Rising Application in the Oil & Gas Sector is propelling the Global Direct Air Carbon Capture Technology Market Growth

The Global Direct Air Carbon Capture Technology market is witnessing robust growth owing to the factors such as burgeoning demand for energy, surging use of this technology to convert captured CO2 into a useable transportation fuel such as clean gasoline, diesel, and jet fuel and rising application in the oil & gas sector. Besides these, increasing concern regarding climate change due to rising level of CO2 and greenhouse gases in the environment, rising countries to achieve net-zero carbon emission, robust industrialization are the factors predicted to fuel the growth of the market in the forecast period.

Based on Application, Industrial application segment is projected to grow at a significant CAGR high demand for the technology industries such as source of carbonization in the production of synthetic fuels and in food and beverage industry and surging use of fossil fuels for various industrial processes such as in cement, steel, and power generation industries has increased the CO2 emission which led to ozone layer depletion and climate change.

Asia-Pacific is anticipated to attain highest CAGR. The growth of the market is attributed to rising investment by the government for research and development of direct air capture technology, increasing use of advanced technology to capture and store CO2 and presence of giant market players and boost in industrialization in the countries such as China and India. North America acquired the majority market share owing to burgeoning investment by the government and private investor for research and rising funding by the government in deployment of carbon capture and utilization projects.

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The key players with a considerable market share in the Global Direct Air Carbon Capture Technology market are BASF SE, JSP Corporation, Armacell International S.A., Dow Chemical Company, Borealis AG, Woodbridge Foam Partner, INEOS Styrenics, and British Vita Foams Plc. etc.