Shambhu Nath Jha, Research Head- Chemicals and Materials Domain at Fact.MR discusses compelling insights vital for determining growth of carbon dioxide market.
Demand for carbon dioxide is likely to rev up in the past few years owing to fast-paced growth of enhanced oil recovery (EOR) activities, driven by resurgence in crude oil recovery. Carbon dioxide is being extensively used in multiple minimally invasive surgeries that include endoscopy, arthroscopy, and laparoscopy, in the form of an insufflations gas. Growing vigor of the aforementioned applications have resulted in augmented demand for carbon dioxide, which is likely to drive revenue growth of the market. Carbon dioxide is being actively sought-after across multiple applications, which include fire-fighting, food freezing & cooling, oil extraction, carbonation of beverages, and so on.
- How is use of cryogenic freezing technology influencing growth of European carbon dioxide market?
Cooling, temperature control, and freezing are few of the vital aspects involved in European food production as well as distribution processes. The European consumer trends provide substantial credence to the fact that embracement of chilled and frozen foods will continue to rise, which is stimulating the food producers and manufacturers to upgrade or extend their food chilling and freezing lines. Fast-paced growth of cryogenic freezing and chilling will also register high demand for liquid carbon dioxide, as CO2 remains a key part of the cryogenic freezing.
Liquid carbon dioxide offers superlative quality and high cost-effectiveness, when makes it highly preferred over the traditional approaches of food freezing and chilling. Liquid carbon dioxide processes larger quantities at a faster rate, while making optimal floor space utilization and offering high processing flexibility, which are some of the key benefits favoring adoption of CO2 in cryogenic applications.
- Which are some of the key applications stimulating high-scale production of CO2 in Europe?
Use of carbon dioxide in food and beverage applications has significantly taken off in Europe since the past few years, with carbonating beverages registering for a major chunk of demand. Carbon dioxide is also being extensively sought-after in plastics and rubber applications, wherein dry-ice pellets are used to deflash the finished parts. Enhanced oil recovery is another promising application making use of carbon dioxide, which involves the extraction of crude oil from an existing oil field.
Algae and cyanobacteria represent some of the emerging applications in the future that would entail use of carbon dioxide. Several other chemical companies are making headway with new process technologies that would use carbon dioxide as feedstock. Particulars as such are foreseen to favor high scale production of carbon dioxide across key countries of Europe.
- Which is the biggest challenge faced by manufacturers in the European carbon dioxide market?
Maintaining an optimal balance of the regional supply vs demand remains one of the biggest challenge faced by manufacturers in the European carbon dioxide market. Wherever the demand for carbon dioxide is high, lack of adequate sources might create supplies that are sparse. The demand for carbon dioxide tends to be highest during the summer months during which ammonia plants may be shut down for turnaround, due to which supplies remain unbalanced with the demand. Moreover, issues related with transportation of carbon dioxide is another major aspect posing substantial challenges for the manufacturers.
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