Page 179 - CW E-Magazine (17-9-2024)

Special Report Special Report

Carbon dioxide utilisation market to grow to $240-bn

by 2045

arbon capture technologies research report, ‘Carbon Dioxide Utili- ane, methanol, kerosene, diesel, and
capable of removing CO from sation 2025-2045: Technologies, gasoline), CO -derived chemicals, and
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Cindustrial emissions have been Market Forecasts, and Players’, sales CO yield boosting applications (crop
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around for over 50 years, but wide- from CO utilisation will directly greenhouses, algae, and proteins).
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scale deployment of Carbon Capture, generate $240-bn in revenue in 2045.
Utilisation & Storage (CCUS) has Chemicals made from captured
been too slow for global net-zero The new carbon-containing pro- CO are already profi table
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ambitions. ducts can be sold to generate fi nancial Profi table production of CO -
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benefi ts while offering a reduction in derived polymers has been around for
While governments are beginning carbon footprint. decades. Asahi Kasei pioneered pro-
to implement carbon pricing mecha- duction of polycarbonate from waste
nisms or tax credits to motivate perma- The leading fate of captured CO 2 CO in 2002. The total annual produc-
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nent storage of CO deep underground, today is enhanced oil recovery – a tion capacity of polycarbonate resin
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a profi table business model exists method of reversing productivity de- using CO utilisation technology has
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beyond CO sequestration via emerging cline in depleted oil fi elds. However, now reached about 1-mtpa. Other es-
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CO utilisation applications. there are many emerging areas of sential plastics, such as polyethylene
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CO recycling, including CO -derived and polyethylene terephthalate (PET),
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According to the new IDTechEx concrete, CO -derived fuels (meth- are starting to be made from CO via
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Fig. 2: CO utilisation categories
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Source: IDTechEx
thermochemical and biological con- hydrogen electrolyser capacity scales up and is expected to produce thousands
version routes, with LanzaTech lead- worldwide, production of e-fuels from of tonnes per annum of CO -derived
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ing microbial innovation in this space. CO using Power-to-X technology will e-fuels.
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Drop-in chemicals such as CO - also increase. These fuels are expected
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derived ethanol and aromatics are also to play a role in decarbonizing ship- CO -derived concrete can help
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being commercialised. ping and aviation as full electrifi cation build a net-negative future
of the aviation and maritime sectors is CO utilisation can lower the car-
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While potentially all carbon-con- currently unfeasible. bon footprint of ready-mixed con-
taining chemicals could utilise CO in crete, precast concrete, and carbonate
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production, those requiring non-reduc- Several CO -derived fuels are aggregates/supplementary cementitious
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tive pathways are the most promising already being commercially produced materials through CO minerali-
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due to a smaller energy demand and with many more commercial faci- sation reactions. Players already utili-
lack of dependency on low-carbon lities expected over the next decade. sing over 10-ktpa of CO each year in
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hydrogen production. The start of 2024 saw Mitsui and carbonates include O.C.O Technology
Celanese’s joint venture, Fairway and Greenore.
CO -derived fuels could decarbonize Methanol, become operational, join-
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the aviation and shipping sectors ing plants from Carbon Recycling When CO is permanently stored
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To date, alternative fuels have not International in producing over 100- in concrete, performance is improved,
achieved price parity with fossil fuels, ktpa of methanol made from captured and less cement is needed. Growth of
inhibiting market uptake. However, CO . Other hydrocarbon fuels such as CO -derived building materials will be
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increased market penetration of CO - kerosene, diesel, and gasoline, which driven by new certifi cations, superior
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derived fuels is expected to come can be made via methanol or syngas materials performance, and the ability
from regulations already being put in intermediates, are also being ramped to achieve price parity through waste
Fig. 1: Share of direct revenue from sale of CO utilisation products place, such as fuel-blend mandates up. For example, Infi nium’s Corpus disposal fees and the sale of carbon
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Additional revenue streams such as tax credits, carbon credit sales, and waste disposal fees are not for long-haul transportation. As green Facility opened its doors this year, credits.
included.
Source: IDTechEx
178 Chemical Weekly September 17, 2024 Chemical Weekly September 17, 2024 179
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