The CCS projects are currently being deployed at a very sluggish pace and hence, global nations cannot rely on solely CCS technologies to meet climate change and sustainable development goals related to CO2 emissions. Our research reveals that, with every nation facing an urgent climate challenge, serious consideration must be given to alternative technologies such as carbon capture and utilization (CCU). The regulatory scenario and the development of cost-effective technologies have also proven favorable to CCU applications in comparison to CCS. The possible utilization routes includes the use of captured carbon for applications such as chemicals, fuel, plastics/plastic alternatives, building materials and others. This research study provides an overview of the recent technological developments and breakthrough innovations enabling carbon capture and an emphasized focus on the effective conversion of CO2 into a range of end products.