Press release
Carbon Dioxide Utilization Market Potential Analysis, Key Drivers, Trends And Forecast To 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 expected to gain significant traction over the forecast period, owing to extensive adoption in food & beverages industry. Carbon dioxide is used for carbonization of beverages like soda and for modifying the properties of food. It is also utilized for freezing and cooling applications in the industry. Furthermore, rising environmental concerns regarding carbon emissions is compelling industries and organizations to adopt carbon dioxide utilization technologies for reducing their carbon footprint, thereby promoting the market growth. Stringent emission norms by regulatory bodies are additionally fostering the demand. Additionally, favorable government initiatives and subsidies in several nations for supporting carbon capture, utilization, and storage technologies will provide impetus to industry players over the coming years.
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Carbon Dioxide Utilization Market Drivers
Growing demand for carbon dioxide enhanced crude oil recovery
The demand for carbon dioxide in crude oil recovery applications has been growing steadily over the past few decades. Carbon dioxide enhanced oil recovery or CO2-EOR is a tertiary method of increasing the amount of crude oil that can be extracted from an oil field by injecting carbon dioxide into the reservoir. According to studies, CO2-EOR techniques can increase recovery of crude oil by 10-15% compared to primary and secondary recovery methods. Major oil & gas operators worldwide have been adopting CO2-EOR on a large scale to boost production and extend the economic lifetime of maturing oil fields. The economic viability of CO2-EOR even at lower oil prices is driving more investment in CO2 utilization infrastructure for oil extraction.
Carbon Dioxide Utilization Market Opportunity
Growing demand for carbon dioxide in construction, ceramics, and fire extinguishing applications
In addition to energy and chemical industries, construction sector presents significant untapped opportunities for utilization of captured carbon dioxide. CO2 is widely used to manufacture building materials like concrete, cement, bricks, limestone, and plaster composites to reduce costs and carbon footprint of building industry. It is also employed as an inert cooling agent in fire protection systems installed in industrial facilities, ships, and aircraft. With rapid urbanization and rebuilding of infrastructure globally, the construction industry will witness strong growth creating stable demand for affordable construction materials incorporating captured carbon dioxide. Governments can incentivize adoption of carbon dioxide curing and carbonation techniques to boost its use construction applications and lower emissions from this industry.
Carbon Dioxide Utilization Market Trend
Rising preference for carbon dioxide based products with circular carbon credentials
Companies across industrial value chains are facing increasing stakeholder pressure to lower their greenhouse gas emissions and adopt circular economy principles. To meet sustainability targets, major organizations are prospectively sourcing industrial inputs whose production involved recycling of captured carbon dioxide. This has raised consumer appeal of daily-use goods branded with carbon circularity credentials like carbon dioxide sourced fuels, synthetic plastics, concrete, and carbonated drinks. Manufacturers are investing in quantifying full-cycle carbon dioxide utilization in their products to gain competitive edge in markets gravitating towards low-carbon circular solutions. This emerging trend will help scale up carbon recycling markets as consumers prefer products incorporating captured waste carbon streams in closed-loop production processes over their fossil-based alternatives.
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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)
Trends in Navigation Keyword Market:
Market Growth: Expect significant expansion in the navigation keyword market, with a projected Compound Annual Growth Rate (CAGR) of 14.65% from 2024 to 2031.
Increasing Demand: Notice a surge in demand for navigation keywords due to the widespread adoption of GPS-enabled devices and the need for precise mapping data.
Technological Innovations: Witness innovative breakthroughs enhancing the accuracy and reliability of navigation keywords, such as real-time traffic updates, 3D mapping, and augmented reality.
Tailored Solutions: Explore industry-specific navigation keyword solutions designed to meet the unique needs of automotive, aviation, and maritime sectors.
Integration with Advanced Technologies: Embrace the integration of navigation keywords with cutting-edge technologies like artificial intelligence and the Internet of Things, unlocking advanced functionalities.
Mobile Applications: Embrace the convenience and accessibility of navigation keywords through mobile applications, catering to the evolving needs of consumers.
Environmental Sustainability: Embrace environmentally conscious navigation keyword solutions that address issues like traffic congestion and air quality, promoting sustainable transportation options.
Report Highlights:
📈 Examination of navigation keyword market share at both country and regional levels
📈 Thorough analysis of the competitive landscape and emerging trends
📈 Detailed review of product advancements, technological developments, drivers, and limitations
📈 Strategic recommendations tailored for key business segments based on market insights
📈 Valuable guidance for newcomers venturing into the navigation keyword market
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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