Philippines Liquefied Carbon Dioxide Market Revenue is projected to grow at a CAGR of 7.6% during 2024E-2030

Hydrogen Segment by Source held the highest revenue share of Philippines Liquefied Carbon Dioxide Market -6Wresearch

In 2023, the hydrogen segment dominated the Philippines' liquefied carbon dioxide market due to the well-established infrastructure at hydrogen production facilities for capturing and processing CO2. This efficient conversion of byproducts into liquefied CO2 has maintained strong demand for CO2 derived from hydrogen.

According to 6Wresearch, the Philippines Liquefied Carbon Dioxide Market Revenue is projected to grow at a CAGR of 7.6% during 2024E-2030. The liquefied carbon dioxide market in the Philippines has experienced steady growth recently, primarily driven by the rising demand in the food and beverage sector. With manufacturing growth in this sector projected to reach 7% in 2024, the need for liquefied CO2 is expected to increase significantly. This is due to its critical role in food preservation and carbonation processes for products such as soft drinks, beer, and sparkling water. This anticipated expansion highlights the sector's key role in driving the overall demand for Liquefied carbon dioxide market.

The Philippines' liquefied carbon dioxide market is positioned for sustained growth, driven by the expansion of key manufacturing sectors, notably metal production and fabrication. In 2023, metal production increased by 4.8%, and Steel Asia's $1.15 billion investment in constructing four new plants in Concepcion, Tarlac; Candelaria, Quezon; and Davao is expected to further accelerate this upward trend.

According to Sumit, Senior Research Analyst, 6Wresearch, the food and beverages sector has dominated revenue in the Philippines' liquefied carbon dioxide market. This is driven by rising consumer preferences and increasing consumption, as CO2 is crucial for processing applications such as carbonation, preservation, and packaging, which fuels significant demand in this sector.

Philippines Liquefied Carbon Dioxide Market (2024-2030) report provides an in-depth analysis with 19 figures and 4 tables, covered in 63 pages. The report thoroughly covers market by source, and by application. Philippines Liquefied Carbon Dioxide Market outlook report provides an unbiased and detailed analysis of the on-going Philippines Liquefied Carbon Dioxide Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.