Chemical Enhanced Oil Recovery (EOR) Market By Origin (Petro-Based, Bio-Based, Water-Based), By Type (Water-Soluble Polymers, Surfactants, Polymer Gels, Biopolymers, Alkaline Chemicals), By Technique (Polymer Flooding (PF), Surfactant-Polymer (SP) Floodin

Chemical Enhanced Oil Recovery (EOR) Market By Origin (Petro-Based, Bio-Based, Water-Based), By Type (Water-Soluble Polymers, Surfactants, Polymer Gels, Biopolymers, 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)), By Application (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global chemical enhanced oil recovery (EOR) market was valued at $0.9 billion in 2021, and is projected to reach $1.4 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Chemically enhanced oil recovery (EOR) has been adjudged as an efficient oil recovery technique to recover bypassed oil and residual oil trapped in the reservoir. This EOR method relies on the injection of chemicals to boost oil recovery.

Chemical EOR methods increase oil recovery by increasing the effectiveness of water injected into the reservoir to displace the oil. Depending on the type of chemical EOR process, chemicals injected with the water slug alter the fluid–fluid and fluid–rock interactions in the reservoir. This includes lowering the IFT between the imbibing fluid and oil or increasing the viscosity of the injectant for improved mobility and conformance control. Besides, the injected chemicals result in a wettability alteration of the rock to increase oil permeability.

The well-known traditional chemical EOR methods are polymer flooding, surfactant flooding, and alkaline flooding. However, conventional chemical EOR methods have their limitations. Polymers, whose main recovery mechanism is to increase the viscosity of injections and consequently mobility, suffer viscosity loss in the presence of reservoir brines and elevated temperature conditions.

Surfactant and alkali lose their efficiency during their flow in porous media due to adsorption phenomena. Subsequently, different modes of chemical flood injections were devised, studied, and applied for EOR processes. These include the binary mixes of alkali–surfactant (AS), surfactant/polymer (SP), alkaline/polymer (AP), and alkaline/surfactant/polymer (ASP) slug. The synergy of the combined conventional chemicals improved their efficiency during their applications in oil wells. Recently, the use of foam enhanced by surfactants and polymers for improved stability and mobility control has been studied and found to improve oil recovery.

Enhanced oil recovery (EOR) is a technology that enables the extraction of immobile oil and reduces the cost of drilling new wells. Several oil-producing companies across the globe are deploying this technology to meet national production targets and oil demand. In addition, a growing number of mature wells is likely to boost the demand for advanced technologies for the extraction of oil and lead to a surge in market growth.

The U.S. Department of Energy's Office of Fossil Energy selected five projects to receive $40 million in federal funding for cost-shared research and development projects under the funding opportunity announcement in 2019. However, decline in crude oil prices and the outbreak of the pandemic have led to a drastic drop in oil prices in 2020, leading to reductions in planned capital expenditure and cost-cutting actions by oil players across the globe. In addition, environmental concerns regarding the carbon emissions from the application of fuel led to the utilization of environment-friendly technologies for power generation and power vehicles, which will reduce the demand for oil resources and hamper the growth of the chemical enhanced oil recovery (EOR) market during the forecast period.

The global chemical enhanced oil recovery (EOR) market analysis is segmented into the origin, type, technique, and application. By origin, the market is divided into petro-based, bio-based, and water-based. By type, it is classified into water-soluble polymers, surfactants, polymer gels, biopolymers, and alkaline chemicals. By technique, it is categorized into polymer flooding, surfactant polymer flooding, alkali surfactant polymer flooding, alkali co-solvent polymer flooding, and low-tension gas flooding. By application, it is bifurcated into offshore, and onshore. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Key players in the chemical-enhanced oil recovery industry include Exxon Mobil Corporation, BP p.l.c., China Petroleum & Chemical Corporation, Roya Dutch Shell plc, BASF SE, Praxair Technology Inc., Chevron Corporation, Baker Hughes Inc., PJSC Lukoil Oil Company, and Petroleo Brasileiro S.A. These players have adopted various strategies to gain a higher share or retain leading positions in the market.

IMPACT OF COVID-19 ON THE GLOBAL CHEMICAL ENHANCED OIL RECOVERY (EOR) MARKET

COVID-19 is an infectious disease that originated in the Hubei province of Wuhan city in China in late December 2019. It had spread to 213 countries around the globe, with the World Health Organization declaring it a public health emergency on March 11, 2020. The oil & gas industry has been negatively affected by the pandemic as most countries have imposed lockdown restrictions, leading to a decline in the sales of oil and gas. The pandemic has also severely affected the shale and heavy oil industry, which accounts for large usage of enhanced oil recovery techniques.

Despite the setbacks, the chemical enhanced oil recovery (EOR) market has shown a surge in growth due to the decline in oil resources and increased awareness of the environment. This has had a significant positive impact on the development of the market.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the chemical enhanced oil recovery (EOR) market analysis from 2021 to 2031 to identify the prevailing chemical enhanced oil recovery (EOR) market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the chemical enhanced oil recovery (EOR) market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global chemical enhanced oil recovery (EOR) market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Origin

Petro-Based
Bio-Based
Water-Based

By Type

Water-Soluble Polymers
Surfactants
Polymer Gels
Biopolymers
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)

By Application

Offshore
Onshore

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

BASF SE
Exxon Mobil Corporation
BP p.l.c.
China Petroleum & Chemical Corporation
Royal Dutch Shell plc
Praxair Technology, Inc.
Chevron Corporation
PJSC Lukoil Oil Company
Petroleo Brasileiro S.A.
Baker Hughes Inc.

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