Addressing escalating energy demands and greenhouse gas emissions in the oil and gas industry has driven extensive efforts in carbon capture and utilization (CCU), focusing on power plants and industrial facilities. Utilizing CO2 as a primary feedstock for industrial fuels and petrochemical materials offers a favorable alternative to sequestration, with byproducts substituting traditional chemical feedstocks. This comprehensive review explores the current landscape of CO2 capture technologies, examining opportunities, economic viability, and efficiency challenges. It provides a detailed analysis of various CO2 utilization methods and the combined process of capture and utilization. The review highlights primary obstacles in planning, production, and widespread implementation, emphasizing the need for strategic integration of materials research, process performance, and cost-effectiveness to advance new technologies.