Introduction
The Global Carbon Monoxide Market, valued at USD 4.1 Billion in 2023, is anticipated to experience robust growth over the next decade, projected to reach around USD 6.3 Billion by 2033. This growth, representing a compound annual growth rate (CAGR) of 4.8%, is driven by multiple factors including increased demand across various industrial sectors.
This market’s expansion is significantly propelled by its applications in metal fabrication, chemical production, and ore processing, where carbon monoxide’s role as a reducing agent is critical. The metal fabrication sector alone, due to its extensive use of carbon monoxide in metallurgical processes, captures a large segment of the market share. Moreover, the surge in mining and metal extraction activities, particularly in regions rich in natural resources, further amplifies the demand for carbon monoxide.
Opportunities for market growth are also emerging from the increased adoption of carbon monoxide in the pharmaceutical and healthcare sectors. Research indicates potential therapeutic benefits of carbon monoxide-releasing molecules (CORMs), which are being explored for treating inflammation, cardiovascular diseases, and neurodegenerative disorders.
Geographically, Asia-Pacific dominates the market due to rapid industrialization and robust economic growth, making it a primary contributor to the global market share. This region’s demand is bolstered by significant consumption in manufacturing, chemicals, and energy industries.
Despite these growth drivers, the market faces challenges such as health hazards associated with carbon monoxide exposure and the volatility of feedstock prices which could affect production costs. Nevertheless, ongoing innovations and strategic expansions by key players like Air Liquide and Linde, which include setting up new production facilities and expanding existing ones, are expected to mitigate these challenges and foster market expansion.
Key Takeaways
- The global carbon monoxide market is projected to grow from USD 4.1 Billion in 2023 to USD 6.3 Billion by 2033, at a 4.8% CAGR.
- Carbon monoxide with more than 99% purity dominated the market in 2023, capturing 72.1% of the total market due to its use in chemical processes.
- Asia-Pacific led the global carbon monoxide market in 2023, capturing 42% market share, driven by robust industrial growth in China, India, and Japan.
- Commercial-grade carbon monoxide captured 82.4% of the market share in 2023, used predominantly in chemical and metallurgical industries.
- In 2023, metal fabrication held the largest application share, accounting for 43.2% of total market demand due to its role in metallurgy.
Carbon Monoxide Statistics
- Households without gas stoves typically have values between 0.5 and 5 parts per million (ppm). Levels close to gas stoves that are correctly calibrated are typically 5 to 15 ppm, while levels close to stoves that are not properly adjusted may reach 30 ppm or more.
- For carbon monoxide, the National Institute for Occupational Safety and Health (NIOSH) has set a recommended exposure limit (REL) of 200 ppm (229 mg/m(3)) as a ceiling and 35 ppm (40 mg/m(3)) as an 8-hour TWA.
- For a typical 8-hour workday and a 40-hour workweek, ACGIH has set a threshold limit value (TLV) of 25 ppm (29 mg/m(3)) for carbon monoxide.
- According to the Centers for Disease Control and Prevention, accidental carbon monoxide poisoning claims the lives of hundreds of Americans each year. Over 4,000 people are admitted to hospitals, while over 20,000 people go to the ER.
- Measured blood COHb concentrations of roughly 10% are usually when symptoms initially appear, depending on how long the person has been exposed to CO.
- The half-life of COHb is shortened from 4–5 hours to 1 hour when 100% oxygen is inhaled at normobaric pressure.
- In Turkey, 27% of poisoning deaths are caused by carbon monoxide.
- In just such a sample of 46 patients, the emergency room of Children’s Hospital of Philadelphia discovered a startlingly high incidence of carbon monoxide exposure during the winter months—nearly 30%.
- Up to 40% of people who survive acute carbon monoxide poisoning experience neuropsychiatric aftereffects.
- Long-term low-dose exposure from smoking cigarettes can result in 5% to 15% of pregnant women having carboxyhemoglobin.
- Worldwide, the death rate from carbon monoxide poisoning dropped by 53.5%.
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Emerging Trends
- Emerging trends in the carbon monoxide market are shaped by advancements in technology and evolving industrial demands. One of the notable trends is the rising uptake of syngas, which combines hydrogen, carbon monoxide, and other gases, highlighting a shift towards more versatile and energy-efficient gas mixtures for various applications.
- Another significant trend is the increasing use of carbon monoxide in high-purity applications, especially in the electronics and pharmaceutical sectors. This demand is driven by the need for high-grade carbon monoxide in intricate manufacturing processes, such as the production of semiconductors and pharmaceutical intermediates.
- Innovation in production technologies is also emerging as a key trend, where companies are exploring greener production methods to create carbon monoxide. This is not only more environmentally sustainable but also aligns with global regulatory shifts towards reducing industrial emissions and enhancing workplace safety standards.
- Furthermore, the integration of IoT and advanced sensor technologies in monitoring and detecting carbon monoxide levels is gaining traction. This technology enhances safety measures in industrial settings and is being leveraged to prevent occupational hazards related to carbon monoxide exposure.
Use Cases
- Carbon monoxide (CO) has various critical applications across different sectors, from industrial uses to medical treatments, demonstrating its versatility despite its toxicity.
- In industrial environments, carbon monoxide is primarily utilized as a reducing agent in metallurgical processes. It plays a crucial role in the production of metals where it helps in reducing iron ore to iron. Additionally, CO is used in chemical synthesis processes such as the Fischer-Tropsch process for producing hydrocarbons from coal, and in manufacturing bulk chemicals like methanol and acetic acid.
- In the medical field, carbon monoxide shows potential in therapeutic applications due to its anti-inflammatory and neuroprotective properties. It is being explored for use in treating conditions like pulmonary arterial hypertension (PAH) and other inflammatory diseases. Research indicates that controlled, low-dose inhalation of CO can be safe and is under study for its potential to treat various acute and chronic diseases.
- Safety measures are critical when handling carbon monoxide due to its high toxicity and potential for causing severe health effects. Industries employ carbon monoxide detectors to monitor and manage exposure levels effectively. These detectors are essential for ensuring safety in workplaces, particularly where CO is used or produced, helping prevent accidental poisonings and ensuring compliance with health and safety regulations.
Recent Development
Air Liquide plays a significant role in the global carbon monoxide market, focusing on the production and supply of this crucial industrial gas. With operations that emphasize technological innovation and strategic market presence, Air Liquide supports various industries, including chemicals and metallurgy, by providing carbon monoxide essential for processes like methanol production and metal fabrication. The company has been instrumental in expanding production capacities, notably through new plants and enhancing existing facilities to meet growing market demands. Their efforts are aligned with broader industrial needs, emphasizing efficiency and sustainability, particularly in regions with high industrial growth like Asia-Pacific.
Air Products and Chemicals, Inc. is significantly expanding its footprint in the carbon monoxide sector. The company has announced the construction of two new world-scale carbon monoxide production facilities in Texas. These facilities are poised to enhance the company’s production capacity by over 70 million standard cubic feet per day. This expansion is strategically linked to Air Products’ existing and the world’s largest CO pipeline network on the U.S. Gulf Coast, underscoring the company’s commitment to meeting the growing industrial demand for carbon monoxide.
American Gas Products (AGP) actively participates in the carbon monoxide sector by supplying this gas in various purities and cylinder sizes for diverse industrial uses. The company targets several industries, including metal fabrication, chemical manufacturing, and electronics, where high purity carbon monoxide is essential for operations like the production of metal carbonyls and semiconductor manufacturing. AGP provides carbon monoxide with a commercial grade purity of 98.0%, and they offer options for even higher purities tailored to specific industry needs.
ATCO Atmospheric and Specialty Gases Pvt. Ltd. has positioned itself as a significant player in the carbon monoxide market, especially noted for its role as a manufacturer and supplier of industrial gases. Established in 2010, ATCO specializes in a range of specialty gases, including carbon monoxide, which finds applications across various industries due to its properties as a chemical reagent and reducing agent. The company’s expertise extends to ensuring the provision of high-quality gases tailored to specific industrial needs, reflecting their strategic focus on innovation and quality assurance in the carbon monoxide sector.
Axcel Gases, a prominent player in the industrial gases sector in India, is actively involved in the carbon monoxide market. Known for its commitment to quality and reliability, Axcel Gases supplies carbon monoxide that meets stringent purity standards, crucial for various industrial applications. The company’s expertise extends across the production, supply, and export of this vital industrial gas, positioning it as a key supplier within both the domestic and international markets. Their operations are characterized by a strong focus on safety and environmental standards, ensuring that they provide only the highest quality products to their clients.
Broner Glove & Safety Company is recognized as a participant in the global carbon monoxide market. They are involved in supplying safety equipment and solutions, including products related to carbon monoxide safety such as detectors and safety gear. This involvement aligns with their broader commitment to providing industrial safety solutions, ensuring workplaces are equipped to handle hazardous substances effectively.
Celanese Corporation, a prominent global chemical and specialty materials company, has been actively enhancing its operational capabilities in the carbon monoxide sector through strategic long-term supply contracts. For instance, Celanese has secured a continued supply of carbon monoxide essential for acetic acid production at its facilities in Singapore and Nanjing, China. These contracts support Celanese’s acetyl chain operations, ensuring a reliable and flexible supply of carbon monoxide which is critical for maintaining competitive manufacturing costs and supporting their growth strategy in key regional markets.
Glencore plc is actively engaged in the carbon management sector, particularly focusing on reducing carbon emissions across its industrial operations. The company has set ambitious targets to decrease its carbon dioxide equivalent emissions by 25% by the end of 2030. This commitment is part of Glencore’s broader strategy to support the global transition to a low-carbon economy by managing its operational footprint, responsibly reducing Scope 3 emissions, and advancing through investments in transition-enabling commodities. Glencore’s efforts are aligned with global climate goals and are supported by strategic initiatives like electrification, alternative fuel use, and enhancing recycling practices within their operations.
Linde plc, a prominent player in the carbon monoxide market, has been actively expanding its capabilities in the sector, particularly noted for starting up advanced hydrogen and carbon monoxide production facilities in Texas. These facilities are part of Linde’s strategy to meet growing industrial demands, particularly from the chemical and metallurgical industries where carbon monoxide is crucial for processes like ore reduction and chemical synthesis.
Lundin Energy has made significant strides in reducing carbon emissions within the energy sector. The company has been recognized for its efforts to produce carbon-neutral oil, particularly from its Edvard Grieg field, which is certified under the CarbonClear program. This certification, the first of its kind globally, verifies the low carbon intensity of its operations, which emit only 0.45 kg of CO₂ per barrel of oil equivalent. Lundin Energy offsets any remaining emissions through carbon capture projects, contributing to its goal of achieving carbon neutrality.
LyondellBasell Industries N.V. is actively involved in efforts to reduce greenhouse gas emissions, which includes managing carbon monoxide (CO) emissions as part of its broader sustainability goals. The company collaborates with partners to implement low-emission technologies and improve CO2 recovery processes. A significant initiative is its partnership with Air Products to enhance CO production while simultaneously reducing its environmental impact, aligning with LyondellBasell’s aim to achieve a 42% reduction in emissions by 2030 and net-zero emissions by 2050.
MESA Specialty Gases & Equipment plays a key role in the carbon monoxide sector by providing high-quality calibration gases. The company offers a wide range of carbon monoxide calibration gas mixtures, with concentrations ranging from 10 ppm to 5000 ppm, primarily used for precise calibration of gas detection and monitoring systems. These gases are essential for industries such as petrochemicals, environmental monitoring, and health and safety compliance. MESA’s products are known for their accuracy, thanks to NIST-traceable standards, and are available in various cylinder sizes to meet diverse industrial needs.
Messer Group GmbH plays a significant role in the carbon monoxide market by offering high-purity CO for various industrial applications. The company produces carbon monoxide used in industries such as metal fabrication, chemical synthesis, and pharmaceuticals. Messer ensures reliable supply through different forms, including high-pressure cylinders and bulk delivery, catering to the specific needs of their clients. Additionally, the company adheres to strict quality control measures to ensure the purity and safety of its carbon monoxide products, making it a trusted supplier in the industrial gases sector.
Middlesex Gases & Technologies, Inc. plays a key role in the carbon monoxide sector, supplying high-purity carbon monoxide gas for various industrial applications across New England. The company provides custom cylinder sizes and ensures gas purity up to 99.99%, making it suitable for specialized processes like chemical synthesis and metal fabrication. Middlesex offers both bulk and microbulk solutions, serving industries such as biotechnology, pharmaceuticals, and manufacturing. Their extensive distribution network and advanced safety measures ensure reliable and safe handling of this toxic gas.
Ningbo DSW International Co. Ltd. is a prominent player in the carbon monoxide sector, specializing in the production and export of high-purity carbon monoxide gas cylinders, with concentrations reaching up to 99.999%. These gases are primarily used in the chemical industry for processes like the synthesis of methanol and acetic acid. The company also supplies gas cylinders to various global markets, including the U.S., Europe, and Asia. Their products are known for strict quality control, ensuring high purity and compliance with international safety standards.
Praxair Inc., a key player in the industrial gases market, has made significant strides in the carbon monoxide sector. The company operates a large-scale carbon monoxide purification plant at its Geismar, Louisiana facility, which produces 13 million cubic feet per day to meet growing industrial demand. In a $300 million investment, Praxair also signed a long-term agreement to supply high-purity carbon monoxide to Celanese Corporation along the U.S. Gulf Coast. This expansion supports Praxair’s extensive pipeline network, which benefits various industries reliant on carbon monoxide for chemical production.
Shanghai Chemical Industry Park Industrial Gases Co., Ltd. (SCIPIG), a subsidiary of Air Liquide, is a key player in carbon monoxide production within the Shanghai Chemical Industry Park. SCIPIG has invested over 200 million euros to build two hydrogen production units, which include advanced technology for capturing and recycling carbon dioxide to produce carbon monoxide. The facility is expected to have a total production capacity of 28,000 Nm³ per hour, significantly contributing to industrial uses of carbon monoxide, particularly in chemical manufacturing.
SIAD is actively involved in the carbon monoxide sector, particularly in providing high-purity gas mixtures for industrial and environmental applications. Their expertise includes supplying calibrated carbon monoxide mixtures used to monitor emissions in industries like chemical plants and waste disposal facilities. These mixtures help in ensuring compliance with environmental regulations by enabling precise calibration of gas analyzers. Additionally, SIAD’s research into gas storage technologies, such as using advanced materials for efficient gas compression, supports innovations in reducing energy consumption and improving operational safety in various sectors.
Sipchem (Saudi International Petrochemical Company) is actively involved in carbon monoxide production through its facility located in Jubail Industrial City. The company operates a dedicated carbon monoxide plant with an annual production capacity of 345,000 tons. This production is essential for its Acetyls Complex, where carbon monoxide serves as a key feedstock for producing acetic acid. Sipchem’s strategic joint ventures, particularly with Linde, aim to further expand carbon monoxide production and other industrial gases, enhancing the supply chain for Saudi Arabia’s refining and petrochemical sectors.
Sri Venkateswara Carbonic Gases (P) Ltd., based in Coimbatore, Tamil Nadu, is a prominent manufacturer and supplier in the industrial gases sector, including carbon monoxide. Established in 1997, the company produces a wide range of gases, such as oxygen, carbon dioxide, and specialty gases. In the carbon monoxide sector, they supply high-quality gases for industrial applications, including chemical processing and metal fabrication. Their strong infrastructure and skilled workforce enable efficient production and timely delivery, making them a key player in the gas industry in South India.
Tosoh Corporation is actively involved in the production of carbon monoxide, primarily for use in its isocyanate manufacturing processes. Carbon monoxide is a key raw material for producing methylene diphenyl diisocyanate (MDI), which is used in polyurethanes. Tosoh is also focusing on sustainability by constructing a facility to recover carbon dioxide (CO2) and convert it into carbon monoxide at its Nanyo complex. This initiative aims to reduce emissions and support low-carbon manufacturing processes for their key products.
Yingde Gases Group plays a significant role in the carbon monoxide sector by supplying CO to various industries. Notably, the company has partnered with Handsome Chemical to provide carbon monoxide for the production of acetic acid, with a facility capable of supplying 35,000 cubic meters of CO per hour. This project helps enhance the efficiency of production chains within the Advanced Technology Zone in China. Yingde Gases’ commitment to sustainable industrial solutions is reflected in their efforts to reduce carbon emissions by 30% by 2030.
Conclusion
In conclusion, the carbon monoxide (CO) market is poised for steady growth due to its diverse industrial applications, especially in sectors such as metal fabrication, chemical production, and pharmaceuticals. As industries continue to demand CO for processes like ore reduction and chemical synthesis, the market is expected to expand globally at a CAGR of around 4.8% through 2033. However, the market also faces challenges related to environmental regulations and safety concerns, emphasizing the need for innovation in production and emissions control. With advancements in technology and sustainable practices, CO will remain a critical component in industrial processes, offering growth opportunities for companies operating in this space.
Sources:
- https://www.epa.gov/indoor-air-quality-iaq/carbon-monoxides-impact-indoor-air-quality
- https://www.nsc.org/community-safety/safety-topics/other-poisons/carbon-monoxide srsltid=AfmBOor5JCm1rLj2RD001gfvWf6ICnr7yeMYP0mTIogX_roB_uQnDGpN
- https://www.sciencedirect.com/science/article/abs/pii/B9780702040870000644
- https://www.sciencedirect.com/topics/psychology/carbon-monoxide-poisoning