Carbon Monoxide Market
Carbon Monoxide Market Forecasts to 2028 - Global Analysis By Grade (Electronic Grade and Commercial Grade), Application (Metal Fabrication, Chemical, Pharma & Biotechnology, Electronics, Meat Colouring & Preservative and Other Applications), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $3.31 BN |
|
Projected Year Value (2028) |
US $3.98 BN |
|
CAGR (2022 - 2028) |
3.1% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Carbon Monoxide Market is accounted for $3.31 billion in 2022 and is expected to reach $3.98 billion by 2028 growing at a CAGR of 3.1% during the forecast period. Carbon monoxide is a strong reducing agent and reduces metal oxides for metals less reactive than carbon. It is an odourless, colourless gas formed by the incomplete combustion of fuels. One carbon atom and one oxygen atom bound together by three bonds make up carbon monoxide. It is also a significant contributor to the greenhouse gases that cause climate change. It results from specific industrial chemical manufacturing processes as a by-product. it is most commonly used in mining and metal extraction activities.
According to the United States Geological Survey (USGS), in 2019, 48,000 metric tons of iron ore were produced in the U.S. High demand for the product for metal extraction and purification process.
Market Dynamics:
Driver:
Growing demand for organic and inorganic chemicals
Carbon monoxide is a significant industrial chemical used to create water gas or Syngas. It serves as a significant reducing agent in the production of a number of organic and inorganic compounds. Raising demand for chemicals from sectors, such as pharmaceuticals, bulk chemical manufacturing, construction, food & beverages and others is fueling the market demand.
Restraint:
Strict government regulations
Carbon monoxide is an odourless and colourless gas. It is exceedingly dangerous and cannot be found by scent or emissions. It is one of the six major air pollutants. Strict controls on carbon monoxide were enforced by the Occupational Safety and Health Administration (OSHA) and National Ambient Air Quality Standards. Throughout an 8-hour workday, the level shouldn't increase more than 35 PPM. These limitations are impeding market expansion.
Opportunity:
Expanding mining and metal extraction activities
Mining and metal extraction operations have significantly increased as a result of the high demand for iron ore and iron metallic from different end-sectors throughout the world. It is mostly utilized in the extraction of metals and exhibits neither acidic nor basic characteristics. Special characteristics including a strong affinity for transition metals are anticipated to boost market demand.
Threat:
Poisonous nature of the gas
Carbon monoxide is a poisonous gas that can result in death if exposed for a longer period. It easily interacts with haemoglobin to form carboxyhemoglobin, which may interfere with gas exchange and further increase the risk of death. Exposure to CO is most frequently associated with tiredness, headaches, disorientation and dizziness. This is expected to hinder the market growth.
Covid-19 Impact
The COVID-19 pandemic had a significant detrimental effect on the world economy, hurting a number of industries, notably chemical production. The chemical industry, a foundational sector of the world economy, was impacted by this catastrophe. Some commercial chemical production processes produce carbon monoxide (CO) as a by-product. Chemical manufacturing was stopped, which caused a decrease in output. The growth rate has slow downed due to declining product demand from the mining and metal extraction sectors.
The metal fabrication segment is expected to be the largest during the forecast period
The metal fabrication segment is estimated to have a lucrative growth. Carbon monoxide is used in fuel gas mixtures with hydrogen and other gases for industrial and domestic heating. It can cause corrosion and contamination of sensitive processes, like catalysts and semiconductor fabs, when exposed to metals that readily form oxides.
The chemical industry segment is expected to have the highest CAGR during the forecast period
The chemical industry segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its varied range of usage in producing different chemicals. Titanium dioxide, metal carbonyls, benzaldehyde, and critic acid are all made primarily from carbon monoxide. It also functions as a catalyst in chemical compounds like toluene and polyurethane. It is further employed as substitute of natural gas which is accelerating the segment’s demand.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the adoption of technologically improved production techniques and increased R&D activities. China and India are two of the world's top markets for electronic manufacturing. High purity carbon monoxide is utilized as a semiconductor in a variety of electronic gadgets, rising demand for the fabrication of electronics in the area accelerated its market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Large industries and industrial merchant sellers both had a significant role in the region's robust industrial activity recovery. The healthcare business segment and the electronics industry both maintained substantial growth. The investment in a large-scale hydrogen and carbon monoxide generating complex with integrated CO2 recycling was announced by important firms like Air Liquide. These factors together are driving up market demand in this region.
Key players in the market
Some of the key players profiled in the Carbon Monoxide Market include Middlesex Gases & Technologies, Inc, Linde PLC, Praxair Inc, Air Products and Chemicals, Air Liquide S.A., ATCO Atmospheric and Specialty Gases Pvt. Ltd, Messer Group GmbH, Broner Glove & Safety Company, Ningbo DSW International Co Ltd, Yingde Gases Group Company, Wison Group, Celanese Corporation, Praxair Incorporated, Wanhua, Sipchem, Messer, Tosoh and PT Aneka Gas Industry.
Key Developments:
In February 2022, Celenase Singapore, a global specialty material and chemical manufacturing company, announced the extension of its long-term contract with Linde Gas Singapore to supply carbon monoxide.
In July 2020, Air Products announced the steam methane reformer and cold box in Geismar are on stream and supplying hydrogen and carbon monoxide to Hunstman’s neighboring industrial operations.
Grades Covered:
• Electronic Grade
• Commercial Grade
Applications Covered:
• Metal Fabrication
• Chemical
• Pharma & Biotechnology
• Electronics
• Meat Colouring & Preservative
• Other Applications
End Users Covered:
• Electronic Industry
• Chemical Industry
• Metal Industry
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Carbon Monoxide Market, By Grade
5.1 Introduction
5.2 Electronic Grade
5.3 Commercial Grade
6 Global Carbon Monoxide Market, By Application
6.1 Introduction
6.2 Metal Fabrication
6.3 Chemical
6.4 Pharma & Biotechnology
6.5 Electronics
6.6 Meat Colouring & Preservative
6.7 Other Applications
7 Global Carbon Monoxide Market, By End User
7.1 Introduction
7.2 Electronic Industry
7.3 Chemical Industry
7.4 Metal Industry
8 Global Carbon Monoxide Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.8 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Middlesex Gases & Technologies, Inc
10.2 Linde PLC
10.3 Praxair Inc
10.4 Air Products and Chemicals
10.5 Air Liquide S.A.
10.6 ATCO Atmospheric and Specialty Gases Pvt. Ltd
10.7 Messer Group GmbH
10.8 Broner Glove & Safety Company
10.9 Ningbo DSW International Co Ltd
10.10 Yingde Gases Group Company
10.11 Wison Group
10.12 Celanese Corporation
10.13 Praxair Incorporated
10.14 Wanhua
10.15 Sipchem
10.16 Messer
10.17 Tosoh
10.18 PT Aneka Gas Industry
List of Tables
1 Global Carbon Monoxide Market Outlook, By Region (2020-2028) ($MN)
2 Global Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
3 Global Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
4 Global Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
5 Global Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
6 Global Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
7 Global Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
8 Global Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
9 Global Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
10 Global Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
11 Global Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
12 Global Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
13 Global Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
14 Global Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
15 Global Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
16 North America Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
17 North America Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
18 North America Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
19 North America Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
20 North America Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
21 North America Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
22 North America Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
23 North America Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
24 North America Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
25 North America Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
26 North America Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
27 North America Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
28 North America Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
29 North America Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
30 North America Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
31 Europe Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
32 Europe Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
33 Europe Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
34 Europe Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
35 Europe Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
36 Europe Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
37 Europe Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
38 Europe Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
39 Europe Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
40 Europe Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
41 Europe Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
42 Europe Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
43 Europe Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
44 Europe Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
45 Europe Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
46 Asia Pacific Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
47 Asia Pacific Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
48 Asia Pacific Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
49 Asia Pacific Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
50 Asia Pacific Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
51 Asia Pacific Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
52 Asia Pacific Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
53 Asia Pacific Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
54 Asia Pacific Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
55 Asia Pacific Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
56 Asia Pacific Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
57 Asia Pacific Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
58 Asia Pacific Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
59 Asia Pacific Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
60 Asia Pacific Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
61 South America Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
62 South America Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
63 South America Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
64 South America Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
65 South America Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
66 South America Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
67 South America Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
68 South America Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
69 South America Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
70 South America Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
71 South America Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
72 South America Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
73 South America Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
74 South America Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
75 South America Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
76 Middle East & Africa Carbon Monoxide Market Outlook, By Country (2020-2028) ($MN)
77 Middle East & Africa Carbon Monoxide Market Outlook, By Grade (2020-2028) ($MN)
78 Middle East & Africa Carbon Monoxide Market Outlook, By Electronic Grade (2020-2028) ($MN)
79 Middle East & Africa Carbon Monoxide Market Outlook, By Commercial Grade (2020-2028) ($MN)
80 Middle East & Africa Carbon Monoxide Market Outlook, By Application (2020-2028) ($MN)
81 Middle East & Africa Carbon Monoxide Market Outlook, By Metal Fabrication (2020-2028) ($MN)
82 Middle East & Africa Carbon Monoxide Market Outlook, By Chemical (2020-2028) ($MN)
83 Middle East & Africa Carbon Monoxide Market Outlook, By Pharma & Biotechnology (2020-2028) ($MN)
84 Middle East & Africa Carbon Monoxide Market Outlook, By Electronics (2020-2028) ($MN)
85 Middle East & Africa Carbon Monoxide Market Outlook, By Meat Colouring & Preservative (2020-2028) ($MN)
86 Middle East & Africa Carbon Monoxide Market Outlook, By Other Applications (2020-2028) ($MN)
87 Middle East & Africa Carbon Monoxide Market Outlook, By End User (2020-2028) ($MN)
88 Middle East & Africa Carbon Monoxide Market Outlook, By Electronic Industry (2020-2028) ($MN)
89 Middle East & Africa Carbon Monoxide Market Outlook, By Chemical Industry (2020-2028) ($MN)
90 Middle East & Africa Carbon Monoxide Market Outlook, By Metal Industry (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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