ENHANCED OIL RECOVERY MARKET: Summary
The Global Enhanced Oil Recovery Market is expected to reach a value of more than USD 99 billion, exhibiting a CAGR of 5.89% by the end of the review period.
Enhanced oil recovery (EOR), also known as tertiary recovery, is a process for extracting oil that has not already been retrieved through the primary or secondary oil recovery techniques.
Unlike primary and secondary oil recovery process, which use pressure differential between the surface and the underground well, the enhanced oil recovery operates by altering the chemical composition of the oil itself in order to make it easier to extract.
This process can recover 30-60% or more oil at the reservoir site, thus increasing the oil recovery by up to 15%.
ENHANCED OIL RECOVERY MARKET: Drivers & CHALLENGES
- Rising Demand for Crude Oil
Crude oil is refined into petroleum products such as gasoline, diesel, jet fuel, among many others. These are used in almost every end-use industry such as automotive & transportation, plastics & polymers, chemicals, consumer goods, textiles, among others. In 2018, the US petroleum consumption averaged about 20.50 million barrels per day. Growth of these industries across the globe drives the demand for crude oil, which is further expected to drive the demand for enhanced oil recovery.
Figure: Global Operating EOR Projects, 2017
Source: International Energy Agency
- Environmental Degradation Caused by EOR
Using EOR techniques can result in leaching of harmful chemicals into the groundwater, thus causing environmental pollution. Consequently, this contaminated groundwater is used for drinking and vegetation due to the limited availability of water. This might result in health-related issues among the consumers. Moreover, it has high up-front capital requirements and long pay-back periods.
All the above factors combined together are expected to hamper the market growth during the assessment period.
Enhanced Oil Recovery market: Key segments
- Segmentation based on technology: Thermal Recovery, Gas Injection, Chemical Injection, CO2 EOR, and Others.
- Segmentation based on chemicals: Polymers, Surfactants, Alkaline Chemicals, Foaming & Defoaming Agents, and Others.
- Segmentation based on application: Onshore and Offshore.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Enhanced Oil Recovery MARKET: Report SCOPE
The report on the enhanced oil recovery market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Billion) Volume (Billion Barrels)
Technology, Chemicals, and Application
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- BASF SE (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Royal Dutch Shell Plc
- Schlumberger Limited
- Chevron Phillips Chemical Company
- Praxair Technology, Inc.
- XYTEL Corporation
- Other Key Companies
Enhanced Oil Recovery MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Enhanced Oil Recovery Market, by Technology
- Thermal Recovery
- Gas Injection
- Chemical Injection
- CO2 EOR
Enhanced Oil Recovery Market, by Chemicals
- Alkaline Chemicals
- Foaming & Defoaming Agents
Enhanced Oil Recovery Market, by Application
Enhanced Oil Recovery Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Enhanced Oil Recovery Market Providers
- Enhanced Oil Recovery Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Enhanced Oil Recovery Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE ENHANCED OIL RECOVERY MARKET STUDY