According to a new market research report published by Inkwood
Research, the Global Carbon Dioxide Market is projected to evolve at a CAGR of
3.12% in terms of revenue and 2.81 in terms of volume during the forecasting
years of 2020-2028.
"Browse 73 market Data Tables and 44 Figures spread over 191
Pages, along with an in-depth TOC on Global Carbon Dioxide Market Forecast
2020-2028".
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Carbon dioxide is described as a colorless, odorless,
incombustible gas with a molecular composition of one carbon atom and two
oxygen atoms. It is a part of the atmosphere and respiration process, and
widely used in industry as dry ice, carbonated drinks, fire extinguishers, etc.
It is an important greenhouse gas due to its ability to absorb infrared
wavelengths. The significant factors favoring the market growth are rising
demand for carbonated drinks, and the suitability of carbon dioxide for
strengthening oil recovery.
Increasing
Demand for Carbonated Beverages Augments Market Growth
Carbonated drinks, in the general sense, are soft drinks
with carbon dioxide dissolved in it. They are known as soft drinks as they do
not have any alcoholic content and include smoothies, juices, sparkling drinks,
and functional drinks. The segregation of convenience beverages is done on the
basis of product types, such as regular carbonated beverages and diet
carbonated beverages. Rising demand for carbonated drinks is a crucial driving
force for the carbon dioxide market. In addition, surging demand for processed
food and beverages, and the ascending trend of healthy drinks with less or no
sugar, owing to health awareness across the globe, are benefitting the market.
There are different flavors available like cola, orange, and lemon. Naturally
flavored beverages, such as tropical fruits and superfruits, are in demand in
accordance with consumers becoming health conscious.
Oil
& Gas Category Garnered the Largest Market Share in the Application Segment
Carbon dioxide has two characteristics due to which it is
injected into the pores of rock to push out crude oil. It is miscible with
crude oil and less expensive than other similar mixable fluids. The property of
miscibility helps a solvent to form a homogenous mixture by mixing with oil and
move the oil away from the tool’s surface. When carbon dioxide is injected into
an oil reservoir, light hydrocarbons from the oil dissolve in the carbon
dioxide, and it becomes soluble with crude oil. When the injected carbon
dioxide and crude oil mix completely, the physical forces holding the two
phases apart disappears. This allows the carbon dioxide to displace oil from
the rock pores, and push it towards a producing well just as a cleaning solvent
removes oil from tools.
Asia Pacific
Predicted to Record the Highest CAGR in terms of Revenue and Volume
The region of Asia Pacific is anticipated to grow at the highest
CAGR with regard to volume and revenue during the forecast period. The analysis
of the market growth of the region is based on the survey of the markets
situated in the countries of India, Japan, Indonesia, Vietnam, Australia &
New Zealand, China, South Korea, Thailand, and the rest of Asia Pacific. The
region offers high growth potential owing to the rise in demand for carbon
dioxide in multiple industries.
The market is highly consolidated with the presence of several
eminent players originating from new technology to increase market share. Some
of the leading companies trying to establish their presence in the global
market are Universal Industrial Gases Inc, The BOC Group, Linde AG,
Cosmo Engineering Ltd, INOX Air Products Ltd, etc.
About Inkwood Research
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relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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