The global carbon monoxide market size was estimated at USD 5.42 billion in 2024 and is projected to reach USD 6.97 billion by 2030, expanding at a CAGR of 4.3% from 2025 to 2030. Market growth is primarily driven by rising demand for carbon monoxide in chemical manufacturing plants, where it serves as a critical feedstock for syngas production. Syngas, a mixture of carbon monoxide and hydrogen, is widely utilized in the manufacturing of methanol, acetic acid, and various hydrocarbons.

Carbon monoxide (CO) is a colorless, odorless, and toxic gas composed of one carbon atom and one oxygen atom. It is generated through the incomplete combustion of fossil fuels or gasoline. Due to its lack of color and odor, CO is difficult to detect without specialized monitoring equipment. Industrially, it is used as a reducing agent in metallurgical processes and plays a vital role in several chemical reactions, including methanol synthesis.

Key Market Trends & Insights

  • Asia Pacific dominated the global carbon monoxide market with a 47.0% revenue share in 2024
  • UK is anticipated to register the highest CAGR from 2025 to 2030
  • By application, the electronics segment led the market, accounting for a 34.1% revenue share in 2024

Market Size & CAGR

  • 2024 Market Size: USD 5.42 Billion
  • 2030 Projected Market Size: USD 6.97 Billion
  • CAGR (2025–2030): 4.3%
  • Largest Regional Market (2024): Asia Pacific

The growing demand for methanol in fuels, plastics, and adhesive manufacturing is significantly boosting carbon monoxide consumption. Additionally, the rising need for syngas in chemical synthesis is accelerating market growth. Syngas is valued for its efficiency and versatility, serving as a precursor in methanol synthesis, Fischer–Tropsch processes, and other advanced chemical applications. The increasing focus on cleaner and more sustainable energy solutions further supports the expansion of syngas-based production routes, thereby driving demand for carbon monoxide.

The escalating demand for both organic and inorganic chemicals is also contributing to market expansion. As carbon monoxide remains a core input in processes such as methanol and acetic acid production, its role in large-scale chemical manufacturing continues to strengthen.

Despite favorable growth drivers, carbon monoxide’s toxic nature poses significant safety concerns that may restrain market expansion. Exposure to CO can result in serious health risks and fatalities, prompting stricter regulatory oversight. Increased public awareness regarding these hazards may also encourage the adoption of safer substitutes, potentially limiting carbon monoxide usage in certain applications and affecting market confidence.

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Competitive Landscape

The carbon monoxide market is fragmented, with several global and regional players actively competing. Key companies focus on expanding production capacity, strengthening distribution networks, and serving diverse end-use industries.

Key Carbon Monoxide Company Insights

Air Liquide operates across healthcare, electronics, and engineering & construction segments and maintains operations in over 75 countries with approximately 66,400 employees. The company conducts processes such as carbonation, oxy-combustion, and industrial cryogenics. Its subsidiary, Airgas, supplies carbon dioxide and dry ice in the U.S., with a strong presence across the Americas, Europe, Asia Pacific, and the Middle East & Africa.

Messer specializes in the production and supply of industrial gases including oxygen, nitrogen, argon, carbon dioxide, and carbon monoxide for medicinal and industrial applications. The company serves industries such as food & beverage, electronics, rubber & plastics, and paper & pulp, operating across 30 European and Asian countries.

Key Carbon Monoxide Companies

  • Air Liquide
  • Linde plc
  • Celanese Corporation
  • Messer
  • MESA Specialty Gases & Equipment
  • Sipchem Company
  • Axcel Gases
  • Praxair Inc.
  • Air Products and Chemicals, Inc.
  • American Gas Products

Conclusion

The global carbon monoxide market is set to witness steady growth through 2030, supported by its critical role in syngas production and downstream chemical manufacturing. Rising demand from methanol, electronics, and chemical industries, particularly in Asia Pacific, will continue to underpin market expansion. However, safety concerns and regulatory pressures associated with carbon monoxide toxicity may pose challenges. Overall, sustained industrial demand and advancements in chemical processing technologies are expected to drive moderate yet consistent growth in the carbon monoxide market over the forecast period.

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