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Carbon Dioxide Utilization Market is set to Propelling Growth backed by Technological Advancements

Carbon Dioxide Utilization Market

Carbon dioxide utilization refers to the use of carbon dioxide to capture and store CO2 emissions, or even recycle it via industrial processes to produce useful products. CO2 utilization has emerged as a promising solution to tackle the dual challenge of keeping CO2 emissions in check while at the same time providing economically viable uses of carbon dioxide as a raw material or feedstock.

The global carbon dioxide utilization market was valued at US$ 12.5 Bn in 2024 and is anticipated to showcase a robust CAGR of 13% during the forecast period of 2024 - 2031.

Key Takeaways

Key players operating in the carbon dioxide utilization market are Fluor Corporation, Schlumberger Limited, Aker Solutions, Honeywell International Inc., Equinor ASA, TotalEnergies SE, Hitachi, Ltd, ExxonMobil Corporation, Linde plc, Royal Dutch Shell Plc, Mitsubishi Heavy Industries, Ltd, JGC Holdings Corporation, General Electric, Halliburton, SABIC. Major players are investing heavily in R&D activities to develop novel technologies for efficient carbon capture and utilization across different end-use industries.

There is a growing market demand for products manufactured from carbon dioxide such as polymers, plastics, concrete, construction materials, fuels, pharmaceuticals, nutraceuticals, beverages, food, etc. Countries worldwide are bringing policies and regulations and providing funding support to boost Carbon Dioxide Utilization Market Growth either for permanent storage or conversion into value-added products. Players operating in the carbon dioxide utilization market are exploring new utilization pathways and also expanding their global footprint through partnerships and strategic collaborations.

Market Drivers

Surging demand for CO2-based products: Growing need for construction materials, industrial chemicals, fuels, and other commodities produced from CO2 is a key factor propelling the carbon dioxide utilization market. Legislative mandates aimed at reducing greenhouse gas emissions are also fueling adoption of CO2 utilization technologies across industries.

Technological advancements: Continuous innovation in CO2 capture and utilization technologies has increased their efficiency, lowered capital and operating costs. Emergence of novel utilization pathways such as conversion of CO2 into solid carbonates, polymerization, mineralization, etc. is boosting the market growth.

Market Restraints

High capital investment requirements: Development of CO2 utilization technologies and infrastructure entails massive capital investments which is a major challenge, especially for small organizations. Uncertain returns on investment also limit wider adoption of these systems.

Nascent technology: Carbon dioxide utilization is still at a developing and demonstration stage. Many novel processes are yet to be commercialized due to technical bottlenecks and inefficient conversion rates. This slows down the market potential of this sector.

Segment Analysis

Carbon dioxide utilization market comprises various segments such as enhanced oil recovery (EOR), utilization in beverages, utilization in concrete industry, and other industrial applications. Among these, enhanced oil recovery segment dominates accounting for over 50% market share in 2024. EOR techniques makes use of CO2 for secondary or tertiary oil recovery from aging oilfields. The technique helps improve oil recovery by maintaining reservoir pressure and increasing oil fluidity. This has boosted segment growth over the years.

Global Analysis

Regionally, North America dominated the global carbon dioxide utilization market in 2024 with over 35% share. Presence of large refineries and oilfields in countries such as US and Canada driving EOR activity in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period owing to rising investments in carbon utilization projects especially in CO2-EOR in China and India. Countries in Middle East and Africa are also emerging as lucrative markets for CO2-EOR technology with increasing initiatives for utilization of anthropogenic and natural CO2 for enhanced oil recovery. Europe holds significant share in global concrete industry where carbonation process is gaining traction.

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