The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Liquefied CO2 Market: Introduction-
Liquefied CO2 is also referred to as a cryogenic liquid which is colourless, odourless and non-flammable liquid. Liquefied CO2 transforms into a crystalline structure when it is discharged from its container. Liquefied CO2 is inert and stable under atmospheric conditions and is slightly acidic in nature. Liquefied CO2 is extracted from various types of sources such as hydrogen plants and ammonia in its purified and liquefied form. Large scale industries such as power cement and steel plant produce CO2 as a by-product that goes under pressure in order to produce liquefied CO2 for a wide variety of application in different sectors such as food, health care among others.
Liquefied CO2 Market: Dynamics-
Increasing industrialization with an enormous share in R&D for innovative technologies in enhanced oil recovery (EOR) and carbon capture & storage (CCS) has led to an upsurge in the demand for liquefied CO2. EOR technology used in extracting a large number of resources from oil and gas reservoirs. While CCS technology is utilized for capturing and storing liquefied CO2 which is later utilized for a wide variety of industrial purposes such as replacement of Chlorofluorocarbon (CFC) in foamed plastic production. Moreover, increasing juice and beverage industries due to the surging demand of various flavoured carbonated drinks among consumer also boosting the demand of liquefied CO2 as it offers flavour enhancement, product stability, flavour, texture impression and freshness perception in food & beverages products. Furthermore, the growing agriculture industry due to increasing population also fueling the demand of liquefied CO2 as it is widely used for pest control in grains. The other notable applications of liquefied CO2 is wastewater treatment due to increasing concern about the environment, which is also driving the market of liquefied CO2.
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Various government regulation such as Central Pollution Control Board (CPCB), Environmental Protection Agency (EPA), Food and Drug Administration (FDA) have the limited the harmful emission of carbon dioxide when produced as a byproduct, which is helpful in creating less harmful impact on the environment which act as restraint for the liquefied CO2 market
The global liquefied CO2 Market is considered to be a highly concentrated market with the presence of raw material provider, manufacturer and end-use industries having established their presence in particular or multi-regional markets.
Liquefied CO2 Market: Segments-
The Market of Liquefied CO2can be segmented into two factors on the basis of its source and its application
Liquefied CO2 Market can be segmented on the basis of its sources
- Ethyl Alcohol
- Natural gas
Liquefied CO2 Market can be segmented on the basis of its application
- Food & Beverages
- Wastewater treatment
Liquefied CO2 Market: Regional Overview –
Growth in improved oil recovery (EOR) technology commonly in North American and the Middle East & Africa region is projected to move ahead of the industry growth of liquefied CO2 over the fore- coming period. North America has immensely dominated the liquefied CO2 market from past years and is likely to hold its prominence in the coming future years. These regions are projected to propel the market of liquefied CO2 over the forecast period pertaining to increasing developments in industrialization and immense consumption of CO2 in various end-use industries. The Middle East & Africa is considered to be the fastest growing market in the coming years, due to the rising expenditure in oil & gas industries. A region such as the Asia Pacific is anticipated to show an adequate growth level in the period. The region is expected to show an augmented demand in liquefied CO2 from chemical and beverages industries, mainly from the developing economies such as India, China etc.
Liquefied CO2 Market: Key Market Participants
Some of the key market participants in the market of Liquefied CO2 are as follows:-
- Universal Industrial Gases, Inc.
- Philippine CO2 Industry Inc.
- Yara International ASA
- INOX Air Products Ltd.
- Continental Carbonic Products, Inc.
- Cosmo Engineering Co. Ltd.
- Air Products and Chemical, Inc.,
- Praxair, Inc.,
- Air Liquide
- Linde AG
- Showa Denko Gas Products Co., Ltd.
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