CCUS Absorption Market

CCUS Absorption Market by Absorption Type (Chemical Absorption, Physical Absorption), End-Use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030

Report Code: CH 9055 Jun, 2024, by

CCUS Absorption Market

The global CCUS absorption market is valued at USD 0.4 billion in 2024 and is projected to reach USD 1.7 billion by 2030, growing at 26.5% cagr from 2024 to 2030. The beneficial properties of CCUS absorption make them suitable for various end-use industries, growing demand for reducing carbon footprint from industrial sources and advanced electronic goods to drive the consumption of CCUS absorption.

Carbon Capture Utilization and Storage (CCUS) absorption refers to the process of capturing carbon dioxide (CO2) from industrial processes and converting it into valuable products or storing it in geological formations. This technology involves the deployment of chemical and physical absorption techniques to capture CO2 from various sources, including power generation, industrial facilities, and biomass combustion.

Attractive Opportunities in CCUS Absorption Market Trends

CCUS Absorption Market

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CCUS Absorption Market

CCUS absorption Market Dynamics

Driver: Growing Focus on Reducing CO2 Emissions

CCUS technology is used to gather CO2 from a variety of sources and transport it to locations where it can be used or stored. Dependence on fossil fuels for energy is the primary source of carbon emissions into the atmosphere. CCUS technology can minimize greenhouse gas emissions from industrial sources. The growing global concern about climate change has positively influenced the adoption of CCUS. For example, the United States government issued an executive order aiming to generate carbon-free electricity by 2030.

To achieve net zero emission targets, governments throughout the world are aggressively encouraging businesses to minimize their carbon footprints and deploy CCUS technologies by offering tax credits.

Restraint: High cost of carbon capture and storage to restrict the market growth

The CCUS technology requires a large capital investment and is more expensive to operate and maintain. As a result, industries are hesitant to invest in technology. The adoption also takes a toll on the process efficiency of the plants, because most of the facilities are not built to use such capture technology. Carbon capture and storage costs encompass the full value chain, including carbon collection at the source, transportation, storage, and usage at end-use applications. This does not create enough revenue to cover the investments made. For example, the cost of adding a CO2 scrubber for post-combustion and an air-separation unit for oxy-fuel technology raises both the initial CAPEX and the additional operating and maintenance costs. The carbon storage locations also require significant CAPEX for initial exploration, site assessment, and site preparation. Furthermore, companies that store captured carbon must bear the cost of monitoring for CO2 leakage. Companies are hesitant to use CCUS technology due to the high investment commitment involved.

Opportunity: Continuous investments in developing innovative capturing technologies to create lucrative opportunities for the market

Carbon capture systems must be developed continuously in order to keep power generating and industrial facilities cost-effective. There is an increasing investment in R&D and demonstration initiatives to create next-generation CO2 collection technology. These solutions address three major issues: minimizing the impact of CO2 capture on power generation capacity, increasing the cost-effectiveness of CO2 capture systems, and scaling up novel carbon capture technologies to the necessary level for full-scale development at power plants. These technologies have the potential to reduce energy costs when compared to established methods.

 Various technology providers are investing substantially and working to reduce carbon-capturing costs, bringing them down to less than USD 30 per million tons of CO2. This propensity towards the development of advanced technology solutions will create an enormous potential to improve the existing adoption of carbon capture, use, and storage globally.

Challenge: Reducing carbon capturing cost to be a major challenge for market growth

Currently, the only source of income for businesses using CCUS technology is tax breaks offered by governments to entice more businesses to use CCUS technology. At this point, the likelihood of making money with this technology is extremely low. The technology implementation method that results in the highest operational and maintenance costs is carbon capture. The effective cost of removing carbon from the sources of emissions is greatly increased by this. In order to lower the effective costs of carbon capture, the capture technology that is currently in use is inefficient. In order to attain increased efficiency in carbon capture, investments in product innovation and technological developments become imperative. Over the course of the period, the effective cost of capture will drop, despite the fact that this will temporarily raise the price of carbon capture. In an attempt to decrease the effective cost of the carbon capture process and increase efficiency, the corporations are always assessing their opportunities to develop innovative technologies. Long-term use of CCUS technology faces significant obstacles, such as this one.

CCUS Absorption Market Ecosystem:

CCUS Absorption Market Ecosystem

Based on the nd-use industry, the segment is estimated to account for the highest CAGR in the CCUS absorption Market share during the forecast period.

Carbon capture and storage is an innovative technology that can significantly reduce CO2 emissions and thereby reduce the environmental effect of industrial activities around the world. Carbon capture, use, and storage in oil and gas processing is one of the market's primary drivers. Natural gas processing plants produced the majority of CO2 in 2023. According to the EIA, natural gas generation will increase at a rate of 2.7% per year between 2012 and 2040, accounting for roughly 30% of global energy supply by 2040. Carbon capture, usage, and storage in this area will assist build a realistic path for a sustainable environment.

Based on absorption type, Chemical absorption is anticipated to register the highest CAGR in the CCUS absorption Market.

Chemical absorption is a common technology in Carbon Capture, Utilization, and Storage (CCUS) that uses solvents to capture carbon dioxide (CO2) from a variety of sources, including power plants and industrial facilities. The procedure entails choosing an appropriate solvent, usually amines, that can react with CO2 to generate a chemical molecule. The flue gas is treated to eliminate pollutants before entering an absorption column and contacting the solvent. The CO2-rich solvent is then heated, releasing the trapped CO2, which is compressed and transferred for storage or use. The solvent is regenerated by eliminating CO2 and returning to its original composition. Chemical absorption has excellent capture rates, generally surpassing 90%, and is less expensive than other CCUS approaches. However, it is energy-intensive and necessitates frequent solvent replacement owing to deterioration. Despite these obstacles, chemical absorption is a feasible and frequently utilized method of large CO2 reduction, with continuous research targeted at improving efficiency and lowering costs.

North America to continue dominating theCCUS absorption market the forecast period.

North America is the biggest market for CCUS technology. Companies and institutional organizations in the United States have pioneered the technology. The companies have over 35 years of expertise utilizing CCUS technology. This has resulted in the development of advanced capture and storage technology in the country. The country's legislation and policies are also constructed in a way that encourages industrial players to adopt the technology by providing them with technology support and tax breaks. The region is at the forefront of the global deployment of CCUS technology, having incorporated or retrofitted the technology into major oil and gas operations. The widespread adoption of CCUS is a result of people's growing awareness of climate change and their shifting perspectives on using renewable energy sources to lower their carbon footprints.

CCUS Absorption Market by Region

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CCUS Absorption Market Players

The CCUS absorption Market is dominated by a few globally established players. ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US), among others, are the main producers who have won significant contracts recently. Since global requirements are changing, contracts and new product development have received the majority of attention.

These companies are attempting to establish themselves in the CCUS absorption Market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major CCUS absorption Market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.

CCUS Absorption Market Report Scope

Report Metric


Market size available for years


Base year considered


Forecast period


Units considered

Value (USD Million/Billion), Volume (ton)

Segments Covered

Absorption type, End-Use Industry and Region

Geographies covered

Europe, North America, Asia Pacific, South America, Middle East and Africa

Companies covered

ExxonMobil Corporation (US), Equinor ASA (Norway), Honeywell International Inc. (US), Fluor Corporation (US), Mitsubishi Heavy Industries Ltd. (Japan), Royal Dutch Shell Plc (Britain), TotalEnergies SE (France), BASF SE (Germany), JGC Holdings Corporation (Japan), Schlumberger Ltd. (US), Aker Solutions (Norway), Siemens AG (Germany), Hitachi Ltd. (Japan), General Electric (US), Chevron Ion Clean Energy (US).

The study categorizes the CCUS Absorption market based on Type, Form, Application, End-Use Industry, and Region.

By Absorption type
  • Chemical Absorption
  • Physical Absorption
By End-Use Industry
  • Oil & Gas
  • Power Generation
  • Chemicals & Petrochemicals
  • Cement
  • Iron & Steel
  • Others
By Region:
  • North America
  • Asia Pacific
  • Europe
  • South America
  • Middle East & Africa

Recent Developments

  • In July 2023, Fluor Corporation revealed its memorandum of understanding (MOU) with Carbfix, the pioneer in carbon dioxide (CO2) mineral storage, to explore comprehensive carbon capture and storage (CCS) solutions.
  • In June 2023, TotalEnergies SE, Petronas and Mitsui & Co. Ltd., have signed a development agreement to collaborate on a carbon capture and storage (CCS) project in Malaysia.
  • In June 2023, Aker Solutions signed an agreement with Doosan Babcock to jointly deliver carbon capture and storage (CCS) projects in the UK.
  • In April 2023, Fluor Corporation (NYSE: FLR) recently signed a license agreement with Federated Co-Operatives Limited (FCL) to implement Fluor’s Econamine FG PlusSM carbon capture technology at Saskatchewan, Canada.
  • In November 2022, ExxonMobil and MHI have formed a carbon capture technology alliance to facilitate industry decarbonization projects..

Frequently Asked Questions (FAQ):

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1 Introduction  
    1.1 Objectives of the Study 
    1.2 Market Definition 
    1.3 Market Scope 
           1.3.1 Markets Covered
           1.3.2 Years Considered in the Report
    1.4 Currency 
    1.5 Limitations 
    1.6 Stakeholders 
2 Research Methodology 
    2.1 Market Share Estimation 
           2.1.1 Secondary Data
           Key Data from Secondary Sources
           2.1.2 Primary Data
           Key Data from Primary Sources
           Key Industry Insights
    2.2 Market Size Estimation 
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation 
    2.4 Research Assumptions 
    2.5 Impact of Recession 
3 Executive Summary 
4 Premium Insights  
    4.1 Significant Opportunities in CCUS Absorption Market, 2024–2029 
    4.2 CCUS Absorption Market, By Absorption Type  
    4.3 CCUS Absorption Market, By End-Use Industry 
    4.4 CCUS Absorption Market, By Country 
5 Market Overview  
    5.1 Introduction 
    5.2 Market Dynamics 
           5.2.1 Drivers
           5.2.2 Restraints
           5.2.3 Opportunities
           5.2.4 Challenges
    5.3 Porter's Five Forces Analysis 
           5.3.1 Bargaining Power of Suppliers
           5.3.2 Bargaining Power of Buyers
           5.3.3 Threat of New Entrants
           5.3.4 Threat of Substitutes
           5.3.5 Degree of Competition
    5.4 Supply Chain Analysis 
    5.5 Ecosystem: CCUS Absorption Market 
    5.6 Value Chain Analysis 
    5.7 Raw Material Analysis 
    5.8  Pricing Analysis 
           5.8.1 Average Selling Price Trend of Key Players, By Absorption Type 
           5.8.2 Average Selling Price Trend, By End-Use Industry
           5.8.4 Average Selling Price Trend, By Region 
    5.9 Trends and Disruptions Impacting Customers 
    5.10 Trade Analysis 
    5.11 Patent Analysis 
    5.12 Technology Analysis 
           5.12.1 Key Technology
           5.12.2 Complementary Technology
    5.13 Key Conference & Events in 2024-2025 
    5.14 Investment and Funding Scenario 
    5.15 Case Study Analysis 
    5.16 Regulatory Landscape 
           5.16.1 Regulatory Bodies, Government Agencies, and Other Organizations
           5.16.2 Regulations in CCUS Absorption Market
    5.17 Key Stakeholders & Buying Criteria 
           5.17.1 Key stakeholders in Buying Process
           5.17.2 Buying Criteria
6 CCUS Absorption Market, By Absorption Type 
    6.1 Physical Absorption 
    6.2 Chemical Absorption 
7 CCUS Absorption Market, By End-Use Industry 
    7.1 Power Generation  
    7.2 Oil & Gas 
    7.3 Chemical & Petrochemical 
    7.4 Cement 
    7.5 Iron & Steel 
    7.6 Others 
8 CCUS Absorption Market, By Region 
    8.1 Introduction 
    8.2 North America 
           8.2.1 Impact of Recession in North America
           8.2.2 CCUS Absorption Market Size in North America, By Absorption Type
           8.2.3 CCUS Absorption Market Size in North America, By End-Use Industry 
           8.2.4 CCUS Absorption Market Size in North America, By Manufacturing Process 
           8.2.5 CCUS Absorption Market Size in North America, By Country
                      CCUS Absorption Market Size in Canada, By Absorption Type 
                      CCUS Absorption Market Size in US, By Absorption Type
    8.3 Europe 
           8.3.1 Impact of Recession in Europe
           8.3.2 CCUS Absorption Market Size in Europe, By Absorption Type
           8.3.3 CCUS Absorption Market Size in Europe, By End-Use Industry 
           8.3.4 CCUS Absorption Market Size in Europe, By Country
                      CCUS Absorption Market Size in Germany, By Absorption Type
                      CCUS Absorption Market Size in France, By Absorption Type
                      CCUS Absorption Market Size in UK, By Absorption Type
                      CCUS Absorption Market Size in Spain, By Absorption Type
                      CCUS Absorption Market Size in Italy, By Absorption Type
           Rest of Europe
                      CCUS Absorption Market Size in Rest of Europe, By Absorption Type
    8.4 Asia-Pacific 
           8.4.1 Impact of Recession in Asia Pacific
           8.4.2 CCUS Absorption Market Size in Asia-Pacific, By Absorption Type
           8.4.3 CCUS Absorption Market Size in Asia-Pacific, By End-Use Industry 
           8.4.4 CCUS Absorption Market Size in Asia-Pacific, By Country
                      CCUS Absorption Market Size in China, By Absorption Type
                      CCUS Absorption Market Size in Japan, By Absorption Type
                      CCUS Absorption Market Size in India, By Absorption Type
                      CCUS Absorption Market Size in Australia, By Absorption Type
           South Korea 
                      CCUS Absorption Market Size in South Korea, By Absorption Type
                      CCUS Absorption Market Size in Thailand, By Absorption Type
           Rest of Asia Pacific
                      CCUS Absorption Market Size in Rest of Asia Pacific, By Absorption Type
    8.5 Latin America 
           8.5.1 Impact of Recession in Latin America
           8.5.2 CCUS Absorption Market Size in Latin America, By Absorption Type
           8.5.3 CCUS Absorption Market Size in South America, By End-Use Industry 
           8.5.4 CCUS Absorption Market Size in South America, By Country
                      CCUS Absorption Market Size in Brazil, By Absorption Type
                      CCUS Absorption Market Size in Mexico, By Absorption Type
                      CCUS Absorption Market Size in Argentina, By Absorption Type
                      CCUS Absorption Market Size in Latin America, By Absorption Type 
    8.6 Middle East & Africa 
           8.6.1 Impact of Recession in Middle East & Africa
           8.6.2 CCUS Absorption Market Size in Middle East & Africa, By Absorption Type
           8.6.3 CCUS Absorption Market Size in Middle East & Africa, By End-Use Industry 
           8.6.4 CCUS Absorption Market Size in Middle East & Africa, By Country
           GCC Countries
                      CCUS Absorption Market Size in GCC Countries, By Absorption Type
                      Saudi Arabia
                      Rest of GCC Countries
           South Africa
                      CCUS Absorption Market Size in South Africa, By Absorption Type
           Rest of Middle East & Africa
                      CCUS Absorption Market Size in Rest of Middle East & Africa, By Absorption Type
9 Competitive Landscape  
    9.1 Introduction 
    9.2 Key Player Strategies/Right to Win 
    9.3 Market Share Analysis 
    9.4 Revenue Analysis  
    9.6 Brand/Product Comparison 
    9.7 Company Evaluation Matrix: Key Players 2024 
           9.7.1 Stars
           9.7.2 Emerging Leaders
           9.7.3 Pervasive Players
           9.7.4 Participants
           9.7.5 Company Footprint: Key Players 2024
           Company Footprint
           Region Footprint
           Absorption Type Footprint
           End-Use Industry Footprint
    9.8 Company Evaluation Matrix: Startups/SMEs, 2024 
           9.8.1 Progressive Companies
           9.8.2 Responsive Companies
           9.8.3 Dynamic Companies
           9.8.4 Starting Blocks
           9.8.5 Competitive Benchmarking: Startups/SMEs, 2024
           Detailed List of Key Startups/SMEs
           Competitive Benchmarking of Key Startups/SMEs
    9.9 Company Valuation and Financial Metrics  
    9.10 Competitive Scenario 
           9.10.1 Product Launches 
           9.10.2 Acquisitions
           9.10.3 Mergers & Acquisitions
           9.10.4 Partnerships, Collaborations, Alliances, and Joint Ventures
10 Company Profiles  
* (Business Overview, Products Mix, Recent Developments, SWOT Analysis, MnM view)
     10.1 ExxonMobil Corporation  
     10.2 Equinor ASA 
     10.3 Honeywell Corporation 
     10.4 Fluor Corporation 
     10.5 Mitsubishi Heavy Industries Ltd. 
     10.6 Royal Dutch Shell Plc 
     10.7 TotalEnergies SE 
     10.8 BASF SE 
     10.9 JGC Holdings Corporation 
     10.1 Schlumberger Ltd.  
     10.11 Aker Solutions ASA 
     10.12 Siemens AG 
     10.13 Hitachi Ltd. 
     10.14 General Electric 
     10.15 Chevron 
     10.16 BP p.l.c. 
     10.17 Occidental 
     10.18 Carbon Clean Solutions Ltd.  
*Details Might Not Be Captured in Case of Unlisted Companies.
Note: This is the tentative list, we will provide you with the company profiles of major companies in this market.  
11 Appendix 

The study involves two major activities in estimating the current size of the CCUS Absorption market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to determine the extent of market segments and sub-segments.

Secondary Research

In the secondary research process, information has been sourced from annual reports, press releases & investor presentations of companies; white papers; certified publications; trade directories; articles from recognized authors; and databases. Secondary research has been used to obtain critical information about the industry's value chain, the total pool of key players, market classification & segmentation according to industry trends to the bottom-most level, and regional markets. These have also been utilized to obtain information about the key developments from a market-oriented perspective.

Primary Research

The stakeholders in the value chain of the CCUS Absorption market include raw material suppliers, processors, end-product manufacturers, and end users. Various primary sources from the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Primary sources from the demand side include key opinion leaders from various end-use industries in the CCUS Absorption market. Primary sources from the supply side include experts from companies involved in CCUS Absorption.

Following is the breakdown of primary respondents:

CCUS Absorption Market Size, and Share

Notes: Tiers of companies are selected based on their ownership and revenues in 2023.

Others include sales managers, marketing managers, and product managers.

Source: Secondary Research, Expert Interviews, and MarketsandMarkets Analysis

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total CCUS Absorption market. These methods were also used extensively to determine the size of various sub-segments in the market. The research methodology used to estimate the market size included the following:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

CCUS Absorption Market Size: Botton Up Approach

CCUS Absorption Market Size, and Share

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CCUS Absorption Market Size: Top-Down Approach

CCUS Absorption Market Size, and Share

Data Triangulation

After arriving at the overall CCUS Absorption market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, mainly from the highways, bridges & buildings, marine structures & waterfronts and other applications.

Market Definition

Carbon Capture, Utilization, and Storage (CCUS) absorption is a process that involves capturing carbon dioxide (CO2) from industrial sources, such as power plants and manufacturing facilities, and storing it underground or utilizing it in various applications. The captured CO2 is chemically absorbed by a liquid solvent, typically an amine-based solution, and then transported to storage sites or utilized for enhanced oil recovery, production of fuels and chemicals, or other industrial processes. CCUS absorption plays a crucial role in reducing greenhouse gas emissions and mitigating climate change by preventing CO2 from entering the atmosphere. It is segmented based on absorption type (Chemical Absorption, Physical Absorption), End-Use industry (oil & gas, power generation, cement, chemicals & petrochemicals, iron & steel, others).

Key Stakeholders

  • CCUS technology developers
  • OEM
  • Universities, governments, and research organizations
  • CCUS technology associations and industrial bodies
  • Research and consulting firms
  • R&D institutions
  • Environmental support agencies
  • Investment banks and private equity firms

Report Objectives

  • To define, describe, and forecast the CCUS Absorption market size in terms of volume and value
  • To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
  • To analyze and project the global CCUS Absorption market by type, form, application, end-use industry, and region
  • To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa, and analyze the significant region-specific trends
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
  • To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
  • To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
  • To strategically profile the key market players and comprehensively analyze their core competencies

Available Customizations

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  • Additional country-level analysis of the CCUS Absorption market
Product Analysis
  • Product matrix, which provides a detailed comparison of the product portfolio of each company's market
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Report Code
CH 9055
Published ON
Jun, 2024
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