Carbon Dioxide Market

The global carbon dioxide market is expected to see continued growth over the next eight years, with consumption, production, imports, and exports all on the rise. Key consuming countries like the UK and Russia are showing significant growth rates. The market value is projected to reach $2.9B by 2030. Price fluctuations and growth patterns are analyzed in detail, providing valuable insights for businesses in the industry.

Market Forecast

Driven by increasing demand for carbon dioxide worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $2.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Carbon Dioxide

In 2022, consumption of carbon dioxide increased by 7.8% to 12M tons, rising for the sixth consecutive year after four years of decline. In general, the total consumption indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +66.8% against 2016 indices. Global consumption peaked in 2022 and is likely to continue growth in the immediate term.

The global carbon dioxide market size soared to $2.1B in 2022, increasing by 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +72.2% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the UK (2M tons), Russia (1.8M tons) and France (1.2M tons), with a combined 43% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the UK (with a CAGR of +19.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($428M) led the market, alone. The second position in the ranking was held by France ($184M). It was followed by Spain.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia totaled +13.9%. The remaining consuming countries recorded the following average annual rates of market growth: France (-4.2% per year) and Spain (+4.9% per year).

The countries with the highest levels of carbon dioxide per capita consumption in 2022 were the Netherlands (47 kg per person), the UK (29 kg per person) and Spain (19 kg per person).

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +18.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Carbon Dioxide

Global carbon dioxide production expanded rapidly to 12M tons in 2022, with an increase of 7.1% compared with the year before. Over the period under review, the total production indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +62.7% against 2016 indices. The pace of growth appeared the most rapid in 2018 with an increase of 12% against the previous year. Over the period under review, global production reached the maximum volume in 2022 and is expected to retain growth in the near future.

In value terms, carbon dioxide production expanded notably to $2.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Production By Country

The countries with the highest volumes of production in 2022 were Russia (1.9M tons), the UK (1.8M tons) and the Netherlands (1.3M tons), with a combined 42% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the UK (with a CAGR of +18.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Carbon Dioxide

In 2022, the amount of carbon dioxide imported worldwide expanded markedly to 2.1M tons, increasing by 15% against the previous year. The total import volume increased at an average annual rate of +5.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 15%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, carbon dioxide imports expanded significantly to $665M in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.0% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 14%. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

The countries with the highest levels of carbon dioxide imports in 2022 were Germany (239K tons), the UK (172K tons), Belgium (165K tons), the United States (118K tons), Denmark (93K tons), Saudi Arabia (90K tons), Mexico (89K tons), Switzerland (77K tons), the Netherlands (77K tons), Canada (64K tons), France (57K tons) and Italy (53K tons), together accounting for 62% of total import. Austria (52K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the UK (with a CAGR of +51.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest carbon dioxide importing markets worldwide were France ($46M), the UK ($45M) and the United States ($36M), with a combined 19% share of global imports. Germany, Mexico, the Netherlands, Belgium, Switzerland, Denmark, Italy, Austria, Canada and Saudi Arabia lagged somewhat behind, together accounting for a further 30%.

Mexico, with a CAGR of +17.4%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average carbon dioxide import price stood at $317 per ton in 2022, declining by -1.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 15% against the previous year. As a result, import price attained the peak level of $327 per ton. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($814 per ton), while Saudi Arabia ($58 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Carbon Dioxide

For the fourth year in a row, the global market recorded growth in shipments abroad of carbon dioxide, which increased by 10% to 2.3M tons in 2022. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carbon dioxide exports reached $603M in 2022. In general, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.9% against 2016 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 19%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

The Netherlands represented the major exporter of carbon dioxide in the world, with the volume of exports resulting at 539K tons, which was near 24% of total exports in 2022. Belgium (169K tons) ranks second in terms of the total exports with a 7.4% share, followed by Norway (7.3%), the United States (6.3%), Hungary (5.7%) and Canada (4.8%). Austria (68K tons), North Macedonia (60K tons), France (57K tons), the Czech Republic (48K tons), China (45K tons), Turkey (43K tons) and Germany (43K tons) held a little share of total exports.

Exports from the Netherlands increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, China (+10.7%), Belgium (+7.5%), Hungary (+6.8%), Norway (+6.4%), Austria (+5.3%), North Macedonia (+3.9%), Turkey (+3.5%), France (+2.6%) and the United States (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.7% from 2012-2022. Canada experienced a relatively flat trend pattern. By contrast, the Czech Republic (-1.3%) and Germany (-6.8%) illustrated a downward trend over the same period. While the share of Belgium (+2.6 p.p.), Norway (+2 p.p.) and Hungary (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Canada (-2 p.p.) and Germany (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($120M) remains the largest carbon dioxide supplier worldwide, comprising 20% of global exports. The second position in the ranking was taken by the United States ($40M), with a 6.7% share of global exports. It was followed by Belgium, with a 5.2% share.

In the Netherlands, carbon dioxide exports expanded at an average annual rate of +9.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+5.3% per year) and Belgium (+10.6% per year).

Export Prices By Country

In 2022, the average carbon dioxide export price amounted to $264 per ton, shrinking by -8.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2018 an increase of 14%. Over the period under review, the average export prices reached the maximum at $287 per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($533 per ton), while Canada ($67 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform