Exploring Carbon Dioxide Utilization Market: Innovations and Market Dynamics
The global carbon dioxide utilization market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 14.3% during the period from 2023 to 2030. By the end of 2030, the market is expected to achieve a market value of approximately US$9.9 billion.
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The world is witnessing an acceleration in global industrialization, leading to a significant increase in carbon dioxide emissions. Governments worldwide are taking proactive measures by 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 via ship or pipeline, and utilizing it for the production of goods and services or permanent underground storage in geological formations. This technology also serves as the foundation for carbon removal or the realization of negative emissions, particularly when carbon dioxide originates from bio-based processes or the atmosphere.
Key Findings:
• The carbon dioxide utilization market is on track for substantial revenue expansion between 2023 and 2030.
• Post-combustion capture remains the leading driver of demand within the carbon dioxide utilization market.
• In 2022, the oil & gas power generation end-user category held the highest revenue share in the carbon dioxide utilization market.
• North America is expected to continue leading the way, while the Asia Pacific carbon dioxide utilization market will experience the most robust growth until 2030.
Growth Drivers:
Increased Demand for Natural Gas in Line with Improving Environmental Consciousness: Stringent environmental regulations have led to a growing demand for carbon capture, utilization, and storage. Natural gas, recognized as a more environmentally friendly fuel source, is replacing traditional fossil fuels in many applications, reducing greenhouse gas emissions.
Growing Role of Carbon Dioxide Utilization in Ambitious Global Climate Targets: The carbon dioxide utilization sector plays a crucial role in helping countries achieve their ambitious global climate targets. There is a rising demand for carbon-derived goods across various industries and regions, including the significant growth of polymers based on carbon dioxide.
Market Opportunity in Enhanced Oil Recovery: Utilizing carbon dioxide for enhanced oil recovery techniques presents significant growth opportunities, driven by the increasing need for carbon dioxide in the oil and gas industry.
Key Segments:
Chemical Conversion and Direct Air Capture Technology: Chemical conversion and direct air capture technology are poised to dominate the carbon dioxide utilization market. Chemical conversion technology is widely used for the production of chemical and synthetic fuels, while direct air capture offers a promising avenue for converting carbon dioxide into chemicals and synthetic fuels.
Chemicals and Fuels: The chemicals and fuels segment is projected to dominate the market due to the growing demand for carbon-derived chemicals and petrochemicals. The utilization of carbon dioxide in chemical production has significant potential for reducing CO2 emissions and decreasing dependence on fossil fuels.
Growth Opportunities by Region:
North America: North America is expected to maintain its leadership position in the carbon dioxide utilization market, driven by the increasing demand for clean technology and enhanced oil recovery practices.
Asia Pacific: The Asia Pacific region is poised for significant growth, supported by industrial development in countries like China and their active involvement in carbon capture and utilization initiatives.
Competitive Landscape:
Leading players in the carbon dioxide utilization market 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):
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