Carbon Dioxide (CO₂) Market will reach US$ 18.15 Billion by 2033 - Strategic Revenue Insights

London, UK – November 2025 | Strategic Revenue Insights Inc. – According to its latest research, the global Carbon Dioxide (CO₂) Market is projected to expand to approximately US$ 18.15 billion by 2033, from a 2025 base, growing at a compound annual growth rate (CAGR) of 5.1%.

This growth momentum is being driven by sustained demand for CO₂ across a wide range of industrial applications. Carbon dioxide plays a critical role in sectors such as food & beverages, where it is used for carbonation and preservation; in oil & gas, particularly for enhanced oil recovery (EOR); in the medical field for respiratory treatments; and in firefighting systems, among others. As industries scale up and production intensifies, the necessity for reliable, high‑volume CO₂ supply is only increasing.

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Strategic Revenue Insights identifies several key growth drivers underpinning this forecast. First, the global food and beverage industry continues to expand, especially in emerging markets, leading to heightened use of CO₂ for carbonation in soft drinks and beer, as well as for food preservation and packaging. Second, oil & gas companies are further leveraging CO₂ in EOR projects, injecting CO₂ into reservoirs to boost extraction rates a method that both enhances production and manages emissions. Third, the rising need for medical-grade CO₂ for applications such as minimally invasive surgery and therapeutic gases is contributing significantly. Finally, stricter environmental norms and increasing adoption of carbon utilization technologies are creating incentives to capture, purify, and recycle CO₂, thereby reinforcing demand.

Regionally, Asia‑Pacific is poised to be one of the strongest growth zones for the industrial CO₂ market. Rapid industrialization, a booming food & beverage sector, and growing healthcare infrastructure are major factors. North America continues to be a major consumer, supported by its mature industrial base and advanced EOR operations. Europe, Latin America, and the Middle East & Africa are also contributing on the back of their chemical, oil & gas, and industrial sectors.

In terms of segmentation, the report breaks down the market by source, application, and end‑user industry. By source, the CO₂ market is classified into natural sources, CO₂ from hydrogen production, CO₂ from ethyl alcohol production, and other sources. The hydrogen production segment is expected to grow at the fastest pace (CAGR ~5.5%), reflecting increasing global hydrogen demand and parallel CO₂ by-product generation.

On the application front, CO₂ is used across food & beverages, oil & gas, medical, firefighting, and other domains. Among these, the food & beverage application contributes significantly to the market’s value and is expected to maintain strong growth (CAGR ~4.3%) as global consumption rises. For the end-user industry breakdown, major categories include chemicals, pharmaceuticals, metal fabrication, and others  each showing healthy demand patterns.

Looking ahead to 2033, Strategic Revenue Insights foresees notable opportunities emerging. The increasing focus on carbon capture, utilization, and storage (CCUS) technologies could drive a new paradigm in CO₂ sourcing  especially in regions with tight emissions regulation. Further, as the medical industry grows and diversifies, demand for high-purity CO₂ for advanced therapeutic and surgical procedures will likely increase. Growth in the fire safety segment, particularly in industrial and commercial infrastructure, may also present new market levers.

However, the report notes certain risks. Supply chain constraints  such as CO₂ purification capacity  could become bottlenecks. There could also be regulatory challenges, especially around CO₂ emissions and capture, which may impact cost structures. Finally, fluctuations in the price of raw feedstock (such as natural gas and ethanol) might influence CO₂ production economics.

For companies, investors, and industrial stakeholders, the industrial CO₂ market offers a compelling strategic opportunity. Its broad application base  spanning food & beverages, energy, and health  combined with evolving carbon management technologies, positions CO₂ not just as a commodity gas, but as a potentially circular industrial resource.

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About Strategic Revenue Insights

Strategic Revenue Insights Inc., a subsidiary of SRI Consulting Group Ltd, empowers organizations around the world with data‑driven market intelligence. Based in London, UK, we offer syndicated research reports, custom consulting solutions, and actionable insights informed by rigorous analysis. Our team of expert analysts  with deep domain expertise across industrial gases, energy, chemicals, and sustainability  helps clients identify growth levers, de‑risk investments, and make informed, future‑ready decisions.

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