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.
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.
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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
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)
Substituted Natural Gas
U.S. CO2 Application Outlook (Volume, Million Tons; Revenue, USD Million, 2019 - 2030)
Food & Beverages
Oil & Gas
List of Key Players in U.S. Carbon Dioxide Market
Air Products Inc.
Matheson Tri-Gas, Inc.
Continental Carbonic Products, Inc.
Greco Gas Inc.
Taiyo Nippon Sanso Corporation
Universal Industrial Gases, Inc.
Zephyr Solutions, LLC.
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