Singapore Carbon Dioxide Market Insights Forecasts to 2033

• The Singapore Carbon Dioxide Market Size was valued at USD 102.5 Million in 2023.
• The Market is growing at a CAGR of 4.32% from 2023 to 2033
• The Singapore Carbon Dioxide Market Size is expected to reach USD 156.5 Million by 2033

The Singapore Carbon Dioxide Market is anticipated to exceed USD 156.5 Million by 2033, growing at a CAGR of 4.32% from 2023 to 2033. The increasing demand for carbon dioxide, rising application in enhanced oil recovery (EOR), and increasing application in end-use industries like food & beverages and medical are driving the growth of the carbon dioxide market in Singapore.     

Market Overview

Carbon dioxide (CO2) is a colorless, odorless, and non-flammable gas at normal temperature and pressure that is produced from extracting and burning fossil fuels (coal, oil, and natural gas), from wildfires, and natural processes. It is a greenhouse gas that is found in trace amounts in the Earth's atmosphere and is 60% denser than dry air. This gas is used in many different industries for a variety of purposes. It is frequently a byproduct of procedures like fermentation to produce ethanol or natural gas steam reforming to produce hydrogen. The extensive application of carbon dioxide in the food & beverage industry including preservation of grains, fruits, and vegetables, drink production, frozen meat industry, and preservation through freezing are leveraging market growth.

Report Coverage

This research report categorizes the market for the Singapore carbon dioxide market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore 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 of the Singapore carbon dioxide market.

Driving Factors

Enhanced oil recovery (EOR) is a technique essentially used for boosting oil production and an environmentally useful method of recycling and using carbon dioxide while lowering total emissions of carbon dioxide into the atmosphere. Thus, the increasing use of carbon dioxide in enhanced oil recovery (EOR) drives the market demand. Further, the extensive application in food & beverages which includes fizzy drinks, for drying fruits and vegetables to enhance their shelf life, dry ice for refrigeration in transit, and other uses are driving the market expansion. Further, CO2 is used in medical imaging as a contrast agent, in medical-grade gas mixes for anesthesia, as an insufflation gas in minimally invasive surgery, as a respiratory stimulant, and also in cryotherapy. Thus, the use of carbon dioxide in the medical sector is contributing to propelling the demand for carbon dioxide.

Restraining Factors

The strict regulations and policies owing to the concerns about carbon dioxide emissions are challenging the Singapore carbon dioxide market.

Market Segmentation

The Singapore Carbon Dioxide Market share is classified into source, form, and end-use industry.

• The hydrogen segment is anticipated to hold the largest market share during the forecast period.

The Singapore carbon dioxide market is segmented by source into hydrogen, ammonia, natural gas, ethanol, and others. Among these, the hydrogen segment is anticipated to hold the largest market share during the forecast period. Hydrogen is used in processes such as hydrocracking process which can be used to produce carbon dioxide neutral liquid fuels. The growing emphasis on hydrogen as a clean energy carrier, and continuous improvement in hydrogen production methods with sustainability goals are expected to drive the market in the hydrogen segment.

• The liquid segment accounted for the largest market share during the forecast period.

The Singapore carbon dioxide market is segmented by form into solid, liquid, and gas. Among these, the liquid segment accounted for the largest market share during the forecast period. Liquid carbon dioxide is created by cooling the gaseous CO2 to about 18 °C (64,4 °F) after compressing it to pressures of around 69 bar (1000,76 psi) in multistage compressors and filled in steel cylinders. The extensive use of this form in the food and beverage industry such as preservatives in food packaging and in carbonating soft drinks, water, as well as in alcoholic beverages are driving market expansion.

• The food & beverages segment dominated the Singapore carbon dioxide market with the largest market share during the forecast period.       

Based on the end-use industry, the Singapore carbon dioxide market is divided into food & beverages, oil & gas, medical, metal fabrication, wastewater treatment, electronics, chemicals, and others. Among these, the food & beverages segment dominated the Singapore carbon dioxide market with the largest market share during the forecast period. Carbon dioxide is used in food packaging to increase the shelf life of perishable items and for carbonating soft drinks to give them their distinctive fizz. The increasing demand for carbonated beverages, preference for packaged and frozen food, as well as advancement in carbon dioxide recovery technologies are contributing to drive the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore 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 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

• Asia Industrial Gases Pte. Ltd.
• Asia Technical Gas Co (Pte) Ltd. (ATG)
• Chem-Gas Pte. Ltd.
• Iwatani Corporation (Singapore) Pte. Ltd.
• WKS Industrial Gas Pte Ltd.
• Others

Key Target Audience

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

Recent Developments

• In August 2024, The Singapore Carbon Market Alliance (SCMA) was launched, serving as a national platform that would help connect developers of carbon credit projects with potential buyers.
• In March 2024, The Singapore-based units of the two companies, ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd., formed the S-Hub consortium to work with the Singapore government as lead developers for the CCS project to reduce the country's carbon dioxide (CO2) emissions.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Carbon Dioxide Market based on the below-mentioned segments:

Singapore Carbon Dioxide Market, By Source

• Hydrogen
• Ammonia
• Natural Gas
• Ethanol
• Others

Singapore Carbon Dioxide Market, By Form

• Solid
• Liquid
• Gas

Singapore Carbon Dioxide Market, By End-use Industry

• Food & Beverages
• Oil & Gas
• Medical
• Metal Fabrication
• Wastewater Treatment
• Electronics
• Chemicals
• Others