How will your organization capitalize on emerging growth opportunities in the global push for sustainability and CO2 reduction?
-
North America: The region accounts for 33% of global carbon dioxide (CO2) demand. The United States Infrastructure Investment and Jobs Act allocates $12 billion for CCUS by 2026, while the Inflation Reduction Act (2022) offers a $60/ton CO2 tax credit.
-
China: Representing 21% of global CO2 demand, carbon capture, utilization, and storage (CCUS) is essential for China to achieve carbon neutrality, potentially reducing 0.6–1.45 billion tons of CO2 annually by 2050 and 1–1.82 billion tons by 2060.
-
European Union: The 2023 Net Zero Industry Act recognizes CCUS as a net-zero technology. The European Union Innovation Fund will invest $40 billion by 2030 in clean technologies, with funding granted to 7 CCUS projects in 2022. The United Kingdom allocated $24 billion to accelerate CCUS projects, aiming to capture and store 20-30 million tons of CO2 per year by 2030.
The potential applications for CO2 utilization are vast, ranging from direct use to transformation into fuels, chemicals, ingredients and advanced materials spanning across sustainable construction, green mobility, and biobased industrial feedstock. While the demand for these established CO2 use pathways is expected to grow steadily, industry incumbents are focusing on developing new applications that can synthesize high-value products such as chemicals and fuels. By 2030, the estimated demand for CO2 utilization in chemicals and fuels is projected to approach 634 metric tons of carbon dioxide (MtCO2) per year. Over the coming decades, the economic viability of chemical synthesis from CO2 is expected to grow significantly. This growth will be driven by technological advances, increasing capacities of production facilities for CO2-derived chemicals and fuels, and the imperative need to combat climate change pushing for greener ingredients in consumer segments like personal care.
DOWNLOAD SAMPLE
What Is the Impact of the Top 3 Strategic Imperatives on the Synthesis of Chemicals from the CO2 Industry?
Disruptive Technologies:
The chemical industry aims to reduce reliance on fossil fuels by utilizing CO2 emissions from sectors like cement, steel, and aviation. Developing CO2-to-chemical conversion methods is crucial, though many remain in early stages. Researchers must collaborate on pilot projects to validate efficiency and feasibility.
Transformative Megatrends:
Global emphasis on sustainability and innovation is driving demand for CO2 as a raw material for renewable fuels and chemicals. The Paris Agreement mandates a 40% reduction in carbon emissions by 2030, pushing chemical manufacturers to innovate and reduce CO2 emissions to meet these goals.
Industry Convergence:
In the carbon capture and utilization (CCU) sector, collaborations between technology developers and chemical manufacturers, such as Ingenza Ltd. and Johnson Matthey, are advancing CO2 conversion into formate. These partnerships focus on optimizing processes and cutting CO2 emissions.
Explore opportunities that the latest CO2 utilization and carbon capture, utilization, and storage (CCUS) Technologies offer for fostering innovation and driving business growth.
Sign up for a complimentary Growth Pipeline Dialog™
A Growth Pipeline Dialog is a structured discussion with our growth experts providing unparalleled technology intelligence and proven implementation best practices. This discussion will spark innovative thinking and help generate a pipeline of growth opportunities you can leverage to maximize your company’s future growth potential.
