Recycled Carbon Dioxide Market size is likely to expand at significant growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to the growing need for the reduction of greenhouse effect across the world, and increasing government investments for sustainable development in several developed nations globally. According to the International Energy Agency, the total CO2 emissions in emerging and underdeveloped economies was 21.6 gigatons in 2018, which increased up to 22 gigatons in 2019. In addition to these, there is a high potential for recycling carbon dioxide into valuable fuels, chemicals and other materials, which is able to reduce carbon emissions significantly. This is a crucial factor projected to offer ample growth opportunities to the market in the near future. Furthermore, growing emphasis on capturing carbon dioxide released from coal power plants and oil facilities is also evaluated to drive recycled carbon dioxide market growth in the upcoming years.
Growth Drivers
Challenges
The market is segmented by end user into chemicals, fuels, minerals, and others, out of which, the fuels segment is anticipated to hold the largest share in the global recycled carbon dioxide market on account of the increasing usage of recycled carbon dioxide for the production of microalgae and biomass-derived fuels, and for the production of methane. The segment for chemicals is also assessed to grab a notable share during the forecast period owing to the use of the product for the production of urethane and polycarbonate which are extensively utilized for making CDs. Additionally, on the basis of application, the enhanced oil recovery segment is predicted to occupy the largest share over the forecast period in view of the high use of this technique to maximize recovery from an oil field and to extract crude oil which is extremely difficult to extract.
Our in-depth analysis of the global recycled carbon dioxide market includes the following segments:
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On the basis of geographical analysis, the global recycled carbon dioxide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is predicted to dominate majority revenue share by 2036, on the back of increasing government funding in order to test innovative concepts for beneficial use of carbon dioxide, and rising focus by governmental and non-governmental organizations on eliminating greenhouse emissions in the region. Along with these, growing research and development activities regarding the effective application of recycled CO2 for making products such as concrete, plastics and fuel for aircraft and automobiles. Moreover, the recycled carbon dioxide market in Europe is also projected to provide profitable opportunities by the end of 2030 attributing to the launch of new initiatives to realize the potential of recycled carbon dioxide for electricity storage in the region. For instance, as per the European Chemical Industry Council, AISBL, France, Germany, Netherlands and Cefic launched an initiative called PHOENIX, which is a collaborative effort aimed at helping Europe to reduce CO2 emissions by bringing together carbon recycling technology projects.
May 2021: Cleantech company, CCm Technologies, developed an innovative method to produce sustainable fertilizers from recycled carbon dioxide. The technology makes use of CO2 released from industrial power generators into the atmosphere.
September 2020: Silicon Valley based company Blue Planet announced a capital raise of USD 10 million for develop a carbon capture and utilization system used to produce CO2 sequestered aggregate that can be used as concrete building material.
Author Credits: Dhruv Bhatia
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