The global carbon dioxide (CO₂) market reached a value of $13.12 billion in 2024 and is projected to grow to $21.11 billion by 2029, according to a new report published by Research and Markets. Growth drivers include increased demand in food, beverage, healthcare, and refrigeration industries, as well as efforts to reduce greenhouse gas emissions.
In 2024, gaseous CO₂ dominated the market with a 64.22% share, valued at $8.43 billion. This segment is expected to see an additional $5.03 billion in annual global sales by 2029. The solid CO₂ segment is forecast to grow the fastest, with a compound annual growth rate (CAGR) of 10.19% from 2024 to 2029.
By grade, industrial CO₂ led with a 55.89% market share, or $7.33 billion, in 2024. Medical grade CO₂ is projected to expand most rapidly, with a CAGR of 10.70%. Among applications, beverages accounted for the largest share at 25.90% or $3.4 billion, while firefighting is the fastest-growing application, expected to rise at a CAGR of 10.41% through 2029.
Asia-Pacific led the global market in 2024 with a 45.94% share. Future growth is expected to be strongest in Africa and South America, with respective CAGRs of 17.17% and 13.55%. The Middle East and Asia-Pacific are also anticipated to show strong performance.
In 2023, market concentration was high, with Air Liquide S.A., Linde PLC, and Air Products and Chemicals, Inc. collectively holding 81.89% of the market share. Strategic opportunities include the expansion of CO₂ infrastructure in emerging markets, adoption of digital platforms, and investment in carbon capture utilization and storage (CCUS) technologies.
The report forecasts the global market to reach $33.46 billion by 2034, driven by strategic innovations and broader adoption across sectors.
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