The global recycled carbon dioxide market is estimated to garner a large revenue and grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. 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 market growth in the upcoming years.
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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.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
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. The market in the North America is estimated to gather the largest share in terms of revenue over the forecast period 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 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.
The global recycled carbon dioxide market is further classified on the basis of region as follows:
Our in-depth analysis of the global recycled carbon dioxide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising need to reduce greenhouse emissions globally and growing government emphasis on sustainable development.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
High cost and difficulties in deploying CO2 recycling processes are estimated to hamper the market growth.
The major players in the market are CCm Technologies Limited, Blue Planet Environmental Solutions, Carbon Upcycling Technologies, Fores Media Ltd, Kiverdi, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end user, and by region.
The enhanced oil recovery segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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