Press release
Carbon Dioxide Utilization Market Prospects for Long-Term Value 2024 - 2031 | Fluor Corporation, Schlumberger Limited
Carbon Dioxide Utilization Market
Global carbon dioxide utilization market is estimated to be valued at USD 5.18 Bn in 2024 and is expected to reach USD 12.5 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031.
Market Dynamics:
The carbon dioxide utilization market is driven by rising demand for carbon dioxide in enhanced oil recovery. Carbon dioxide is widely used in enhanced oil recovery operations to extract residual oil trapped in aging oilfields. It improves oil recovery rates by lowering the viscosity of oil and maintaining underground pressure. Additionally, stringent regulations regarding carbon dioxide emissions from industries are also fueling the growth of carbon dioxide utilization market. Countries around the world have implemented carbon pricing mechanisms and regulations to curb carbon dioxide emissions. This is increasing adoption of carbon capture and utilization technologies among industries to find productive uses of carbon dioxide instead of treating it as waste.
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Carbon Dioxide Utilization Market Drivers
Increasing Demand from Enhanced Oil Recovery (EOR) Applications
Carbon dioxide enhanced oil recovery is a technique used in oil fields to increase the amount of crude oil that can be extracted from aging oil fields. In carbon dioxide enhanced oil recovery, carbon dioxide is injected into mature oil fields to help force additional oil from the reservoir rock and into the borehole. The carbon dioxide flowing through the reservoir helps sweep more oil from the porous rock into the wells where it can be pumped to the surface. As the existing oil fields are depleting at a fast pace, the demand for enhanced oil recovery techniques such as carbon dioxide EOR is increasing rapidly which is expected to drive the growth of carbon dioxide utilization market over the forecast period.
Carbon Dioxide Utilization Market Opportunity
Emergence of Carbon Dioxide Conversion into Renewable Fuels and Chemicals
Carbon dioxide utilization is increasingly being explored as carbon feedstock for production of renewable transportation fuels, commodity chemicals and novel materials. Several research initiatives are being undertaken to develop processes that can utilize carbon dioxide with renewable hydrogen (produced from water electrolysis powered by renewable energy) to produce carbon-neutral drop-in fuels, organic chemicals and polymers. For example, carbon dioxide can be converted into value-added chemicals and materials such as formic acid, methanol, methane, polyurethanes etc. that have well established applications and markets. The ability to derive renewable, carbon-neutral fuels and chemicals directly from carbon dioxide would significantly boost its utilization prospects. Hence, emergence of commercially viable technologies for catalytic conversion of carbon dioxide into various transportation fuels and chemicals can present significant growth opportunities for carbon dioxide utilization market in coming years.
Carbon Dioxide Utilization Market Trend
Rising Focus on Developing Carbon Dioxide Utilization Projects at Large Point Sources
With mounting pressure on industries to reduce carbon footprint, carbon capture and utilization at large stationary emission sources such as coal-fired power plants, oil refineries, steel mills and cement plants is gaining increased attention worldwide. Several pilot and demonstration scale projects are currently underway to capture carbon dioxide either from flue gases or other industrial processes and convert it into useful products via microbial, chemical or electrochemical catalysis routes. For example, carbon dioxide from natural gas processing plants is used for EOR applications or converted into building materials. Governments across the globe are supporting RD&D initiatives to develop transformative CCUS technologies and establish carbon utilization clusters near such industrial point sources. This growing focus on developing carbon negative strategies through CCUS networks incorporating centralized carbon dioxide utilization hubs is anticipated to be a major trend in times to come.
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Top Companies Featured in This Report:
★ 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
Market Segmentation:
By Product Type:
★ By Technology: Pre-Combustion Capture, Oxy-Fuel Combustion Capture, Post-Combustion Capture
★ By End User: Oil & Gas, Power Generation, Iron & Steel, Chemical & Petrochemical, Others
By Applications:
★ By Application: Enhanced Oil Recovery, Chemicals Synthesis, Fuel Synthesis, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Carbon Dioxide Utilization Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Carbon Dioxide Utilization market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Carbon Dioxide Utilization market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Carbon Dioxide Utilization market.
Segment Analysis: Examining the market value and sales volume of Carbon Dioxide Utilization by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Carbon Dioxide Utilization market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Carbon Dioxide Utilization sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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