Thermochemical transformation of CO2 into high-value products

The significant increase of carbon dioxide (CO₂) concentration in the atmosphere is anticipated to contribute to global warming and climate instability. Reducing CO₂ emissions has been set as the goal of numerous recent international initiatives. CO₂ conversion into high-value products, including fuels, fuel chemicals, and building materials, has attracted great attention as it can provide a sustainable and long-term solution to the CO₂ problem. Thermochemical conversion processes have been demonstrated as one of the fastest-growing CO₂ utilization technologies, as evidenced by a remarkable increase in the number of research publications from 9375 to 15,750 per year within four years (2020–2023). This review article provides an analysis of thermochemical CO₂ transformation technologies based on their final products in terms of advantages/disadvantages, technology readiness level (TRL), market price, global market size, and publication statistics. In addition, the review evaluates potential technical barriers and offers insightful perspectives, challenges, and recommendations for fostering the growth of the industry. The primary challenges impeding the growth of the market for certain products, such as formic acid, dimethyl ether, syngas, and formaldehyde, are mainly associated with the high costs of the technologies involved, which must be lower than those of traditional products to compete in the current market.