Press release
Enhanced Oil Recovery Market Trends That Will Shape the Next Decade: Insights from Clariant Oil Services Introduces PHASETREAT WET: A Sustainable Solution for Oil Extraction Efficiency
Enhanced Oil Recovery
How Large Will the Enhanced Oil Recovery Market Size By 2025?
The market size of enhanced oil recovery has seen robust growth in the last few years. The market is projected to expand from a value of $43.97 billion in 2024 to $48.17 billion in 2025, representing a compound annual growth rate (CAGR) of 9.6%. The historical growth can be linked to factors such as dwindling conventional reserves, the maturation of oil fields, an improved understanding of reservoirs, advances in water management techniques, and efforts to reduce costs.
How Big Is the Enhanced Oil Recovery Market Size Expected to Grow by 2029?
The market size of enhanced oil recovery is predicted to witness a significant rise in the coming years, expanding to $67.64 billion by 2029 with a compound annual growth rate (CAGR) of 8.9%. This projected growth during the forecast period can be attributed to increased public consciousness, the expansion of the global market, the advancement in shale oil and gas exploration, concerns about carbon emission, and an improvement in cost efficiency. The forecast period is also expected to see notable trends such as depleting conventional reserves, fluctuating oil prices, environmental regulations, ageing oil fields, and enhanced reservoir characterization.
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Which Key Market Drivers Powering Enhanced Oil Recovery Market Expansion and Growth?
The heightened necessity for oil and gas is predicted to boost the advancement of the enhanced oil recovery market in the future. The oil and gas sectors revolve around identifying, relocating to a refinery, and transforming resources into consumable products. The surge in oil and gas demands a greater degree of oil recovery, which in turn, creates a demand for the market. For example, the Energy Information Administration, a statistical and analytical institution based in the U.S, published data in June 2023 stating that the worldwide demand for oil is anticipated to escalate by 6% from 2022 to 2028, achieving 105.7 million barrels a day. Simultaneously, global upstream investments in the exploration, extraction, and production of oil and gas are anticipated to heighten by 11% annually, hitting an unprecedented USD 528 billion record in 2023. As a result, the escalating demand for oil and gas is stimulating the growth of the enhanced oil recovery market.
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Which Fast-Growing Trends Are Poised to Disrupt the Enhanced Oil Recovery Market?
Key companies within the Enhanced Oil Recovery market are concentrating on the creation of novel products such as PHASETREAT WET which are aimed at increasing the effectiveness of oil extraction while lessening environmental impacts. PHASETREAT WET is a chemically engineered solution specifically geared towards improved oil recovery operations, particularly in difficult reservoirs with a high water content. It operates by modifying the characteristics of oil and water phases, enhancing the movement of oil, and easing its flow towards the production wells. Clariant Oil Services, a UK-based company, introduced PHASETREAT WET in June 2023, employing nanoemulsion technology to decrease demulsifier dosages by as much as 75%, thereby significantly reducing carbon emissions from oil and gas activities. This novel approach not only boosts operational efficiency but also aligns with sustainability initiatives in the industry.
What Are the Emerging Segments in the Enhanced Oil Recovery Market?
The enhanced oil recovery market covered in this report is segmented -
1) By Technology: Thermal EOR, Chemical EOR, Gas EOR, Other Technologies
2) By Chemical: Surfactants, Polymers, Alkaline Chemicals, Alkali-Surfactant-Polymer (ASP) Formulations, Foamers
3) By Application: Onshore, Offshore
Subsegments:
1) By Thermal EOR: Steam Injection, In-Situ Combustion, Cyclic Steam Stimulation
2) By Chemical EOR: Polymer Flooding, Surfactant-Polymer Flooding, Alkaline-Surfactant-Polymer Flooding
3) By Gas EOR: CO2 Injection, Natural Gas Injection, Other Gas Injection Techniques
4) By Other Technologies: Microbial EOR, Electrical Heating Methods, Novel EOR Techniques
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Who Are the Global Leaders in the Enhanced Oil Recovery Market?
Major companies operating in the enhanced oil recovery market are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, Baker Hughes Company, Schlumberger Limited, Petróleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., EOG Resources Inc., Anadarko Petroleum Corporation, Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.
Which are the Top Profitable Regional Markets for the Enhanced Oil Recovery Industry?
North America was the largest region in the enhanced oil recovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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