According to 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 worth USD 7.8 billion in 2020 and is expected to register an annual growth rate of 4.0% over 2021-2027, thereby accumulating USD 10.26 billion by 2027.
 

As per the report findings, the expansion of global carbon dioxide market can be credited to the increasing demand in medical application like endoscopy and laparoscopy and rising adoption across end-user industries including food & beverages, oil & gas, and medical sectors.
 

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In addition, favorable government initiatives towards improving the healthcare infrastructure along with surging investments in the R&D activities are augmenting industry outlook.
 

As per the data released by India Brand Equity Foundation (IBEF), the hospital sector is India is projected to increase to USD 133.44 billion by 2022 from USD 125.71 billion in 2017.
 

On the contrary, high costs involved in Carbon Cost Storage (CCS) along with adverse impact of carbon dioxide on the environment are likely to hamper market progression in the ensuing years.
 

By source type, global carbon dioxide market is bifurcated into ethyl alcohol, hydrogen, substitute natural gas, ethylene oxide, and others, whereas fragmentation of the industry based on application includes rubber, oil & gas, rubber, food & beverage, fire- fighting, and others.
 

Speaking of the geographical ambit, regions like North America, Asia Pacific, Europe, and Latin America are considered to understand the dynamics of this industry vertical. Among these, North America presently holds a significant revenue share owing to high usage in food & beverages and oil & gas sectors.
 

Meanwhile, Europe market is anticipated to amass notable gains over 2021-2027 ascribing to the high concentration of well-established companies in the region.
 

Key players defining the competitive hierarchy of global carbon dioxide market are Linde Plc, Air Liquide S.A, The Messer Group GmbH, Taiyo  Nippon Sanso Corporation, Sol Group Corporation, Sicgil India Limited, Strandmollen A/S, Acail Gas Espana S.A., Air  Products and Chemicals Inc., and  Gulf Cryo Holding Company K.S.C.C.