Press release
Chemical Enhanced Oil Recovery (Eor) Market Demand Dynamics and Growth Opportunities by 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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Report Overview:
Forecast Period: 2022-2031
Base Year: 2021
Market Size (2021): $0.9 billion
Projected Market Size (2031): $1.2 billion
Compound Annual Growth Rate (CAGR): 4.6%
Total Pages: 343
Market Segmentation:
Segments Covered: Origin, Type, Technique, Application, and Region
Key Market Drivers:
Increasing number of matured wells
The Rising demand for energy security
Gradual shift toward oil recovery from reservoirs
Opportunities:
Extensive investment in R&D for developing untapped resources
Market Challenges:
High production costs
Limited availability of key feedstocks
Restraints
Fluctuations in oil prices
The presence of alternative oil recovery technology
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The global chemical enhanced oil recovery market is comprehensively analyzed across origin, type, technique, application, and region, offering detailed insights through tabular and graphical representations. Investors and market players can leverage this breakdown to devise strategies based on the highest revenue-generating and fastest-growing segments identified 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.
Regarding technique, the surfactant polymer flooding segment emerged as the highest revenue holder in 2021, accounting for nearly one-third of the global market share and is expected to maintain its dominance. Conversely, the Low Tension Gas Flooding (LTG) segment is poised to register the fastest CAGR of 5.5% during the forecast period.
In terms of application, the onshore segment accounted for approximately three-fourths of the global market share and is projected to retain its dominance. However, the offshore segment is expected to demonstrate the fastest CAGR of 4.9% during the forecast period.
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Regionally, North America contributed to nearly two-fifths of the global market share in 2021 and is anticipated to dominate by 2031. Meanwhile, the Asia-Pacific region is forecasted to showcase the fastest CAGR of 5.0% from 2022 to 2031. The report also assesses other regions including Europe and LAMEA.
Key market players analyzed in the report include BP p.l.c., China Petroleum & Chemical Corporation, Royal 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 market share or maintain leading positions, including establishing manufacturing facilities in key regions to meet rising demand.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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