PUBLISHER: The Business Research Company | PRODUCT CODE: 1929043
PUBLISHER: The Business Research Company | PRODUCT CODE: 1929043
Enhanced oil recovery encompasses techniques aimed at increasing the quantity of crude oil that can be extracted from an oil reservoir beyond the capabilities of primary and secondary recovery methods. This approach enhances oil production through various methods, including thermal injection, gas injection, and chemical flooding.
The primary technologies within enhanced oil recovery encompass thermal EOR, chemical EOR, gas EOR, and other methods. Thermal EOR involves injecting steam into the reservoir to augment oil recovery, facilitating extraction. Chemicals utilized in EOR processes consist of surfactants, polymers, alkaline substances, alkali-surfactant-polymer (ASP) formulations, foamers, and various other chemicals. These chemicals serve diverse applications in both onshore and offshore oil extraction operations.
Tariffs have influenced the enhanced oil recovery market by increasing the cost of imported chemicals, gases, and specialized equipment used in thermal, chemical, and gas based EOR processes. These cost pressures have particularly affected chemical EOR and CO2 injection projects, especially in regions such as North America and Asia Pacific that rely on cross border supply chains. Higher tariffs have led operators to delay pilot projects and optimize chemical usage to control operational costs. At the same time, tariffs have encouraged local sourcing of EOR chemicals and services, supporting regional suppliers and strengthening domestic production capabilities.
The enhanced oil recovery market research report is one of a series of new reports from The Business Research Company that provides enhanced oil recovery market statistics, including enhanced oil recovery industry global market size, regional shares, competitors with a enhanced oil recovery market share, detailed enhanced oil recovery market segments, market trends and opportunities, and any further data you may need to thrive in the enhanced oil recovery industry. This enhanced oil recovery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enhanced oil recovery market size has grown strongly in recent years. It will grow from $47.9 billion in 2025 to $52.19 billion in 2026 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to declining production from mature oilfields, historical volatility in crude oil prices, expansion of onshore oil exploration, proven effectiveness of thermal recovery methods, availability of conventional chemical flooding technologies.
The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $73.4 billion in 2030 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing global energy demand, rising investments in enhanced recovery technologies, focus on improving recovery rates from existing reserves, technological advances in chemical formulations, growing adoption of CO2 based recovery methods. Major trends in the forecast period include increasing adoption of CO2 injection techniques, rising use of polymer and chemical flooding, growing focus on maximizing mature oilfield output, expansion of thermal EOR in heavy oil reservoirs, increasing pilot testing of microbial EOR methods.
The increasing demand for oil and gas is expected to drive the growth of the enhanced oil recovery market in the coming years. Oil and gas encompass industries involved in the discovery, transportation, and processing of hydrocarbons into finished products that are essential for global energy and industrial applications. This rising demand is fueled by global economic growth, industrialization, and higher energy consumption, prompting companies to invest in technologies that maximize extraction from existing reserves. Enhanced oil recovery supports the energy sector by improving hydrocarbon production efficiency, extending the operational life of oil fields, and meeting growing energy requirements. For example, in June 2023, the Energy Information Administration reported that global oil demand is projected to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in oil and gas exploration, extraction, and production are expected to grow 11% year on year to a record USD 528 billion in 2023. Consequently, the rising demand for oil and gas is fueling the growth of the enhanced oil recovery market.
Major players in the enhanced oil recovery market are concentrating on creating innovative products, such as PHASETREAT WET, to enhance oil extraction efficiency while minimizing environmental impact. PHASETREAT WET is a chemical treatment formulated for enhanced oil recovery (EOR) processes, especially in challenging reservoirs with high water content. It functions by altering the properties of the water and oil phases, which improves oil mobility and facilitates its flow to production wells. For instance, in June 2023, Clariant Oil Services, a UK-based manufacturer, introduced PHASETREAT WET, utilizing nanoemulsion technology to reduce demulsifier dosages by up to 75%, significantly decreasing carbon emissions in oil and gas operations. This innovative method not only boosts operational efficiency but also aligns with sustainability efforts within the industry.
In November 2023, ExxonMobil, a US-based natural gas firm, acquired Denbury Inc. for $4.9 billion. ExxonMobil intends to improve its carbon capture capabilities, significantly decrease greenhouse gas emissions, and reinforce its leadership in low-carbon technologies. Denbury Inc., a US-based oil and natural gas company, specializes in enhanced oil recovery (EOR) techniques, particularly utilizing carbon dioxide injection.
Major companies operating in the enhanced oil recovery market are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, Baker Hughes Company, Schlumberger Limited, Petroleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., EOG Resources Inc., Anadarko Petroleum Corporation, Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
North America was the largest region in the enhanced oil recovery market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enhanced oil recovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The enhanced oil recovery market includes revenues earned by entities by providing services such as in situ combustions (ISC) and steam injection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enhanced Oil Recovery Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses enhanced oil recovery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enhanced oil recovery ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The enhanced oil recovery market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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