In the realm of sustainable development, the global carbon dioxide utilization market is poised for remarkable growth, projected to surge at a significant compound annual growth rate (CAGR) of 14.3% during the period from 2023 to 2030. By the end of this decade, the market value is forecasted to scale impressive heights, reaching around US$9.9 billion. This surge in demand is driven by the escalating wave of global industrialization, the urgency to mitigate carbon emissions, and the growing emphasis on harnessing carbon dioxide as a resource for various productive applications.
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Market Analysis in Brief The wheels of global industrialization are spinning faster than ever, but the accompanying increase in carbon dioxide emissions has cast a looming shadow on the environment. In response, governments worldwide have taken the reins in establishing carbon dioxide capture and storage facilities to curtail their contribution to the planet's carbon footprint. This proactive stance is expected to fuel the growth of the carbon dioxide utilization market during the forecast period.
The carbon capture, utilization, and storage (CCUS) process involves capturing carbon dioxide from fuel combustion or industrial processes, transporting it via ship or pipeline, and utilizing it to generate valuable goods or services, or securely storing it underground in geological formations. Moreover, this technology sets the stage for carbon removal or negative emissions, particularly when the carbon dioxide originates from bio-based processes or the atmosphere itself.
Carbon Dioxide Utilization Market: Key Report Findings Decade of Expansion: The carbon dioxide utilization market is poised for substantial revenue expansion between 2023 and 2030.
Post-Combustion Capture Dominance: Demand for post-combustion capture remains a major driving force within the carbon dioxide utilization market.
Oil & Gas Leading the Way: In 2022, the oil & gas power generation sector held the largest share of revenue within the carbon dioxide utilization market.
North America's Continual Leadership: North America is set to maintain its leadership position, with the Asia Pacific market displaying the strongest growth trajectory till 2030.
Growth Drivers Paving the Way for a Greener Future: The Role of Natural Gas As the spotlight on environmental consciousness intensifies, the demand for carbon capture, utilization, and storage is witnessing a steady ascent. The primary culprits behind environmental degradation are traditional energy sources like petrol, diesel, and petroleum products. In contrast, natural gas emerges as a beacon of hope, offering a more sustainable energy alternative that significantly curbs greenhouse gas emissions, mitigates global warming, and reduces carbon footprints.
Governments worldwide, such as the United States and China, are progressively implementing regulations to curtail the use of traditional fuels, encouraging a shift towards cleaner energy alternatives like natural gas. This transition is expected to bolster the growth of the carbon dioxide utilization market, as the need for efficient carbon collection, utilization, and storage becomes more pronounced.
Meeting Climate Targets: The Expanding Horizons of Carbon Dioxide Utilization The widespread adoption of carbon dioxide utilization stems from its pivotal role in helping nations meet their ambitious climate targets. Regions like North America and Europe are gearing up for significant investments in this transformative technology. This surge is fueled by the escalating demand for carbon-derived products across various industries.
The past years have witnessed remarkable advancements in carbon dioxide-based polymers, particularly in the European and Asia Pacific regions. These polymers, used extensively in various manufacturing processes, are contributing to the industry's exponential growth. Furthermore, the potential applications extend to common chemicals, building materials, and fuels, amplifying the overall impact of carbon dioxide utilization.
Market Opportunity Powering Progress: Enhanced Oil Recovery with Carbon Dioxide The integration of carbon dioxide in enhanced oil recovery techniques is becoming increasingly pivotal for both onshore and offshore activities. The demand for carbon dioxide to support oil and gas endeavors, coupled with enhanced oil recovery practices, is presenting a substantial opportunity for growth in the coming years.
Overview of Key Segments Transformative Technologies: Chemical Conversion and Direct Air Capture Two transformative technologies are set to dominate the carbon dioxide utilization market in the foreseeable future: chemical conversion and direct air capture. Chemical conversion technology takes center stage in producing synthetic fuels and chemicals. This technology finds application in producing a wide range of products, from methanol and ethanol to formaldehyde and formic acid. The latter holds potential as a base material for various chemicals and energy storage applications.
Direct air capture, on the other hand, converts atmospheric carbon dioxide into chemicals and synthetic fuels. This technology offers the prospect of creating hydrocarbon chemicals, which can be further refined into compatible fuels like gasoline, jet fuel, and diesel. Notably, Carbon Engineering, a Canadian clean energy company, is pioneering direct air capture technology that directly captures carbon dioxide from the atmosphere.
Chemicals and Fuels: Driving the Carbon Dioxide Utilization Market The dominance of the carbon dioxide utilization market is clearly illustrated by its two primary segments: chemicals and fuels. These sectors are poised for substantial growth due to the burgeoning demand for carbon-derived chemicals and petrochemicals. The utilization of carbon dioxide in chemical production presents a significant opportunity to curtail millions of tons of CO2 emissions annually while also reducing reliance on fossil fuels.
Numerous companies are actively focusing on producing synthetic fuels through carbon dioxide utilization. An Ireland-based e-methanol technology supplier, Carbon Recycling International, has developed a groundbreaking method to produce methanol from carbon dioxide. This breakthrough not only presents a viable fuel additive but also contributes to the production of biodiesels.
Growth Opportunities Across Regions North America's Dominance Continues North America is poised to maintain its dominance in the carbon dioxide utilization market due to its robust embrace of clean technology. With the highest market share, North America has effectively utilized carbon dioxide in enhanced oil recovery practices. This trend is particularly evident in countries like Canada and the United States.
The US holds a significant portion of the global carbon capture capacity, particularly in enhanced oil recovery activities. Legislative efforts, such as the FUTURE Act, provide incentives for industrial and power sources to capture and utilize carbon dioxide in enhanced oil recovery processes. Despite potential challenges from shale gas techniques and shifting governmental priorities, North America's market share is anticipated to expand in the carbon capture, utilization, and storage market.
The Promising Horizon of Asia Pacific The Asia Pacific region is poised for substantial growth in the carbon dioxide utilization market, displaying a noteworthy CAGR during the forecast period. This growth is attributed to extensive industrial development, especially in China. The country's industrial output increase in 2022 has set the stage for a robust industrial production landscape, further driving the demand for carbon dioxide utilization.
Supported by governments in both developed and developing nations, the adoption of carbon capture and utilization initiatives is gaining momentum across the region. Notable countries like China, Australia, South Korea, and India are spearheading efforts to harness the potential of carbon collection and utilization technologies, solidifying Asia Pacific's position in this landscape.
Carbon Dioxide Utilization Market: Competitive Landscape The landscape of the carbon dioxide utilization market is populated by key players who are at the forefront of driving innovation and growth. Some of the prominent companies shaping this 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.
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Key Strands Game findings from the report include the dominance of post-combustion capture in driving market demand and the oil & gas sector leading in revenue within the market. North America is expected to maintain its leadership position, with the Asia Pacific market showing strong growth potential.