Carbon Capture Utilization and Storage Market Size was valued at USD 2,426.67 Million in 2022. The Carbon Capture Utilization and Storage Market industry is projected to grow from USD 2,743.02 Million in 2023 to USD 7,989.08 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 16.06 % during the forecast period (2023 - 2030). Carbon dioxide (CO2) is captured and used in the process of carbon capture and utilization.
The global challenge of considerably decreasing greenhouse gas emissions from major stationary (industrial) emitters may be addressed by carbon capture and utilization. In contrast to carbon capture and storage (CCS), carbon capture and use neither aims for nor results in the long-term geological storage of carbon dioxide. Instead, CCU strives to maintain the carbon neutrality of the industrial processes while converting the captured carbon dioxide into more value materials or goods, including plastics, concrete, or biodiesel.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
For instance, in July 2023, Fluor Corporation undertook the unveiling of the MOU in collaboration with Carbix, the first in carbon dioxide (CO2) mineral storage whose intention is to comprehensively examine carbon capture and storage (CSS) solutions.
By using a variety of techniques, carbon capture, utilization, and storage prevent CO2 from being released into the atmosphere. The primary cause of CO2 emissions worldwide is the production of electricity using fossil fuels and natural gas. By using carbon capture, utilization, and storage, greenhouse gases can be kept out of the atmosphere. Therefore, the adoption of carbon capture, utilization, and storage to minimize emissions is rising as a result of increased worries about climate change. For instance, President Joe Biden signed an executive order stating that America would create 100% carbon-free power by 2035 in response to the rise in carbon emissions caused by burning fossil fuels for energy, which is a factor in global warming. Furthermore, governments from different nations are providing a number of benefits to reach net-zero emissions to encourage the adoption of carbon capture, utilization, and storage. Tax credits and government subsidies that assist plant owners are just a few of the benefits provided by public institutions. During the projected period, these factors are anticipated to fuel market demand for carbon capture, utilization, and storage.
In many different industries, including food and beverage, manufacturing, and metal production, CO2 is frequently employed. In the past, naturally existing reservoirs were where the majority of the CO2 utilized for EOR procedures was extracted. However, in situations where naturally existing reserves are not available, new technologies are being developed to manufacture CO2 from industrial applications, such as ethanol, fertilizer, hydrogen plants, and natural gas processing. Thermal recovery, gas injection, and chemical injection are examples of EOR approaches. The employment of CO2-EOR techniques aids in the production of 30–60% or more oil from reservoirs, the restoration of reservoir pressure, the reduction of viscosity and oil density, and the improvement of carbonate formations' permeability.
The shift to clean energy in the Asia-Pacific area is expected to heavily rely on carbon capture, utilisation, and storage technologies. The CCUS technology's contribution to reducing carbon emissions from existing power plants and industrial assets is largely responsible for this. This will also encourage the creation of new commercial prospects for the production of ammonia and hydrogen with low carbon emissions. For instance, Japan is the driving force behind carbon capture, utilisation, and storage initiatives in the Asia-Pacific area, according to a June 22, 2021 article in the independent media outlet Argus Media.
The Carbon Capture Utilization and Storage Market segmentation, based on technologu, includes pre-combustion, post-combustion and oxyfuel. The pre-combustion segment held the majority share in 2022 contributing to around ~51-56% with respect to the Carbon Capture Utilization and Storage Market revenue. Globally, pre-combustion CO2 capture using the AGR (water gas shift reaction and removal) technology is currently being used commercially. The benefit of employing this pressure-based capture technique is that it uses 20% less energy for 90% CO2 collection than existing PCC technology, which uses 30%. Further, we estimate that the market segment will continue to dominate market revenue growth during the forecast period. It has been identified that the segment market yet witnesses continuous advancement in technology, innovation and increasing application in the oil & gas industry.
The Carbon Capture Utilization and Storage Market data has been bifurcated by service largely into capture, transport, storage and utilization. The capture segment dominated the market in 2022. The carbon is first captured, and then the next step is transportation. It entails transporting carbon from the point of capture to the point of storage; the most popular means for this are trucks, ships, and pipelines. The most desired option is a pipeline since they provide long-term cost savings. Additionally, since they emit the fewest emissions when moving carbon, pipelines are the most beneficial to the cause.
The Carbon Capture Utilization and Storage Market data has been bifurcated by product largely into oil & gas, power generation, chemical & petrochemical, iron & steel, and Others. The oil & gas segment dominated the market in 2022. Carbon Capture Utilization and Storage (both solid and foam) is commonly used to protect consumer goods. The technology for carbon capture, utilization, and storage is widely utilized in the oil and gas sector to stop the release of greenhouse gases into the atmosphere. For use in deep, offshore, or onshore geological formations for increased oil recovery, the oil and gas sector stores carbon dioxide.
By Region, the Carbon Capture Utilization and Storage Market industry study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America Carbon Capture Utilization and Storage Market accounted for USD 1,122.66 million in 2022 and is expected to exhibit a 14.07% CAGR during the study period.
In North America, the increasing demand from end-use industries in the area is blamed for this dominance. Due to the extensive development of carbon capture, utilization, and storage projects, the markets in the areas are predicted to increase rapidly in contrast to other regions. In addition, North American market is driven due to the legislative and regulatory environment, which emphasizes CCUS integration in the oil and gas sector at the federal, state, and provincial levels. Additionally, it is projected that the demand for CCUS in this region will be driven by the Biden-Harris Administration's target of net zero emissions by 2050. For instance, the US Department of Energy (DOE) announced a financing of $20 million in October 2021 for four CCUS projects in the U.S., as reported on October 18, 2021 in Gas World, the top news source for the global industrial gas sector.
According to estimates, the ambitious goal set by the European Union to reduce greenhouse gases by at least 40% by 2030 would have a significant impact on the size of the carbon capture, utilization, and storage market in the Europe region. Decarbonizing the electrical grid, industrial processes like the oil and gas industry, and other sectors is a key growth driver. Currently, Norway has two sizable CCUS projects running that capture CO2 emissions from the natural gas processing industry. These two facilities have a total annual CO2 capture capacity of 1.7 Mt. According to the Paris-based International Energy Agency (IEA), an autonomous international agency founded in 1974, CO2 capture is expected to increase in Europe to 35 Mt in 2030, 350 Mt in 2050, and more than 700 Mt in 2070 to support sustainable development.
A robust gateway for the adoption of carbon capture, utilization, and storage has been provided by ongoing and prospective projects in the Asia Pacific region. Early adopters of carbon capture, utilization, and storage in the region include China and Australia. Companies involved in the carbon capture, use, and storage ecosystem should benefit greatly from the present pipeline of carbon capture and storage projects in these nations. South Korea and India work on implementing carbon capture, utilization, and storage in addition to Australia and China. The government of China is developing regulations in order to attain carbon neutrality by the year 2060, which will lead to the establishment of CCUS facilities there.
Major market players’ growth depends on market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. Many global, regional, and local vendors characterize the Carbon Capture Utilization and Storage market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
The integrated oil and gas firm Exxon Mobil Corporation (ExxonMobil) explores, develops, and produces crude oil, natural gas, and natural gas liquids. It handles crude oil refinement, makes lube base stocks and finished lubricants, transports, trades, and sells petroleum products. Additionally, the business produces and sells a wide range of specialty goods in addition to commodity petrochemicals such olefins, aromatics, polyethylene, and polypropylene plastics. It runs through a network of production facilities, transit hubs, and distribution facilities. North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa are all operational regions for the company. The US city of Irving, Texas, serves as the headquarters of ExxonMobil.
General Electric Company (GE) operates through eight segments—power, renewable energy, aviation, oil & gas, healthcare, transportation, lighting, and capital. GE, through its aviation segment, provides MRO services, jet engines, marine engines, replacement parts, engineering services, and other equipment. Its marine business offers gas turbines, diesel engines, electric drives and dynamic positioning solutions. The company has a global presence and operates through offices in the US, China, India, Japan, Australia, Germany, France, the UAE, and Saudi Arabia.
February 2022:U.S. Department of Energy Awards USD 5.7 Million for GE-Led carbon capture technology integration project targeting to achieve 95% reduction of carbon emissions. GE-led project includes collaboration with Southern Company, Linde, BASF, and Kiewit.
May 2022:Exxon Mobil Corporation and Pertamina signed cooperation agreement to study CCUS technology application in three oil and gas field areas.
On June 15, 2023, Mitsui & Co Ltd, Petronas and Totalenergies Se signed a development agreement for working together on a carbon capture and storage (CSS) project in Malaysia. In March 2022, ExxonMobile Corporation reported a carbon capture and hydrogen generation plant, the development of which will be within the advanced refining and chemical complex in Baytown Gain, Texas, USA. Such an approach would assist in cutting down emissions in other sectors and in the activities of the firms.
In November 2021, ExxonMobil incorporated Petronas and signed a carbon capture and storage collaborative agreement expressed by a memorandum of understanding in Malaysia. This MoU would reinforce partnership strategies on the Filipino maritime sector for ExxonMobil and Petronas, as well as making contributions towards emissive reduction and net zero goals of the nation.
Independent, in June 2021, won a contract from Nationwide ‘s National Institute at Energy Creative. Plans outline the installation and commissioning of a 200-ton-per-day coworking facility at the City Water, Light & Power Century Plant, which is located in Springfield, IL. The project would be executed in partnership with the BASF, University of Illinois at Urbana Champaign, ACS and CWLP. Thus, the operation of this facility poses an opportunity for advancement in the realization of novel capture strategies that are economically viable.
In May 2021, Linde plc was selected by the U.S. Department of Energy’s National Energy Technology Laboratory (NETL) to install and test a 200 tons/day CO2 capture large pilot plant at the City Water, Light & Power power plant situated in Springfield, Illinois. The Center of this project is assuming the collaboration with the TOP BASF, University of Illinois at Urbana Champaign ACS and CWLP.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2,426.67 Million |
| Market Size 2023 | USD 2,743.02 Million |
| Market Size 2030 | USD 7,989.08Million |
| Compound Annual Growth Rate (CAGR) | 16.06 % (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 – 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Service, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and, Saudi Arabia, UAE, Brazil, Argentina, and others |
| Key Companies Profiled | Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Shell CANASOLV, Equinor ASA, Suzler Ltd., Saipem, Flour Corporation |
| Key Market Opportunities | ·      Rise in the number of CCUS projects in Asia Pacific |
| Key Market Dynamics | ·      Rising focus on reducing CO2 emission ·      Growing demand for CO2-EOR techniques |
Frequently Asked Questions (FAQ) :
As of 2022, Carbon Capture Utilization and Storage is worth USD 2,426.67million.
The Carbon Capture Utilization and Storage Market is growing at a CAGR of 16.06 %.
The North America region holds the largest market share in the Carbon Capture Utilization and Storage market.
Exxon Mobil Corporation, General Electric, Halliburton, Aker Solutions, Linde AG, Shell CANASOLV, Equinor ASA, Suzler Ltd., Saipem, Flour Corporation, are some of the prominent players in the market.
The post-combustion segment in the Carbon Capture Utilization and Storage Market is leading commercial market growth.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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