The cement industry emits a significant amount of CO2 during the calcination of limestone (CaCO3) to form CaO, which is the main precursor for cement production. The industrial application segment dominated the market and accounted for a revenue share of 41.6% in 2020. Such favorable initiatives, coupled with increasing awareness among policymakers across various industrial sectors regarding the benefits of such techniques to curtail CO2 emissions are likely to provide immense opportunities for future investments. Significant technological advancements in non-power sectors, such as petroleum refining, chemical, cement manufacturing, and metal foundry, in mature economies, such as the Netherlands, the U.K., and Norway, have led to the implementation of CCU technologies in small or pilot phases. Further, the requirement for fire-fighting equipment in newly developed hospitals and centers and upgrade in safety standards in existing facilities have resulted in increased demand for carbon dioxide in firefighting applications in the country. The requirement for a large number of COVID care centers across the country, along with a number of medical applications of carbon dioxide, has resulted in high demand for medical-grade carbon dioxide in the region in recent times. However, the demand for CCU for the utilization of carbon dioxide has been on a higher side from medical and fire-fighting applications in Europe. Further, the demand for industrial-grade carbon dioxide has also been on the lower side as industrial activities have slowed down in states badly affected by COVID-19. Also, reduced demand for oil has resulted in halted operations in oil production in some of the exploration sites of oil & gas vendors that employ carbon dioxide-based EOR techniques. The demand for carbon dioxide has been experiencing a dip in sectors such as beverage manufacturing as restaurants and bars across Europe have shut operations. In terms of value, cement in the industrial application segment emerged as the largest segment in 2020 as many companies are showing interest in the adoption of carbon capture and utilization technologies in their manufacturing plants in the form of pilot-scale projects to evaluate the technology and economics of carbon capture and recovery, which is expected to contribute to the growth of the market in the coming years. Industrial emerged as the largest market share in 2020 in terms of value for application segment as it is used in the industries such as cement, chemicals, power, steel, food, and beverages to capture carbon and utilize it for a better purpose.
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