As of 2022, the global chemical enhanced oil recovery market stands at a valuation of US$ 800 million and is forecasted to evolve at a 5.1% CAGR over the next ten years.
Growing demand for oil production from old and matured oil wells is a primary dynamic that is expected to majorly drive chemical enhanced oil recovery market growth over the coming years. Rising focus on sustainability and increasing adoption of carbon capture storage (CCS) systems are other factors that could potentially supplement market development in the future. Moreover, rapid commercialization of EOR (enhanced oil recovery) technologies is also expected to boost market growth in the long run.
A comprehensive and detailed account of all key market trends, drivers, opportunities, and challenges has been mentioned in this latest chemical enhanced oil recovery market research report by Fact.MR, a market research and competitive intelligence provider.
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Key Takeaways from Market Study
- The global chemical enhanced oil recovery market is valued at US$ 800 million in 2022.
- From 2022 to 2032, demand for chemical enhanced oil recovery is set to rise at a 5.1% CAGR.
- By 2032-end, the market is expected to account for a valuation of US$ 1.32 billion.
- Increasing number of mature oil fields, rising investments in oil & gas industry, and rapid adoption of novel enhance oil recovery technologies are key factors that will drive market growth through 2032.
- Fluctuations in crude oil prices and uncertain political climates in major oil-producing countries are two factors that could inhibit market growth potential going forward.
- Demand for chemical enhanced oil recovery in Canada is projected to progress at a 4.5% CAGR over the next ten years.
- Demand for the polymer flooding technique is set to increase at a CAGR of 5.5% and account for US$ 600 million in revenue by 2032.
Key players in the chemical enhanced oil recovery market are focusing on providing their services to new projects being launched across the world.
- Oil and Natural Gas Corporation (ONGC), a state entity of India recently awarded two enhanced oil recovery (EOR) projects to SNF Flopam at Jhalora and Becharji fields with the latter being awarded in March of 2022. Becharji field will witness the implementation of Polymer Flooding which is a type of chemical enhanced oil recovery (EOR) technology.
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Key Companies Profiled
- Clariant AG
- Huntsman Corporation
- Oil Chem Technologies LLC
- Shell Chemicals
- BASF SE
- The Dow Chemical Company
- Beijing Hengju Chemical Group Corporation
- Chevron Phillips Chemical Company LLC
- Sasol Limited
- Halliburton Company
- Kemira Oyj
Prime companies are focusing on the expansion of their business scope to strengthen their market position in the global landscape. Collaborations and mergers are also expected to be prime strategies adopted by established and new market players alike. Investments in research and development of novel EOR technologies are also expected to be an area of interest for most companies.
Segments of Chemical Enhanced Oil Recovery Industry Research
- By Origin:
- By Application:
- By Type:
- Water-soluble Polymers
- Polymer Gels
- Alkaline Chemicals
- By Technique:
- Polymer Flooding (PF)
- Surfactant-Polymer (SP) Flooding
- Alkali-Surfactant-Polymer (ASP) Flooding
- Alkali-Co-solvent-Polymer (ACP) Flooding
- Low Tension Gas Flooding (LTG)
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Fact.MR, in its new offering, presents an unbiased analysis of the global chemical enhanced oil recovery market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of origin (petro-based, bio-based, water-based), type (water-soluble polymers, surfactants, polymer gels, biopolymers, alkaline chemicals), technique (polymer flooding (PF), surfactant-polymer (SP) flooding, alkali-surfactant-polymer (ASP) flooding, alkali-co-solvent-polymer (ACP) flooding, low tension gas flooding (LTG)), and application (onshore, offshore), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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