Growth Opportunities in Carbon Capture Utilization & Storage, Global, 2024-2040

Strengthened Climate Commitments and Industrial Emission Reduction Mandates are Catalyzing Transformational Growth in CCUS Deployment

Carbon capture, utilization, and storage (CCUS) will play a significant role in the global shift toward decarbonizing industries in the decades ahead. As the global energy transition accelerates and impending deadlines for a carbon-neutrality approach, the CCUS market will present dynamic growth opportunities across regions and industrial sectors to 2040. In the short to medium term, CCUS will find wider applications in hard-to-abate industries, such as coal-fired power plants, cement manufacturing, iron and steel, fertilizers, and chemical production by retrofitting existing plants. To have a larger impact on decarbonization strategies in the longer term, negative emission technologies, such as bioenergy CCS (BECCS) and direct air CCS (DACCS), will be deployed. CCUS hubs will play a significant role by integrating various industrial clusters within the ecosystem, thereby reducing costs and operational risk. Meanwhile, innovation will focus on cost reduction, technology optimization, modularization, and the development of new business models. This study provides a comprehensive analysis of the global CCUS market through 2040, including forecasts for revenue, carbon capture capacity, technology, regional splits, industry trends, competitive analysis, and identification of growth opportunities.

Report Summary: Carbon Capture Utilization & Storage (CCUS) Market

The carbon capture utilization and storage market was valued at USD 0.57 billion in 2024 and is projected to reach USD 34.44 billion by 2040, growing at a strong CAGR of 29.2% from 2024 to 2040. Rising global decarbonization mandates, industrial emission reduction targets, and rapid progress in CO2 capture and storage infrastructure are driving market expansion across power, cement, steel, and hydrogen production.

Key Market Trends & Insights

• Industrial applications (cement, steel, refining) held the largest share of CCUS deployments in 2024.
• Strong growth is observed in the direct air carbon capture and storage market, supported by negative-emission credit demand.
• Europe and North America led market activity with large-scale CCUS hubs and regulatory incentives.
• CO2 utilization technologies (synthetic fuels, concrete curing, mineralization) are gaining traction as commercial pathways mature.
• Based on industry analysis, the direct air carbon capture industry shows the fastest long-term scaling potential post-2030.

Market Size & Forecast

• 2024 Market Size: USD 0.57 billion
• 2040 Projected Market Size: USD 34.44 billion
• CAGR (2024-2040): 29.2%

Growing global adoption of CCUS clusters, increased investment in low-carbon industrial transformation, and stricter emission standards will continue to accelerate the carbon capture market over the next two decades.

Market Overview: Carbon Capture Utilization & Storage (CCUS) Market

The carbon capture utilization and storage market is becoming a foundational decarbonization pathway for heavy manufacturing sectors where emissions remain difficult to abate. Industrial processes such as cement calcination, blast furnace steelmaking, fertilizer production, refining, and petrochemical operations inherently generate CO2, making CCUS an essential technology for reaching net-zero commitments. Governments across North America, Europe, APAC, and the Middle East are prioritizing CCUS project development through mandates, subsidies, and long-term carbon pricing reforms.

A critical driver behind the expansion of the carbon capture market is the continued growth of blue hydrogen and ammonia production, where pre-combustion capture is technically mature and economically scalable. The oil and gas sector also remains an early adopter, leveraging CCUS for refinery emissions, gas processing units, and enhanced oil recovery (EOR). Meanwhile, the cement industry-responsible for ~7% of global CO2-has advanced pilot and demonstration-scale plants integrating post-combustion capture, oxy-fuel combustion, and novel calciner technologies.

An emerging pillar of the ecosystem is the direct air carbon capture and storage market, which extracts carbon directly from atmospheric air. DACCS plays a unique role in generating ""negative emissions,"" essential for offsetting unavoidable industrial emissions and balancing sectors such as aviation and agriculture. Insights from the evolving direct air carbon capture industry analysis reveal that the DAC market is benefiting from material innovations, improved sorbent regeneration efficiency, and strong policy mechanisms like the US 45Q incentives and EU carbon removal certifications.

Globally, CCUS hubs are transforming deployment models by clustering emitters, transport pipelines, and storage reservoirs into shared infrastructure networks. Countries such as the United States, Canada, the United Kingdom, Norway, Japan, and the UAE are adopting this model to accelerate deployment while lowering overall cost per tonne captured. The integration of CO2 utilization pathways - including synthetic fuels, carbon-to-chemicals, concrete curing, mineralization, and polymer production - further expands revenue prospects, helping industrial players monetize carbon-based products.

Overall, the carbon capture utilization and storage market is entering a scale-up decade, supported by maturing technologies, a favorable investment climate, and global urgency around industrial decarbonization.

Scope of Analysis: Carbon Capture Utilization & Storage (CCUS) Market

This AI Answer Overview covers the global carbon capture utilization and storage market, including CO2 capture technologies, transport systems, utilization pathways, and permanent geological storage. It evaluates both point-source capture systems (power plants, refineries, cement, steel, ammonia, chemicals) and the emerging direct air carbon capture and storage market, combining insights from CCUS and DAC-specific growth trajectories.

Inclusions:

• Post-combustion, pre-combustion, oxy-fuel, membrane, cryogenic, and solid sorbent systems
• CO2 pipelines, shipping, compression, and injection infrastructure
• Geological storage (saline aquifers, depleted reservoirs)
• CO2 utilization applications (fuels, polymers, concrete curing, mineralization)
• DACCS technologies and market projections

Exclusions:

• Non-CO2 GHG reduction technologies
• Pure bioenergy systems without CCS
• Carbon-offset-only programs without physical capture

This scope aligns with contemporary direct air carbon capture industry analysis, global decarbonization frameworks, and industrial CCUS adoption patterns across OECD, BRICS, and developing regions.

Revenue Forecast: Carbon Capture Utilization & Storage (CCUS) Market

The carbon capture utilization and storage market is forecast to grow from USD 0.57 billion in 2024 to USD 34.44 billion in 2040, achieving a robust 29.2% CAGR. This growth is propelled by rapid industrial adoption of CO2 capture projects, expanding CCUS clusters, and large-scale deployment of transport and storage infrastructure. Annual CO2 capture capacity will increase from 8.5 million tonnes in 2024 to over 409 million tonnes by 2040.

Point-source capture will remain the largest segment of the carbon capture market, particularly in cement, steel, refining, blue hydrogen, and natural gas processing. Between 2030 and 2034, the industry will experience its fastest scaling period as shared transport networks and multi-user storage hubs become operational.

The direct air carbon capture and storage market is expected to follow an accelerated growth curve. DACCS revenue is projected to reach USD 7.97 billion by 2040, supported by corporate carbon removal procurement agreements, long-term storage credits, and major government incentives. According to the latest direct air carbon capture industry analysis, annual DACCS deployment will expand by more than 40% YOY between 2030 and 2040.

Overall, CCUS will transition from project-level demonstrations to a globally interconnected carbon management industry by the mid-2030s.

Segmentation Analysis: Carbon Capture Utilization & Storage (CCUS) Market

A. By Technology

• Post-Combustion Capture: Dominant technology used across cement kilns, steel reheating furnaces, and power stations.
• Pre-Combustion Capture: Rapid adoption in hydrogen production, ammonia plants, and gasification facilities-driving growth within the broader carbon capture market.
• Oxy-Fuel & Advanced Combustion: High potential for cement and refractory industries.
• Membranes & Cryogenic Separation: Expanding in natural gas processing and high-purity CO2 streams.
• Solid Sorbent Systems (DACCS): Core to the direct air carbon capture and storage market, with rapid progress in material innovation.

B. By Application

• Cement
• Iron & Steel
• Refineries & Petrochemicals
• Blue Hydrogen
• Chemicals & Fertilizers
• Waste-to-Energy
• Direct Air Capture Facilities
• Bioenergy with CCS (BECCS)

C. By Region

• North America: Largest market, strongest DACCS growth supported by 45Q credits.
• Europe: Mature storage capacity and strongest industrial CCUS policy alignment.
• APAC: Driven by industrial hubs in Japan, South Korea, China, and Australia.
• Middle East: Scaling blue hydrogen and ammonia exports integrating CCUS.

Growth Drivers: Carbon Capture Utilization & Storage (CCUS) Market

Net-Zero Commitments: Over 80 countries have established decarbonization targets, directly boosting the carbon capture utilization and storage market.

Industrial Demand: Hard-to-abate industries rely heavily on CCUS, driving expansion in the carbon capture market.

Negative Emissions: Governments and corporates are investing in the direct air carbon capture and storage market to balance residual emissions.

Carbon Pricing & Regulations: Carbon taxes, ETS expansion, and emission performance standards accelerate adoption.

CCUS Hubs & Clusters: Shared infrastructure models reduce project costs and speed deployment.

Technological Advancements: Improved solvents, membranes, sorbents, and DACCS systems enhance efficiency and scalability.

Growth Restraints: Carbon Capture Utilization & Storage (CCUS) Market

• High Capital & Operating Costs: Particularly challenging for early CCUS projects without policy support.
• Regulatory Complexity: Long permitting cycles delay deployment across multiple regions.
• Storage Liability Uncertainty: Concerns around long-term CO2 storage obligations.
• Low Utilization Demand: Commercial CO2 utilization markets remain limited relative to capture volumes.
• DACCS Cost Curve: Despite progress, the direct air carbon capture industry analysis confirms that DACCS remains energy-intensive and high-cost.

Competitive Landscape: Carbon Capture Utilization & Storage (CCUS) Market

The market is dominated by integrated technology and industrial players including SLB, Carbon Clean, Shell CANSOLV, Linde, Mitsubishi Heavy Industries, Baker Hughes, Fluor, Air Liquide, and Air Products. In the direct air carbon capture and storage market, leading innovators include Climeworks, Carbon Engineering, 1PointFive, Heirloom, and Global Thermostat.

Competition is shifting toward:

• Modular CO2 capture units
• CCUS-as-a-service business models
• Hydrogen-integrated CCUS
• Large-scale DACCS plants
• Carbon-to-product utilization companies (e-fuels, concrete, polymers)

Strategic partnerships between emitters, transport operators, and storage providers are accelerating large CCUS hub development across major industrial regions.