Chemical Enhanced Oil Recovery Market Outlook: Scope, Demand Trends and Growth Forecast to 2031

The global chemical enhanced oil recovery (EOR) market is witnessing steady growth, driven by the rising offshore application of chemical EOR techniques and a gradual shift toward maximizing oil recovery from mature reservoirs. Increasing energy security concerns and depletion of conventional oil resources are further accelerating market expansion.

According to Allied Market Research, the chemical enhanced oil recovery market was valued at $0.9 billion in 2021 and is projected to reach $1.4 billion by 2031, registering a CAGR of 4.6% from 2022 to 2031.

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Key Growth Drivers:

- Rising number of mature and aging oil wells
- Increasing global demand for energy security
- Gradual shift toward enhanced oil recovery from existing reservoirs
- Growing offshore EOR activities

Market Restraints:

- Volatility in crude oil prices
- Availability of alternative oil recovery technologies

Opportunities:

- Extensive investments in R&D to unlock untapped and complex oil reservoirs

- Development of environmentally friendly and bio-based chemical EOR solutions

Segmental Insights:-

By Origin:

- Water-based chemicals dominated the market in 2021, accounting for over half of the total revenue share

- Bio-based chemicals are expected to grow at the fastest CAGR of 5.4% during the forecast period

By Type:

- Alkaline chemicals held the largest market share in 2021, contributing nearly half of total revenue

- Biopolymers are anticipated to witness the fastest growth, with a CAGR of 5.6%

By Technique:

- Surfactant polymer flooding emerged as the leading technique, capturing nearly one-third of the market in 2021

- Low Tension Gas (LTG) flooding is projected to grow at the fastest CAGR of 5.5%

By Application:

- Onshore applications accounted for nearly three-fourths of the global market share in 2021

- Offshore applications are expected to register the fastest CAGR of 4.9%

Regional Analysis:

- North America dominated the global market in 2021, contributing nearly two-fifths of total revenue, and is expected to maintain its lead through 2031

- Asia-Pacific is projected to grow at the fastest CAGR of 5.0%, driven by rising energy demand and increasing investments in oilfield technologies

- Other regions analyzed include Europe and LAMEA

Competitive Landscape:-

Key players operating in the global chemical enhanced oil recovery market include:

- BP p.l.c.
- China Petroleum & Chemical Corporation (Sinopec)
- Royal Dutch Shell plc
- BASF SE
- Praxair Technology Inc.
- Chevron Corporation
- Exxon Mobil Corporation
- Petróleo Brasileiro S.A. (Petrobras)
- Baker Hughes Inc.
- PJSC Lukoil Oil Company

These companies are focusing on strategic collaborations, long-term supply contracts, geographic expansion, and R&D investments to strengthen their market position.

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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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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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