The Global Market for Carbon Dioxide (CO₂) Utilization

Published: January 2024
Pages: 231
Tables: 52
Figures: 50
Companies profiled: 82
Series: Bio-economy

There are a wide range of commercial opportunities in carbon dioxide (CO2) utilization, from aviation fuel to sportswear. This extensive report provides a detailed analysis of the growing global market for carbon utilization, forecasting growth in CO2 utilization across chemicals, fuels, polymers, building materials, agriculture and other sectors.

It assesses the addressable emissions sources by industry segment and competing carbon removal solutions while profiling key corporate players across the value chain spanning CO2 capture, CO2 conversion via thermochemical, electrochemical, catalytic and biological routes as well as mineralization concepts.

Multiple product opportunity areas are examined including synthetic hydrocarbon fuels and feedstocks, polycarbonates, polyols, industrial gases, enhanced oil recovery, yield boosting technologies, carbon nanomaterials and sustainable building products.

The report analyzes drivers, developments, investments, and challenges associated with transitioning CO2 into a viable renewable feedstock at scale. Regional market demand analysis covers North America, Europe, Asia Pacific, China and Rest of World geographies. Technology readiness and outlook is provided for different CO2 utilization pathways guiding research and adoption roadmaps. Report contents include:

Carbon Capture, Utilization and Storage (CCUS) market overview across industrial sectors and competing removal solutions
Global market forecasts for Carbon Utilization from 2022 to 2045 - volumes and revenues
Analysis of CO2 conversion technologies - thermochemical, electrochemical, biological etc.
Assessment of synthetic hydrocarbon fuels, chemicals, polymers and building materials made from captured CO2
Analysis of CO2 reuse across agriculture, horticulture, enhanced oil recovery
Emerging concepts around mineralization pathways for carbon removal
Review of investments, policies, developments, partnerships, and funding
Profiles of 80+ companies across the CCUS value chain (full list of companies profiled in table of contents)
Evaluation of technology readiness, scalability challenges, projected adoption roadmaps
Regional market demand analysis - North America, Europe, Asia Pacific, China, RoW

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1 ABBREVIATIONS 14

2 RESEARCH METHODOLOGY 15

3 EXECUTIVE SUMMARY 16

3.1 Main sources of carbon dioxide emissions 16
3.2 CO2 as a commodity 18
3.3 Carbon Dioxide (CO2) as a renewable carbon feedstock 20
- 3.3.1 Chemicals 20
- 3.3.2 Fuels 21
- 3.3.3 Polymers 21
- 3.3.4 Construction materials 22
- 3.3.5 Food and feed 22
- 3.3.6 Consumer products 23
3.4 Meeting climate targets 23
3.5 Market drivers and trends 24
3.6 The current market and future outlook 25
3.7 Industry developments 2020-2024 27
3.8 Investments and funding 33
- 3.8.1 Venture Capital Funding 33
  - 3.8.1.1 2010-2023 34
  - 3.8.1.2 Carbon utilization VC deals 2022-2024 34
3.9 Government CCUS initiatives 37
- 3.9.1 North America 37
- 3.9.2 Europe 37
- 3.9.3 China 38
3.10 Market map 41
3.11 Commercial CCUS facilities and projects 44
- 3.11.1 Facilities 45
  - 3.11.1.1 Operational 45
  - 3.11.1.2 Under development/construction 47
3.12 CCUS Value Chain 53
3.13 Carbon credits 54
3.14 CO₂ utilization forecast 54
- 3.14.1 By market 54
- 3.14.2 By revenues 55

4 CARBON UTILIZATION 57

4.1 Overview 57
- 4.1.1 Current market status 58
- 4.1.2 Production capacities 62
- 4.1.3 Benefits of carbon utilization 62
- 4.1.4 Market challenges 64
4.2 Co2 utilization pathways 65

5 TRANSFORMATION PROCESSES 68

5.1 Thermochemical 68
- 5.1.1 Process overview 68
- 5.1.2 Plasma-assisted CO2 conversion 71
5.2 Electrochemical conversion of CO2 72
- 5.2.1 Process overview 73
5.3 Photocatalytic and photothermal catalytic conversion of CO2 75
5.4 Catalytic conversion of CO2 75
5.5 Biological conversion of CO2 76
5.6 Copolymerization of CO2 80
5.7 Mineral carbonation 81

6 CO2-DERIVED PRODUCTS 85

6.1 Fuels 85
- 6.1.1 Overview 85
- 6.1.2 Production routes 88
  - 6.1.2.1 Electrolyzers 89
  - 6.1.2.2 Low-carbon hydrogen 89
- 6.1.3 Products & applications 91
  - 6.1.3.1 Vehicles 91
  - 6.1.3.2 Shipping 91
  - 6.1.3.3 Aviation 92
  - 6.1.3.4 Costs 93
  - 6.1.3.5 Ethanol 93
  - 6.1.3.6 Methanol 94
  - 6.1.3.7 Sustainable Aviation Fuel 98
  - 6.1.3.8 Methane 98
  - 6.1.3.9 Algae based biofuels 99
  - 6.1.3.10 CO₂-fuels from solar 100
- 6.1.4 Challenges 102
- 6.1.5 SWOT analysis 103
- 6.1.6 Companies 104
6.2 Chemicals, Plastics & Polymers 106
- 6.2.1 Overview 106
- 6.2.2 Scalability 108
- 6.2.3 Products 108
  - 6.2.3.1 Feedstocks 110
  - 6.2.3.2 Pathways 111
  - 6.2.3.3 Conversion into energy-rich intermediates 112
    - 6.2.3.3.1 Electrochemical technologies 113
    - 6.2.3.3.2 Costs 113
    - 6.2.3.3.3 Hydrogen (H2) and electrochemical CO2 utilization coupling 113
    - 6.2.3.3.4 Products from CO₂ reduction 114
    - 6.2.3.3.5 Microbial conversion 115
    - 6.2.3.3.6 Plasma technology 116
    - 6.2.3.3.7 Aromatic hydrocarbons 117
    - 6.2.3.3.8 Photocatalytic reduction 117
  - 6.2.3.4 Urea production 118
  - 6.2.3.5 CO₂-derived polymers 118
    - 6.2.3.5.1 Polycarbonate (PC) 119
      - 6.2.3.5.1.1 Aliphatic polycarbonate 119
      - 6.2.3.5.1.2 Polycarbonate polyols 120
    - 6.2.3.5.2 Polyhydroxyalkanoates (PHA) 120
    - 6.2.3.5.3 Polyurethanes 121
    - 6.2.3.5.4 Polycyclic aromatics 121
    - 6.2.3.5.5 Nylon 121
    - 6.2.3.5.6 Polyethylene 121
    - 6.2.3.5.7 Polypropylene 122
  - 6.2.3.6 Inert gas in semiconductor manufacturing 122
  - 6.2.3.7 Advanced carbon materials 122
    - 6.2.3.7.1 Carbon Nanotubes 122
    - 6.2.3.7.2 Graphene 122
    - 6.2.3.7.3 Carbon Black 123
    - 6.2.3.7.4 3D-Printed Carbons 123
- 6.2.4 SWOT analysis 124
- 6.2.5 Companies 125
6.3 Construction materials 127
- 6.3.1 Overview 127
- 6.3.2 Market structure 129
- 6.3.3 CCUS technologies in the cement industry 132
- 6.3.4 Products 134
  - 6.3.4.1 Carbonated aggregates 134
  - 6.3.4.2 Additives during mixing 135
  - 6.3.4.3 Carbonates from natural minerals 136
  - 6.3.4.4 Carbonates from waste 137
- 6.3.5 Concrete curing 138
- 6.3.6 Costs 138
- 6.3.7 Challenges 139
- 6.3.8 SWOT analysis 140
- 6.3.9 Companies 141
6.4 CO2 Utilization in Biological Yield-Boosting 143
- 6.4.1 Overview 143
- 6.4.2 Products & applications 144
  - 6.4.2.1 Greenhouses 144
  - 6.4.2.2 Algae cultivation 145
    - 6.4.2.2.1 Markets 146
  - 6.4.2.3 Microbial conversion 147
    - 6.4.2.3.1 Food and feed production 149
    - 6.4.2.3.2 Proteins 149
- 6.4.3 Challenges 150
- 6.4.4 SWOT analysis 151
- 6.4.5 Companies 152
6.5 CO₂ Utilization in Enhanced Oil Recovery 153
- 6.5.1 Overview 153
  - 6.5.1.1 Process 155
  - 6.5.1.2 CO₂ sources 156
- 6.5.2 CO₂-EOR facilities and projects 157
- 6.5.3 Challenges 159
- 6.5.4 SWOT analysis 160
- 6.5.5 Companies 161
6.6 Enhanced mineralization 161
- 6.6.1 Advantages 161
- 6.6.2 In situ and ex-situ mineralization 162
- 6.6.3 Enhanced mineralization pathways 163
- 6.6.4 Challenges 164

7 COMPANY PROFILES 165

7.1 Aether Diamonds 165
7.2 Aircela Inc 165
7.3 Air Company 166
7.4 Air Protein 166
7.5 Algal Bio Co., Ltd. 167
7.6 Algenol 168
7.7 Arborea 168
7.8 Arkeon Biotechnologies 169
7.9 Asahi Kasei 170
7.10 Avantium N.V. 171
7.11 Azolla 172
7.12 Blue Planet Systems Corporation 172
7.13 BluSky, Inc. 173
7.14 Brilliant Planet Systems 174
7.15 C4X Technologies Inc. 174
7.16 C2CNT LLC 175
7.17 Cambridge Carbon Capture Ltd. 176
7.18 CarbiCrete 177
7.19 Carboclave 178
7.20 Carbo Culture 178
7.21 Carbon Corp 179
7.22 Carbonaide Oy 180
7.23 Carbonova 180
7.24 Carbon8 Systems 181
7.25 Carbon Blue 182
7.26 CarbonBuilt 182
7.27 CarbonCure Technologies Inc. 183
7.28 CarbonFree 185
7.29 Carbon Limit 185
7.30 Carbon Recycling International 186
7.31 Carbon Sink LLC 187
7.32 Carbon Upcycling Technologies 188
7.33 Celanese Corporation 189
7.34 CERT Systems, Inc. 189
7.35 Chiyoda Corporation 190
7.36 CleanO2 192
7.37 CO2 Gro, Inc. 192
7.38 Concrete4Change 193
7.39 Coval Energy B.V. 193
7.40 Covestro AG 194
7.41 Deep Branch Biotechnology 195
7.42 Dimensional Energy 195
7.43 ecoLocked GmbH 197
7.44 Electrochaea GmbH 197
7.45 Empower Materials, Inc. 198
7.46 enaDyne GmbH 199
7.47 Fairbrics 199
7.48 Fortera Corporation 200
7.49 Greenore Cleantech 200
7.50 HYCO1, Inc. 201
7.51 1point8 202
7.52 LanzaJet 202
7.53 Lanzatech 203
7.54 Liquid Wind AB 205
7.55 Low Carbon Korea 206
7.56 Low Carbon Materials 207
7.57 Made of Air GmbH 207
7.58 Mars Materials 208
7.59 MCi Carbon 209
7.60 Mineral Carbonation International (MCi) Carbon 210
7.61 Neustark AG 210
7.62 Newlight Technologies LLC 211
7.63 Novo Nutrients 212
7.64 Oakbio 213
7.65 Obrist Group 213
7.66 O.C.O 214
7.67 OxEon Energy, LLC 214
7.68 Oxylum 215
7.69 Paebbl AB 216
7.70 Phytonix Corporation 216
7.71 Prometheus Fuels, Inc. 217
7.72 Prometheus Materials 217
7.73 Seratech 218
7.74 SkyNano Technologies 219
7.75 Solar Foods Oy 219
7.76 Solidia Technologies 220
7.77 Synhelion 221
7.78 Syzygy Plasmonics, Inc. 221
7.79 Tandem Technical 222
7.80 Twelve 223
7.81 UP Catalyst 225
7.82 ViridiCO2 226

8 REFERENCES 227

List of Tables

Table 1. Key emerging application areas and opportunities for CO2 utilization. 20
Table 2. CO2 transformation and utilization market drivers and trends. 24
Table 3. Carbon utilization industry developments 2020-2024. 27
Table 4. Carbon utilization VC deals 2022-2024. 34
Table 5. Demonstration and commercial CCUS facilities in China. 38
Table 6. Global commercial CCUS facilities-in operation. 45
Table 7. Global commercial CCUS facilities-under development/construction. 47
Table 8. CO₂ utilization forecast by market (million metric tonnes), 2022-2045. 54
Table 9. CO₂ utilization forecast by market (billion USD), 2022-2045. 55
Table 10. Carbon utilization revenue forecast by product (US$). 62
Table 11. Production capacities for CO2 based products. 62
Table 12. CO2 utilization and removal pathways. 62
Table 13. Market challenges for CO2 utilization. 64
Table 14. Example CO2 utilization pathways. 65
Table 15. CO2 derived products via Thermochemical conversion-applications, advantages and disadvantages. 68
Table 16. CO2 derived products via electrochemical conversion-applications, advantages and disadvantages. 73
Table 17. CO2 derived products via biological conversion-applications, advantages and disadvantages. 78
Table 18. Companies developing and producing CO2-based polymers. 80
Table 19. Companies developing mineral carbonation technologies. 83
Table 20. Market overview for CO2 derived fuels. 86
Table 21. Main production routes and processes for manufacturing fuels from captured carbon dioxide. 89
Table 22. CO₂-derived fuels projects. 90
Table 23. Thermochemical methods to produce methanol from CO2. 95
Table 24. pilot plants for CO2-to-methanol conversion. 97
Table 25. Microalgae products and prices. 100
Table 26. Main Solar-Driven CO2 Conversion Approaches. 102
Table 27. Market challenges for CO2 derived fuels. 102
Table 28. Companies in CO2-derived fuel products. 104
Table 29. Commodity chemicals and fuels manufactured from CO2. 108
Table 30. Market potential for CO₂-derived chemicals. 109
Table 31. Feedstocks for producing CO2-derived chemicals. 110
Table 32. Common pathways and products associated with the utilization of carbon dioxide (CO2) in chemical processes 111
Table 33. Methods for converting CO₂ into CO or syngas for chemical intermediate. 112
Table 34. Costs of CO₂ electrochemical technologies 113
Table 35. Key CO2-consuming microorganisms that can be used for chemical production. 115
Table 36. Key companies focused on microbial conversion of CO2 into chemicals and products. 116
Table 37. Conversion pathways for CO2-derived polymeric materials. 118
Table 38. Companies in CO2-derived chemicals products. 125
Table 39. Conversion pathway for CO2-derived building materials. 128
Table 40. Carbon capture technologies and projects in the cement sector 132
Table 41. Carbonation of recycled concrete companies. 137
Table 42. Current and projected costs for some key CO2 utilization applications in the construction industry. 139
Table 43. Market challenges for CO2 utilization in construction materials. 139
Table 44. Companies in CO2 derived building materials. 141
Table 45. CO₂ utilization in biological processes. 143
Table 46. Markets and applications for CO2-enhanced algae cultivation products. 146
Table 47. Market challenges CO2 utilization in biological yield boosting. 150
Table 48. Companies in CO2 Utilization in Biological Yield-Boosting. 152
Table 49. Applications of CCS in oil and gas production. 154
Table 50. CO₂-EOR designs. 154
Table 51. Challenges for CO2 utilization in enhanced oil recovery (EOR). 159
Table 52. CO₂-EOR companies. 161

List of Figures

Figure 1. Carbon emissions by sector. 17
Figure 2. Overview of CCUS market 19
Figure 3. Pathways for CO2 use. 19
Figure 4. Regional capacity share 2022-2033. 26
Figure 5. Global investment in carbon capture 2010-2023, millions USD. 34
Figure 6. Carbon Capture, Utilization, & Storage (CCUS) Market Map. 43
Figure 7. CCS deployment projects, historical and to 2035. 44
Figure 8. Existing and planned CCS projects. 53
Figure 9. CCUS Value Chain. 53
Figure 10. CO₂ utilization forecast by market (million metric tonnes), 2022-2045. 55
Figure 11. CO₂ utilization forecast by market (billion USD), 2022-2045. 56
Figure 12. Carbon dioxide utilization and removal cycle. 57
Figure 13. CO2 non-conversion and conversion technology, advantages and disadvantages. 58
Figure 14. Applications for CO2. 61
Figure 15. Cost to capture one metric ton of carbon, by sector. 61
Figure 16. Life cycle of CO2-derived products and services. 64
Figure 17. Co2 utilization pathways and products. 67
Figure 18. Plasma technology configurations and their advantages and disadvantages for CO2 conversion. 71
Figure 19. Electrochemical CO₂ reduction products. 72
Figure 20. LanzaTech gas-fermentation process. 76
Figure 21. Schematic of biological CO2 conversion into e-fuels. 77
Figure 22. Econic catalyst systems. 80
Figure 23. Mineral carbonation processes. 83
Figure 24. Conversion route for CO2-derived fuels and chemical intermediates. 87
Figure 25. Conversion pathways for CO2-derived methane, methanol and diesel. 88
Figure 26. CO2 feedstock for the production of e-methanol. 96
Figure 27. Schematic illustration of (a) biophotosynthetic, (b) photothermal, (c) microbial-photoelectrochemical, (d) photosynthetic and photocatalytic (PS/PC), (e) photoelectrochemical (PEC), and (f) photovoltaic plus electrochemical (PV+EC) approaches for CO2. 101
Figure 28. SWOT analysis: CO2 utilization in fuels. 103
Figure 29. Audi synthetic fuels. 104
Figure 30. Conversion of CO2 into chemicals and fuels via different pathways. 107
Figure 31. SWOT analysis: CO2 utilization in chemicals, plastics & polymers. 124
Figure 32. Schematic of CCUS in cement sector. 129
Figure 33. Carbon8 Systems’ ACT process. 134
Figure 34. CO2 utilization in the Carbon Cure process. 135
Figure 35. SWOT analysis: CO2 utilization in construction materials. 141
Figure 36. Algal cultivation in the desert. 145
Figure 37. Example pathways for products from cyanobacteria. 148
Figure 38. SWOT analysis: CO2 Utilization in Biological Yield-Boosting 152
Figure 39. Typical Flow Diagram for CO2 EOR. 156
Figure 40. Large CO2-EOR projects in different project stages by industry. 158
Figure 41. SWOT analysis: CO2 Utilization in EOR. 160
Figure 42. Carbon mineralization pathways. 164
Figure 43. CarbonCure Technology. 184
Figure 44. CRI process. 186
Figure 45. Colyser process. 194
Figure 46. Made of Air's HexChar panels. 208
Figure 47. Neustark modular plant. 211
Figure 48. O12 Reactor. 223
Figure 49. Sunglasses with lenses made from CO2-derived materials. 224
Figure 50. CO2 made car part. 224

The Global Market for Carbon Dioxide (CO₂) Utilization 2024-2045

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The Global Market for Carbon Dioxide (CO₂) Utilization 2024-2045

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