International authorities are increasingly recognizing that utilizing the carbon dioxide (CO 2) 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 highemitting 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 CO 2. 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. K E Y W O R D S carbon capture and utilization, carbon dioxide, industrial ecology, industrial symbiosis, technological innovation, value chains 1 INTRODUCTION Most of the materials and products that surround us in our everyday lives are carbon based. Modern standards of living are therefore closely connected to the availability of natural carbon resources such as wood, soil, coal, and oil. In order to conserve these resources for future generations and find more sustainable modes of consumption, an increasing amount of research is looking at ways of reusing and recycling raw materials. Often, such efforts are undertaken to close material loops in line with the vision of transitioning toward a circular economy. Redesigning value chains and reconsidering material use are key elements of this endeavor (Pérez-Fortes, Bocin-Dumitriu, & Tzimas, 2014b; World Economic Forum, 2014). Several processes can contribute to achieving a circular economy, among them utilization of residual materials (Kreikebaum, 2002) and various types of recycling-from high-value, direct material reuse to lower-value thermic recycling (von Stengel, 1999). The utilization of "waste" CO 2 This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the...