Global Liquid Carbon Dioxide Market Size, Share, and COVID-19 Impact Analysis, By Source (Natural, and Industrial), By Application (Food & Beverages, Chemicals, Pharmaceuticals, Oil & Gas, Metal Fabrication, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Liquid Carbon Dioxide Market Size Insights Forecasts to 2035

• The Global Liquid Carbon Dioxide Market Size Was Estimated at USD 4.48 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 4.69 % from 2025 to 2035
• The Worldwide Liquid Carbon Dioxide Market Size is Expected to Reach USD 7.42 Billion by 2035
• North America is expected to grow the fastest during the forecast period.

According to a Research Report Published by Spherical Insights and Consulting, The Global Liquid Carbon Dioxide Market Size was valued at around USD 4.48 Billion in 2024 and is Predicted to Grow to around USD 7.42 Billion by 2035 with a compound annual growth rate (CAGR) of 4.69 % from 2025 to 2035. Growing industrial applications, rising demand in the food and beverage industries, growing use in the chemical and medical industries, and growing adoption of eco-friendly technology are some of the opportunities for the Liquid Carbon Dioxide Market Size.

Market Overview  

The manufacture, distribution, and commercialization of CO2 that has been compressed and cooled to a liquid form at roughly -56.6°C at 5.11 atm pressure, allowing for effective storage and transportation for industrial uses, are all included in the liquid carbon dioxide (CO2) market. The market connects conventional industrial needs with new carbon capture, utilization, and storage (CCUS) paradigms. It is primarily used in food and beverage carbonation, cryogenic refrigeration, fire prevention, increased oil recovery (EOR), welding shielding gases, pH regulation in water treatment, and also as a solvent in chemical synthesis and pharmaceuticals. Deployment is fueled by the U.S. Department of Energy's Carbon Dioxide Removal Multi-Year Program Plan and more than $20 billion in continuing CCUS subsidies. The Liquid Carbon Dioxide Market Size is mostly driven by the growing demand from a variety of industries that use liquid carbon dioxide in their operations, including food and beverage, chemical, and pharmaceutical. The growing food and beverage sector is one important driver of the Liquid Carbon Dioxide Market Size's growth. 

Report Coverage

This research report categorizes the Liquid Carbon Dioxide Market Size based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Liquid Carbon Dioxide Market Size. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the Liquid Carbon Dioxide Market Size.

Driving Factors    

The Demand for Liquid Carbon Dioxide is being driven by consumers' growing preference for carbonated drinks and ready-to-eat food items. Growing industrial demand, improvements in CO2 collection and liquefaction technology, and an increase in the use of environmentally friendly and sustainable operations are the main drivers of the Liquid Carbon Dioxide Market Size expansion. The market is also being aided by the expanding practice of freezing and packaging food to increase its shelf life. Demand is also supported by the growing pharmaceutical and healthcare sectors, which use liquid CO2 for sterilization, medical applications, and laboratory procedures.  

Restraining Factors   

The Market for Liquid Carbon Dioxide is restricted by a number of factors, including high production and storage costs, strict regulatory compliance, safety hazards related to handling pressurized CO2, erratic raw material availability, and inadequate infrastructure in developing nations. 

Market Segmentation      

The Liquid Carbon Dioxide Market Size share is classified into source and application.     

• The natural segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period.            

Based on the source, the Liquid Carbon Dioxide Market Size is divided into natural and industrial. Among these, the natural segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Natural gas deposits and volcanic emissions are two examples of natural sources of liquid carbon dioxide. The difficulties in the extraction and purifying procedures restrict the use of carbon dioxide that comes from natural sources.

• The food & beverages segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period.         

Based on the application, the Liquid Carbon Dioxide Market Size is divided into food & beverages, chemicals, pharmaceuticals, oil & gas, metal fabrication, and others. Among these, the food & beverages segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Liquid carbon dioxide is widely utilized in the food and beverage sector for freezing, cooling, and carbonation. The usage of liquid carbon dioxide in this industry is being driven by the growing demand for fresh, minimally processed food. 

Regional Segment Analysis of the Liquid Carbon Dioxide Market Size

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the Liquid Carbon Dioxide Market Size over the predicted timeframe. 

Asia Pacific is anticipated to hold the largest share of the Liquid Carbon Dioxide Market Size over the predicted timeframe. The fast urbanization and industrialization of nations like China and India is what drives Asia Pacific. Demand in the food and beverage sector is being driven by rapid urbanization, population growth, and rising disposable income, especially for frozen foods, carbonated drinks, and food preservation applications. The region's growing expenditures in the chemical and food and beverage industries are driving up demand for liquid carbon dioxide. Liquid CO2 transport networks are encouraged by Singapore's carbon price increase to SGD 25/tonne in 2025 and SGD 45 in 2026. With 80% of emissions covered by Indonesia's ETS growth in 2025, foreign credit purchases have been possible since January, increasing IDX Carbon exchange volumes to 1.55 million tonnes.  

North America is expected to grow at a rapid CAGR in the Liquid Carbon Dioxide Market Size during the forecast period. Growing industrial applications in the food and beverage, healthcare, chemical, and oil and gas industries are driving the region's growth. Liquid CO2 is being used more frequently for storage, carbonation, and preservation due to rising demand for frozen foods, carbonated drinks, and processed goods. With Microsoft's 10+ million tonne offtake agreements for Louisiana plants and Occidental's STRATOS DAC approaching 500,000 tonnes/year operations, new developments include BECCS expansions. Launched in Alberta, Canada's Deep Sky Alpha plant improves liquid CO2 supply chains by sequestering via DAC. Despite DOE's USD 7.56 billion grant reduction, the 45Q tax credit continues to support more than 50 projects.

Competitive Analysis:     

The report offers the appropriate analysis of the key organizations/companies involved within the Liquid Carbon Dioxide Market Size, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.    

List of Key Companies

• Air Liquide S.A.
• Air Products and Chemicals, Inc.
• Air Water Inc.
• BASF SE
• Continental Carbonic Products, Inc.
• Gulf Cryo
• INOX Air Products Pvt. Ltd.
• Linde Bangladesh Limited
• Linde plc
• Matheson Tri-Gas, Inc.
• Messer Group GmbH
• Praxair Technology, Inc.
• SOL Group
• Taiyo Nippon Sanso Corporation
• Others  

Key Target Audience

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

Recent Developments

• In October 2025, NTPC Energy Technology Research Alliance (NETRA) launched a project using Carbon Cleans licensed technology to capture CO2 at an industrial scale for conversion into high-quality methanol, supporting India’s CCUS initiatives.

• In September 2025, Rashtriya Chemicals & Fertilizers Limited (RCF) commenced commercial operations of its new Liquid Carbon Dioxide Plant at Trombay with a capacity of 100 tons per day, expanding its industrial applications.

 Market Segment  

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Liquid Carbon Dioxide Market Size based on the below-mentioned segments:     

Global Liquid Carbon Dioxide Market Size, By Source

• Natural
• Industrial

Global Liquid Carbon Dioxide Market Size, By Application

• Food & Beverages
• Chemicals
• Pharmaceuticals
• Oil & Gas
• Metal Fabrication
• Others

Global Liquid Carbon Dioxide Market Size, By Regional Analysis

• 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