The market size of carbon dioxide in the United States in 2022 was estimated to have reached a value of 381.4 million U.S. dollars. Carbon dioxide is forecast to have a United States market value amounting to more than 732.9 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.

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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 due to increasing demand in various industries, particularly in oil and gas for enhanced oil recovery and in the production of industrial gases such as urea and methanol. The trend towards reducing greenhouse gas emissions is driving research and development in carbon capture and storage (CCS) technologies, including carbon dioxide capture from natural gas and ethyl alcohol, as well as carbon dioxide utilization through gasification and hydrogen production. However, the high manufacturing cost of industrial CO2 remains a challenge. Advanced CO2 sensors, compressed natural gas, liquid nitrogen, and bottled air are also key components of the market.
Carbon dioxide is used in medical applications such as endoscopy, and the production of precipitated calcium carbonate. The market is expected to grow due to government initiatives and increasing awareness of the importance of reducing carbon emissions. Key applications include oil and gas, food and beverage, and chemical industries.

What will be the Size of the Carbon Dioxide Market During the Forecast Period?

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The market encompasses the production, sale, and application of CO2 gas in various industries. Key drivers for this market include the increasing demand for CO2 in industrial processes such as insufflation for medical procedures like laparoscopy, endoscopy, and arthroscopy, as well as its use in carbonation for beverages and in the production of ethyl alcohol through alcoholic fermentation. Additionally, CO2 is utilized in hydrogen production and cryogenic freezing. In the healthcare sector, CO2 is used for carboxytherapy to improve skin circulation, oxygenation, and wound healing. The oil & gas industry also remains a significant consumer of CO2, using it for enhanced oil recovery and as a byproduct of natural gas processing. The market, driven by the growing concern over global climate change, presents both opportunities and challenges for the CO2 market. 

How is this Carbon Dioxide Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' 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

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa



  South America

By Technology Insights

The combustion segment is estimated to witness significant growth during the forecast period. The market is driven by the combustion segment due to its extensive use as a byproduct in various industries. Carbon dioxide (CO2) is formed when a fuel, such as natural gas, oil, or biomass, undergoes combustion with oxygen. This process releases CO2 as an exhaust gas, contributing significantly to global carbon emissions and greenhouse gas emissions, which are major contributors to global climate change. In the medical field, CO2 is utilized in insufflation during diagnostic and therapeutic procedures like laparoscopy, endoscopy, and arthroscopy. It is also used in industrial processes such as hydrogen production, carboxytherapy, and cryogenic freezing.
CO2 is a colorless, odorless gas that is naturally present in Earth's atmosphere. It is also used as a cooling agent, preservative, and foaming agent in various industries. Carbon dioxide is used in the beverage industry for carbonation in soft drinks, beer, and sparkling wine. It is dissolved in water under pressure to form tiny bubbles, which contribute to the product's texture and taste. CO2 is also used as a refrigerant in ice-making machines and refrigerators. The oil and gas industry uses CO2 for enhanced oil recovery, where it is injected into underground oil reservoirs to increase oil production.

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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.

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. The market in Asia Pacific (APAC) is experiencing notable growth, driven by the increasing demand for food and beverages. China, India

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:

Fluctuation and inconsistency in raw material prices.(Access Detailed Analysis in the Full Report Version)

Opportunities for Liquid Carbon Dioxide Market

Rising use of liquid Co2 in electronics industry(Access Detailed Analysis in the Full Report Version)

Introduction of Liquid Carbon Dioxide

Liquid CO2 is also known as a cryogenic liquid and it is colourless, odourless, and non-flammable. Under normal air conditions, liquefied CO2 is inert, stable, and mildly acidic. When liquefied CO2 is released from its container, it forms a crystalline structure.

Liquid carbon dioxide is originally a gaseous carbon dioxide that has been compressed and chilled to produce a liquid. It does not develop in the presence of air. Carbon Dioxide can only exist as a liquid at 31.1 degrees Celsius and 5.1 atmospheres of pressure.

Liquid carbon dioxide is used to make dry ice, which is primarily utilized as a refrigerant or preservative in a variety of industrial applications. It is used for a variety of applications, including food freezing and chilling, beverage carbonation, water treatment, low temperature testing of aviation and electronic components, oil and gas well stimulation, and chemical reaction control. In portable and built-in fire extinguishing systems, it is also utilized as a fire extinguishing agent.

Liquid carbon dioxide is typically recovered as a gaseous by-product of industrial processes such as hydrogen generation from natural gas steam reforming or the fermentation of ethanol. Because liquid carbon dioxide can be transported more economically than gas, the gaseous carbon dioxide is liquefied for sale as a merchant product. Many people prefer carbon dioxide because of the physical features that come with it being a chilled liquid.

Carbon dioxide is kept as a liquid in specialized tanks that can hold several days' worth of supply and can be used as a liqu...

In 2021, the U.S. market size of carbon dioxide used by the oil and gas industry is estimated to be 1.42 billion U.S. dollars, and is forecasted to be some 1.64 billion U.S. dollars in 2025.

Carbon dioxide has several commercial uses, such as in freezing and cooling food products.

In 2024, the U.S. carbon dioxide market decreased by -1.8% to $699M, falling for the second year in a row after two years of growth. The market value increased at an average annual rate of +1.4% from 2012 to 2024; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Carbon dioxide consumption peaked at $734M in 2017; however, from 2018 to 2024, consumption failed to regain momentum.

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

Carbon dioxide is forecast to have a United States market value amounting to more than 2.8 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.

In 2024, the North American carbon dioxide market decreased by -1.1% to $738M, falling for the second year in a row after two years of growth. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2024; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $772M in 2017; however, from 2018 to 2024, consumption stood at a somewhat lower figure.

The South America carbon dioxide market is forecast to register 4.1% CAGR & is expected to hit US$ 2454.15 Million from forecast period 2024 to 2032 | Data analysis by PMR

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.

The global conventional liquid carbon dioxide (CO2) market is experiencing robust growth, driven by increasing demand across diverse sectors. The market size in 2025 is estimated at $15 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This expansion is fueled primarily by the burgeoning beverage industry, which utilizes CO2 for carbonation and preservation. The food grade segment holds a significant market share due to its widespread application in food processing and packaging. Furthermore, the chemical and petroleum industries rely heavily on CO2 for various processes, contributing substantially to overall market growth. Technological advancements in CO2 capture and purification are also enhancing efficiency and reducing production costs, furthering market expansion. However, stringent environmental regulations and fluctuations in energy prices pose challenges to market growth. Despite these restraints, the pharmaceutical and industrial sectors present lucrative opportunities. The pharmaceutical grade CO2 segment is growing rapidly due to its crucial role in pharmaceutical manufacturing and drug delivery systems. The industrial grade CO2 segment is seeing increased demand in applications such as enhanced oil recovery and welding. Regional analysis reveals that North America and Europe currently dominate the market, owing to established infrastructure and high consumer demand. However, the Asia-Pacific region is projected to witness the fastest growth in the coming years, driven by rapid industrialization and economic development in countries like China and India. Key players in the market, including Linde, Air Products and Chemicals, and others, are focusing on strategic partnerships, capacity expansion, and technological innovation to maintain their competitive edge. The overall outlook for the conventional liquid CO2 market remains positive, with continued growth expected throughout the forecast period. This comprehensive report provides an in-depth analysis of the global conventional liquid carbon dioxide (CO2) market, encompassing production, consumption, applications, and future growth projections. We delve into key market dynamics, regulatory landscapes, competitive landscapes, and emerging trends shaping this vital industry. This report is ideal for industry stakeholders, investors, and researchers seeking to understand the intricacies and future potential of the conventional liquid CO2 market. Keywords: Liquid CO2, Carbon Dioxide Market, Food Grade CO2, Pharmaceutical Grade CO2, Industrial Grade CO2, CO2 Production, CO2 Applications, Beverages, Chemical Industry, Petroleum Industry, Rubber Industry, Linde, Air Products, Market Analysis, Market Trends, Market Growth, Market Size

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.

The liquid carbon dioxide prices in the United States for Q2 2024 reached 740 USD/MT in June. The market experienced significant price shifts in the country, maintaining an optimistic trend during Q2 2024. Operational issues, such as Air Liquide Industrial US LP's shutdown in Louisiana on account of flooding, tightened supply, driving hikes in prices.

The global CO2 EOR market size is expected to exceed a valuation of US$ 4.6 billion by 2023. It is likely to surpass more than US$ 7 billion by 2033. Carbon dioxide (CO2) enhanced oil recovery (EOR) demand is anticipated to expand at an average CAGR of 4.2% in the forecast period from 2023 to 2033.

Scope of the Report

The market value of carbon dioxide amounted to approximately 10.27 billion U.S. dollars in 2022. In 2030, the global market value of carbon dioxide is forecast to reach 15.49 billion U.S. dollars.

Carbon dioxide is used for a variety of applications, including as inert gas in fire-fighting, for carbonating beverages, as well as for cooling and freezing food, among other uses.

The market size of the Liquid Carbon Dioxide Market is categorized based on Application (Metals Industry, Chemicals and Petroleum Industries, Rubber and Plastics Industries, Food and Beverages Industries, Pharmaceuticals Industry, Environmental Uses) and Product (Medical Grade Carbon Dioxide, Industrial Grade Carbon Dioxide, Food Grade Carbon Dioxide) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market, expressed in USD million, across these defined segments.

Graph and download economic data for Industrial Carbon Dioxide Emissions, Coal for Hawaii (EMISSCO2TOTVICCOHIA) from 1970 to 2021 about coal, carbon dioxide emissions, HI, industry, and USA.

Graph and download economic data for Industrial Carbon Dioxide Emissions, Industrial Other for United States (DISCONTINUED) (EMISSCO2VCLICBA) from 1980 to 2017 about carbon dioxide emissions, industry, and USA.

Latin America's Carbon Dioxide Monitoring Equipment Market will be USD XX million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031. The market is foreseen to reach USD XX million by 2031 due to the growing healthcare investments and increasing awareness about respiratory health drive market growth.

United States Industrial Gas Market size was valued at USD 26.91 Billion in 2024 and is projected to reach USD 30.98 Billion by 2032, growing at a CAGR of 3.79% during the forecast period 2025-2032.

United States Industrial Gas Market Drivers

Expanding Manufacturing and Industrial Sectors: The growing demand for industrial gases in sectors such as metal fabrication, automotive, aerospace, and electronics is a significant driver of the market. Gases like oxygen, nitrogen, and argon are essential in processes such as welding, cutting, and material hardening. The resurgence of domestic manufacturing in the U.S. has further amplified the need for industrial gases.

Booming Healthcare Industry: The healthcare sector is one of the largest consumers of industrial gases. Oxygen is critical for respiratory treatments and surgical procedures, while gases like nitrous oxide and helium are used in medical imaging and anesthesia. The growing prevalence of chronic diseases, aging populations, and technological advancements in healthcare equipment have increased the demand for medical-grade gases.

Rising Demand in the Energy Sector: Industrial gases play a vital role in energy production, particularly in the oil and gas, and renewable energy sectors. Hydrogen is increasingly used in refining processes to produce cleaner fuels, while carbon dioxide is utilized in enhanced oil recovery (EOR) techniques.The push toward clean energy and green hydrogen is further accelerating the adoption of industrial gases.