Global Chemical Enhanced Oil Recovery (EOR / IOR) Market to Reach $1 Billion by 2026

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Mar 10, 2022, 08:25 ET

SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Chemical Enhanced Oil Recovery (EOR / IOR) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Chemical Enhanced Oil Recovery (EOR / IOR) - FEB 2022 Report

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Edition: 8; Released: February 2022
Executive Pool: 14602
Companies: 69 - Players covered include BASF SE; Beijing Hengju Chemical Group Corp; ChampionX; Chevron Phillips Chemical Company LLC; Clariant AG; Halliburton Company; Huntsman Corporation; Kemira Oyj; Oil Chem Technologies LLC; Sasol Limited; Shell Chemicals; SNF; The Dow Chemical Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Polymer Flooding, Alkaline-Surfactant-Polymer Flooding, Surfactant-Polymer Flooding, and Other Types); and Segment (Petro-based, and Bio-based)
Geographies: World; USA; Canada; China; Europe; UK; Russia; Kazakhstan; Norway; Rest of Europe; Asia-Pacific; Middle East; Rest of World.

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ABSTRACT

Global Chemical Enhanced Oil Recovery (EOR / IOR) Market to Reach $1 Billion by 2026
With large quantities of oil deposits remaining un-extracted through the use of conventional oil recovery approaches, chemical enhanced oil recovery (EOR) has emerged as an efficient technique to recover residual oil and bypassed oil in the reservoir. Enhanced Oil Recovery (EOR), also known as improved oil recovery or tertiary recovery, refers to the process in which crude oil is extracted from an oil field where extraction is no longer possible using conventional methods. While primary and secondary recovery methods are capable of extracting around 20-40% of the oil from a reservoir, EOR techniques can recover around 30-60% of the total reservoir oil. At a certain point, during the well's life, the cost of recovering an additional barrel of oil is higher than the market value. Thus, under normal conditions, the well is deserted after recovering one-third of the original oil in place, leaving two-thirds under the ground. Secondary recovery methods are normally used to repressure the reservoir and drive out some of the remaining oil. Enhanced oil recovery (EOR/IOR) is a technique for increasing the amount of crude oil that can be extracted from an oil field. The most advanced EOR methods are tertiary recovery methods, which include gas flooding, thermal recovery, and chemical recovery. Enhanced oil recovery techniques, include water flooding, steam injection, and hydrocarbon gas-injection methods in existing deep, "light" oil reservoirs to prolong the life of oil and gas reservoirs. Other Enhanced Oil Recovery (EOR) Techniques include Microbial Recovery and Thermal Enhancement Recovery. Microbial recovery involves injecting bacteria and nutrients into the reservoir. The bacterium multiplies and biochemically manufactures surfactants and polymers.

Global Chemical Enhanced Oil Recovery (EOR / IOR) market is projected to register moderate growth over the near-to-long term. The market, estimated at US$827.9 Million in 2022 is projected to reach US$1 Billion by 2026, registering a compounded annual growth rate (CAGR) of 4.9% over the analysis period. China represents the largest regional market for Chemical Enhanced Oil Recovery (EOR / IOR), accounting for an estimated 41.5% share of the global total. The market, estimated at US$350.8 Million in 2022 is projected to reach US$500.9 Million by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.5% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Chemical Enhanced Oil Recovery (EOR / IOR), supported by various factors conducive to healthy growth.

Polymer Flooding Segment to Reach $560.1 Million by 2026
Global market for Polymer Flooding (Type) segment is estimated at US$444.1 Million in 2022, and is projected to reach US$560.1 Million by 2026 reflecting a compounded annual growth rate of 5.3% over the analysis period. China constitutes the largest regional market for Polymer Flooding segment, accounting for 37.2% of the global sales. China is poised to register the fastest compounded annual growth rate of 7.2% over the analysis period, to reach US$252 Million by the close of the analysis period.

Though the demand for energy has declined considerably due to the COVID-19 pandemic, long-term demand is expected to remain stable led by rising energy needs of the world. The rapid depletion of existing fossil fuel resources, and the need to increase production from existing wells is leading to the rising demand for enhanced oil recovery techniques. With oil reserves depleting rapidly and existing reserves maturing, there is growing need for technologies that can extract oil from challenging geologies. Given the fact that the age of 'easy oil' has come to an end, and the industry is moving towards producing in tough sources such as highly tight oil fields, ultra-deep offshore fields, extra heavy oils reservoirs, and naturally fractured reservoirs, the challenge of recovery has increased. Emphasis is also on extracting crude oil from existing oil fields that can no longer produce oil using conventional techniques.

All of these factors coupled with the need to improve overall efficiency of extraction operations are fueling growth in the EOR chemicals market. Besides the rising production of crude oil, opportunities for the market are also emerging from the significant increase in deep drilling projects. There is especially high demand for the chemicals for increasing output in mature onshore fields. With demand for chemical EOR technique growing in onshore as well offshore oilfields, the market for EOR chemicals is poised for growth. Chemical EOR market is being fostered by sustained focus on innovations as in case of hybrid processes, and the shift towards bio-based chemicals owing to its eco-friendly attribute. The recent years have witnessed the emergence of nanotechnology with potential applications in the oil & gas industry. Nanofluid, referring to the application of nanotechnology to base fluid such as oil, gas, or water, is known to offer a solution to several issues related to oil & gas industry. The use of chemical EOR technique is widespread in regions that are home to growing numbers of depleted bases that still have high levels of recoverable hydrocarbons. The growing focus on optimizing oil production from difficult geologies and mature oilfields is fueling use of EOR chemicals. More

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