Press release
Chemical Enhanced Oil Recovery (EOR) Market Size by Application, Type, Geographic Scope, and Forecast 2021-2031
The growth of the chemical enhanced oil recovery (EOR) market is propelled by the limited availability of petroleum resources, necessitating increased investment in oil transportation. Countries are increasingly adopting advanced technologies to bolster domestic production, reducing reliance on foreign exchange and enhancing energy security. These factors contribute positively to the growth of chemical enhanced oil recovery market trends.
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The global chemical enhanced oil recovery market is analyzed across origin, type, technique, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
Based on origin, the water-based segment dominated the market in 2021, holding over half of the global chemical enhanced oil recovery market share and is expected to maintain this trend. Conversely, the bio-based segment is projected to witness the fastest CAGR of 5.4% during the forecast period.
In terms of type, the alkaline chemicals segment led the market in 2021, capturing nearly half of the global market share and is anticipated to continue its dominance. Meanwhile, the biopolymers segment is forecasted to exhibit the fastest CAGR of 5.6% throughout the forecast period.
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On the basis of technique, the surfactant polymer flooding segment emerged as highest revenue holder by acquiring more nearly one-third of the global chemical enhanced oil recovery market share in 2021 and is anticipated to rule the roost during the forecast period. The Low Tension Gas Flooding (LTG) segment, simultaneously, would portray the fastest CAGR of 5.5% during the forecast period.
On the basis of application, the onshore segment accounted for nearly three-fourths of global market share and is anticipated to retain its dominance during the forecast period. The offshore segment, simultaneously, would portray the fastest CAGR of 4.9% during the forecast period.
On the basis of region, North America contributed to nearly two-fifths of the global market share in 2021, and is expected to dominate by 2031. The Asia-Pacific region, simultaneously, would showcase the fastest CAGR of 5.0% from 2022 to 2031. The other provinces assessed through the report include Europe and LAMEA.
The key market players analyzed in the global chemical enhanced oil recovery market report include BP p.l.c., China Petroleum & Chemical Corporation, Roya Dutch Shell plc, BASF SE, Praxair Technology Inc., Chevron Corporation, Exxon Mobil Corporation, Petroleo Brasileiro S.A., Baker Hughes Inc., and PJSC Lukoil Oil Company. These players have adopted various strategies to gain a higher share or retain leading positions in the market. Many leading manufacturers and suppliers have longstanding contracts with end users to supply fuel dispensers. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as the UK, the U.S., and China to cater to the increasing demand in the region.
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