CCUS Absorption Market Size, Share, By Absorption Type (Chemical Absorption, Physical Absorption), By End-Use (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, and Iron & Steel), and By Region - Trends, Analysis and Forecast till 2034

CCUS Absorption Market Size was valued at USD 1.4 Billion in 2024 and is expected to reach USD 11.6 Billion by 2034, growing at a CAGR of 26.1%

CCUS Absorption is a complicated process that is initiated by the capture of carbon dioxide from sources of emission. Commonly applied in most cases, flue gases will be passed through a liquid solvent, usually an amine solution, generally of the monoethanolamide kind, MEA. When flue gas bubbles through the solvent, the CO2 molecules shall be held—chemically bonded—by the amine groups, which separate them from other gases. This process takes place in an absorption column where the temperature and pressure conditions are maintained to maximize the capture efficiency of CO2. When the solvent becomes saturated with CO2, it gets pumped out to a regenerating unit, which gets heated to break the chemical bonds and free concentrated CO2. The regenerated solvent is then cooled and re-circulated in the absorption column to make it a continuous process. This concentrated captured CO2, therefore, is compressed and ready for transport. It can be transported by pipelines, ships, or trucks to its destination for use or storage. The CO2 can either be used for enhanced oil recovery, where it will be injected into the oil reservoir to increase production, or converted into useful products such as building materials, plastics, or fuels. Usually, long-term storage is done in deep underground geologic formations, such as depleted oil and gas reservoirs or saline aquifers. These formations must be appropriately selected and monitored so that CO2 will remain locked away forever.

Even against challenges, CCUS Absorption is rated as a core technology for climate goals in hard-to-decarbonize sectors such as cement and steel production. In the short to medium term, it will be able to continue running on fossil fuels but with shallow carbon footprints. They recognize that many countries and companies have already begun investing in research and demonstration projects on CCUS processes as part of their strategies for reducing emissions. With continued technology maturing and declining costs, CCUS absorption will undoubtedly become crucial in global efforts to mitigate climate change.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Key Drivers of Target Market:

Climate Change and Environmental Regulations:

• The rising global concern about climate change and strengthening environmental regulations make CCUS key in decarbonization strategies. Tightening emission limits by governments at different levels, besides carbon pricing mechanisms, encourages industries to decrease carbon emissions through CCUS measures. These regulatory pressures are imposing enormous investment in research, development, and deployment-related activities associated with CCUS, backed by rising public awareness about climate change.

Energy Security and Diversification:

• CCUS can help ensure energy security by making continued fossil fuel use compatible with low carbon intensity. Further, it will help develop a low-carbon energy mix that includes hydrogen and other synthetic fuels derived from captured CO2. CCUS also offers improved power system efficiency and flexibility by facilitating variable renewables integration into the generation mix. CCUS captures and stores CO2 to balance fluctuations in renewable generation and provides grid reliability.

Restrains:

High Capital and Operating Costs:

• CCUS technology requires substantial upfront investments in capturing, transporting, and storing CO2. Moreover, the operational costs of the process, based on energy consumption and maintenance, can run into large sums. The high-cost acts as a significant barrier to full-scale diffusion into applications, especially in smaller industrial plants. This will call for a combination of strategies to meet this challenge. First of all, technical development needs to continue to reduce the capital and operating costs of CCUS systems. Government policies and incentives can also significantly contribute to offering tax breaks, subsidies, and other financial support mechanisms in CCUS projects. Innovative business models, such as carbon capture and storage as a service, will involve sharing the financial burden and associated risk among multiple stakeholders. Finally, research and development success should lie in developing cost-effective and efficient CCUS technologies that involve next-generation materials, advanced capture processes, and optimized storage solutions.

Opportunities:

Market Expansion and Job Creation:

• CCUS will grow tremendously with the surging global demand for carbon reduction solutions. As stricter targets are put in place for climate change by countries and businesses worldwide, so is the market for CCUS technologies and services. This growth creates a vast opportunity running through the value chain from technology development and engineering to project management, operations, and maintenance. In employment, CCUS has high potential in various industries, such as manufacturing, construction engineering, and research. Innovation and entrepreneurship through new CCUS technologies and business models are expected to be harnessed to spur economic growth and develop high-value jobs.

The market is segmented based on Absorption Type, End-Use, and Region.

Absorption Type Insights:

• Chemical Absorption: Chemical absorption is a process that involves using chemicals like amines to absorb CO2 from flue gases. It is very efficient, especially at lower CO2 concentrations, and thus finds favor in industries related to power generation and cement production. On the downside, this process involves high energy requirements for the regeneration of the absorbent, which may affect the efficiency of the whole process.
• Physical Absorption: This process is based on physical solvents like Selexol and Rectisol. In this process, the absorption of CO2 depends on its partial pressure. Thus, high pressure favors the process, making it fit for natural gas processing or any other high-pressure application. The lower energy requirements for solvent regeneration provide a cost advantage in certain instances.

End-Use Insights:

• Oil & Gas: CCUS technologies are used for CO2 capture to enhance oil recovery and reduce the extent of associated emissions from refining and processing activities within the oil and gas industry. This segment is driven mainly by regulatory pressures and the need for sustainable operations.
• Power Generation: The power sector remains one of the significant sources of CO2 emissions, mainly from coal- and gas-fired power plants. CCUS technologies capture these sources of emissions to aid in the transition toward low-carbon energy systems, and this segment is critical to meet global climate targets.
• Chemical & Petrochemical: In this industry segment, CCUS is used to capture CO2 produced by the chemical production process, for example, in ammonia or hydrogen production. The captured CO2 can be used to produce synthetic fuels and other chemicals, enhancing circular economy practices.
• Cement production has a high carbon footprint. CCUS, in this sector, focuses on capturing calcination processes that involve heating limestone to produce clinker. Integrating CCUS in this industry is key to reducing carbon emissions.
• Iron & Steel: This industry produces huge volumes of CO2 due to the reduction of iron ore. CCUS technologies, particularly from blast furnaces, help the sector voice in line with decarbonization at the point of capture of these huge volumes of emissions.

Regional Insights

• North America: The deployment of CCUS is highest in this region, which is supported by strong government support, better technological development, and major investments in the United States. This is also one of the major reasons that this region has a well-developed oil and gas industry.
• Asia Pacific: The region has been undergoing rapid industrialization, which demands more energy, increasing CCUS implementation in the region. Considerable investments in CCUS by countries like China, Japan, and South Korea will help attain carbon neutrality while reducing industrial emissions.
• Europe: Europe holds a significant share of the global CCUS market, driven mainly by strict environmental norms and ambitious climate goals. The European Union Green Deal and various national initiatives drive the adoption of CCUS technologies in many sectors.
• Latin America: CCUS technologies are being adopted slowly in this region, with most of the activities relating to the oil and gas sector. Pilot projects are leading the way in Brazil, while several other countries examine the potential for CCUS to help deliver their sustainable development goals.
• Middle East and Africa: Whereas in the Middle East, CCUS is mainly required for enhanced oil recovery, in Africa, the situation is different and at an early stage of its adoption. These huge regional hydrocarbon reserves and the pressing need to reduce emissions make CCUS attractive, with many countries already investing in pilot projects.

CCUS Absorption Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Absorption Type, End-Use, and Region.

Segmentation:

By Absorption Type:

• Chemical Absorption
• Physical Absorption

By End-Use:

• Oil & Gas
• Power Generation
• Chemical & Petrochemical
• Cement
• Iron & Steel

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the CCUS Absorption Market include ExxonMobil Corporation, Equinor ASA, Honeywell International Inc., Fluor Corporation, Mitsubishi Heavy Industries Ltd., Royal Dutch Shell Pic, TotalEnergies SE, BASF SE, JGC Holdings Corporation, Schlumberger Ltd., Aker Solutions, Siemens AG, Hitachi Ltd., General Electric, Chevron lon Clean Energy.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In February 2024, Veolia launched a site feasibility study ahead of a pilot project to capture carbon emissions from the combustion of non-recyclable biogenic waste in UK energy recovery facilities (ERFs). The initiative aims to manufacture green fuels by capturing, extracting, and purifying CO2. Veolia stated that the process might produce synthetic green end products such as kerosene, methanol, and specialty chemical compounds. Engineered by Veolia's in-house design teams, the system employs Advanced Amine technology to collect carbon emissions from the combustion of non-recyclable biogenic waste, which accounts for approximately 60% of the carbon dioxide emissions generated during the incineration process.

• ExxonMobil Corporation*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Equinor ASA
• Honeywell International Inc.
• Fluor Corporation
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell Pic
• TotalEnergies SE
• BASF SE
• JGC Holdings Corporation
• Schlumberger Ltd.
• Aker Solutions
• Siemens AG
• Hitachi Ltd.
• General Electric
• Chevron lon Clean Energy

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Absorption Type
  • Market Snippet, By End-Use
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, By Absorption Type, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Chemical Absorption
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Physical Absorption
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By End-Use, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Oil & Gas
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Power Generation
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Chemical & Petrochemical
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Cement
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Iron & Steel
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Absorption Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-Use, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Absorption Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-Use, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Absorption Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-Use, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Absorption Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-Use, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Absorption Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Source, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By End-Use, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• ExxonMobil Corporation
• Equinor ASA
• Honeywell International Inc.
• Fluor Corporation
• Mitsubishi Heavy Industries Ltd.
• Royal Dutch Shell Pic
• TotalEnergies SE
• BASF SE
• JGC Holdings Corporation
• Schlumberger Ltd.
• Aker Solutions
• Siemens AG
• Hitachi Ltd.
• General Electric
• Chevron lon Clean Energy

The Last Word

• Future Impact
• About Us
• Contact