The global carbon dioxide utilization market is projected to experience significant growth, with a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period from 2023 to 2030. By the end of 2030, the market is expected to reach a market value of around US$9.9 billion.
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Global industrialization is accelerating, resulting in a notable increase in carbon dioxide emissions. Governments around the world are at the forefront of establishing multiple carbon dioxide capture and storage facilities to mitigate their contribution to the global carbon footprint. The carbon capture, utilization, and storage (CCUS) process involve capturing carbon dioxide from fuel combustion or industrial processes, transporting it by ship or pipeline, and either using it as a resource to produce useful goods or services, or permanently storing it underground in geological formations. This technology also serves as a foundation for carbon removal or negative emissions, particularly when the CO2 originates from bio-based processes or the atmosphere.
Increased Demand for Natural Gas in Line with Improving Environmental Consciousness: The demand for carbon capture, utilization, and storage has been constantly on the rise because of stringent environmental regulatory measures. The most significant energy fuel sources are petrol, diesel, petroleum products, and natural gas. These fuels are dangerous to the environment, and their exploration and production are detrimental. However, natural gas is regarded as the alternative fuel for sustainable growth because it lowers GHG emissions, slows global warming, and cuts carbon emissions.
Growing Role of Carbon Dioxide Utilization in Ambitious Global Climate Targets: The sector that uses carbon dioxide is expanding because it offers a way to meet the ambitious climate targets that the world has set. The regions of North America, and Europe are anticipating substantial investments in this technology. The industry is driven by increased demand for carbon goods from different industries and consumers. In the past few years, polymers based on carbon dioxide have increased significantly in the European, and Asia Pacific regions.
Market Opportunity - Growing Adoption for Enhanced Oil Recovery: Utilizing carbon dioxide for better oil recovery techniques will become increasingly important for both onshore and offshore activities. The need for carbon dioxide is rising to support the oil and gas industry, and activities involving enhanced oil recovery. The demand in these industries will create a massive opportunity in the upcoming years.
Chemical Conversion and Direct Air Capture Technology to Hold Significant Shares: The chemical conversion and direct air capture technology will dominate the carbon dioxide utilization market over the forecast period. Chemical conversion technology is largely used to produce chemical and synthetic fuels. This technology can be used for production of methanol, ethanol, and formaldehyde. Furthermore, the carbon dioxide is also utilized to produce formic acid, and carbon monoxide. Formic acid can be used as a base material for a range of chemicals, as well as energy storage applications. Carbon monoxide in combination with hydrogen is used to produce syngas.
Chemicals, and Fuels Form a Dominant Segment: Chemicals, and fuels will be the dominating segments in the carbon dioxide utilization market over the forecast period. The market share of these industry verticals will rise high because of the mounting demand for carbon-derived chemicals and petrochemicals. The usage of carbon dioxide to produce chemicals is likely to provide opportunity to prevent millions of tons of CO2 emissions every year. This will also decrease the dependency on the usage of fossil fuels, one of the major factors contributing to the CO2 emissions.
Growth Opportunities Across Regions:
North America Continues to be the Leading Regional Pocket: The carbon dioxide utilization market will continue to see dominance of North America owing to the growing need for clean technology. The North American market accounts for the largest market share and the carbon dioxide has been widely used in enhanced oil recovery practices in the North American region. Carbon dioxide utilization in these plants is projected to drive the market in countries such as Canada, and the United States.
Asia Pacific Holds Promising Growth Potential: The market for carbon dioxide utilization across the Asia Pacific will display a significant CAGR over the forecast period. This is due to tremendous industrial development in countries such as China. According to the People's Republic of China's State Council, the country's industrial output increased by 3.6% year on year in 2022, sustaining the country's industrial production development. Furthermore, the country is a major CO2 consumer in the Asia Pacific, and globally.
Some of the leading players at the forefront in the carbon dioxide utilization market space include Carbon Recycling International, Royal Dutch Shell Plc, LanzaTech Inc., TotalEnergies SE, Hitachi, Ltd., Climeworks AG, ExxonMobil Corporation, Linde plc, Schlumberger Limited, Aker Solutions, Honeywell International Inc., Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, General Electric, and CarbonCure Technologies.
Browse Global Carbon Dioxide Utilization Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Technology Coverage, By Application Coverage, By Geographical Coverage, Leading Companies): https://www.fairfieldmarketresearch.com/report/carbon-dioxide-utilization-market
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