Carbon dioxide (CO2) is one of the top-five industrial gases, with global consumption of around 235 million tonnes (Mt) annually, primarily going into the fertiliser industry for urea manufacturing, the oil sector for enhanced oil recovery (EOR), and food and beverage processing (via merchant CO2 suppliers). Demand continues to grow due to its unique/versatile properties, resulting in many different applications such as carbonation, chilling/freezing, pH control, fire abatement, and much more. However, CO2 is also regarded as the leading climate issue for its role in accelerating global warming.
It is produced by the burning of fossil fuels (coal, oil or natural gas) to generate electricity and for transportation purposes, as well as in various manufacturing process such as cement or steel production. So, CO2 is a critical component in the production of many products today, but on the other hand, emissions of CO2 are targeted for significant reduction for the foreseeable future.
As a result, we’ll take a deep dive into the business of CO2 starting with its past history; discuss current trends/challenges/trade-offs; and conclude with an outlook and forecast for this space.
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