Europe to See Increasing Acceptance of CCS Technology for Procurement of Carbon Dioxide, Says Fact.MR
June 24, 2022
“Manufacturers investing in cost-effective systems to transport carbon dioxide to drive down prices is likely to be the main focus in the European market,” says a Fact.MR analyst.
/EIN News/ -- Dublin, Ireland, June 24, 2022 (GLOBE NEWSWIRE) -- The Europe carbon dioxide market is estimated at US$ 383.6 million in 2022 and is forecasted to rise at 7.2% CAGR during the 2022-2032 forecast years, according to detailed industry analysis by Fact.MR, a market research and competitive intelligence provider. The European market is witnessing rising demand for carbon dioxide for use in several applications in the healthcare and medical sector.
Carbon capture and storage technology is being used to capture CO2 emissions produced by burning fossil fuels for cement manufacturing, power plants, and electricity generation, thus preventing gas from entering the atmosphere. This is suitable for applications in enhanced oil recovery in the oil & gas industry. This technology minimizes the environmental impact caused by emissions, though it is an expensive technology as of now.
However, research projects are being undertaken to develop and explore new technologies and innovations to directly capture carbon emissions from the air.
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Key Takeaways from Market Study
- The European carbon dioxide market is expected to surpass US$ 772.4 million by 2032, rising at the rate of 7.2%.
- The registered a historic CAGR of 5.1% during 2017-2021.
- The combustion production method holds 51.2% share in the European market.
- Centralized delivery mode is predicted to rise at 11.5% CAGR over the assessment period of 2022-2032.
- The food & beverage industry is the end-use leader in this market and holds 49.5% market share.
- Germany leads the European market with 26.1% share and is projected to rise at 8.6% CAGR during the forecast years.
- Together, Russia and Germany are likely to represent 45.7% of the European market share in 2022.
Development of Market
Key carbon dioxide manufacturers in Europe are increasing their investments in R&D to introduce novel technologies to capture carbon dioxide.
Not only this, they are also resorting to organic and inorganic growth strategies along with acquisitions and collaborative activities to expand their operations, achieve efficiency, and maintain their market stance.
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Prominent manufacturers of carbon dioxide in Europe are investing in the research and development of better technologies to augment product output.
For instance :
- Air Liquide entered into a joint venture with Gippsland Basin in 2021. The joint venture is between Esso Australia Resources Pty Ltd. and BHP Petroleum Pty Ltd. to construct a new facility delivering CO2 to industries in Australia.
- Messer Group GmbH acquired Linde AG’s gas business in North America in 2019, along with the business activities of Praxair in South America.
Fact.MR has provided detailed information about the price points of key manufacturers of carbon dioxide market positioned across Europe, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Segments in Europe Carbon Dioxide Industry Research
- Europe Carbon Dioxide Market by Production Method :
- Europe Carbon Dioxide Market by Delivery Mode :
- Europe Carbon Dioxide Market by End-use Industry :
- Metal Manufacturing & Fabrication
- Food & Beverages
- Pulp & Paper
- Oil & Gas
- Other Industrial Uses
- Europe Carbon Dioxide Market by Country :
- Rest of Europe
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Europe carbon dioxide market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by production method (combustion, biological), delivery mode (centralized (pipelines, trucks/bulk, cylinders), onsite), and end-use industry (metal manufacturing & fabrication, food & beverages, pulp & paper, oil & gas, healthcare, chemicals, other industrial uses), across major countries of Europe (Germany, Italy, France, Spain, U.K., Russia, BENELUX, and Rest of Europe)
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