South Korea Carbon Capture and Storage Market Size, Share & Trends Analysis Report By Technology (Pre-combustion Capture, Oxy-fuel Combustion Capture, Post-combustion Capture), By End-User Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical) and Forecasts, 2026-2034

South Korea Carbon Capture and Storage Market Size

The south korea carbon capture and storage market size was valued at USD 448 million in 2025 and is projected to grow from USD 499.97 million in 2026 to  USD 1202.97 million by 2034 at a CAGR of 11.6% during the forecast period 2026-2034.

South Korea Carbon Capture and Storage Market Segmentation Analysis

Technology Insights

Pre-combustion capture, with a CAGR of 14.4%, is increasingly adopted in power plants and hydrogen production facilities. South Korea’s emphasis on Integrated Gasification Combined Cycle (IGCC) technologies, such as the Dangjin Green Power Project, drives growth in this segment by enabling efficient CO₂ capture during fuel processing.

Capture services, growing at 14.4% CAGR, are crucial to South Korea’s decarbonization efforts. Companies like Hyundai Oilbank are investing in advanced solvent and membrane technologies to capture CO₂ from refining and petrochemical processes, ensuring compliance with emission reduction targets.

Catalytic conversion, expanding at 15.3% CAGR, supports South Korea’s circular carbon economy. Projects like GS Caltex’s CO₂-to-methanol pilot plant highlight the potential for transforming emissions into commercially viable products, creating a sustainable revenue stream.

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End-User Industry Insights

The oil and gas sector, with a CAGR of 14.3%, remains a dominant end-user of CCS technologies. Companies such as SK Innovation are integrating CCS into upstream and refining operations to achieve significant emission reductions, exemplified by the Ulsan CCS Pilot Initiative.

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Countries Insights

The market is characterized by South Korea's ambitious carbon neutrality targets for 2050, significant industrial emissions from manufacturing and petrochemical sectors, and government-led initiatives promoting CCS technologies. Key cities are spearheading the adoption of CCS with localized strategies and partnerships with global leaders.

As the administrative and economic hub, Seoul drives CCS policies and research funding. Initiatives by the Ministry of Trade, Industry, and Energy, headquartered in the city, focus on pilot projects and public-private collaborations.

• For instance, Seoul National University has partnered with industrial players to develop cost-efficient capture technologies.

Ulsanis pivotal due to its petrochemical industry. The city hosts the Carbon Neutrality Hub, integrating CCS into refineries. A project led by Hyundai Oilbank and Shell aims to capture and store up to 400,000 tonnes of CO2 annually by 2027, positioning Ulsan as a model for industrial decarbonization.

Busan'sport infrastructure supports CO2 transport and storage logistics. Collaborative efforts between Busan Port Authority and local industries focus on creating a CCS value chain, including offshore storage development in the East Sea.

Daegu, known for its energy innovation, hosts South Korea's Green Energy Expo, showcasing CCS advancements. The city is integrating carbon capture into its power plants, reducing emissions from thermal energy production.

Incheon’sproximity to industrial complexes and offshore storage sites makes it a strategic CCS location. The Korea Gas Corporation, headquartered here, invests in CCS research to enhance gas capture efficiencies.

List of Key and Emerging Players in South Korea Carbon Capture and Storage Market