Carbon monoxide is a colorless, odorless, flammable, toxic gas. Chemically, it is stable, but can act as a strong reducing agent at elevated temperatures. Carbon monoxide is primarily manufactured by the steam reforming natural gas method. Other methods include incomplete combustion of carbonaceous materials, dehydration of formic acid with sulfuric acid, reduction of carbon dioxide over hot coke, and by reacting carbon and oxygen at elevated temperatures. Several different grades of carbon monoxide are available across various manufacturing plants to support applications that can be classified on the basis of purity.
The carbon monoxide market is primarily driven by the rise in demand for the gas in the manufacture of various chemicals and extraction of metal from its ores. Safety considerations play a crucial role in the carbon monoxide market, as it is a toxic gas. Carbon monoxide has a broad flammability range. When inhaled, it causes severe health problems related to blood circulatory system. Carbon monoxide combines preferentially with hemoglobin. At that time oxygen cannot be transported to tissues and organs, resulting in oxygen starvation. This acts as a major restraint of the carbon monoxide market as it is a health hazard. Proper storage, handling, and use; transportation, and disposal of carbon monoxide plays a major role in any carbon monoxide manufacturing plants. However, implementation of stringent safety and validation regulations in carbon monoxide manufacturing plants helps in overcoming these restraints Increase in research and development activities related to issues faced in carbon monoxide plants with respect to production system design and personal protective equipment is driving the market.
Based on type, the carbon monoxide market can be classified into commercial grade and electronic grade. This classification is based on the level of purity. Commercial grade carbon monoxide is typically > 98.0% purity, while the electronic grade carbon monoxide is typically > 99.9% purity. Commercial grade is anticipated to be the dominant and fastest growing segment during the forecast period due to the increase in demand for carbon monoxide in end-use industries such as chemical and metal.
In terms of end-use, the carbon monoxide market can be divided into metal industry, chemical industry, and electronics industry. Carbon monoxide is used for the reduction of ores and in the manufacture of metal carbonyls in the metal industry. It is employed widely in the production of inorganic chemicals (metal carbonyls, titanium dioxide), organic chemicals (benzaldehyde, citric acid), and chemical intermediates (toluene, diisocyanates, used to produce polyurethane) in the chemical industry. Carbon monoxide in combination with several other gases (hydrogen, nitrogen, methane, and carbon dioxide) provides a fuel gas called syngas, which is used as a substitute for natural gas. Carbon monoxide also produces and regenerates catalysts such as nickel carbonyl. High purity carbon monoxide is used for electronic and semiconductor applications in the electronics industry. Chemical industry is anticipated to be the dominant and fastest growing segment of the carbon monoxide market during the forecast period.
Based on geography, the carbon monoxide market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America and Europe are technologically matured regions; thus, they are expected to be the dominant regions of the carbon monoxide market during the forecast period, led by the rapidly developing metal and chemical industries in the region. The carbon monoxide market in Asia Pacific is projected to expand due to the presence of emerging economies such as China, India, and Japan. The carbon monoxide market in countries in Middle East & Africa is largely untapped. This provides an opportunity to market players to expand their share in the region.
Key players operating in the global carbon monoxide market include, Linde, Air Liquide, Air Products, Praxair Inc., Messer and Yingde Gases.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.