The U.S. carbon dioxide market size is expected to reach USD 6.59 billion by 2030, registering a CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing usage of carbon dioxide for Enhanced Oil Recovery (EOR) in oil & gas plants is anticipated to result in the growth of the market. In terms of revenue, the hydrogen segment accounted for a significant share in 2021. The growth of this segment can be attributed to the presence of leading hydrogen-producing companies in the country that have CO2 manufactured as a byproduct during hydrogen production.
U.S. Carbon Dioxide Market Report Highlights
- In terms of revenue, the food & beverages application segment dominated the global market in 2021
- The hydrogen source segment accounted for the second-largest share of the global market revenue in 2021
- The growth of this segment can be attributed to the presence of leading hydrogen-producing companies in the country that have CO2 manufactured as a byproduct
- In terms of revenue, the SNG segment accounted for the maximum revenue share in 2021. SNG is derived from the gasification of coal and emits byproducts, such as CO2, hydrogen, carbon monoxide, and methane
- The rubber industry uses CO2 to clean the rubber molds and to remove flash from rubber objects by tumbling them with crushed dry ice in a rotating drum
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Substitute Natural Gas (SNG) is expected to be one of the major sources of the production of CO2 in the U.S. This is due to a rise in the discovery of natural gas reserves in the U.S. with the deployment of shale technology. The oil & gas application segment accounted for a significant share in 2021 owing to the application of carbon dioxide-based EOR in oil fields of the U.S. for efficient and effective oil production. Moreover, the usage of CO2 in the food & beverages and medical industries is anticipated to increase in the U.S. over the forecast period.
The growth of this segment can be attributed to the presence of a large base of food and beverage manufacturing facilities in the country, which is projected to expand further over the forecast period. The spread of COVID-19 hindered the growth of the market in 2020 and 2021 owing to the factors, such as the reduction in demand for CO2 in the country owing to lockdowns. However, an increase in demand for CO2 from the manufacturers of pharmaceuticals and essential commodities, such as fire safety products, has been witnessed in the U.S., as well as across the world.
Industry Share Analysis By Major Companies
The market is moderately consolidated with the presence of various multinational players. These factors make the market highly competitive as it also requires high initial investments for new entrants, along with increased research and development costs. Some prominent players in the U.S. carbon dioxide market include:
- Linde plc
- Air Products Inc.
- Air Liquide
- Matheson Tri-Gas, Inc.
- Messer
- Continental Carbonic Products, Inc.
- Greco Gas Inc.
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U.S. Carbon Dioxide Market Segmentation
Grand View Research has segmented the U.S. carbon dioxide market based on source, application:
- U.S. CO2 Source Outlook (Volume, Million Tons; Revenue, USD Million, 2019 – 2030)
- U.S. CO2 Application Outlook (Volume, Million Tons; Revenue, USD Million, 2019 – 2030)
- List of Key Players in U.S. Carbon Dioxide Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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