Carbon Dioxide Utilization Market is Driven by Growing Adoption of Carbon Capture and Utilization Technologies
The carbon dioxide utilization market involves technologies that capture carbon dioxide emitted from various industrial sources and utilize it for different applications. Carbon dioxide is widely used in the production of urea, salicylic acid, cyclic carbonates, and polycarbonate polyols. It is also used as a refrigerant in HVAC systems and as an inexpensive shielding gas for arc welding. Significant growth in end-use industries such as oil & gas, cement, food & beverages is driving the demand for carbon dioxide. In addition, stringent regulations regarding carbon emissions and growing emphasis on reducing carbon footprint are encouraging industries to adopt carbon capture and utilization technologies.
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.
Key Takeaways
Key players operating in the carbon dioxide utilization market are 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, and JGC Holdings Corporation. These players are focusing on developing innovative carbon capture and utilization technologies to meet the growing demand from end-use industries.
The Carbon Dioxide Utilization Market Demand from end-use industries such as oil & gas, cement, food & beverages, and chemicals is a major factor driving the carbon dioxide utilization market. Carbon dioxide is widely used as an economical and viable raw material in various applications across these industries. Furthermore, stringent regulations regarding carbon emissions are encouraging industries to adopt carbon capture technologies and utilize CO2, which is boosting the market growth.
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