The carbon dioxide utilization market involves capturing carbon dioxide from power plants and industrial facilities and utilizing it in a wide array of applications such as enhanced oil recovery, production of algae, and synthetic fuels. Capturing carbon dioxide from flue gas streams and manufacturing exhausts allows it to be recycled and incorporated into useful products rather than emitting it into the atmosphere.
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, JGC Holdings Corporation, General Electric, Halliburton, SABIC. Key players are focusing on advancing carbon capture technologies and expanding carbon capture facilities to meet the growing demand for carbon dioxide from industrial applications such as enhanced oil recovery.
The rising demand for Carbon Dioxide Utilization Market Size in industrial applications is expected to drive market growth over the forecast period. Carbon dioxide has important applications in enhanced oil recovery which boosts oil production from mature oil fields. It is also used in food & beverage production such as carbonated drinks. Additionally, demand is rising from the chemical and agriculture sectors.
Technological advancements are helping increase carbon capture rates and reduce costs. New carbon capture technologies such as oxyfuel combustion, chemical looping, and direct air capture are becoming more economically viable. Membrane technology is also improving to facilitate separation of carbon dioxide from flue gases more efficiently.
Market Trends
The increasing utilization of carbon dioxide in enhanced oil recovery operations is a key trend in the market. Carbon dioxide injection helps recover around 6 billion barrels of oil annually in the United States. Several oilfields are deploying carbon capture and utilization technologies to extract harder to produce oil residues left behind after primary and secondary oil extraction methods.
Adoption of carbon dioxide in the agriculture sector is another major trend. Greenhouse farmers are utilizing carbon dioxide to accelerate plant growth and increase crop yields. controlled-environment agriculture adopts carbon dioxide enrichment techniques.
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