South Korea Carbon Dioxide Market Size, Share, and COVID-19 Impact Analysis, By Source (Hydrogen, Ethyl Alcohol, and Ethylene Oxide), By Application (Food & Beverage, and Oil & Gas), and South Korea Carbon Dioxide Market Insights, Industry Trend, Forecasts to 2035

South Korea Carbon Dioxide Market Insights Forecasts to 2035

• The South Korea Carbon Dioxide Market Size Was Estimated at USD 213 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 5.55% from 2025 to 2035
• The South Korea Carbon Dioxide Market Size is Expected to Reach USD 385.9 Million by 2035

According to a research report published by Spherical Insights and Consulting, The South Korea Carbon Dioxide Market Size is anticipated to reach USD 385.9 Million by 2035, growing at a CAGR of 5.55% from 2025 to 2035. Depleting oil reserves and a significant reliance on crude oil imports, are the main causes of the growing use of carbon dioxide (CO2) in enhanced oil recovery (EOR). The CO2 market is anticipated to rise throughout the projected period due to demand from expanding end-use industries such as the food & beverage and medical sectors.

Market Overview

A carbon market referred to as a carbon dioxide (CO2) market, is a system of exchange where organizations can purchase and sell permits or credits that allow them to emit a specific quantity of greenhouse gases, such as CO2. By providing incentives for businesses to cut their emissions or invest in initiatives that lower emissions elsewhere, the goal is to lower greenhouse gas emissions. By placing a cost on pollution, carbon markets incentivize companies and individuals to lower their carbon footprints and switch to greener technologies. A move toward cleaner energy may result from the cost of carbon emissions making renewable energy sources more affordable. Ecosystems can be preserved and restored with the aid of carbon offset initiatives like reforestation and forest management. Stricter laws governing greenhouse gas emissions are being put into place by governments, forcing businesses to either invest in carbon capture and storage (CCS) systems or lessen their carbon footprint.

Report Coverage

This research report categorizes the market for South Korea carbon dioxide market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea carbon dioxide market. Recent market developments and competitive strategies such as expansion, product launch, and 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 analyses their core competencies in each sub-segment South Korea carbon dioxide market.

Driving Factors        

The carbon dioxide market is driven by rising demand in food and beverage industries, enhanced oil recovery (EOR), and water treatment. Growing focus on sustainability, carbon capture and storage (CCS) technologies, and stricter environmental regulations also fuel market growth. Additionally, increasing industrialization and demand for CO2 in fire extinguishers and welding processes contribute to its expanding applications.

Restraining Factors

The carbon dioxide market faces restraints due to stringent regulations on emissions and environmental concerns over excessive CO2 release. High costs associated with carbon capture and storage (CCS) technologies hinder widespread adoption. Limited infrastructure for CO2 transportation and storage, along with health and safety risks in handling compressed gas, also pose significant challenges to market growth.

Market Segmentation

The South Korea Carbon Dioxide Market share is classified into source and application.

• The ethyl alcohol segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea carbon dioxide market is segmented by source into hydrogen, ethyl alcohol, and ethylene oxide. Among these, the ethyl alcohol segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The generation of food-grade CO2 from ethyl alcohol will be driven by the growing demand for this gas. As ethyl alcohol ferments, carbon dioxide is created as a byproduct. CO2 and water vapor are produced when ethanol is burned. The primary uses of the CO2 produced by these processes are in the chilling, carbonation, freezing, and cooling of food and beverages.

• The food & beverage segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea carbon dioxide market is segmented by application into food & beverage and oil & gas. Among these, the food & beverage segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Cryogenic freezing is becoming more and more popular because it offers more temperature control flexibility than mechanical refrigeration. For bakery, confectionery, meat, and seafood items, cryogenic chilling and freezing with CO2 is frequently used because it increases production capacity, better protects nutrients and smells, and preserves the food's original flavor, color, and overall quality.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea carbon dioxide market 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 companies' current news and developments, including 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

• Lotte Chemical
• Hanwha Solutions
• SK ecoplant
• Doosan Enerbility
• Kumho Petrochemical
• Isu Group
• CARBONCO
• GS Caltex
• Hyundai Engineering & Construction
• Samsung Engineering
• Others

Key Target Audience

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

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea carbon dioxide market based on the below-mentioned segments: 

South Korea Carbon Dioxide Market, By Source

• Hydrogen
• Ethyl Alcohol
• Ethylene Oxide

South Korea Carbon Dioxide Market, By Application

• Food & Beverage
• Oil & Gas