Carbon dioxide is an odorless and colorless gas that holds a significant role in various natural processes, including human respiration, volcanic activities, and supporting plant life. Even microorganisms utilize carbon dioxide as a fundamental element for their energy requirements. This gas naturally exists in the atmosphere, but its concentration has been on the rise due to human activities such as fossil fuel combustion and deforestation. The adverse effects of increased carbon dioxide levels, such as climate change, global warming, and erratic weather patterns, impact ecosystems and communities worldwide. In response to these challenges, multiple countries signed the Kyoto Protocol, emphasizing clean development mechanisms through carbon credits. However, recognizing its indispensability, the concept of carbon capture and utilization has emerged, focusing on harnessing and effectively employing captured carbon.

Carbon Dioxide Market Growth Analysis

The Global Carbon Dioxide Market is poised to reach a staggering value of USD 11,417.7 million in 2023, with an anticipated compound annual growth rate (CAGR) of 5.7% during the forecast period from 2023 to 2032.

The United States is projected to be a prominent global market for CO2, foreseeing an annual revenue growth rate of 5.1%. The surge in dry natural gas production in the U.S., surpassing 1.29 trillion cubic feet in 2022, mainly attributed to increased natural gas prices and escalated demand, especially driven by exports.

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