Market Overview

The global carbon capture, utilization, and storage market size & share was valued at USD 3.63 billion in 2023. The market is anticipated to grow from USD 4.25 billion in 2024 to USD 22.16 billion by 2032, exhibiting a CAGR of 22.9% during the forecast period.

At the same time, several challenges remain: the high upfront cost of capture infrastructure; uncertainties about transport and storage logistics; public perception and permitting for geological storage; and in some regions, the limited scale of existing utilisation markets. Nonetheless, the consensus is clear: CCUS is now firmly part of the energy‑transition toolkit.

Market Scope

The scope of the CCUS market can be broken down into four major dimensions:

1. Service Segments – This includes CO₂ capture (from point sources or direct air capture), CO₂ transportation (pipelines, shipping), CO₂ utilisation (conversion into chemicals, fuels, building materials, or enhanced oil recovery) and CO₂ storage (geological sequestration, mineralisation, offshore or on‑shore).
2. Technology Types – Capture technologies cover solvents & sorbents, membranes, chemical looping, oxy‑combustion and others. Utilisation technologies explore CO₂‑to‑fuels, CO₂‑to‑chemicals, mineralisation, enhanced oil/gas recovery. Storage technologies include depleted hydrocarbon reservoirs, saline aquifers, basalt rock mineralisation, and offshore formations.
3. End‑Use Industries – Major applications span oil & gas (including enhanced oil recovery), power generation, chemicals & petrochemicals, cement, iron & steel, and other energy‑intensive industries.
4. Geographical Regions – The global footprint encompasses North America (United States, Canada), Europe (Norway, UK, Germany, Netherlands, etc.), Asia‑Pacific (China, India, Japan, Australia), Latin America, and the Middle East & Africa. Each region exhibits different maturity levels, regulatory drivers and storage/transport infrastructure.

Together, these four dimensions define the addressable market for CCUS solutions, enabling technology providers, project developers and investors to map opportunities and competitive dynamics.

Market Opportunities

The CCUS market presents several compelling opportunities for industry participants, technology vendors and infrastructure providers:

1. Decarbonisation of Hard‑to‑Abate Industries – Many sectors (cement, steel, chemicals, heavy manufacturing) face limited options for full electrification; CCUS offers a pathway to materially reduce emissions. The utilisation of captured CO₂ can reduce emissions while preserving industrial throughput.
2. Large‑Scale Infrastructure & Carbon Storage Hubs – Governments and industry are increasingly pursuing CO₂ transport and storage hubs, which enable multiple emitters to connect to shared pipelines and storage sites. This offers economies of scale, cost efficiencies and acceleration of deployment.
3. Growing Financial & Policy Support – With policies such as carbon credits, tax incentives, subsidies and stricter emissions standards, the economic attractiveness of CCUS is improving. For example, announced storage and capture capacity surged in 2023. IEA
4. Emerging Utilisation Markets – Beyond storage, utilisation of CO₂ presents new value chains: CO₂‐derived fuels, chemicals, concrete mineralisation, building materials. These create revenue streams beyond simply emission avoidance, thereby improving project economics.

Harnessing these opportunities, CCUS can shift from niche to mainstream deployment. The development of business models that integrate capture, transport, utilisation and storage in a value‑chain will be a key enabler.

Regional Analysis

North America – The United States remains a global frontrunner, supported by robust policy frameworks (e.g., tax credits) and abundant geological storage potential. The North American CCUS market is projected to grow at a double‑digit CAGR. 

Europe – Europe shows strong momentum, particularly in countries like Norway, the UK and the Netherlands, which are developing offshore CO₂ transport and storage infrastructure. Europe's decarbonisation goals and regulatory drive are strong tailwinds.

Asia‑Pacific – Asia Pacific (notably China, Japan, Korea, Australia) is emerging rapidly. China in particular is investing in industrial CCUS to decarbonise coal, cement and steel sectors. Supportive government programs and large industrial bases offer long‑term potential.

Latin America & Middle East‑Africa – These regions are at earlier stages of deployment but present opportunities given abundant storage geology, growing industrialisation and increasing awareness of decarbonisation. In the Middle East, where oil & gas infrastructure is mature, CCUS is seen as a way to sustain hydrocarbon exports while reducing emissions.

In summary, while mature markets today lie in North America and Europe, the greatest long‑term growth potential may lie in Asia‑Pacific and emerging regions, provided regulatory and infrastructure challenges are addressed.

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https://www.polarismarketresearch.com/industry-analysis/carbon-capture-utilization-and-storage-market

Key Companies

• Royal Dutch Shell
• Fluor Corporation
• Mitsubishi Heavy Industries, Ltd
• Exxon Mobil Corporation
• Linde Plc
• JGC Holdings
• Schlumberger Ltd
• Aker Solutions
• Honeywell International
• Equinor ASA

Forward Outlook

As global Carbon Capture, Utilization and Storage pressure to achieve net‑zero emissions intensifies, CCUS will play a vital role — particularly in sectors where alternatives are limited. With large‑scale investment commitments, supportive policies and emerging utilisation pathways, the market is poised for strong expansion through the remainder of this decade and beyond.

Project developers, technology vendors, infrastructure owners and industrial emitters today stand at a critical juncture: to capture the opportunity they must scale, reduce costs, de‑risk transport & storage logistics, and integrate utilisation value chains. Public‑private collaboration, regulatory clarity and transparent economics will be essential.

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