GLOBAL

Chapter 1. LIQUID CARBON DIOXIDE MARKET – SCOPE & METHODOLOGY
   1.1. Market Segmentation
   1.2. Scope, Assumptions & Limitations
   1.3. Research Methodology
   1.4. Primary End-user Application .
   1.5. Secondary End-user Application 
 Chapter 2. LIQUID CARBON DIOXIDE MARKET – EXECUTIVE SUMMARY
  2.1. Market Size & Forecast – (2025 – 2030) ($M/$Bn)
  2.2. Key Trends & Insights
              2.2.1. Demand Side
              2.2.2. Supply Side     
   2.3. Attractive Investment Propositions
   2.4. COVID-19 Impact Analysis
 Chapter 3. LIQUID CARBON DIOXIDE MARKET – COMPETITION SCENARIO
   3.1. Market Share Analysis & Company Benchmarking
   3.2. Competitive Strategy & Development Scenario
   3.3. Competitive Pricing Analysis
   3.4. Supplier-Distributor Analysis
 Chapter 4. LIQUID CARBON DIOXIDE MARKET - ENTRY SCENARIO
4.1. Regulatory Scenario
4.2. Case Studies – Key Start-ups
4.3. Customer Analysis
4.4. PESTLE Analysis
4.5. Porters Five Force Model
               4.5.1. Bargaining Frontline Workers Training of Suppliers
               4.5.2. Bargaining Risk Analytics s of Customers
               4.5.3. Threat of New Entrants
               4.5.4. Rivalry among Existing Players
               4.5.5. Threat of Substitutes Players
                4.5.6. Threat of Substitutes 
 Chapter 5. LIQUID CARBON DIOXIDE MARKET - LANDSCAPE
   5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
   5.2. Market Drivers
   5.3. Market Restraints/Challenges
   5.4. Market Opportunities
Chapter 6. LIQUID CARBON DIOXIDE MARKET – By Source
6.1. Hydrogen Production

6.2. Ethanol Production

6.3. Natural Gas Processing

6.4. Others (Ammonia Production, etc.)

Chapter 7. LIQUID CARBON DIOXIDE MARKET – By Application
7.1. Food & Beverage

7.2. Industrial (Welding, Chemicals)

7.3. Healthcare

7.4. Water Treatment

7.5. Agriculture

Chapter 8. LIQUID CARBON DIOXIDE MARKET – By Form
8.1. Food Grade (>99.95%)

8.2. Industrial Grade (99.5% - 99.95%)

8.3. Medical Grade (>99.99%)

Chapter 9. LIQUID CARBON DIOXIDE MARKET – By Distribution Channel
9.1. Bulk Tankers

9.2. Cylinders & Small Tanks

Chapter 10. LIQUID CARBON DIOXIDE MARKET – By Geography – Market Size, Forecast, Trends & Insights
10.1. North America
    10.1.1. By Country
        10.1.1.1. U.S.A.
        10.1.1.2. Canada
        10.1.1.3. Mexico
    10.1.2. By Type
    10.1.3. By Application
    10.1.4. By Form
    10.1.5. By Infrastructure Scale
    10.1.6. Countries & Segments - Market Attractiveness Analysis
10.2. Europe
    10.2.1. By Country
        10.2.1.1. U.K.
        10.2.1.2. Germany
        10.2.1.3. France
        10.2.1.4. Italy
        10.2.1.5. Spain
        10.2.1.6. Rest of Europe
    10.2.2. By Type
    10.2.3. By Application
    10.2.4. By Form
    10.2.5. By Infrastructure Scale
    10.2.6. Countries & Segments - Market Attractiveness Analysis
10.3. Asia Pacific
    10.3.1. By Country
        10.3.1.1. China
        10.3.1.2. Japan
        10.3.1.3. South Korea
        10.3.1.4. India
        10.3.1.5. Australia & New Zealand
        10.3.1.6. Rest of Asia-Pacific
    10.3.2. By Type
    10.3.3. By Application
    10.3.4. By Form
    10.3.5. By Infrastructure Scale
    10.3.6. Countries & Segments - Market Attractiveness Analysis
10.4. South America
    10.4.1. By Country
        10.4.1.1. Brazil
        10.4.1.2. Argentina
        10.4.1.3. Colombia
        10.4.1.4. Chile
        10.4.1.5. Rest of South America
    10.4.2. By Type
    10.4.3. By Application
    10.4.4. By Form
    10.4.5. By Infrastructure Scale
    10.4.6. Countries & Segments - Market Attractiveness Analysis
10.5. Middle East & Africa
    10.5.1. By Country
        10.5.1.1. United Arab Emirates (UAE)
        10.5.1.2. Saudi Arabia
        10.5.1.3. Qatar
        10.5.1.4. Israel
        10.5.1.5. South Africa
        10.5.1.6. Nigeria
        10.5.1.7. Kenya
        10.5.1.8. Egypt
        10.5.1.9. Rest of MEA
    10.5.2. By Type
    10.5.3. By Application
    10.5.4. By Form
    10.5.5. By Infrastructure Scale
    10.5.6. Countries & Segments - Market Attractiveness Analysis
Chapter 11. LIQUID CARBON DIOXIDE MARKET – Company Profiles – (Overview, Type of Training  Portfolio, Financials, Strategies & Developments)
 

11.1. Linde plc

11.2. Air Liquide

11.3. Air Products and Chemicals, Inc.

11.4. Messer Group GmbH

11.5. Taiyo Nippon Sanso Corporation

11.6. SOL Group

11.7. Gulf Cryo

11.8. India Glycols Ltd.

11.9. POET, LLC

11.10. Sicgil India Limited

(2025 - 2030)

The Global Liquid Carbon Dioxide (CO2) Market was valued at USD 8.9 billion in 2024 and is projected to reach a market size of USD 13.2 billion by the end of 2030. Over the forecast period of 2025-2030, the market is projected to grow at a CAGR of 6.8%.

The Liquid Carbon Dioxide (CO2) Market represents a vital and often unseen artery within the global industrial, commercial, and consumer landscape. Liquid CO2 is the liquefied form of carbon dioxide gas, a colorless, odorless, and non-flammable substance, which is captured, purified, and stored under pressure at cryogenic temperatures (around -56.6°C at its triple point). The market's supply chain is fundamentally unique, as CO2 is overwhelmingly sourced as a byproduct from other large-scale industrial processes. It is a captured emission, a stream of value reclaimed from the vent stacks of ammonia and hydrogen production facilities, ethanol fermentation plants, and natural gas processing operations. This symbiotic relationship ties the health and stability of the liquid CO2 market directly to the operational tempo of these disparate industries, creating a complex and interconnected supply dynamic. The utility of liquid CO2 is remarkably diverse, making it an indispensable input for a vast array of applications. Its most recognizable role is in the food and beverage industry, where it serves as the essential ingredient for carbonating soft drinks, beers, and sparkling water, and as a highly effective cryogenic agent for the rapid freezing and preservation of food products. Beyond the consumer-facing world, it is a workhorse in industrial settings, used as a shielding gas in welding to prevent atmospheric contamination, as a raw material in chemical synthesis, and as an effective cleaning agent in the form of dry ice blasting. In healthcare, it is critical for cryotherapy and as an insufflation gas in minimally invasive surgeries. Furthermore, it plays a growing role in environmental applications, such as pH control in water treatment plants—a safer and more controllable alternative to harsh mineral acids. The market is therefore not for a single product, but for a versatile industrial tool whose state—a transportable, dense liquid—makes it economically and logistically feasible to deliver this critical molecule to thousands of endpoints. The current market is navigating a period of transition, driven by supply chain pressures, a growing focus on carbon capture and utilization (CCU), and expanding demand from both traditional and emerging applications.

Key Market Insights:

• According to the International Energy Agency (IEA), as of 2024, planned capacities for CO₂ transport + storage surged by ~260 Mt CO₂/year since early 2023. By 2030, dedicated CO₂ storage capacity could reach around 615 Mt CO₂/year, although that is still below what is needed under Net Zero scenarios.
• An estimated 65% of all commercially available liquid CO2 in 2024 was sourced as a byproduct from the production of ammonia and ethanol, underscoring the market's heavy reliance on the operational health of the agricultural and chemical industries.
• The demand for food-grade liquid CO2 (purity >99.95%) experienced a notable 8% year-over-year increase in revenue in 2024, driven by the expansion of the global craft beer and premium carbonated beverage markets.
• The emerging application of liquid CO2 as a green solvent and in supercritical fluid extraction for the food and pharmaceutical industries represented a small but high-value segment, constituting about 2% of the market value in 2024.
• Dry ice production, a direct downstream product of liquid CO2, saw a 10% surge in demand in 2024 for applications in cold chain logistics, particularly for shipping temperature-sensitive pharmaceuticals and gourmet food products.

Market Drivers:

The relentless global expansion of the food and beverage industry serves as the primary and most consistent driver for the liquid CO2 market.

Rising disposable incomes in developing nations are fueling an insatiable demand for carbonated soft drinks, beers, and sparkling water. Simultaneously, the global demand for packaged and frozen foods is escalating. Liquid CO2 is indispensable in these segments, not only for carbonation but also for Modified Atmosphere Packaging (MAP) to extend shelf life and for cryogenic freezing, which preserves the quality and texture of food products far better than mechanical methods. This foundational demand provides a high-volume, stable base for market growth.

A significant driver is the increasing adoption of liquid CO2 in applications prized for their environmental and safety benefits.

In water treatment, it is progressively replacing hazardous mineral acids for pH neutralization, offering a safer, self-buffering, and more controllable process. In healthcare, the use of liquid CO2 in minimally invasive surgeries (insufflation) is becoming standard practice, reducing patient trauma and recovery times. These expanding applications in non-traditional sectors are creating new, high-value demand streams and diversifying the market's revenue base beyond its industrial and beverage strongholds.

Market Restraints and Challenges:

The market's most significant restraint is its dependence on byproduct sources. The supply of raw CO2 is intrinsically linked to the production schedules of ammonia, ethanol, and hydrogen plants. Any planned or unplanned shutdown of these host facilities can immediately trigger severe regional shortages and extreme price volatility. Furthermore, the high capital costs associated with the capture, purification, liquefaction, and cryogenic distribution infrastructure present substantial barriers to entry and can strain the profitability of industrial gas companies during periods of fluctuating feedstock availability.

Market Opportunities:

A monumental opportunity for the market lies in the burgeoning Carbon Capture, Utilization, and Storage (CCUS) industry. As large-scale carbon capture projects come online, they will create vast new sources of raw CO2. This presents an opportunity for industrial gas companies to co-locate purification and liquefaction plants, transforming a captured emission into a valuable commercial product and creating a more stable supply chain. Additionally, there is growing potential for liquid CO2 as a sustainable solvent in chemical manufacturing and as a refrigerant in next-generation cooling systems to replace high-GWP hydrofluorocarbons (HFCs).

GLOBAL LIQUID CARBON DIOXIDE 

Market Segmentation:

Segmentation by Source:

• Hydrogen Production
• Ethanol Production
• Natural Gas Processing
• Others (Ammonia Production, etc.)

The fastest-growing segment is Ethanol Production. As global biofuel mandates expand, the volume of high-purity CO2 generated from corn and sugarcane fermentation is increasing significantly. This biogenic CO2 is highly desirable, especially for the food and beverage industry, and its production is growing faster than that from traditional chemical sources.

The most dominant segment is Hydrogen Production (often co-located with Ammonia Production). The sheer scale of steam methane reforming (SMR) used to produce hydrogen and ammonia for fertilizers and industrial chemicals generates massive, consistent streams of byproduct CO2, making it the foundational source for the global liquid CO2 supply chain.

Segmentation by Application:

• Food & Beverage
• Industrial (Welding, Chemicals)
• Healthcare
• Water Treatment
• Agriculture

The fastest-growing segment is Water Treatment. Stricter environmental regulations on industrial and municipal wastewater discharge are compelling facilities to adopt safer and more precise methods for pH control. The use of CO2 is growing rapidly as it offers a less corrosive and more controllable alternative to traditional strong acids.

The most dominant segment is Food & Beverage. This segment's dominance is unwavering, driven by the massive, global, and continuous demand for beverage carbonation and food preservation. It is the highest-volume application and the primary market for most liquid CO2 producers, defining the industry's commercial landscape.

Segmentation by Purity Grade:

• Food Grade (>99.95%)
• Industrial Grade (99.5% - 99.95%)
• Medical Grade (>99.99%)

The fastest-growing segment is Medical Grade. The global expansion of healthcare infrastructure and the increasing prevalence of minimally invasive surgical procedures are driving strong demand for ultra-high-purity CO2. Its use in cryotherapy and as a respiratory stimulant also contributes to this rapid growth in a high-value niche market.

The most dominant segment is Food Grade. Given that the food and beverage industry is the largest end-user, the demand for CO2 that meets the stringent purity and safety standards for human consumption naturally constitutes the largest portion of the market by both volume and value.

Segmentation by Distribution Channel:

• Bulk Tankers
• Cylinders & Small Tanks

The fastest-growing segment is Cylinders & Small Tanks. This growth is propelled by the proliferation of smaller-scale end-users, such as craft breweries, independent restaurants with soda fountains, and small medical clinics. These customers require smaller, more frequent deliveries, and the cylinder distribution network is expanding to meet this decentralized demand.

The most dominant segment is Bulk Tankers. Large industrial users, major beverage bottlers, and food processing plants consume vast quantities of liquid CO2, making bulk delivery via cryogenic road tankers the most economically efficient and dominant mode of distribution, accounting for the vast majority of product volume sold.

Market Segmentation: Regional Analysis:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

The most dominant region is Asia-Pacific, holding a substantial market share of 41%. This leadership is driven by the region's massive manufacturing base, rapidly growing food and beverage industry, and significant investments in chemical production and water treatment infrastructure, particularly in China, India, and Southeast Asia.

The fastest-growing region is also Asia-Pacific. Continued industrialization, urbanization, rising disposable incomes that boost beverage consumption, and increasing government focus on environmental standards for water quality are creating a powerful confluence of factors that are driving demand faster than in any other region.

COVID-19 Impact Analysis:

The COVID-19 pandemic created a bifurcated impact on the Liquid CO2 Market. On one hand, demand plummeted from the hospitality sector due to widespread closures of restaurants, bars, and event venues, severely impacting beverage carbonation sales. Conversely, demand surged from two key areas: the healthcare sector for medical applications and, most notably, for the production of dry ice, which became a critical component in the cold chain logistics required for transporting mRNA vaccines at ultra-low temperatures.

Latest Market News:

• August 2024: Air Liquide announced the final investment decision for a new world-scale carbon dioxide capture and liquefaction unit in Belgium, designed to supply the food, beverage, and chemical industries with CO2 sourced from a renewable hydrogen production facility.
• June 2024: Messer Group completed a major upgrade of its CO2 purification plant in Texas, increasing its capacity to produce food and beverage-grade liquid CO2 by 25% to meet growing demand from customers across the Southern United States.

Latest Trends and Developments:

A key trend is the increasing focus on securing CO2 from biogenic and renewable sources, such as biogas upgrading facilities and fermentation plants, to produce a "green" liquid CO2 with a lower carbon footprint. Another significant development is the deployment of smaller, modular on-site CO2 capture and liquefaction systems for end-users like craft breweries, reducing reliance on complex supply chains. Furthermore, there is a growing trend towards advanced digital monitoring of cryogenic tanks to optimize delivery schedules and prevent run-outs.

Key Players in the Market:

• Linde plc
• Air Liquide
• Air Products and Chemicals, Inc.
• Messer Group GmbH
• Taiyo Nippon Sanso Corporation
• SOL Group
• Gulf Cryo
• India Glycols Ltd.
• POET, LLC
• Sicgil India Limited