Economic aspirations connected to innovations in carbon capture and utilization value chains

International authorities are increasingly recognizing that utilizing the carbon dioxide (CO2) emissions from various industries can assist strategies for mitigating climate change. In developing novel carbon capture and utilization (CCU) technologies they aspire to contribute to circular economy targets and reduce consumption of fossil‐based raw materials. However, the potential economic effects of CCU on industrial value chains remain unclear. Hence, this study investigates the economic expectations placed on those actors currently conducting research and development (R&D) in CCU. The aspired levels of economic performance are identified through a systematic literature review of 19 policy advice reports and 15 scientific papers. Qualitative directed content analysis is conducted, based on an R&D input–output–outcome system. First, we identify three relevant groups of value chain actors by clustering industrial sectors: (a) equipment manufacturers, (b) high‐emitting producers, and (c) producers of materials and fuels. Then, we derive a criteria list from the review. Finally, the analysis reveals how CCU innovations are anticipated to impact different industries: Equipment manufacturers could contribute to economic growth. For high‐emitting producers, CCU provides one option for “surviving” sustainability transitions. Meanwhile, material and fuel producers need to act as “problem solvers” by offering competitive ways of utilizing CO2. We conclude by identifying research gaps that should be addressed to better understand the economic and social dimensions of CCU and to increase the chances of such innovations contributing to broader sustainability transformations of industrial and energy systems.