Carbon Dioxide Utilization Market Size Will be over US$9.9 Bn in 2030, Forecasts a New Report of Fairfield Market Research

London, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global carbon dioxide utilization market is poised for remarkable growth, and revolves around the carbon capture, utilization, and storage (CCUS) process, which involves capturing carbon dioxide from various sources and either utilizing it for productive purposes or safely storing it underground.

Notably, this technology also lays the foundation for carbon removal or negative emissions, particularly when carbon dioxide originates from bio-based processes or the atmosphere.

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REPORT SCOPE

As per the forecast by a newly release report of Fairfield Market Research, the market for carbon dioxide utilization is projected to achieve a strong CAGR of 14.3% between 2023 and 2030.

Governments worldwide are taking proactive measures by establishing carbon dioxide capture and storage facilities to mitigate their contributions to the planet's carbon footprint.

“Global market revenue is slated to reach a value of approximately US$9.9 Bn toward the end of forecast. As global industrialization accelerates, carbon dioxide utilization emerges as a critical solution to combat rising emissions. Governments and industries worldwide are extending active investments in the market for carbon dioxide utilization market to reduce their carbon footprint while exploring innovative applications for carbon dioxide,” states the company analyst.

Key Research Insights

• Post-combustion capture remains the dominant demand driver in the carbon dioxide utilization market.
• The oil & gas power generation sector continues to lead and will account for the largest market revenue share throughout the forecast period.
• North America will maintain its leadership position while Asia Pacific will experience the strongest growth through 2030.
  
  

Insights into Segmentation Analysis

Chemical Conversion and Direct Air Capture Technology Surge Ahead

Chemical conversion and direct air capture technologies are set for clear dominance in the carbon dioxide utilization market, offering versatile solutions for producing fuels and chemicals.

Chemical conversion technology plays a pivotal role in producing chemical and synthetic fuels, including methanol, ethanol, formaldehyde, formic acid, and carbon monoxide. Formic acid serves as a foundational material for various chemicals and energy storage applications, while carbon monoxide, when combined with hydrogen, produces syngas.

Direct air capture technology, on the other hand, offers a promising approach to converting carbon dioxide into chemicals and synthetic fuels. Companies like Carbon Engineering are pioneering the commercialization of direct air capture technology, directly extracting carbon dioxide from the atmosphere.

Chemicals and Fuels Dominate

Among industry verticals, chemicals and fuels are expected to be the dominant segments in the carbon dioxide utilization market. These segments are witnessing substantial growth due to the increasing demand for carbon-derived chemicals and petrochemicals.

Utilizing carbon dioxide for chemical production presents an opportunity to reduce millions of tons of CO2 emissions annually and reduce reliance on fossil fuels.

Companies like Carbon Recycling International are actively developing technologies to produce methanol from carbon dioxide, which can be used as a fuel additive or in biodiesel production. This underscores the significance of these segments in advancing sustainable solutions.

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Key Report Highlights

• The growing need for carbon dioxide in enhanced oil recovery techniques presents a substantial opportunity in both onshore and offshore activities.
• Industrial development, especially in China, drives the significant CAGR projected for the Asia Pacific market. Shale gas technology advancements and government support across the region create lucrative revenue opportunities.
• United States boasts significant carbon capture capacity and incentives for enhanced oil recovery.
  
  

Insights into Regional Analysis

North America's Leadership Prevails

The North American carbon dioxide utilization market benefits from the region's strong focus on clean technology adoption. The region is set to maintain its prime position as a leader in the carbon dioxide utilization market.

North America’s emphasis on clean technology adoption, and its established carbon capture capacity make it a pivotal player.

The United States, in particular, is home to approximately 75% of global carbon capture capacity in enhanced oil recovery activities.

Legislative initiatives like the Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions (FUTURE Act) incentivise carbon capture for enhanced oil recovery, further strengthening North America's market share.

Asia Pacific Holds the Promise

The Asia Pacific region presents promising growth potential in the carbon dioxide utilization market.

Notably, China is a key driver due to its industrial development and significant CO₂ consumption. The government's support for carbon capture and utilization initiatives, along with advancements in shale gas technology, positions Asia Pacific for substantial revenue generation opportunities.

Countries like South Korea, India, Australia, and China are at the forefront of pioneering carbon collection and utilization efforts in the region. This reflects the region's commitment to sustainable practices and addressing carbon emissions.

Carbon Dioxide Utilization Market: Competitive Landscape Analysis

The report sheds light on the strategic profiles of some of the leading players in the carbon dioxide utilization market. Some of the profiled and analysed company names include TotalEnergies SE, Royal Dutch Shell Plc, Carbon Recycling International, LanzaTech Inc., Hitachi, Ltd., Climeworks AG, ExxonMobil Corporation, Linde plc, and Schlumberger Limited.

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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