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D5.5 Cost analysis and Economic Impact Assessment - Executive Summary

The SunCoChem project aimed to develop fully integrated photoelectrocatalytic device for converting CO2 into green chemicals using sunlight. The project focused on integrating CO2 capture, syngas production, and hydroformylation into a single reactor. However, due to technical challenges, the final design included standalone units for each process, which can be combined or used independently. The goals of this deliverable were to provide an update on the technology elements, outline the achievements made during the project, and evaluate the potential markets, key developments, risks, and barriers.

The market outlook for the initial target products Limoxal, Valeraldehyde, and Glycolic Acid is promising. The global fragrance ingredients market, which includes Limoxal, was valued at USD 10.2 billion in 2014 and is expected to grow to USD 15.1 billion by 2024, with a CAGR of approximately 6.1%. The global valeraldehyde market was valued at approximately USD 50 million in 2014 and is expected to grow to USD 75 million by 2024, with a CAGR of around 4.1%. The global glycolic acid market was valued at USD 460.8 million in 2023 and is expected to grow to USD 734.6 million by 2030, with a CAGR of approximately 7.0%.

In this deliverable we explored two new opportunities arising from the change in SunCoChem technology: Renewable Polymers and Syngas as target markets. We find that the market outlook for these is highly promising, driven by increasing demand for sustainable and eco-friendly materials. The global syngas market, valued at approximately USD 30 billion in 2014, is expected to grow to USD 50 billion by 2024, with a CAGR of ~5.2%. This growth is fueled by its versatility in producing hydrocarbon fuels, ammonia, methanol, and hydrogen, essential for various industrial applications. In contrast, the renewable polymers market, including biopolymers, is experiencing even more rapid growth. Valued at USD 5 billion in 2014, it is projected to reach USD 16.8 billion by 2024 and USD 98 billion by 2034, with a CAGR of approximately 15.6%. With these opportunities however comes growing competition and we could show, that the SunCoChem technology requires at least very high CO2 prices and significantly improved productivity to compete with other traditional but also emerging renewable technologies to produce syngas or renewable polymers.

The SunCoChem project faced several challenges, including technical complexity, integration issues, and material compatibility. The need for long-term testing and proving stability was emphasized, along with the economic costs and scalability of the technology. Despite these challenges, the project demonstrated significant advancements in CO2 capture and conversion technologies, providing a foundation for future developments in sustainable chemical production.