, this will bolster both profit potential and operational flexibility. Meanwhile, accelerating regulatory and sustainability requirements will further spur investment in low-carbon and circular technologies, positioning the industry for durable growth, stronger market positioning, and long-term resilience in an evolving economic and environmental landscape.

The North America Carbon Dioxide Market would witness market growth of 4.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 10,483.22 kilo tonnes, showcasing a growth of 1.8% (2019-2022). In the carbon dioxide (CO2) market, one of the most

In 2021, the U.S. market size of carbon dioxide used by the oil and gas industry is estimated to be **** billion U.S. dollars, and is forecasted to be some **** billion U.S. dollars in 2025. Carbon dioxide has several commercial uses, such as in freezing and cooling food products.

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...

The North America Liquid Carbon Dioxide market reached around 2400 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 3.88% till the year 2035.

The US carbon dioxide market is forecast to grow in volume to 4.2M tons by 2035, despite a projected decline in market value. This analysis covers current consumption, production, and the latest trends in US imports and exports of carbon dioxide.

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.

The United States and New York liquid carbon dioxide market was volumed at 2384.64 KMT in 2024. The industry is expected to grow at a CAGR of 3.90% during the forecast period of 2025-2034. The rising demand for industrial carbon dioxide in medical applications such cryotherapy, respiratory treatments, and sterilization of medical equipment is expected to develop the market. In turn, all these factors have resulted in the market attaining a volume of 3496.06 KMT by 2034.

In 2024, the U.S. carbon dioxide market increased by 12% to $977M for the first time since 2021, thus ending a two-year declining trend. Overall, the total consumption indicated a measured increase from 2012 to 2024: its value increased at an average annual rate of +2.7% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -33.7% against 2021 indices.

Latin America Carbon Dioxide Market size was estimated at USD 1.90 billion in 2024 and is projected to grow at a CAGR of 4.09% from 2025 to 2034.

The global carbon dioxide (CO2) market, valued at $8.65 billion in 2025, is projected to experience robust growth, driven by increasing demand across diverse sectors. The 4.48% CAGR from 2025 to 2033 indicates a significant expansion, primarily fueled by the burgeoning food and beverage industry, which utilizes CO2 for carbonation and preservation. Furthermore, the rise of enhanced oil recovery (EOR) techniques in the energy sector significantly contributes to CO2 demand. The growing awareness of climate change, paradoxically, presents both a challenge and an opportunity. While concerns about CO2 emissions are undeniable, the development of carbon capture, utilization, and storage (CCUS) technologies opens new avenues for CO2 market growth, transforming it from a waste product into a valuable resource in various industrial processes. The market is segmented by technology (combustion and biological) reflecting the diverse production methods employed. Major players such as Air Liquide, Linde AG, and Air Products and Chemicals, Inc. hold significant market shares, leveraging their established distribution networks and technological expertise. Regional growth will vary, with North America and Asia-Pacific expected to be major contributors due to their substantial industrial bases and robust economic activity. However, stringent environmental regulations in certain regions may present challenges to market expansion, necessitating innovative solutions and sustainable practices by market participants. The competitive landscape is characterized by both large multinational corporations and regional players. Successful companies will need to adapt to shifting regulatory environments, invest in research and development of innovative CO2 utilization technologies, and optimize their supply chains for cost-effectiveness and sustainability. The market’s future trajectory hinges on balancing the increasing demand from various industries with the imperative to mitigate climate change. Strategic partnerships, technological advancements, and proactive regulatory compliance will be key determinants of success in the years to come. While precise figures for specific market segments and regions require more granular data, the overall market shows strong growth potential, indicating a promising future for investment and innovation within the carbon dioxide industry.

The global Carbon Dioxide (CO2) market has grown remarkably to reach approximately 236 million tonnes in 2022 and is expected to grow at an impressive CAGR of 6.50% during the forecast period until 2035.

Carbon Dioxide (CO?) Market size was estimated at USD 8.13 billion in 2024 and is anticipated to grow at a CAGR of 4.37% from 2025 to 2034.

The U.S. Carbon Monoxide Market size was valued at USD 464.6 USD Million in 2023 and is projected to reach USD 649.39 USD Million by 2032, exhibiting a CAGR of 4.9 % during the forecast period. Recent developments include: February 2022 – Linde Plc. revealed that it had expanded its agreement with Celanese Corporation to supply carbon dioxide and hydrogen in the latter’s manufacturing facility located in Texas, U.S., February 2021 – Celanese Singapore signed a contract with Linde Gas Singapore to supply carbon monoxide. Such an agreement was expected to increase the company's presence in the Singaporean market.. Key drivers for this market are: Rapid Increase in Building & Construction Industry Globally is anticipated to Drive Market Growth. Potential restraints include: Stringent Government Regulations Regarding Carbon Monoxide to Restrain Market Growth. Notable trends are: Rising Emphasis on Environmentally Sustainable Iron Production to Create New Growth Opportunities.

Global South America carbon dioxide market is expected to reach a valuation of US$ 2454.15 Million, likely to surge at moderate CAGR 4.1% by forecast year 2032 | Analysis by PMR