As cited by the research report titled ‘Global Carbon Dioxide Market Size study, by Source (Ethyl Alcohol, Substitute Natural Gas, Hydrogen, Ethylene Oxide, Others) by Application (Food & Beverage, Medical, Rubber, Oil & Gas, Fire-fighting, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global carbon dioxide market was valued at USD 7.8 billion in 2020 and is estimated to expand at a CAGR of 4% over 2021-2027, further reaching USD 10.26 billion in valuation by the end of study duration.
 

Increasing demand from medical applications such as endoscopy and laparoscopy coupled with rising usage in end-user industries including food & beverages, oil & gas, and medical sectors are the major factors driving global carbon dioxide market growth. Expanding government initiatives towards improving the healthcare infrastructure in tandem with rising investment in the research & development activities are further adding traction to the overall market size.
 

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As per India Brand Equity Foundation (IBEF), the hospital sector in India is anticipated to expand to USD 133.44 billion, by 2022 from USD 125.71 billion, in 2017. Moreover, the Government of India is planning to augment the healthcare expenditure to 3% of the GDP, by 2022.
 

For the record, carbon dioxide is used in several industries such as, food & beverages, medical, rubber, including others. It is mainly used for laparoscopy, endoscopy in the medical sector, and for atmosphere packaging in food & beverages sector and many more.
 

Speaking of negatives, huge costs involved in carbon cost storage (CCS) along with disruptions in the supply chain due to the COVID-19 pandemic are likely to hamper the market progression over the estimated timeframe.
 

Based on source, global carbon dioxide industry space is segmented into ethyl alcohol, hydrogen, substitute natural gas, ethylene oxide, and others. Considering the application range, the marketplace is divided into food & beverage, rubber, medical, oil & gas, firefighting, and others.
 

The geographical analysis of the industry extends to Asia Pacific, Europe, North America, and Latin America.
 

Experts speculate that North America will garner notable returns over the projected timeline, on account of rising usage in food & beverages and oil & gas sectors. Meanwhile, Europe is expected to showcase strong growth rate over the analysis period 2021-2027, owing to presence of prominent firms in the region.
 

Major players profiled in the worldwide carbon dioxide industry space are Air Liquide S.A., Linde plc, Air Products and Chemicals Inc., Messer Group, Taiyo Nippon Sanso Corp, Sol Group Cor, Sicgil India Limited, StrandMollen A/S, Acail Gas España SA, and Gulf Cryo.