March 31, 2023

The carbon monoxide market size was USD 3.12 billion in 2020. The market is projected to grow from USD 3.18 billion in 2021 to USD 3.94 billion in 2028 at a CAGR of 3.1% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™ in its report titled, Carbon Monoxide Market, 2021-2028.” Rising demand from the metal extraction and processing industries is expected to fuel the market growth during the forecast period. Also, constant shortages of conservative petroleum resources and advancements in solid-to-gas conversion technologies will boost the growth of the market.

COVID-19 Impact

After the World Health Organization declared the COVID-19 a pandemic, several lockdowns, and movement restrictions took place that crippled various business sectors across the world. Factors, such as halted production activities, migration of workers, stringent restrictions on transportation, and economic uncertainty, led the market toward a stagnant flow. A slow decline of carbon monoxide was observed due to a rise in the number of unfinished projects and a decline in supply chains.

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List of Key Players Present in the Market

  • Air Liquide (Paris, France)
  • Linde Plc. (Dublin, Ireland)
  • Air Products (Pennsylvania, U.S.)
  • Praxair (Connecticut, U.S.)
  • American Gas Products (Massachusetts, U.S.)
  • Sipchem (Al Khobar, Saudi Arabia)
  • Messer (Bad Soden, Germany)
  • Tosoh (Tokyo, Japan)


Application and Region are Studied

On the basis of application, the market is segmented into metal fabrication, chemicals, ore processing & extraction, pharma & biotechnology, and electronics.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

The study sheds light toward critical aspects of the market, such as leading companies, products, and raw materials, to provide a comprehensive analysis. The ongoing market trends and vital industry developments have been noted. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market growth in recent years.

Drivers & Restraints

Rising Demand for Organic and Inorganic Chemicals to Bolster Growth

Increasing demand from various sectors, such as pharmaceuticals, bulk chemical manufacturing, construction, food & beverages, and others, is expected to boost the carbon monoxide market growth. Also, increasing demand for carbon monoxide in its purest form as well as syngas form will boost the market during the forecast period. Additionally, rising activities in mining and metal extraction will augment the market growth.

However, the poisonous nature of the gas will hinder the growth of the market during the forecast period.

Regional Insights

Asia Pacific to Hold Significant Share due to Increasing Demand for Electronic Grade High Purity

Asia Pacific is expected to witness the largest carbon monoxide market share during the forecast period, owing to rising demand from metal extracting and processing companies. Additionally, a large consumer base from the chemical and pharmaceuticals industries is expected to boost the growth of the market. Also, rising demand for electronic grade high purity carbon monoxide from emerging economies, such as China and Japan, for production of ICs will increase the footprint of the market.

Europe will account for a significant revenue in terms of global contributions due to the presence of a large manufacturing base present in the region. Also, increasing demand from various sectors, such as metal fabrication and pharma & medical manufacturing, will boost the market growth.

Competitive Landscape

Leading Players to Form Mergers to Broaden Market Presence

The sector is extremely consolidated due to the large number of players present. These players often compete with each other for capturing the largest market share in terms of the product’s price and application characteristics. Some market players are also looking to form alliances with likeminded forces maximizing revenue. For example, in July 2020, Air Products launched a steam methane reformer and cold box in Geismar for suppling hydrogen and carbon monoxide to Hunstman’s neighboring industrial operations.

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Industry Development

  • January 2021: Air Liquide recently extended its contracts with BASF in South Korea to set up a 4th hydrogen and carbon monoxide unit to increase by 0% of the contractual volume percentage.

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