US Carbon Dioxide Market Size, Share and Trend Analysis
New York, April 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “US Carbon Dioxide Market Size, Share & Trends Analysis Report By Source, By Application And Segment Forecast, 2022 – 2030” – https: // www.reportlinker.com/p06251025/?utm_source=GNW
US Carbon Dioxide Market Growth and Trends
The US carbon dioxide market size is expected to reach USD 6.59 billion by 2030, registering a CAGR of 8.4% over the forecast period. The increasing use of carbon dioxide for enhanced oil recovery (EOR) in oil and gas plants is expected to drive the market growth. In terms of revenue, the hydrogen segment accounted for a large share in 2021. The growth of this segment can be attributed to the presence of large hydrogen producing companies in the country that manufacture CO2 as a by-product during the production of hydrogen.
Substitute natural gas (SNG) is expected to be one of the major sources of CO2 production in the United States. This is due to an increase in the discovery of natural gas reserves in the United States with the deployment of shale technology. The oil and gas application segment accounted for a large share in 2021 owing to the application of carbon dioxide-based EOR in the oilfields of the United States for effective and efficient oil production. Additionally, the use of CO2 in the food and medical industries is expected to increase in the United States during 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 expected to grow further during the forecast period. The spread of COVID-19 has hampered the growth of the market in 2020 and 2021 due to factors such as reduced CO2 demand in the country due to lockdowns.
However, an increase in CO2 demand from manufacturers of pharmaceuticals and essential products, such as fire safety products, has been observed in the United States, as well as around the world.
US Carbon Dioxide Market Report Highlights
• In terms of revenue, the food applications segment led the global market in 2021
• Hydrogen source segment accounted for the second largest share of global market revenue in 2021
• The growth of this segment can be attributed to the presence of large hydrogen producing companies in the country that manufacture CO2 as a by-product
• 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 by-products, such as CO2, hydrogen, carbon monoxide and methane
• The rubber industry uses CO2 to clean rubber molds and remove burrs from rubber objects by tumbling them with crushed dry ice in a rotating drum
Read the full report: https://www.reportlinker.com/p06251025/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.