PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164930
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164930
Chemical Enhanced Oil Recovery (EOR) Market size was valued at USD 14,730.6 Million in 2021, expanding at a CAGR of 7.7% from 2022 to 2028.
Chemically enhanced oil recovery (EOR), also known as tertiary oil recovery, includes the extraction of crude oil from oil reservoirs that cannot be reached using conventional methods. Long-chain polymers, surfactant solutions, and alkalis are used in the chemical injection process to recover crude oil from reservoirs.
Increasing demand from the oil and gas industries is a key factor contributing to the growth of the chemical-enhanced oil recovery (EOR) market. Over the forecast period, the market for enhanced oil recovery is anticipated to be driven by a rise in the number of old wells and a decline in production from existing oilfields. The process known as enhanced oil recovery (EOR) increases the output of crude oil from old and mature oil fields. This tertiary procedure is carried out following primary and secondary recoveries. According to technical terms, EOR increases the reservoir's permeability so that hydrocarbons can easily flow down the routes and into the targeted producing well. The market for chemical-enhanced oil recovery is growing as more heavy oil is extracted from reservoirs in Canada, China, Venezuela, Mexico, and Colombia among others.
Further, incentives are being offered by governments to promote the market for enhanced oil recovery. A crucial step toward the development and use of EOR projects is the establishment of tax credits and other fiscal incentives to assist balance significant financial risks to oil and gas firms. Due to a large number of market players and active EOR projects in the U.K. and Russia, Europe is anticipated to be a key market for the development of EOR technology. COVID-19 has had a negative impact on the market as the oil and gas exploration activities were halted during March and April 2020 which hampered the growth of the chemical-enhanced oil recovery market.
The Global Chemical Enhanced Oil Recovery (EOR) Market is segmented on the basis of Type, Application, and Region.
The market is split into five categories based on Type: water-soluble polymers, surfactants, biopolymers, polymer gels, and alkaline chemicals. Of these, the surfactants segment dominates the market. Increasing demand for surfactants in the chemical industry is mainly contributing to segment growth.
The market is segmented into two categories based on application: onshore, and offshore. The onshore dominates the market and is likely to maintain its dominance during the forecast period. This is mainly owing to an increase in the adoption of chemical-enhanced oil recovery (EOR) methods at onshore oil reservoirs.
The worldwide market for Chemical Enhanced Oil Recovery (EOR) is moderately fragmented and comprised of small and large market players. The companies in the market stress adopting aggressive strategies to reach out to large consumer bases across multiple countries. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, partnerships, distribution network development, R&D spending, and mergers and acquisitions.
For instance, in August 2022, Baker Hughes received a contract to construct 300 new wells and deploy a chemical EOR (enhanced oil recovery) program in Rajasthan, India.
This proposed research study on Chemical Enhanced Oil Recovery (EOR) market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Chemical Enhanced Oil Recovery (EOR) market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Chemical Enhanced Oil Recovery (EOR) market
Impact of COVID-19 on Chemical Enhanced Oil Recovery (EOR) market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Chemical Enhanced Oil Recovery (EOR) market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Chemical Enhanced Oil Recovery (EOR) market, we have also included competitive landscape and key innovator analysis for the Chemical Enhanced Oil Recovery (EOR) market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Chemical Enhanced Oil Recovery (EOR) market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Chemical Enhanced Oil Recovery (EOR) market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
Baker Hughes
DuPont
BASF SE
BP Plc.
Canadian Natural Resources Limited
Cenovus Energy Inc
Halliburton
Schlumberger N.V.
Total SE
SINOPEC
OMV AG
PetroChina Company Limited
GLOBAL CHEMICAL ENHANCED OIL RECOVERY (EOR) MARKET, BY TYPE
Surfactants
Water soluble polymers
Polymer gels
Biopolymers
Alkaline chemicals
GLOBAL CHEMICAL ENHANCED OIL RECOVERY (EOR) MARKET, BY APPLICATION
Onshore
Offshore
GLOBAL CHEMICAL ENHANCED OIL RECOVERY (EOR) MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA