Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

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Oil & gas is the dominating end-use industry in the carbon capture, utilization, and storage market. The use of CCUS in natural gas processing is one of the major drivers of the CCUS market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and storage market.

In 2019, there were more than 24 million tons of CO2 that was captured, stored, and utilized from the oil & gas industry, and the majority of it was extracted from natural gas processing plants. As per the EIA, natural gas generation will grow at a rate of approximately 2.7% per year between 2012 and 2040, which will account for nearly 30% of the total worldwide energy generation by 2040. The deployment of CCUS in this sector will help in creating a viable pathway for a sustainable environment.

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

Current and upcoming projects of CCUS in the APAC region have created an excellent gateway toward the adoption of CCUS. China and Australia are the early adopters of CCUS in the APAC region. The current line-up of carbon capture and sequestration projects in these countries is expected to create an immense opportunity for the companies operating in the carbon capture, utilization, and sequestration ecosystem. Other than Australia and China, South Korea and India are also focusing on adopting CCUS. For instance, South Korea has already taken a step toward CCUS in the Korea CCS 1&2 project, which is currently in an early development stage and is expected to be operational by 2021. India, in 2016, initiated the operation of a carbon capture and utilization system, which was capable of capturing 60,000 tons of C02 per year from coal-fired power plants.

North America is the largest carbon capture, utilization, and storage market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. According to the US EPA, greenhouse gas emissions caused by human activities increased by 7% in the country from 1990 to 2014. The Canadian government has been taking initiatives to reduce carbon emission levels.

The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).

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North America is expected to account for the largest market share in the carbon capture, utilization, and storage market

 

North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. According to the US EPA, greenhouse gas emissions caused by human activities increased by 7% in the country from 1990 to 2014. The Canadian government has been taking initiatives to reduce carbon emission levels.

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

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Capture holds the major share of the carbon capture, utilization, and storage.

Capture is the first stage of the CCUS process and involves capturing CO2 from its emission source. It can be applied to any large-scale emission process, including coal-fired power generation plants; gas and oil production; and manufacturing industries, such as cement, iron, and steel. The capture service segment holds the majority of the share in the CCUS market. Moreover, the high cost of capturing in the power generation, iron & steel, cement, and other sectors is one of the major reasons behind the high market share of the capture segment.

Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market in terms of value.

Oil & gas is the dominating end-use industry in the carbon capture, utilization, and sequestration market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and sequestration market

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

Don’t miss out on business opportunities in Carbon Capture, Utilization, and Storage Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

Partnership was the key strategies adopted by the market players in the global Carbon Capture, Utilization, and Storage Market

Carbon capture, utilization, and sequestration (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. This process is highly useful for curbing CO2 emissions, which lead to a better atmosphere. The growing need to reduce CO2 emissions from industrial and power plants drives the demand for CCUS system. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period.

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

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

North America is the largest carbon capture, utilization, and sequestration market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada, The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. Current operational projects in eth region include Boundary Dam (Canada), Petra Nova (US), Alberta Carbon Trunk Line (ACTL (Canada), and ENID Fertiliser plant (US), among others .

Over the past years, companies have strengthened their position in the global carbon capture, utilization, and storage market by adopting expansions as a major strategy. From 2016 to 2019, the partnership was the key strategies adopted by the market players to maintain growth in the global carbon capture, utilization, and storage market.

For instance, in May 2020, Royal Dutch Shell, together with Equinor ASA (Norway), and Total SE (France) have invested in the Northern Lights carbon capture and storage (CCS) project in Norway. With this investment of USD 682.3 million, the trio intends to set up a joint-venture company. This unique project opens for the decarbonization of industries with restricted opportunities for CO2 reductions.

In November 2015, Flour Corporation signed a contract with Shell (US), wherein Flour corporation constructed Shell’s Quest Carbon Capture and Storage (CCS) project in Alberta, Canada. This project demonstrated Flour’s third-generation modular execution capabilities.

The key players in the market include Fluor Corpoation (US), Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US) among others. COVID-19 has majorly affected the commercial sectors CCUS projects, such as cement plants, chemical plants, and others. Moreover, Upcoming carbon capture, utilization, and storage projects are expected to delay due to the outbreak of COVID – 19 pandemic.

Don’t miss out on business opportunities in Carbon Capture, Utilization, and Storage Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

Large number of upcoming projects is an excellent opportunity for the carbon capture, utilization, and sequestration Market

 

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=151234843

Current and upcoming projects of CCUS in the APAC region have created an excellent gateway toward the adoption of CCUS. China and Australia are the early adopters of CCUS in the APAC region. The current line-up of carbon capture and sequestration projects in these countries is expected to create an immense opportunity for the companies operating in the carbon capture, utilization, and sequestration ecosystem. Other than Australia and China, South Korea and India are also focusing on adopting CCUS. For instance, South Korea has already taken a step toward CCUS in the Korea CCS 1&2 project, which is currently in an early development stage and is expected to be operational by 2021. India, in 2016, initiated the operation of a carbon capture and utilization system, which was capable of capturing 60,000 tons of C02 per year from coal-fired power plants.

Recent Developments

1. In May 2020, Royal Dutch Shell, together with Equinor ASA (Norway), and Total SE (France) have invested in the Northern Lights carbon capture and storage (CCS) project in Norway. With this investment of USD 682.3 million, the trio intends to set up a joint-venture company. This unique project opens for the decarbonization of industries with restricted opportunities for CO2 reductions.
2. In November 2015, Flour Corporation signed a contract with Shell (US), wherein Flour corporation constructed Shell’s Quest Carbon Capture and Storage (CCS) project in Alberta, Canada. This project demonstrated Flour’s third-generation modular execution capabilities.

The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).

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Glass Flake Coatings Market by End-Use Industry (Oil & Gas, Marine, Chemical & Petrochemical)- Global Forecast to 2022

The global glass flake coatings market size is estimated at USD 1.44 Billion in 2017 and is projected to reach USD 1.80 Billion by 2022, growing at a CAGR of 4.48%.

Glass flake coatings are advanced coatings with improved corrosion and abrasion resistance, and strong impermeability barrier resistance for chemicals and solvents. Glass flake coatings provide superior protection to steel and concrete substrates in the marine, oil & gas, chemical & petrochemical, power plants, and paper & pulp industries.

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Glass Flake Coatings Market, Based on End-use Industry:

• Oil & Gas
• Marine
• Chemical & Petrochemical
• Others

The oil & gas segment is projected to lead the market
The growth in this segment can be attributed to the increased use of glass flake coatings in offshore & onshore platforms, pipelines, tanks, submerged surfaces, concrete bunds, and associated infrastructures. Glass flake coatings provide sufficient protection to these assets and pipelines, which increases their durability by reducing the effects of the corrosive and abrasive environment under which they operate.

The Asia Pacific region is expected to be the largest market for glass flake coatings mainly due to the rapidly-growing economies of China and India in the region. This, along with the low cost of production and availability of cheap labor, has caused various chemical companies in the market to shift their production bases to the Asia Pacific region. Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by Asia Pacific—particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region.

Key market players in the glass flake coatings market
Key players in the glass flake coatingsmarket are Akzo Nobel (Netherlands), PPG Industries (US), Chugoku Marine (Japan), Jotun (Norway), Hempel (Denmark), The Sherwin-Williams Company (US), KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US).

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Glass flake coatings market- Forecast & Opportunities 2022

The glass flake coatings market is projected to reach USD 1.80 billion by 2022, at a CAGR of 4.48% from 2017 to 2022. Asia Pacific is estimated to lead the market for glass flake coatings in 2017, in terms of value, due to the increased demand for glass flake coatings from countries such as China, South Korea, Japan, India, and Indonesia.

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The presence of key players of glass flake coatings in the Asia Pacific region is one of the main factors driving the growth of the market in this region. Key players in the market, such as Chugoku Marine (Japan), KCC Corporation (South Korea), Nippon Paint (Japan), and Kansai Paint (Japan), have their manufacturing bases in Asia Pacific. Other top companies operating in the global glass flake coatings market are also shifting their production bases to Asia Pacific, owing to the low cost of production and ease of serving emerging local markets. The glass flake coatings in the marine industry will be dominated by Asia Pacific, particularly China, South Korea, and Japan, due to the presence of major shipbuilding companies in these countries. The rapid developments in glass flake coating technology in India, Indonesia, and Australia, is another reason expected to fuel the growth of the Asia Pacific glass flake coatings market.

Based on resin, the epoxy segment is expected to witness the highest growth during the forecast period. The growth of this segment can be attributed to the increasing use of epoxy-based glass flake coatings in the building of marine offshore & onshore infrastructures, large cargo ships, interior & exterior of storage tanks, and various chemical processing areas. Epoxy glass flake coatings impart excellent corrosion, abrasion, chemical, and temperature resistance to oil, gas, solvents, and chemical & petrochemical products.

Based on substrate, the steel segment is projected to witness the highest growth during the forecast period. Steel meets the strength and toughness criteria required for the manufacture of pipes for the oil & gas; tanks for the chemical & petrochemical; and various parts of cargo ships for the marine end-use industries. The use of glass flake coatings protects steel from corrosion, fouling, and abrasion.

Based on end-use industry, the marine segment is projected to witness the highest growth during the forecast period. This is due to increase in use of glass flake coatings to protect cargo ships and various onshore & offshore infrastructures from harsh weather conditions. Glass flake coatings are also vital in enhancing the fuel efficiency of a ship and decreasing the impact on the environment.