According to a research report titled ‘Global Carbon Dioxide Market 2019-2028’, available with Market Study Report, global carbon dioxide market is projected to grow at 3.02% CAGR and 2.59% CAGR in terms of revenue and volume respectively, over the forecast period 2019-2028.
 

As per research findings, rising use of carbon dioxide flooding in enhanced oil recovery is a major factor driving the growth of worldwide carbon dioxide industry. Flourishing demand in the soft drinks industry owing to rising global disposable income levels is also propelling the overall market development.
 

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Additionally, growing applications of carbon dioxide in the medical industry are likely to create ample opportunities for businesses operating in this domain.
 

Despite the positive outlook, rising concerns towards environmental pollution and elevated costs of carbon capture & storage (CCS) are expected to impede overall industry growth in the upcoming years.
 

Classifying on the basis of source, global carbon dioxide market segmentation comprises ethylene oxide, ethyl alcohol, hydrogen, substitute natural gas, and other sources.
 

Moving on to the application spectrum, the market is split into medical, rubber, firefighting, food & beverages, oil & gas, and other applications.
 

Considering the geographical landscape, the report covers North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa regions. Among these, Asia-Pacific industry is slated to exhibit a robust growth rate during the forecast period. This can be ascribed to the escalating demand for natural health drinks due to increased focus towards health & wellness in countries such as South Korea.
 

Major contenders in global carbon dioxide market sphere are Cosmo Engineering Co. Ltd., Air Liquide S.A., BOC Ltd., Matheson Tri-Gas Inc., Continental Carbonic Products Inc., Airgas Inc., Inox Air Products Pvt Ltd., Air Products and Chemicals Inc., Linde plc, and Universal Industrial Gases Inc. (UIG).