The Global Market for Carbon Capture, Utilization and Storage Technologies

Published January 3 2023 | 410 pages, 118 figures, 72 tables | Download Table of contents

Carbon capture, utilization, and storage (CCUS) refers to technologies that capture CO2 emissions and use or store them, leading to permanent sequestration.

CCUS technologies capture carbon dioxide emissions from large power sources, including power generation or industrial facilities that use either fossil fuels or biomass for fuel. CO2 can also be captured directly from the atmosphere. If not utilized onsite, captured CO2 is compressed and transported by pipeline, ship, rail or truck to be used in a range of applications, or injected into deep geological formations (including depleted oil and gas reservoirs or saline formations) which trap th CO2 for permanent storage.

Carbon removal technologies include direct air capture (DAC) or bioenergy with carbon capture and storage (BECCS). This fast growing market is being driven by government climate initiatives and increased public and private investments. In 2022 there was over $1 billion in private investment in CCUS companies. Climeworks, a Swiss start-up developing direct air capture (DAC) raised a $650m round in April 2022. In December 2022, Svante raised US$318 million in a Series E fundraising round.

The market for CO2 use is expected to remain relatively small in the near term (<$2.5 billion), but will grow in the next few years in the drive to mitigate carbon emissions from industry, potentially becoming a Trillion Dollar market. There are currently 35 commercial facilities globally are capturing 45 Mt CO2 globally, with another 200 carbon capture facilities planned by 2030, increasing annual carbon capture volume to ~220 Mt CO2 in total.

New pathways to use CO2 in the production of fuels, chemicals and building materials are driving global interest, allied to increasing backing from governments, industry and investors.

Report contents include:

Analysis of the global market for carbon capture, utilization, and storage (CCUS) technologies.
Market developments, funding and investment in carbon capture, utilization, and storage (CCUS) 2020-2023.
Analysis of key market dynamics, trends, opportunities and factors influencing the global carbon, capture utilization & storage technologies market and its subsegments.
Market barriers to carbon capture, utilization, and storage (CCUS) technologies.
National policies.
Prices to January 2023.
Latest CCS projects updates.
Latest developments in carbon capture, storage and utilization technologies
Market analysis of CO2-derived products including fuels, chemicals, building materials from minerals, building materials from waste, enhanced oil recovery, and CO2 use to enhance the yields of biological processes.
Profiles of 237 companies in Carbon capture, utilization, and storage (CCUS) including products, collaborations and investment funding. Companies profiled include Algiecel, Aspiring Materials, Cambridge Carbon Capture, Carbon Engineering Ltd., Captura, Carbyon BV, CarbonCure Technologies Inc., CarbonOrO, Carbon Collect, Climeworks, Dimensional Energy, Dioxycle, Ebb Carbon, enaDyne, Fortera Corporation, Global Thermostat, Heirloom Carbon Technologies, High Hopes Labs, LanzaTech, Liquid Wind AB, Lithos, Living Carbon, Mars Materials, Mercurius Biorefining, Mission Zero Technologies, OXCUU, Oxylum, Paebbl, Prometheus Fuels, RepAir, Sunfire GmbH, Sustaera, Svante, Travertine Technologies and Verdox.

1 ABBREVIATIONS 21

2 RESEARCH METHODOLOGY 22

2.1 Definition of Carbon Capture, Utilisation and Storage (CCUS) 22
2.2 Technology Readiness Level (TRL) 23

3 EXECUTIVE SUMMARY 25

3.1 Main sources of carbon dioxide emissions 25
3.2 CO2 as a commodity 26
3.3 Meeting climate targets 28
3.4 Market drivers and trends 29
3.5 The current market and future outlook 30
3.6 CCUS Industry developments 2020-2023 31
3.7 CCUS investments 36
- 3.7.1 Venture Capital Funding 36
3.8 Government CCUS initiatives 37
- 3.8.1 North America 37
- 3.8.2 Europe 37
- 3.8.3 China 38
3.9 Market map 40
3.10 Commercial CCUS facilities and projects 42
- 3.10.1 Facilities 43
  - 3.10.1.1 Operational 43
  - 3.10.1.2 Under development/construction 45
3.11 CCUS Value Chain 51
3.12 Key market barriers for CCUS 52

4 INTRODUCTION 53

4.1 What is CCUS? 53
- 4.1.1 Carbon Capture 58
  - 4.1.1.1 Source Characterization 58
  - 4.1.1.2 Purification 59
  - 4.1.1.3 CO2 capture technologies 60
- 4.1.2 Carbon Utilization 63
  - 4.1.2.1 CO2 utilization pathways 64
- 4.1.3 Carbon storage 65
  - 4.1.3.1 Passive storage 65
  - 4.1.3.2 Enhanced oil recovery 66
4.2 Transporting CO2 67
- 4.2.1 Methods of CO2 transport 67
  - 4.2.1.1 Pipeline 68
  - 4.2.1.2 Ship 69
  - 4.2.1.3 Road 69
  - 4.2.1.4 Rail 69
- 4.2.2 Safety 70
4.3 Costs 70
- 4.3.1 Cost of CO2 transport 72
4.4 Carbon credits 75

5 CARBON CAPTURE 76

5.1 CO2 capture from point sources 77
- 5.1.1 Transportation 78
- 5.1.2 Global point source CO2 capture capacities 78
- 5.1.3 By source 80
- 5.1.4 By endpoint 81
5.2 Main carbon capture processes 82
- 5.2.1 Materials 82
- 5.2.2 Post-combustion 84
- 5.2.3 Oxy-fuel combustion 85
- 5.2.4 Liquid or supercritical CO2: Allam-Fetvedt Cycle 86
- 5.2.5 Pre-combustion 87
5.3 Carbon separation technologies 88
- 5.3.1 Absorption capture 90
- 5.3.2 Adsorption capture 94
- 5.3.3 Membranes 96
- 5.3.4 Liquid or supercritical CO2 (Cryogenic) capture 98
- 5.3.5 Chemical Looping-Based Capture 99
- 5.3.6 Calix Advanced Calciner 100
- 5.3.7 Other technologies 101
  - 5.3.7.1 Solid Oxide Fuel Cells (SOFCs) 102
  - 5.3.7.2 Microalgae Carbon Capture 103
- 5.3.8 Comparison of key separation technologies 104
- 5.3.9 Technology readiness level (TRL) of gas separtion technologies 105
5.4 Opportunities and barriers 106
5.5 Costs of CO2 capture 108
5.6 CO2 capture capacity 109
5.7 Bioenergy with carbon capture and storage (BECCS) 111
- 5.7.1 Overview of technology 111
- 5.7.2 Biomass conversion 113
- 5.7.3 BECCS facilities 113
- 5.7.4 Challenges 114
5.8 Direct air capture (DAC) 115
- 5.8.1 Description 115
- 5.8.2 Deployment 117
- 5.8.3 Point source carbon capture versus Direct Air Capture 117
- 5.8.4 Technologies 118
  - 5.8.4.1 Solid sorbents 119
  - 5.8.4.2 Liquid sorbents 121
  - 5.8.4.3 Liquid solvents 122
  - 5.8.4.4 Airflow equipment integration 122
  - 5.8.4.5 Passive Direct Air Capture (PDAC) 123
  - 5.8.4.6 Direct conversion 123
  - 5.8.4.7 Co-product generation 123
  - 5.8.4.8 Low Temperature DAC 123
  - 5.8.4.9 Regeneration methods 124
- 5.8.5 Commercialization and plants 124
- 5.8.6 Metal-organic frameworks (MOFs) in DAC 125
- 5.8.7 DAC plants and projects-current and planned 126
- 5.8.8 Markets for DAC 132
- 5.8.9 Costs 133
- 5.8.10 Challenges 138
- 5.8.11 Players and production 139
5.9 Other technologies 139
- 5.9.1 Enhanced weathering 140
- 5.9.2 Afforestation and reforestation 140
- 5.9.3 Soil carbon sequestration (SCS) 141
- 5.9.4 Biochar 142
- 5.9.5 Ocean fertilisation 143
- 5.9.6 Ocean alkalinisation 143

6 CARBON UTILIZATION 145

6.1 Overview 145
- 6.1.1 Current market status 145
- 6.1.2 Benefits of carbon utilization 149
- 6.1.3 Market challenges 151
6.2 Co2 utilization pathways 152
6.3 Conversion processes 155
- 6.3.1 Thermochemical 155
  - 6.3.1.1 Process overview 155
  - 6.3.1.2 Plasma-assisted CO2 conversion 158
- 6.3.2 Electrochemical conversion of CO2 159
  - 6.3.2.1 Process overview 160
- 6.3.3 Photocatalytic and photothermal catalytic conversion of CO2 162
- 6.3.4 Catalytic conversion of CO2 162
- 6.3.5 Biological conversion of CO2 163
- 6.3.6 Copolymerization of CO2 167
- 6.3.7 Mineral carbonation 168
6.4 CO2-derived products 172
- 6.4.1 Fuels 172
  - 6.4.1.1 Overview 172
  - 6.4.1.2 Production routes 174
  - 6.4.1.3 Methanol 175
  - 6.4.1.4 Algae based biofuels 176
  - 6.4.1.5 CO₂-fuels from solar 177
  - 6.4.1.6 Companies 178
  - 6.4.1.7 Challenges 181
- 6.4.2 Chemicals 182
  - 6.4.2.1 Overview 182
  - 6.4.2.2 Scalability 182
  - 6.4.2.3 Applications 183
  - 6.4.2.4 Companies 185
- 6.4.3 Construction materials 188
  - 6.4.3.1 Overview 188
  - 6.4.3.2 CCUS technologies 189
  - 6.4.3.3 Carbonated aggregates 192
  - 6.4.3.4 Additives during mixing 193
  - 6.4.3.5 Concrete curing 193
  - 6.4.3.6 Costs 194
  - 6.4.3.7 Companies 194
  - 6.4.3.8 Challenges 196
- 6.4.4 CO2 Utilization in Biological Yield-Boosting 197
  - 6.4.4.1 Overview 197
  - 6.4.4.2 Applications 197
  - 6.4.4.3 Companies 200
6.5 CO₂ Utilization in Enhanced Oil Recovery 202
- 6.5.1 Overview 202
  - 6.5.1.1 Process 202
  - 6.5.1.2 CO₂ sources 203
- 6.5.2 CO₂-EOR facilities and projects 204
- 6.5.3 Challenges 206
6.6 Enhanced mineralization 207
- 6.6.1 Advantages 207
- 6.6.2 In situ and ex-situ mineralization 208
- 6.6.3 Enhanced mineralization pathways 209
- 6.6.4 Challenges 210

7 CARBON STORAGE 211

7.1 CO2 storage sites 212
- 7.1.1 Storage types for geologic CO2 storage 212
- 7.1.2 Oil and gas fields 214
- 7.1.3 Saline formations 215
7.2 Global CO2 storage capacity 218
7.3 Costs 220
7.4 Challenges 220

8 COMPANY PROFILES 222 (238 company profiles)

9 REFERENCES 403

List of Tables

Table 1. Technology Readiness Level (TRL) Examples. 23
Table 2. Carbon Capture, Utilisation and Storage (CCUS) market drivers and trends. 29
Table 3. Carbon capture, usage, and storage (CCUS) industry developments 2020-2023. 31
Table 4. Demonstration and commercial CCUS facilities in China. 38
Table 5. Global commercial CCUS facilities-in operation. 43
Table 6. Global commercial CCUS facilities-under development/construction. 45
Table 7. Key market barriers for CCUS. 52
Table 8. CO2 utilization and removal pathways 55
Table 9. Approaches for capturing carbon dioxide (CO2) from point sources. 58
Table 10. CO2 capture technologies. 60
Table 11. Advantages and challenges of carbon capture technologies. 61
Table 12. Overview of commercial materials and processes utilized in carbon capture. 62
Table 13. Methods of CO2 transport. 68
Table 14. Carbon capture, transport, and storage cost per unit of CO2 70
Table 15. Estimated capital costs for commercial-scale carbon capture. 71
Table 16. Point source examples. 77
Table 17. Assessment of carbon capture materials 82
Table 18. Chemical solvents used in post-combustion. 85
Table 19. Commercially available physical solvents for pre-combustion carbon capture. 88
Table 20. Main capture processes and their separation technologies. 88
Table 21. Absorption methods for CO2 capture overview. 90
Table 22. Commercially available physical solvents used in CO2 absorption. 92
Table 23. Adsorption methods for CO2 capture overview. 94
Table 24. Membrane-based methods for CO2 capture overview. 96
Table 25. Benefits and drawbacks of microalgae carbon capture. 104
Table 26. Comparison of main separation technologies. 104
Table 27. Technology readiness level (TRL) of gas separtion technologies 105
Table 28. Opportunities and Barriers by sector. 106
Table 29. Existing and planned capacity for sequestration of biogenic carbon. 113
Table 30. Existing facilities with capture and/or geologic sequestration of biogenic CO2. 114
Table 31. Advantages and disadvantages of DAC. 116
Table 32. Companies developing airflow equipment integration with DAC. 122
Table 33. Companies developing Passive Direct Air Capture (PDAC) technologies. 123
Table 34. Companies developing regeneration methods for DAC technologies. 124
Table 35. DAC companies and technologies. 125
Table 36. DAC technology developers and production. 127
Table 37. DAC projects in development. 131
Table 38. Markets for DAC. 132
Table 39. Costs summary for DAC. 133
Table 40. Cost estimates of DAC. 136
Table 41. Challenges for DAC technology. 138
Table 42. DAC companies and technologies. 139
Table 43. Biological CCS technologies. 139
Table 44. Biochar in carbon capture overview. 143
Table 45. Carbon utilization revenue forecast by product (US$). 149
Table 46. CO2 utilization and removal pathways. 149
Table 47. Market challenges for CO2 utilization. 151
Table 48. Example CO2 utilization pathways. 152
Table 49. CO2 derived products via Thermochemical conversion-applications, advantages and disadvantages. 155
Table 50. Electrochemical CO₂ reduction products. 159
Table 51. CO2 derived products via electrochemical conversion-applications, advantages and disadvantages. 160
Table 52. CO2 derived products via biological conversion-applications, advantages and disadvantages. 165
Table 53. Companies developing and producing CO2-based polymers. 167
Table 54. Companies developing mineral carbonation technologies. 171
Table 55. Market overview for CO2 derived fuels. 172
Table 56. Microalgae products and prices. 176
Table 57. Main Solar-Driven CO2 Conversion Approaches. 177
Table 58. Companies in CO2-derived fuel products. 178
Table 59. Commodity chemicals and fuels manufactured from CO2. 183
Table 60. Companies in CO2-derived chemicals products. 185
Table 61. Carbon capture technologies and projects in the cement sector 189
Table 62. Companies in CO2 derived building materials. 194
Table 63. Market challenges for CO2 utilization in construction materials. 196
Table 64. Companies in CO2 Utilization in Biological Yield-Boosting. 200
Table 65. Applications of CCS in oil and gas production. 202
Table 66. CO2 EOR/Storage Challenges. 210
Table 67. Storage and utilization of CO2. 211
Table 68. Global depleted reservoir storage projects. 213
Table 69. Global CO2 ECBM storage projects. 213
Table 70. CO2 EOR/storage projects. 214
Table 71. Global storage sites-saline aquifer projects. 216
Table 72. Global storage capacity estimates, by region. 218

List of Figures

Figure 1. Carbon emissions by sector. 25
Figure 2. Overview of CCUS market 27
Figure 3. Pathways for CO2 use. 28
Figure 4. Regional capacity share 2022-2030. 30
Figure 5. Global investment in carbon capture 2010-2022, millions USD. 36
Figure 6. Carbon Capture, Utilization, & Storage (CCUS) Market Map. 41
Figure 7. CCS deployment projects, historical and to 2035. 42
Figure 8. Existing and planned CCS projects. 51
Figure 9. CCUS Value Chain. 51
Figure 10. Schematic of CCUS process. 53
Figure 11. Pathways for CO2 utilization and removal. 54
Figure 12. A pre-combustion capture system. 60
Figure 13. Carbon dioxide utilization and removal cycle. 64
Figure 14. Various pathways for CO2 utilization. 65
Figure 15. Example of underground carbon dioxide storage. 66
Figure 16. Transport of CCS technologies. 67
Figure 17. Railroad car for liquid CO₂ transport 70
Figure 18. Estimated costs of capture of one metric ton of carbon dioxide (Co2) by sector. 72
Figure 19. Cost of CO2 transported at different flowrates 73
Figure 20. Cost estimates for long-distance CO2 transport. 74
Figure 21. CO2 capture and separation technology. 76
Figure 22. Global capacity of point-source carbon capture and storage facilities. 79
Figure 23. Global carbon capture capacity by CO2 source, 2021. 80
Figure 24. Global carbon capture capacity by CO2 source, 2030. 80
Figure 25. Global carbon capture capacity by CO2 endpoint, 2021 and 2030. 81
Figure 26. Post-combustion carbon capture process. 84
Figure 27. Postcombustion CO2 Capture in a Coal-Fired Power Plant. 85
Figure 28. Oxy-combustion carbon capture process. 86
Figure 29. Liquid or supercritical CO2 carbon capture process. 87
Figure 30. Pre-combustion carbon capture process. 88
Figure 31. Amine-based absorption technology. 92
Figure 32. Pressure swing absorption technology. 96
Figure 33. Membrane separation technology. 98
Figure 34. Liquid or supercritical CO2 (cryogenic) distillation. 99
Figure 35. Process schematic of chemical looping. 100
Figure 36. Calix advanced calcination reactor. 101
Figure 37. Fuel Cell CO2 Capture diagram. 102
Figure 38. Microalgal carbon capture. 103
Figure 39. Cost of carbon capture. 108
Figure 40. CO2 capture capacity to 2030, MtCO2. 109
Figure 41. Capacity of large-scale CO2 capture projects, current and planned vs. the Net Zero Scenario, 2020-2030. 110
Figure 42. Bioenergy with carbon capture and storage (BECCS) process. 112
Figure 43. CO2 captured from air using liquid and solid sorbent DAC plants, storage, and reuse. 115
Figure 44. Global CO2 capture from biomass and DAC in the Net Zero Scenario. 116
Figure 45. DAC technologies. 118
Figure 46. Schematic of Climeworks DAC system. 119
Figure 47. Climeworks’ first commercial direct air capture (DAC) plant, based in Hinwil, Switzerland. 120
Figure 48. Flow diagram for solid sorbent DAC. 121
Figure 49. Direct air capture based on high temperature liquid sorbent by Carbon Engineering. 122
Figure 50. Global capacity of direct air capture facilities. 126
Figure 51. Global map of DAC and CCS plants. 132
Figure 52. Schematic of costs of DAC technologies. 134
Figure 53. DAC cost breakdown and comparison. 135
Figure 54. Operating costs of generic liquid and solid-based DAC systems. 137
Figure 55. Schematic of biochar production. 142
Figure 56. CO2 non-conversion and conversion technology, advantages and disadvantages. 145
Figure 57. Applications for CO2. 148
Figure 58. Cost to capture one metric ton of carbon, by sector. 148
Figure 59. Life cycle of CO2-derived products and services. 151
Figure 60. Co2 utilization pathways and products. 154
Figure 61. Plasma technology configurations and their advantages and disadvantages for CO2 conversion. 158
Figure 62. LanzaTech gas-fermentation process. 163
Figure 63. Schematic of biological CO2 conversion into e-fuels. 164
Figure 64. Econic catalyst systems. 167
Figure 65. Mineral carbonation processes. 170
Figure 66. Conversion route for CO2-derived fuels and chemical intermediates. 173
Figure 67. Conversion pathways for CO2-derived methane, methanol and diesel. 174
Figure 68. CO2 feedstock for the production of e-methanol. 175
Figure 69. 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 c 177
Figure 70. Audi synthetic fuels. 179
Figure 71. Conversion of CO2 into chemicals and fuels via different pathways. 182
Figure 72. Conversion pathways for CO2-derived polymeric materials 184
Figure 73. Conversion pathway for CO2-derived building materials. 188
Figure 74. Schematic of CCUS in cement sector. 189
Figure 75. Carbon8 Systems’ ACT process. 192
Figure 76. CO2 utilization in the Carbon Cure process. 193
Figure 77. Algal cultivation in the desert. 198
Figure 78. Example pathways for products from cyanobacteria. 199
Figure 79. Typical Flow Diagram for CO2 EOR. 203
Figure 80. Large CO2-EOR projects in different project stages by industry. 205
Figure 81. Carbon mineralization pathways. 209
Figure 82. CO2 Storage Overview - Site Options 212
Figure 83. CO2 injection into a saline formation while producing brine for beneficial use. 216
Figure 84. Subsurface storage cost estimation. 220
Figure 85. Air Products production process. 225
Figure 86. Aker carbon capture system. 227
Figure 87. ALGIECEL PhotoBioReactor. 230
Figure 88. Aspiring Materials method. 233
Figure 89. Aymium’s Biocarbon production. 236
Figure 90. Carbonminer technology. 252
Figure 91. Carbon Blade system. 256
Figure 92. CarbonCure Technology. 262
Figure 93. Direct Air Capture Process. 264
Figure 94. CRI process. 267
Figure 95. PCCSD Project in China. 281
Figure 96. Orca facility. 282
Figure 97. Process flow scheme of Compact Carbon Capture Plant. 287
Figure 98. Colyser process. 288
Figure 99. ECFORM electrolysis reactor schematic. 294
Figure 100. Dioxycle modular electrolyzer. 295
Figure 101. Fuel Cell Carbon Capture. 312
Figure 102. Topsoe's SynCORTM autothermal reforming technology. 317
Figure 103. Carbon Capture balloon. 320
Figure 104. Holy Grail DAC system. 321
Figure 105. INERATEC unit. 326
Figure 106. Infinitree swing method. 327
Figure 107. Made of Air's HexChar panels. 339
Figure 108. Mosaic Materials MOFs. 347
Figure 109. Neustark modular plant. 350
Figure 110. OCOchem’s Carbon Flux Electrolyzer. 356
Figure 111. ZerCaL™ process. 358
Figure 112. CCS project at Arthit offshore gas field. 368
Figure 113. RepAir technology. 371
Figure 114. Soletair Power unit. 381
Figure 115. Sunfire process for Blue Crude production. 387
Figure 116. O12 Reactor. 396
Figure 117. Sunglasses with lenses made from CO2-derived materials. 396
Figure 118. CO2 made car part. 397

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