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Global Carbon Monoxide Market Size, Trend & Opportunity Analysis Report, by Application (Chemical, Metal Fabrication, Electronics, Pharma & Biotechnology, Meat & Colouring Preservative), and Forecast, 2024–2035

Published Sep 28, 2025
Length 285 Pages
SKU # KAIS20696538

Description

Market Definition and Introduction

The global carbon monoxide market, valued at USD 5.42 billion in 2024, is projected to reach USD 8.89 billion by 2035, growing at a steady CAGR of 4.6% during the forecast period (2024–2035). Thus far, CO has been classified as an industrial gas and serves multiple purposes in different sectors: chemical synthesis, food preservation, and so forth, because of its unique properties of being a reducing agent and precursor for high-value manufacturing processes. Perhaps because of its toxic qualities, the industrial-use necessities of CO for metal-treating, electronics, and pharmaceutics will forever underline its irreplaceabililty in modern supply chains.

The largest consumers of carbon monoxide remain in the chemical industry, using it widely for making acetic acid, phosgene, and methanol, which are very important bulk precursors for plastics, agrochemicals, and pharmaceuticals. Meanwhile, demand is further driven by developments in the refinement of metals, especially carbonyl methods and steelmaking. The production of precision and waterless lasers cuts CO in electronics and also they manufacture semiconductors. In the pharma and biotech domain, the advanced use of CO in therapeutic gas therapies and drug formulation are promising uncharted avenues, underpinned by solid R&D investments.

In the current-day setting, regulatory pressures and sustainability mandates are redefining the rules of engagement for the market. Manufacturers are compelled to adopt closed-loop systems as well as carbon capture technology in light of ever-stricter hazardous emission norms and workplace safety protocols. Concurrently, innovations in CO generation-in particular, with emphasis on bio-based synthesis and plasma reforming-are starting to take shape in synchrony with global decarbonization ambitions. Debates abound around the use of carbon monoxide in the meat sector for meat colour fixing and preservation, though the practice persists, especially in developing markets, where aesthetic appeal remains paramount to consumer choice. The world over, industries are choosing to shift towards greener alternatives, placing the market of carbon monoxide at the crossroad in its attempt to match operational necessity with environmental soundness.

Recent Developments in the Industry

Air Liquide has launched a purification technology for carbon monoxide designed for pharmaceutical applications.

In March 2024, Air Liquide announced the launch of the new purification technology for high-purity carbon monoxide, which is mainly aimed at pharmaceutical-grade applications. The technology achieves impurity reductions to the sub-ppm level, meeting stringent FDA and EMA guidelines for drug synthesis. This innovation will help make CO-dependent APIs safer and more efficacious, especially in oncology and cardiovascular therapeutics.

Investment by Linde plc in Sustainable CO Production via Carbon Capture

On January 30, 2025, Linde plc invested USD 200 million to implement carbon capture and utilisation (CCU) systems at its existing CO plants. This initiative is targeted at reducing the carbon footprint of CO production by 40% by 2030, in line with its net-zero roadmap. This project is expected to first be rolled out in Europe and North America, with worldwide rollout in the future.

Messer Group Expands CO Supply Chains for Electronics Manufacturing

Messer Group teamed up with leading semiconductor companies in Q4 2023 to establish ultra-high-purity CO cylinders for chip manufacturing. The cooperation is in response to the skyrocketing demand for CO in etching and deposition, driven by the boom in AI and 5G hardware. The new supply chain network ensures just-in-time delivery of this gas to fabs in Asia and the U.S.

Market Dynamics

Demand for CO in the Chemical Industry for the Production of Methanol and Acetic Acid

C1 chemistry is carbon monoxide at its backbone, as carbon monoxide is the most economical precursor for both methanol and acetic acid, which are further processed to produce formaldehyde, vinyl acetate, and PET. The global methanol market is forecasted to reach USD 40 billion by 2030, so CO's demand will remain heavy, particularly in the coal-to-chemicals hubs in the Asia-Pacific region. Shale gas exploitation further increases the feedstock availability in North America alone to maintain economic viability for the production of methanol.

Metal Fabricating Sector Uses CO for Carbonyl Purification

In metal fabrication, CO's role in carbonyl refining, or the production of hyperpure nickel and iron powders, is irreplaceable. The strengthened demand for those metals was provoked by strategic switching from conventional to lightweight, high-strength alloys navigated by the aerospace and automotive industries. However, the permissible exposure limits for CO in workplaces according to OSHA and EU-OSHA (50 ppm) call for heavy investments regarding the gas detection and ventilation systems, and add operational overheads.

High Demand for Engineering Ultra-Pure COied by Electronics Boom

The expansion in the semiconductor industry, in which CO is used for plasma etching and laser cutting, is pushing purities to<0.1 ppb to meet standards. Growth of 3D NAND and advanced logic chips has almost immediately doubled CO consumption per wafer, with CO doubling in comparison to their predecessors since 2022. Taiwan and South Korea dominate procurement, leading to the rising risks resulting from geopolitics.

Pharma and Biotech Utilise CO for Therapeutic Development

Numerous clinical trials using CO-releasing molecules (CORMs) for anti-inflammatory and immunosuppressive therapies are emerging. The joint ventures between Pfizer and Bayer, begun in 2024, to create CO-based medications against pulmonary hypertension triggered a 15% spike in medical demands for CO with applications in healthcare. Manufacturing facilities compliant with good manufacturing practices (GMP) become a competitive differentiator.

Attractive Opportunities in the Market

Green CO Production: Bio-syngas and CCU technologies to cut emissions
Pharma Innovations: CORMs and gas therapeutics driving niche demand
Electronics Purity Race: Sub-ppb CO for next-gen semiconductors
Emerging Meat Markets: Asia and Africa’s growing use of CO in meat preservation
Hydrogen Economy Synergy: CO as a byproduct of blue hydrogen production
Safety Tech Growth: Gas detectors and IoT-enabled monitoring systems
Regulatory Tailwinds: Stricter standards favouring high-purity suppliers
M&A Activity: Consolidation among industrial gas giants to capture synergies
Circular Economy: Closed-loop CO recovery in chemical plants
Space Applications: NASA’s interest in CO for Martian fuel synthesis

Report Segmentation

By Application: Chemical, Metal Fabrication, Electronics, Pharma & Biotechnology, Meat & Colouring Preservative

By Region: North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Spain, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), LAMEA (Brazil, Argentina, UAE, Saudi Arabia (KSA), Africa Rest of Latin America)

Key Market Players

Air Liquide, Linde plc, Messer Group, Air Products and Chemicals Inc., Taiyo Nippon Sanso, Gulf Cryo, Praxair Technology Inc., BOC Group, Matheson Tri-Gas Inc., and Iwatani Corporation

Report Aspects

Base Year: 2024
Historic Years: 2022, 2023, 2024
Forecast Period: 2025–2035
Report Pages: 293

Dominating Segments

Chemical Segment Commands 42% Market Share, Anchored by Methanol Production.

The dependence of the chemicals industry on carbon monoxide for the production of methanol, acetic acid, and oxo-alcohols ensures that this segment of the market will remain dominant. It is clear that the allied countries that still hang cobwebs include China with coal-to-chemicals complexes and the superpower, the United States, which claims to have a shale revolution in its methanol-production hub. This is just one broad source of demand. Emerging biodiesel mandates also cling to methanol; hence, indirectly, CO consumption is boosted.

Electronics Segment Growth Soars at 6.8% CAGR, Driven by Chip Fabrication

This industry segment is growing the fastest since it is the one that semiconductor manufacturers have to obtain about 99.9999% pure CO for etching silicon wafers. Although TSMC and Samsung's 3nm chip ramps have sent up demand procurement, the geopolitical reshoring of Eastern and Western North America has moved toward developing CO for local supplies.

Key Takeaways

Chemical Kingpin: Methanol and acetic acid production underpin CO’s industrial criticality
Electronics Surge: Chip miniaturisation mandates ultra-pure CO specifications
Pharma Breakthroughs: CORMs poised to revolutionise anti-inflammatory therapies
Sustainability Push: CCU and bio-syngas technologies mitigate environmental concerns
Asia-Pacific Leads: China’s chemical and electronics sectors drive regional dominance
Safety Investments: OSHA compliance costs reshape operational budgets
Therapeutic Horizons: FDA fast-tracks CO-based drug trials for rare diseases
Meat Market Paradox: Bans in the EU contrast with growing adoption in emerging economies
Hydrogen Synergy: Blue hydrogen projects to augment CO supply
Strategic Alliances: Gas giants partner to monopolise high-purity supply chains

Regional Insights

A Shale Advantage in North America Generates CO for Chemicals and Electronics.

The U.S. indeed stretches out with shale gas resources, contesting CO as it structures into methanol plants and semiconductor fabs. The facility of Air Products in Texas caters to about 30% of North America's demand for CO in the electronics industry. OSHA's strict rules compel technology adoption meant for continuous monitoring.

Europe's Pharma and Green Chemistry Focus Reshapes CO Sourcing.

Germany and France top on CORMs research with Bayer contributing €120 million for CO-based drug platforms. Encourage low-carbon CO production through the EU's Carbon Border Adjustment Mechanism (CBAM), which, however, a ban on the preservation of meat restricts this segment.

Megafactories in Asia-Pacific chemicals drive 58 of % Global Demand for CO.

China's coal gasification centres in Xinjiang and Inner Mongolia produce CO in huge quantities that are absorbed by acetic acid and polyester supply chains. The booming pharmaceutical industry in India steps up imports of medical-grade CO, while Taiwan's TSMC has struck long-term CO contracts for chipmaking.

Core Strategic Questions Answered in This Report

What is the expected growth trajectory of the carbon monoxide market from 2024 to 2035?

The market will grow from USD 5.42 billion in 2024 to USD 8.89 billion by 2035, at a 4.6% CAGR, fueled by chemical, electronics, and pharmaceutical demand.

Which key factors are fuelling the growth of the carbon monoxide market?
Methanol production scaling in shale and coal-rich regions
Semiconductor industry’s purity arms race
Therapeutic CO applications gaining FDA/EMA approvals
Emerging markets adopting CO for meat preservation

What are the primary challenges hindering the growth of the carbon monoxide market?
Toxicity regulations increasing compliance costs
Meat preservation bans in key markets
High capital intensity of ultra-pure CO production
Geopolitical risks disrupting supply chains

Which regions currently lead the carbon monoxide market in terms of market share?

Asia-Pacific dominates with a 58% share, led by China’s chemical and electronics sectors. North America follows due to shale gas advantages.

What emerging opportunities are anticipated in the carbon monoxide market?
CORMs revolutionising anti-inflammatory drugs
CCU-integrated blue hydrogen plants
Space exploration is fueling demand for Martian fuel synthesis
IoT-based gas monitoring systems

Key Benefits for Stakeholders

The report offers a quantitative assessment of market segments, emerging trends, projections, and market dynamics for the period 2024 to 2035.
The report presents comprehensive market research, including insights into key growth drivers, challenges, and potential opportunities.
Porter's Five Forces analysis evaluates the influence of buyers and suppliers, helping stakeholders make strategic, profit-driven decisions and strengthen their supplier-buyer relationships.
A detailed examination of market segmentation helps identify existing and emerging opportunities.
Key countries within each region are analysed based on their revenue contributions to the overall market.
The positioning of market players enables effective benchmarking and provides clarity on their current standing within the industry.
The report covers regional and global market trends, major players, key segments, application areas, and strategies for market expansion.

Table of Contents

285 Pages
Chapter 1. Market Snapshot
1.1. Market Definition & Report Overview
1.2. Market Segmentation
1.3. Key Takeaways
1.3.1. Top Investment Pockets
1.3.2. Top Winning Strategies
1.3.3. Market Indicators Analysis
1.3.4. Top Impacting Factors
1.4. Application Ecosystem Analysis
1.4.1. 360’ Analysis
Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Market Attractiveness Analysis (top leader’s point of view on the market)
2.5. Key Findings
Chapter 3. Research Methodology
3.1. Research Objective
3.2. Supply Side Analysis
3.2.1. Primary Research
3.2.2. Secondary Research
3.3. Demand Side Analysis
3.3.1. Primary Research
3.3.2. Secondary Research
3.4. Forecasting Models
3.4.1. Assumptions
3.4.2. Forecasts Parameters
3.5. Competitive breakdown
3.5.1. Market Positioning
3.5.2. Competitive Strength
3.6. Scope of the Study
3.6.1. Research Assumption
3.6.2. Inclusion & Exclusion
3.6.3. Limitations
Chapter 4. Industry Landscape
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.2. Porter’s 5 Forces Model
4.2.1. Bargaining Power of Buyer
4.2.2. Bargaining Power of Supplier
4.2.3. Threat of New Entrants
4.2.4. Threat of Substitutes
4.2.5. Competitive Rivalry
4.3. Value Chain Analysis
4.4. PESTEL Analysis
4.5. Pricing Analysis and Trends
4.6. Key growth factors and trends analysis
4.7. Market Share Analysis (2024)
4.8. Top Winning Strategies (2024)
4.9. Trade Data Analysis (Import Export)
4.10. Regulatory Guidelines
4.11. Historical Data Analysis
4.12. Analyst Recommendation & Conclusion
Chapter 5. Global Carbon Monoxide Market Size & Forecasts by Application 2024-2035
5.1. Market Overview
5.1.1. Market Size and Forecast By Application 2024-2035
5.2. Chemical
5.2.1. Market definition, current market trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2024-2035
5.2.3. Market share analysis, by country, 2024-2035
5.3. Metal Fabrication
5.3.1. Market definition, current market trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2024-2035
5.3.3. Market share analysis, by country, 2024-2035
5.4. Electronics
5.4.1. Market definition, current market trends, growth factors, and opportunities
5.4.2. Market size analysis, by region, 2024-2035
5.4.3. Market share analysis, by country, 2024-2035
5.5. Pharma & Biotechnology
5.5.1. Market definition, current market trends, growth factors, and opportunities
5.5.2. Market size analysis, by region, 2024-2035
5.5.3. Market share analysis, by country, 2024-2035
5.6. Meat & Coloring Preservative
5.6.1. Market definition, current market trends, growth factors, and opportunities
5.6.2. Market size analysis, by region, 2024-2035
5.6.3. Market share analysis, by country, 2024-2035
Chapter 6. Global Carbon Monoxide Market Size & Forecasts by Region 2024–2035
6.1. Regional Overview 2024-2035
6.2. Top Leading and Emerging Nations
6.3. North America Carbon Monoxide Market
6.3.1. U.S. Carbon Monoxide Market
6.3.1.1. Application breakdown size & forecasts, 2024-2035
6.3.2. Canada Carbon Monoxide Market
6.3.2.1. Application breakdown size & forecasts, 2024-2035
6.3.3. Mexico Carbon Monoxide Market
6.3.3.1. Application breakdown size & forecasts, 2024-2035
6.4. Europe Carbon Monoxide Market
6.4.1. UK Carbon Monoxide Market
6.4.1.1. Application breakdown size & forecasts, 2024-2035
6.4.2. Germany Carbon Monoxide Market
6.4.2.1. Application breakdown size & forecasts, 2024-2035
6.4.3. France Carbon Monoxide Market
6.4.3.1. Application breakdown size & forecasts, 2024-2035
6.4.4. Spain Carbon Monoxide Market
6.4.4.1. Application breakdown size & forecasts, 2024-2035
6.4.5. Italy Carbon Monoxide Market
6.4.5.1. Application breakdown size & forecasts, 2024-2035
6.4.6. Rest of Europe Carbon Monoxide Market
6.4.6.1. Application breakdown size & forecasts, 2024-2035
6.5. Asia Pacific Carbon Monoxide Market
6.5.1. China Carbon Monoxide Market
6.5.1.1. Application breakdown size & forecasts, 2024-2035
6.5.2. India Carbon Monoxide Market
6.5.2.1. Application breakdown size & forecasts, 2024-2035
6.5.3. Japan Carbon Monoxide Market
6.5.3.1. Application breakdown size & forecasts, 2024-2035
6.5.4. Australia Carbon Monoxide Market
6.5.4.1. Application breakdown size & forecasts, 2024-2035
6.5.5. South Korea Carbon Monoxide Market
6.5.5.1. Application breakdown size & forecasts, 2024-2035
6.5.6. Rest of APAC Carbon Monoxide Market
6.5.6.1. Application breakdown size & forecasts, 2024-2035
6.6. LAMEA Carbon Monoxide Market
6.6.1. Brazil Carbon Monoxide Market
6.6.1.1. Application breakdown size & forecasts, 2024-2035
6.6.2. Argentina Carbon Monoxide Market
6.6.2.1. Application breakdown size & forecasts, 2024-2035
6.6.3. UAE Carbon Monoxide Market
6.6.3.1. Application breakdown size & forecasts, 2024-2035
6.6.4. Saudi Arabia (KSA Carbon Monoxide Market
6.6.4.1. Application breakdown size & forecasts, 2024-2035
6.6.5. Africa Carbon Monoxide Market
6.6.5.1. Application breakdown size & forecasts, 2024-2035
6.6.6. Rest of LAMEA Carbon Monoxide Market
6.6.6.1. Application breakdown size & forecasts, 2024-2035
Chapter 7. Company Profiles
7.1. Top Market Strategies
7.2. Company Profiles
7.2.1. Air Liquide
7.2.1.1. Company Overview
7.2.1.2. Key Executives
7.2.1.3. Company Snapshot
7.2.1.4. Financial Performance (Subject to Data Availability)
7.2.1.5. Product/Services Port
7.2.1.6. Recent Development
7.2.1.7. Market Strategies
7.2.1.8. SWOT Analysis
7.2.2. Linde plc
7.2.3. Messer Group
7.2.4. Air Products and Chemicals Inc.
7.2.5. Taiyo Nippon Sanso
7.2.6. Gulf Cryo
7.2.7. Praxair Technology Inc.
7.2.8. BOC Group
7.2.9. Matheson Tri-Gas Inc.
7.2.10. Iwatani Corporation
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