Global Carbon Monoxide Market Size to Exceed USD 7.97 Billion by 2033: Market Study Report

Global Carbon Monoxide Market Size to Exceed USD 7.97 Billion by 2033           

According to a research report published by Spherical Insights & Consulting, The Carbon Monoxide Market is Expected to Grow from USD 5.35 Billion in 2023 to USD 7.97 Billion by 2033, at a CAGR of 4.07% during the forecast period 2023-2033.

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Carbon Monoxide Market Size, Share, and COVID-19 Impact Analysis, By Application (Chemical, Metal Fabrication, Electronics, Pharma & Biotechnology, and Meat & Coloring Preservative), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The incomplete combustion of fuels produces the colorless and odorless gas known as carbon monoxide (CO).  People who are exposed to CO gas will become poisoned because the CO molecules will replace the oxygen in their bodies. Furthermore, the growing demand for syngas within the carbon monoxide (CO) sector is fueled by its efficiency and versatility in synthesizing important chemicals and fuels. Syngas, which is mostly hydrogen and carbon monoxide, is being increasingly adopted by industries looking for sustainable and affordable options. Its use as a precursor to many processes such as methanol synthesis and Fischer-Tropsch synthesis makes it a central component of contemporary chemical production. Further, the shift towards cleaner fuels also drives demand for syngas in the production of CO. However, CO is a dangerous gas with high safety issues, which can hinder its market growth. The toxic effects of exposure, such as possible health hazards and deaths, can result in more stringent regulations and lower acceptance across different industries.

The electronics segment accounted for the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period.

Based on the application, the global carbon monoxide market is divided into chemical, metal fabrication, electronics, pharma & biotechnology, and meat & coloring preservative. Among these, the electronics segment accounted for the largest share in 2023 and is estimated to grow at a significant CAGR during the forecast period. Such growth is owed to CO's important role in manufacturing critical chemicals. CO is an important feedstock for a wide range of processes, including the production of methanol and acetic acid, which are critical in the manufacture of plastics, solvents, and other industrial chemicals.

North America is anticipated to hold the largest share of the global carbon monoxide market over the forecast period.

North America is anticipated to hold the largest share of the global carbon monoxide market over the forecast period. This is mainly because of the high number of producers in the U.S. Increased mining operations and rising exploration of metal ores are behind this growth in the market. In the U.S. carbon monoxide market, the demand for CO will significantly rise because of the growing production of iron ore within the region.

Europe is estimated to grow at the fastest CAGR of the global carbon monoxide market during the forecast period. The growth is attributed to increased demand for CO by industries such as metal processing and pharmaceuticals, which is a major growth driver for the market. Carbon monoxide is essential in the extraction of iron and as a reducing agent in chemical reactions.

Company Profiling

Major vendors in the global carbon monoxide market are Linde plc, American Gas Products, Celanese Corporation, Messer, MESA Specialty Gases & Equipment, Air Liquide, Axcel Gases, Sipchem Company, Praxair Inc., Air Products and Chemicals, Inc., and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In May 2023, Air Products announced that it would build and operate two new carbon monoxide (CO) production plants in Texas, one in La Porte and the other in Texas City, with a combined production capacity of more than 70 million standard cubic feet per day (MMSCFD) of CO. The La Porte plant, which is scheduled to go onstream in 2024, will provide over 30 MMSCFD to LyondellBasell, and the Texas City plant will start up in 2026, providing over 40 MMSCFD to Eastman Chemical Company. The plants will be integrated with Air Products' Gulf Coast CO pipeline system, which will further strengthen supply reliability for local customers.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global carbon monoxide market based on the below-mentioned segments: 

Global Carbon Monoxide Market, By Application

• Chemical
• Metal Fabrication
• Electronics
• Pharma & Biotechnology
• Meat & Coloring Preservative

Global Carbon Monoxide Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa