Carbon Capture And Utilization Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 2.45 Billion |
| Market Size (2029) | USD 3.30 Billion |
| CAGR (2024 - 2029) | 6.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Carbon Capture And Utilization Market Analysis
The Carbon Capture And Utilization Market size is estimated at USD 2.45 billion in 2024, and is expected to reach USD 3.30 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).
The carbon capture and utilization (CCU) sector is swiftly advancing, centered on capturing carbon dioxide (CO2) emissions from industrial processes or the atmosphere, and repurposing them into valuable commodities. These technologies play a pivotal role in curbing greenhouse gas emissions, combating climate change, and simultaneously generating economic benefits.
The CCU market is driven by several factors, including increasing awareness of climate change, stringent government regulations to reduce emissions, and the growing demand for sustainable products. CCU technologies offer a way to reduce CO2 emissions while producing valuable products, such as chemicals, fuels, and building materials, thereby creating a circular economy approach.
The CCU market is poised for significant growth as governments, industries, and consumers increasingly prioritize sustainable solutions to combat climate change. Continued innovation and collaboration among stakeholders will be vital to unlocking the full potential of CCU technologies and achieving global climate goals.
Carbon Capture And Utilization Market Trends
Oil & Gas Industry was the Major End User in Market
The oil and gas industry stands out as a significant adopter of carbon capture and utilization (CCU) technologies, driven by its substantial carbon dioxide (CO2) emissions, notably in fossil fuel production and refining.
Originally pioneered in the oil and gas domain, CCUS technologies sequester CO2 in deep geological formations, both onshore and offshore. While CO2 is typically immiscible with oil, its injection into reservoirs boosts pressure, aiding in oil movement towards production wells.
CCU technologies empower the oil and gas industry to not only capture but also repurpose CO2 emissions, thereby lessening their environmental impact. The repurposed CO2 finds diverse applications, from enhancing oil recovery (EOR) and serving as a feedstock for chemical and fuel production to being utilized in concrete carbonation for construction. Through the adoption of CCU technologies, the oil and gas industry not only reduces its carbon footprint but also broadens its revenue streams, thereby fostering a more sustainable energy landscape.
North America Holds Largest Share in Carbon Capture and Utilization Market
North America holds the largest carbon capture and utilization (CCU) market share, driven by several factors, including strong government support, technological advancements, and a well-established industrial base. The region has been at the forefront of developing and implementing CCU technologies, with the United States and Canada leading in the research, development, and deployment of these technologies.
The United States, in particular, has many CCU projects and initiatives supported by federal funding and incentives. The country's vast industrial sector, including the oil and gas industry, provides ample opportunities for CCU implementation. Moreover, the mounting emphasis on curbing carbon emissions and addressing climate change has hastened the uptake of CCU technologies in North America.
North America is poised to lead the CCU market, propelled by technological strides, favorable governmental measures, and a growing recognition of the imperative for sustainable climate change solutions.
Carbon Capture And Utilization Industry Overview
The carbon capture and utilization market is fragmented and consists of many players. Carbon capture and utilization (CCU) companies are adopting various strategies to drive growth and innovation in the market. One key strategy is to develop cost-effective and scalable CCU technologies that can capture and utilize carbon dioxide (CO2) emissions from industrial processes or the atmosphere. The key players include Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries Ltd, Linde PLC, and Exxon Mobil Corporation.
Carbon Capture And Utilization Market Leaders
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Royal Dutch Shell PLC
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Fluor Corporation
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Mitsubishi Heavy Industries, Ltd.
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Linde Plc
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Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Carbon Capture And Utilization Market News
- April 2024: TotalEnergies, a prominent global energy firm, and Vanguard Renewables, a leading US player in converting organic farm waste into renewable natural gas (RNG), inked a deal. The agreement establishes a 50-50 joint venture, intending to develop, construct, and manage Farm Powered RNG initiatives across the United States. Vanguard Renewables, incidentally, is a portfolio company under BlackRock's Diversified Infrastructure business.
- February 2023: Aker Solutions confirmed signing the contract for the Draugen project with OKEA. The project is expected to reduce emissions by up to 200,000 tons of CO2 per year.
Carbon Capture And Utilization Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Environmental Regulations and Climate Change Goal
4.2.2 Growing Focuse on Reducing Co2 Emission
4.3 Market Restraints
4.3.1 High Implementation Costs
4.3.2 Limited Storage Capacity
4.4 Market Opportunties
4.4.1 Research and Development Efforts in CCUS Technologies
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Technological Advancements in the Industry
4.8 Insights on Various Regulatory Trends Shaping the Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Service
5.1.1 Capture
5.1.2 Transportation
5.1.3 Utilization
5.1.4 Storage
5.2 By Technology
5.2.1 Pre-combustion Capture
5.2.2 Oxy-fuel Combustion Capture
5.2.3 Post-combustion Capture
5.3 By End User
5.3.1 Oil and Gas
5.3.2 Power Generation
5.3.3 Iron and Steel
5.3.4 Chemical and Petrochemical
5.3.5 Cement
5.3.6 Other End Users
5.4 By Geography
5.4.1 Asia-Pacific
5.4.1.1 India
5.4.1.2 China
5.4.1.3 Japan
5.4.1.4 Australia
5.4.1.5 Rest of Asia- Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Rest of North America
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Russia
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
- *List Not Exhaustive
6.3 ExxonMobil Corporation
6.4 Royal Dutch Shell PLC
6.5 Chevron Corporation
6.6 TotalEnergies SE
6.7 BP plc
6.8 Equinor ASA
6.9 Mitsubishi Heavy Industries Ltd
6.10 Air Products and Chemicals Inc.
6.11 Aker Solutions ASA
6.12 Schlumberger Limited*
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Carbon Capture And Utilization Industry Segmentation
Carbon capture and utilization (CCU) is an innovative process that seizes carbon dioxide (CO2) emissions from industrial operations or the atmosphere. It then transforms these emissions into valuable commodities. This dual benefit of CCU is that it curbs greenhouse gas emissions, combats climate change, and generates economic value by repurposing CO2 into valuable materials. The carbon capture and utilization forecast is segmented by service, technology, end user, and geography. By service, the market is segmented into capture, transportation, utilization, and storage. By technology, the market is segmented into oxy-fuel combustion capture, pre-combustion capture, and post-combustion capture. By end user, the market is segmented into oil and gas, iron and steel, power generation, chemical and petrochemical, cement, and other end users. By geography, the market is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. The reports offer the market sizing and forecasts for the carbon capture and utilization in value (USD) for all the above segments.
| By Service | |
| Capture | |
| Transportation | |
| Utilization | |
| Storage |
| By Technology | |
| Pre-combustion Capture | |
| Oxy-fuel Combustion Capture | |
| Post-combustion Capture |
| By End User | |
| Oil and Gas | |
| Power Generation | |
| Iron and Steel | |
| Chemical and Petrochemical | |
| Cement | |
| Other End Users |
| By Geography | |||||||
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Carbon Capture And Utilization Market Research FAQs
How big is the Carbon Capture And Utilization Market?
The Carbon Capture And Utilization Market size is expected to reach USD 2.45 billion in 2024 and grow at a CAGR of 6.12% to reach USD 3.30 billion by 2029.
What is the current Carbon Capture And Utilization Market size?
In 2024, the Carbon Capture And Utilization Market size is expected to reach USD 2.45 billion.
Who are the key players in Carbon Capture And Utilization Market?
Royal Dutch Shell PLC, Fluor Corporation, Mitsubishi Heavy Industries, Ltd., Linde Plc and Exxon Mobil Corporation are the major companies operating in the Carbon Capture And Utilization Market.
Which is the fastest growing region in Carbon Capture And Utilization Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Carbon Capture And Utilization Market?
In 2024, the North America accounts for the largest market share in Carbon Capture And Utilization Market.
What years does this Carbon Capture And Utilization Market cover, and what was the market size in 2023?
In 2023, the Carbon Capture And Utilization Market size was estimated at USD 2.30 billion. The report covers the Carbon Capture And Utilization Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Carbon Capture And Utilization Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Carbon Capture And Utilization Industry Report
Statistics for the 2024 Carbon Capture And Utilization market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Carbon Capture And Utilization analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
