Chicago, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The Global Carbon Utilization Market size is projected to grow from USD 3.1 Billion in 2023 to USD 12.9 Billion by 2030, at a CAGR of 24.0% during the forecast period, as per the recent study by MarketsandMarkets. The concept of carbon capture and storage dates to 1975. In the early 1970s, captured CO2 was used for commercial enhanced oil recovery (EOR) in the US. In 1989, the Massachusetts Institute of Technology (US) initiated the CCS technology program, and in 1991, the Norwegian government took the initiative to curb CO2 by instituting a tax on CO2 emissions. Several pilot projects were undertaken during 1990–2000; for instance, in 1997, Dakota Gasif'n Co.'s (DGC) Great Plains coal-SNG plant started sending part of its waste gas (96% CO2) to the Weyburn oilfield in Canada for EOR. However, the CCS technology only began gaining widespread acceptance post-2000. In 2007, the North American Carbon Capture & Storage Association (NACCSA) was formed. From 2005 onwards, governments of various countries started taking initiatives in the form of investments in R&D and emission norms.
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Browse in-depth TOC on "Carbon Utilization Market”
312- Market Data Tables
71- Figures
286- Pages
List of Key Players in Carbon Utilization Market:
- Royal Dutch Shell (Netherlands)
- Fluor Corporation (US)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Exxon Mobil Corporation (US)
- Linde Plc (UK)
- JGC Holdings (Japan)
- Schlumberger Ltd (US)
- Aker Solutions (Norway)
- Honeywell International (US)
- Equinor ASA (Norway)
Drivers, Restraints, Opportunities and Challenges in Carbon Utilization Market:
- Drivers: Growing Focus on Reducing Co2 Emissions
- Restraints: High cost of carbon capture and storage to restrict the market growth
- Opportunity: Continuous investments in developing innovative capturing technologies to create lucrative opportunities for the market
- Challenge: Reducing carbon capturing cost to be a major challenge for market growth
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Key Findings of the Study:
- Capture service segment comprise a major share of the carbon capture, utilization, and storage market, in terms of value and volume.
- Chemical looping technology type to be the second dominating segment in the global carbon capture, utilization, and storage market in terms of value and volume.
- Oil & gas industry is the dominating end-use industry in the global carbon Capture, Utilization, and Storage market in terms of value.
- Asia Pacific to be the fastest-growing region in the carbon Capture, Utilization, and Storage market during the forecast period.
The final stage of the carbon capture, utilization, and storage process is storage. After the captured CO2 is transported to the storage site, it needs to be stored in absorbent geological formations, typically located thousands of meters under the Earth’s surface. Some of the major capabilities for CO2 storage include geological formation, ocean beds, and mineral storage, where geological storage is the most widely used method to store CO2.
Permanent storage of captured CO2 is an essential process of the carbon utilization system. Long-term storage must be achieved with minimal losses during transport and zero leakage during storage. Appropriate geological formations for storage may occur within the country’s national boundaries and may also be found in offshore subsea beds. There are multiple large-scale carbon capture, utilization, and storage projects across the globe that are involved in the permanent storage of captured CO2, such as Illinois Industrial CCS (US), Quest (Canada), Gorgon CCS (Australia), and Snohvit CO2 Storage Project (Norway).
CCUS is particularly relevant for industries such as power generation, oil & gas, cement, petrochemicals, and iron & steel, where large CO2 emissions are generated. The technology is considered essential for achieving climate goals, especially in regions where fossil fuels continue to play a significant role in the energy mix.
While CCUS is recognized as a key climate mitigation technology, it is also associated with challenges, including high deployment costs and energy-intensive operations. However, given the imperative to reduce emissions, CCUS is increasingly seen as a necessary tool for addressing climate change.
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Governments and international organizations are actively supporting the development of CCUS through research, regulatory frameworks, and the promotion of shared infrastructure, such as CCUS hubs and networks, to facilitate the widespread adoption of the technology. The major driver for the market is the ever-increasing need to curb carbon emissions. The governments of several countries, including the US, Canada, the UK, and Australia, are promoting carbon capture, utilization, and storage by offering tax credits and other benefits to fuel the market
Carbon capture, utilization, and storage is a three-stage process: capture, transport, and storage. CO2, once captured from the power plants or industrial facilities, is transported to the storage site through ships, pipelines, or trucks. Carbon capture is an efficient method to reduce carbon emissions and keep the average global warming below 34.7°F. Therefore, most countries that have signed the Paris Agreement are installing carbon capture, utilization, and storage plants. This generates high growth potential for the carbon capture, utilization, and storage market.
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