U.S. Carbon Dioxide Market
Dublin, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The "U.S. Carbon Dioxide Market Size, Share & Trends Analysis Report by Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, Substituted Natural Gas), by Application (Food & Beverages, Oil & Gas, Medical), and Segment Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. carbon dioxide market size is expected to reach USD 6.59 billion by 2030, registering a CAGR of 8.4%
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.
U.S. Carbon Dioxide Market Report Highlights
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
Market Driver Analysis
Increasing use of carbon dioxide in enhanced oil recovery (EOR)
Increasing consumption of carbon dioxide in the medical industry
Increase in consumption of carbonated beverages
Market Restraint Analysis
Increasing carbon emissions & high cost of carbon capture & storage (CCS) technology
Carbon Capture and Storage (CCS)
Post-combustion of carbon
Pre-combustion of carbon
Solvents and sorbents
Bio-energy with carbon capture and storage (BECCS)
Direct air capture (DAC)
Business Environment Analysis: U.S. Carbon Dioxide Market
Industry Analysis - Porter's
Impact of COVID-19 on the U.S. Carbon Dioxide Market
Impact Verdict of Covid-19 - Medium
Eastern European Geopolitical Implications on the U.S. Carbon Dioxide Market
Estimated pricing and forecast of Carbon Dioxide in the U.S., by regions
Recent trends for the use of CO2 as a displacement product in end-user industries
Global price trend analysis between long-term and short-term contracts of CO2
Average duration of contracts specific to the application and its inclusion
Air Products and Chemicals, Inc.
Continental Carbonic Products, Inc.
Greco Gas Inc.
Taiyo Nippon Sanso Corporation
Universal Industrial Gases, Inc.
Zephyr Solutions, LLC
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