Carbon dioxide utilization: A paradigm shift with CO2 economy

•The first part review highlights the different approachs for CO2 Utilization.•The subsequent part of the review will deal with different strategies adopted for utilization of carbon dioxide by conversion processes.•The objective of the present review is to trace the emergence of CO2 research and give a realistic situation on the potential applications that will lead to future development of commercial scale technologies. Owing to the need of the carbon dioxide (CO2) sequestration and rather than treating it as disposal waste or geological storage molecule, the current review provides an overview on opportunity and prospects of CO2 utilization. The current review is intended to present available approaches for CO2 utilization including non-conversion methods such as solvent for catalysis, extraction and material processing. The subsequent part of the review will deal with different strategies adopted for utilization of carbon dioxide by conversion processes with special emphasis towards its activation for utilizing it as feedstock for chemical, fuels and production of biomass from algal culture. The objective of the present review is to trace the emergence of CO2 research and give a realistic situation on the potential applications that will lead to future development of commercial scale technologies, which will lead to value added products by carbon dioxide capture and utilization (CCU) and establishing CO2 economy rather than its disposal as waste. [Display omitted]