Carbon dioxide is a basic greenhouse gas, which is vital for the Earth's ecosystem and can be recovered from flue gases, as a by-product from the manufacture of hydrogen for ammonia synthesis, limekilns, and many other things sources. According to BlueQuark Research & Consulting, the global Carbon dioxide market is expected to witness a significant growth rate during the forecasted period. Factors such as the increasing demand for the carbon dioxide market are primarily driven by the surged consumption, production, and distribution of food & beverages across the globe in the forecasted period. Further, the rise in utilization of carbon dioxide in the oil & gas industry for Enhanced Oil Recovery technology has been one of the critical drivers for the market in countries that are working to improve production efficiency from oil wells. Furthermore, the CO2 gas has been used for medical applications in the form of an insufflation component for several surgical procedures is expected to drive the demand for the global carbon dioxide market in the forecasted period. However, the deployment of pipeline infrastructure for transporting carbon dioxide has been in practice. Still, the absence of standards authenticating pipeline quality is one of the significant limitations hindering the global carbon dioxide market growth.

Carbon dioxide is used in numerous applications, such as inert gas in firefighting, enhanced Oil recovery, carbonation of beverages, and freezing & cooling food items. 

The food & beverages application fragment led the market with the largest revenue share due to the utilization of CO2 in inert gas for packing fresh meat and vegetables, carbonated beverages manufacturing, and freezing & chilling of food. Increased consumption from food & beverage industries for food grade and beverage grade CO2, owing to the rising expenditure of consumers on packed food, is observed in this region. Implementation of cryogenic solutions in high-quality food processing has gained significant momentum, driven by the increasing clamor for food preservation and safety. With multiple advantages over mechanical freezing, cryogenic freezing in food applications has become imperative to attain economic viability. Demand for cryogenic freezing across food processing applications is expected to pick pace, which is awaited to propel the growth of the carbon dioxide market in the forecasted period. The use of liquefied carbon dioxide in cryogenic freezing and cooling applications is evolving to add to the refrigeration value of food products, mainly poultry, meat, and baked goods. Carbon dioxide is produced during the decay processes of organic materials and the fermentation of sugars in bread, beer, and wine making. Due to the growing population and environmental degradation, there is a continuous decrease in arable land per person, significantly increasing the consumption of fertilizers and thus increasing carbon dioxide usage. High demand for carbon dioxide in the food industry for freezing meat and poultry, vegetables, and fruits, keeping food cold during transit, and adding carbonation in soft drinks, wines, and beers is another market driving factor. 

North America accounted for the biggest value share due to several CO2-based EOR projects in the region and significant food & beverages manufacturing companies. The Asia Pacific (APAC) region will also be a lucrative market over the forecast period due to its high CAGR, anticipated for the next few years, leading to the generation of untapped chance for market players. The extension of end-use industries in the region will be responsible for the growth in demand for carbon dioxide. Carbon Dioxide is reclaimed as a by-product of Ammonia production in the Fertilizer industry. At the coinciding time, it can be recovered from a blast furnace in the Iron and Steel industry. The Carbon Capture & Storage (CCS) technique is used to recover Carbon Dioxide from various industrial processes such as Oil & Gas, Steel, and Power Plants. The growing demand for Carbon Dioxide in the Oil & Gas industry is owing to its wide applications in Enhancing Oil Recovery, which is used to increase the production rate. Carbon Dioxide is also used as a fire Extinguisher. It is also used to improve plants' growth rate and maximize yield. Increasing usage of carbon dioxide from metal manufacturing & fabrication and ongoing activities related to highly marketable oil & gas projects during the forecasted period will drive market growth in the APEC region. It is produced by the combustion of wood and other organic materials and fossil fuels like coal, peat, petroleum, and natural gas. It is a variable industrial material, used, for instance, as an inert gas in welding and fire extinguishers, as a chemical feedstock, as a pressurizing gas in air guns and oil recovery, and as a supercritical fluid solvent in the decaffeination of coffee and supercritical drying. It is put to drinking water and carbonated drinks, including beer and sparkling wine, to add enthusiasm. The frozen solid form of Carbon dioxide, known as dry ice, is used as a refrigerant and abrasive in dry-ice blasting. It is a biofuel for the synthesis of fuels and chemicals. The growing demand for carbon dioxide from end-use segments, such as chemical, medical, and pharmaceuticals, is expected to drive market growth.

Some of the market's key players are Universal Industrial Gases, Inc., The Linde Group, Air Products and Chemicals, Inc., Inox Air Products Private Limited, and Air Liquide S.A.

In October 2021, Linde, a global multinational chemical company, announced the launch of new liquefied gas ranges known as the "Linde Green range". This new range is expected to produce a variety of green liquid gases like nitrogen, oxygen, argon, and carbon dioxide using recycled CO2. With the launch of this range, the company aims to provide customers with liquefied gases produced using a zero-emission process.

Our Global Carbon dioxide Market report provides deep insight into the current and future state of the Carbon dioxide market across various regions. Also, the study comprehensively analyzes the carbon dioxide market by segmenting based on geography and by phase (Solid, Liquid, and Gas) and the end-user industry (Chemical, Oil & Gas, Food & Beverage, Welding & Metal Fabrication, and Others (Electronics, Construction, etc.)). The report examines the market drivers and restraints that influence growth in detail. The study also covers emerging market size, trends, developments, the impact of COVID-19, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape section with profiles of prominent companies, their market shares, and their projects.