Carbon Dioxide Market Size, Share & Trends Report

Carbon Dioxide Market Size, Share & Trends Analysis Report By Form (Solid, Liquid, Gas), By Source (Ethyl Alcohol, Ethylene Oxide), By Application (Food & Beverages, Oil & Gas, Medical), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-403-1
  • Number of Pages: 134
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the carbon dioxide market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for carbon dioxide market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of carbon dioxide market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Carbon Dioxide Market Categorization:

The carbon dioxide market was categorized into three segments, namely source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substitute Natural Gas, ), application (Food & Beverages, Oil & Gas, Medical, Rubber, Firefighting), and region (North America, Europe, Asia Pacific, Central & South America, Middle East and Africa).

Segment Market Methodology:

The carbon dioxide market was segmented into source, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The carbon dioxide market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Argentina; Saudi Arabia; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Carbon dioxide market companies & financials:

The carbon dioxide market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Acail Gás, Acail Gás specializes in producing high-pressure gases for a variety of end-use sectors, such as agriculture, livestock & fisheries, food, construction, pharmaceutical, electronics & telecommunications, and others. A variety of unique gases, such as argon, nitrogen, carbon dioxide, helium, hydrogen, oxygen, and unusual gas combinations, are supplied by the company. The company provides several services, such as gas supply from cylinders and on-site delivery, distribution and storage of liquids, and other services associated with liquid supply. It also works in the healthcare industry, offering a variety of medical gases with high purity levels and respiratory homecare equipment. Portugal and Spain are home to a sizable distributor network for the business.

  • Air Liquide, The business divisions of Air Liquide are engineering & construction, electronics, and healthcare. With 66,400 employees, the company operates in more than 75 countries worldwide. It performs a number of operations, including industrial cryogenics, oxy-combustion, and carbonation, among others. Air Liquide's subsidiary Airgas provides dry ice and carbon dioxide to the US market. The business is active in more than 75 nations worldwide. In order to create novel and enhanced goods in the areas of bioresources, medicine, manufacturing, industry, and food & drink, the company makes significant investments in R&D. The company's principal product line, Aligal gases, complies with Hazard Analysis Critical Control Point (HACCP) regulations to uphold standards in the production and delivery of gases intended for the food and beverage sector. Serving markets in the Americas, Europe, Asia Pacific, and the Middle East and Africa, the company is present all over the world. It is an international corporation that meets the needs of the oil and gas, chemical, engineering, automotive, food and beverage, metal fabrication, research and development, and healthcare sectors.

  • Air Products and Chemicals, Inc., The company's main business is the international sale of chemicals and gases for industrial applications. It meets the demands and specifications of numerous end-use applications, such as those in the fields of energy, technology, industry, food, and healthcare. The company produces atmospheric gases, equipment for producing and processing gases, and services related to these activities. It serves clients globally and conducts business in 50 countries. The company offers argon, oxygen, carbon dioxide, nitrogen, hydrogen, chemical intermediates, process & specialty gases, and performance materials in its product portfolio. The company also produces paints and adhesives, gas cabinets and equipment for gas liquefaction.

  • Greco Gas Inc., Greco Gas Inc. sells safety gear, filler metals, bulk propane, welding supplies, industrial and specialised gases, and more. It provides a range of industrial gases, including welding mixtures, CO2, nitrogen, oxygen, argon, and propane. The company supplies carbon dioxide that meets certain requirements for commercial food and beverage, bone dry, and Coleman instruments.

  • Linde AG, The corporation was created by the union of Praxair, Inc. and Linde AG. This company deals in industrial gases; its main products include process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene) and atmospheric gases (oxygen, nitrogen, argon, and rare gases). Dry ice and carbon dioxide are supplied to the United States by NuCO2, a subsidiary of Linde plc. The business is involved in the engineering, design, and development of machinery for the internal production of industrial gases. In addition, it provides a broad range of services related to gas production and processing, including air separation, synthesis and hydrogen gas, olefin, natural gas, and other plant types. The business serves a broad spectrum of end-user sectors, such as water treatment, chemicals, manufacturing, food and beverage, healthcare, and petroleum refining. Hydrogen is produced and distributed by across North America, Europe, South America, and Asia.

  • Messer Group, The company produces and distributes medical supplies like carbon dioxide, nitrogen, argon, oxygen, and others. Furthermore, it caters to several industries, such as electronics, paper & pulp, rubber & plastics, food & beverage, and others. The business has operations in 30 Asian and European nations. Technical gases, welding and cutting gases, specialised gases, breathing gases, food gases, pharmaceutical gases, dry ice, cylinder gases, and other gases are included in its product segment. In addition, the business deals in gas supply systems and equipment, such as expansion stations, shut-off and metering valves, cylinder pressure regulators, and laboratory apparatus.

  • Sicgil India Limited, The company produces and supplies dry ice and carbon dioxide in India. The products of the company have certifications from FSCC 22000, FSSAI, HACCAP, and ISO 9001. It provides solutions for both home and business use. It provides minimum of 30 kg and maximum up to 30 tonnes of dry ice. The company offers CO2 in cylinder, tank, and micro bulk forms based on the needs of the customer. Nine manufacturing facilities are owned by the company and are situated in India, including Vadodara, Mumbai, Bangalore, Chennai, Coimbatore, Indore, Pune, Pashamylaram, and Vishakhapatnam. In addition, Ahmedabad, Chennai, Delhi, Hyderabad, Mumbai, Vapi, and Vishakhapatnam are the locations of the company's depots.

  • SOL Group, The business produces and markets pure technical, medical, and industrial gases. It also creates, builds, and manages on-site distribution, storage, and production facilities for gas. Furthermore, SOL Group offers services pertaining to the use of the generated gases. Italy, Holland, Belgium, France, Germany, Austria, Greece, Slovenia, Croatia, Macedonia, Albania, Bosnia, Bulgaria, and Serbia are the locations of the company's production facilities.

  • Strandmøllen A/S, The company offers a large selection of gases, equipment for handling gases, gas cylinder packaging, and other technical gas services. Acetylene, argon, nitrous oxide, LPG, helium, hydrogen, carbon dioxide, nitrogen, oxygen, and other pure gases as well as gas mixes are among the available gases. The company provides services to several end-use industries, such as the process, food, pharmaceutical, health, iron and machine, and laboratory industries. It offers carbon dioxide under several purity levels, such as TECH LINE, FOOD LINE, PHARMA LINE, and LAB LINE. The company has offices in Denmark, Sweden, and Germany, and employs over 200 people.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Carbon Dioxide Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Carbon Dioxide Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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