Liquid Carbon Dioxide Price Trend and Forecast 2026: Latest Global Market Analysis and Industry Outlook
According to ChemAnalyst, the Liquid Carbon Dioxide Price market showed mixed regional movements during the quarter ending June 2026. Prices declined in the USA as ample by-product supply and inventories limited upward pressure, while Japan, France, Germany, and the UK recorded notable increases due to tighter supply, higher energy costs, maintenance-related disruptions, and stronger seasonal demand. In Q2 2026, the US Liquid Carbon Dioxide Price Index fell 2.86% quarter-over-quarter to an average of approximately USD 633.00/MT, while Japan increased 11.22% to around USD 224.67/MT. France recorded a 17.70% increase, Germany rose 18.48%, and the UK increased 17.54%.
Liquid Carbon Dioxide, commonly known as liquid CO2, is a colorless product obtained by cooling and compressing carbon dioxide until it reaches a liquid state. It is widely used across the food and beverage, refrigeration, dry-ice, industrial, healthcare, electronics, oil recovery, and fire-safety sectors. The product can exist in liquid form below approximately 31.1°C and at pressures above its critical pressure. Its transportation requires specialized storage tanks and controlled pressure conditions, making logistics an important component of the overall market economics.
Liquid Carbon Dioxide Price Trend in Q2 2026
The global Liquid Carbon Dioxide Price Trend remained highly regional during Q2 2026. While North America benefited from ample by-product supply from ethanol and ammonia facilities, several Asian and European markets experienced tighter availability.
In the USA, increased by-product availability limited price growth, although rising domestic natural gas costs increased liquefaction expenses during June. Seasonal beverage and dry-ice demand provided some support, but comfortable inventories and stable plant operations prevented a stronger price increase.
Japan experienced the opposite situation. Reduced carbon dioxide availability from ammonia reformers, higher electricity and LNG-linked liquefaction expenses, summer restocking, and export inquiries tightened the market. Producers also prioritized contracted volumes, leaving fewer parcels available for spot buyers.
European markets experienced strong price appreciation because of maintenance at ammonia facilities, constrained merchant capture volumes, higher transportation costs, and tighter cross-border logistics.
Liquid Carbon Dioxide Prices in North America
The US Liquid Carbon Dioxide Price declined by 2.86% quarter-over-quarter during Q2 2026, with the average price reaching approximately USD 633.00/MT.
One of the major factors behind the decline was ample by-product supply from ethanol and ammonia plants. Continued operation of these facilities increased carbon dioxide availability and reduced short-term pressure on the market.
At the same time, natural gas prices increased by 11.42% domestically in June, raising the power and compression costs associated with carbon dioxide liquefaction. This provided some cost-side support to prices.
Seasonal beverage consumption and dry-ice demand were expected to support summer offtake. However, inventories remained relatively comfortable, while improvements in logistics reduced the likelihood of acute supply shortages.
The cancellation of a major carbon capture project also removed prospective future tonnage from the market, helping keep the supply-demand balance relatively firm despite current availability.
Liquid Carbon Dioxide Market in Asia-Pacific
The Asia-Pacific market recorded stronger price movements during Q2 2026. Japan was the key market, with its Carbon Dioxide Price Index increasing by 11.22% quarter-over-quarter.
The average Japanese price was approximately USD 224.67/MT. Limited spot parcels, summer beverage restocking, and export inquiries supported prices.
A reduction in by-product carbon dioxide from ammonia reformers tightened supply. At the same time, higher electricity and LNG-linked costs increased liquefaction expenses and placed pressure on producer margins.
Producers maintained relatively conservative operating strategies and prioritized contractual customers over spot sales. As a result, inventories remained relatively tight.
The demand outlook was supported by beverage bottlers and dry-ice producers increasing summer procurement. Export inquiries and limited ISO-tank availability further reduced the amount of material accessible to domestic spot buyers.
Indonesia
Indonesia recorded a 2.646% quarter-over-quarter increase in its Carbon Dioxide Price Index during Q2 2026.
The increase was associated primarily with higher freight costs and tighter prompt availability. Container freight increases reduced the availability of prompt cargoes toward the end of June, supporting firmer spot prices.
Malaysia
Malaysia recorded a 7.31% quarter-over-quarter increase. Currency depreciation increased landed costs for imported material, and exporters passed a portion of these higher costs through to buyers.
The movement illustrates the influence of foreign-exchange conditions on imported carbon dioxide pricing, particularly in markets where international supply forms an important part of the regional balance.
Liquid Carbon Dioxide Prices in Europe
Europe experienced some of the strongest increases in the global Liquid Carbon Dioxide Price market during Q2 2026.
France recorded a 17.6959% quarter-over-quarter increase, reaching an average price of approximately USD 330.33/MT.
Planned maintenance at ammonia facilities reduced merchant carbon dioxide production and tightened domestic supply. Export inquiries from Italy also contributed to stronger demand.
Higher diesel costs and EU ETS-related expenses increased transportation and liquefaction costs. Cross-border truck diversions toward Switzerland and Italy reduced the availability of Benelux imports, while berth congestion restricted ISO-tank loading.
The combination of lower production, tighter imports, higher logistics costs, and firm beverage and food-processing demand supported prices.
Germany
Germany recorded an 18.48% quarter-over-quarter increase in its Liquid Carbon Dioxide Price during Q2 2026.
The increase reflected higher liquefaction costs and tighter logistics. Cross-border tanker shortages reduced merchant availability in June, causing the regional spot market to tighten.
Germany's market therefore faced both cost-side and supply-side pressure. Higher energy and transportation costs increased the cost of delivering carbon dioxide, while restricted tanker availability limited short-term supply flexibility.
United Kingdom
The UK recorded a 17.54% quarter-over-quarter increase.
Tighter Benelux export allocations reduced import availability, while beverage companies rebuilt inventories. The combination of restricted imports and seasonal demand supported firmer spot prices.
Liquid Carbon Dioxide Price Analysis in Q1 2026
The Liquid Carbon Dioxide Price Trend had already started showing upward pressure during Q1 2026 in several regions.
In the USA, the Carbon Dioxide Price Index increased by 7.3% quarter-over-quarter, reaching approximately USD 651.67/MT. Higher natural gas and diesel costs increased production and transportation expenses.
Sequestration diversions and planned ethanol and ammonia plant turnarounds reduced merchant availability. These supply-side factors supported spot prices, although inventory builds and relatively stable logistics limited the overall increase.
Japan recorded a smaller increase of 0.1652% quarter-over-quarter, with the average price at approximately USD 202/MT. Higher LNG and electricity costs increased liquefaction expenses, while scheduled hydrogen maintenance and export inquiries tightened merchant supply.
France recorded a 6.72% quarter-over-quarter increase to approximately USD 280.67/MT. Unplanned ammonia stoppages, bio-ethanol turnarounds, low depot inventories, and ISO-tank shortages supported the market.
Historical Liquid Carbon Dioxide Price Trend
The market showed more moderate conditions during Q4 2025.
In Japan, the Liquid Carbon Dioxide Price declined by 4.1% quarter-over-quarter to approximately USD 201.67/MT. Improved supply, inventory accumulation, reliable plant operations, and weaker export demand reduced price pressure.
France recorded a 1.74% quarter-over-quarter decline to approximately USD 263.00/MT. Lower natural gas prices reduced production costs, while sufficient availability and stable operations limited price increases.
In the USA, however, the market recorded a marginal 0.33% increase to approximately USD 607.33/MT. Seasonal food and beverage demand provided some support, while higher feedstock-related costs enabled partial cost pass-through.
Earlier, in Q3 2025, the US market increased 4.97% quarter-over-quarter to approximately USD 605.33/MT. Ethanol plant maintenance, higher natural gas and diesel costs, and seasonal beverage and dry-ice demand contributed to tighter supply.
Japan moved in the opposite direction during Q3 2025, declining 6.93% because of weak beverage demand, elevated inventories, and conservative procurement.
𝐓𝐫𝐚𝐜𝐤 𝐑𝐞𝐚𝐥-𝐓𝐢𝐦𝐞 𝐏𝐫𝐢𝐜𝐞 𝐎𝐟 𝐋𝐢𝐪𝐮𝐢𝐝 𝐂𝐚𝐫𝐛𝐨𝐧 𝐃𝐢𝐨𝐱𝐢𝐝𝐞
https://www.chemanalyst.com/ChemAnalyst/PricingForm?Product=Liquid%20Carbon%20Dioxide
Key Factors Affecting Liquid Carbon Dioxide Price
Natural Gas and Energy Costs
Energy costs are an important factor in carbon dioxide liquefaction. Higher natural gas, electricity, LNG, and diesel costs increase production and transportation expenses.
During Q2 2026, the USA experienced higher natural gas costs, while Japan faced increased electricity and LNG-linked expenses. European producers also faced higher diesel and energy-related costs.
Ethanol and Ammonia Plant Operations
Liquid carbon dioxide is frequently recovered as a by-product from industrial processes, including ethanol and ammonia production.
Consequently, maintenance, outages, operating rates, and plant closures can directly affect merchant CO2 availability. Planned and unplanned shutdowns in North America, Japan, and Europe influenced prices during 2026.
Seasonal Beverage Demand
Carbon dioxide is widely used for carbonation in soft drinks, beer, and other beverages. Demand typically strengthens during periods of higher beverage consumption.
Summer restocking supported the Japanese market in Q2, while beverage inventory rebuilding also contributed to stronger European demand.
Dry-Ice Demand
Liquid carbon dioxide is an important feedstock for dry-ice production. Dry ice is used in cold-chain logistics, food preservation, pharmaceuticals, and temperature-sensitive transportation.
Higher dry-ice requirements can therefore increase demand for liquid CO2, particularly during periods of strong logistics activity.
Transportation and Logistics
Because liquid CO2 requires specialized transportation and storage, tanker availability, freight costs, road transportation, port congestion, and ISO-tank availability can have a significant impact on delivered prices.
In Europe, cross-border tanker shortages and berth congestion contributed to tighter supply during Q2 2026. In Asia, limited ISO-tank availability and higher container freight costs supported prices.
Supply and Inventory Levels
Inventory levels are another important market indicator. Ample inventories can limit price increases, while low depot stocks can increase competition among buyers.
The contrast between the USA and Japan during Q2 2026 demonstrates this relationship: comfortable US inventories limited price increases, while tighter Japanese availability supported higher prices.
Liquid Carbon Dioxide Demand Outlook
The demand outlook for liquid carbon dioxide remains linked to food and beverage consumption, dry-ice production, cold-chain logistics, healthcare, electronics, industrial applications, and oil recovery.
The beverage industry remains one of the most important demand centers because carbon dioxide is required for carbonation. Seasonal increases in beverage production can therefore create temporary increases in procurement.
Dry-ice demand also provides an important source of consumption. Growth in cold-chain logistics, food transportation, pharmaceutical distribution, and temperature-sensitive products can support CO2 requirements.
Industrial demand provides an additional base, including applications involving welding, chemical processing, fire suppression, and enhanced oil recovery.
During Q2 2026, ChemAnalyst reported positive summer demand expectations in Japan, France, and the USA, although the supply response differed considerably between these markets.
Liquid Carbon Dioxide Price Forecast 2026
The Liquid Carbon Dioxide Price Forecast for the remainder of 2026 is expected to remain dependent on regional supply availability, energy costs, plant operations, logistics, and seasonal demand.
In the USA, ample by-product supply and comfortable inventories may limit significant upward pressure. However, changes in natural gas costs and seasonal beverage and dry-ice demand could introduce volatility.
In Japan, prices may remain relatively firm in the near term if limited merchant availability, export inquiries, and summer demand continue. However, increased production or improved import availability could moderate prices later.
European markets may experience continued short-term volatility because of maintenance schedules, cross-border transportation constraints, and energy costs. Completion of maintenance could improve supply and create some downward pressure, while renewed plant outages could produce another tightening cycle.
The market will also remain sensitive to changes in ethanol and ammonia production because these facilities are important sources of recovered carbon dioxide.
Overall, the 2026 market outlook points toward regional price differentiation rather than a uniform global movement. Buyers will need to monitor local inventories, production outages, energy prices, freight conditions, and downstream demand when planning procurement.
Global Liquid Carbon Dioxide Market Outlook
The global liquid CO2 market is characterized by a close relationship between industrial by-product availability and downstream demand.
Unlike commodities that are produced primarily for their own market, much of the carbon dioxide supply is recovered from other industrial processes. This makes supply particularly sensitive to operating rates at ethanol, ammonia, hydrogen, and other facilities.
When these plants operate normally, carbon dioxide availability can remain comfortable. Conversely, maintenance or shutdowns can quickly reduce merchant supply and create regional shortages.
The 2026 market demonstrates this dynamic clearly. The USA benefited from ample by-product availability in Q2, whereas Japan and several European markets faced tighter conditions due to reduced production and logistics constraints.
For procurement teams, monitoring production outages, energy prices, beverage demand, dry-ice consumption, transportation costs, and inventory levels will remain important for understanding the Liquid Carbon Dioxide Price throughout 2026.
Liquid Carbon Dioxide Applications
Liquid carbon dioxide is used across a wide range of industries, including:
Food and beverage carbonation
Dry-ice production
Cold-chain transportation
Food preservation
Industrial refrigeration
Welding and metal fabrication
Fire extinguishing systems
Chemical processing
Oil recovery
Electronics manufacturing
Healthcare and pharmaceutical applications
Entertainment and special effects
According to ChemAnalyst, the product has CAS No. 124-38-9, HS Code 28112190, and is listed as Food Grade. The reported contract size is 50–100 MT, with insulated and non-insulated storage tanks used for packaging and transportation.
Conclusion
The global Liquid Carbon Dioxide Price Trend remained mixed but volatile during Q2 2026. The US market declined 2.86% quarter-over-quarter because of ample by-product supply and comfortable inventories, while Japan increased 11.22%, France 17.70%, Germany 18.48%, and the UK 17.54% as tighter supply, energy costs, maintenance, and logistics constraints supported prices.
The Liquid Carbon Dioxide Price outlook for the remainder of 2026 will depend on the balance between recovered CO2 supply and downstream consumption. Ethanol and ammonia plant operations, natural gas and electricity prices, beverage demand, dry-ice consumption, inventories, freight costs, and tanker availability will remain important market indicators.
While markets with ample inventories could experience limited price growth, regions facing production outages or logistical constraints may continue to experience periods of tighter supply and higher prices. As a result, regional monitoring will remain essential for buyers, distributors, producers, and industrial consumers navigating the liquid carbon dioxide market in 2026.
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