New York
City, 29 January 2019: The global Carbon Dioxide (CO2) Market is anticipated to reach USD 9.16 billion by
2026 and is anticipated to grow at a CAGR of 3.9 % from 2018 to 2026. The
carbon dioxide (CO2) market is anticipated to witness significant growth over
the forecast period. Increasing enhanced oil recovery operations by upstream
players, in order to maintain their production levels, are expected to boost
the market demand. Increasing use of carbon dioxide in application industries such
as refrigeration, food & beverages, chemical wholesaling, and
pharmaceuticals is projected to propel the market growth.
Growing demand for carbonated drinks
and soda water is a major factor contributing to the market growth over the
next nine years. The high cost of carbon dioxide capture, liquefaction, and
transportation is anticipated to act as the key restraining factor for the
market growth. Concerns regarding oversupply of carbon dioxide from numerous
potential sources and the subsequent reduction in its price are likely to
hamper the market growth.
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The industrial gases can be transported
in the gaseous or liquid form via pipelines, ships, and road tankers.
Currently, transporting the gas as a solid form is neither cost-effective nor
feasible from an energy usage point of view. Pipelines are the most
cost-effective mode of transport for large quantities of carbon dioxide.
Economies of scale make it economic to transport 1 Mt to 5 Mt per year over 100
km to 500 km or 5 Mt to 20 Mt per year over 500 km to 2,000 km.
To overcome the problems caused by CO2
emission globally, governments have established various regulations and
directives on Carbon Capture and Storage (CCS) for the safe storage and
transportation of carbon dioxide. These legal frameworks contain provisions
regarding the capture and transport components of CCS technology. Globally,
government agencies have formulated various regulations for the proper storage
and transportation of carbon dioxide. These regulations are beneficial for
preventing environmental & health risks. In addition, these regulations
also provide security of the carbon dioxide storage sites.
Companies are
developing advanced CCS technologies for effectively capturing, purifying,
liquefying, and storing of gas. These industry participants are also engaged in
development of effective systems for the transportation of CO2, which include
ships, pipelines, road and rail, tankers. CCS technology is more effective for
CO2 in gas and liquid state.
An Increase in the number of power
plants and chemical industries is also contributing to the carbon dioxide
production globally. Companies are installing CCS plants, which could be
utilized for industrial use. The increasing demand for carbon dioxide in the
end-use industries is a major factor contributing to the market growth.
Increasing application of EOR technologies especially in the North American
region, owing to a rising number of mature wells, is one of the major factors
contributing to the growth of the market.
Since, CO2 is a waste byproduct of
human respiration, its medical usage is limited. However, it is considered as
one of the major medical gasses. In the medical industry, carbon dioxide is
also used in cryotherapy and respiratory stimulation during & after
administration anesthesia. In cryotherapy, frozen CO2 snow (–78.5°C) is used
for destroying body cells by the process of crystallization. This process can
also be used for the removal of skin tag, moles, and warts.
The cost of the carbon dioxide capture
and storage technology along with a new plant set up is very high and this may
not prove to be a viable solution for many industry players or even countries
globally. Therefore, the high cost of CCS is expected to restrain the market in
the near future.
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