Portland, OR, March 16, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global 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. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.9 Billion |
| Market Size in 2031 | $1.4 Billion |
| CAGR | 4.6% |
| No. of Pages in Report | 343 |
| Segments Covered | Origin, Type, Technique, Application, and Region |
| Drivers | Increasing number of matured wells |
| The Rising demand for energy security | |
| Gradual shift toward oil recovery from reservoirs | |
| Restraints | Fluctuations in oil prices |
| The presence of alternative oil recovery technology | |
| Opportunities | Extensive investment in R&D for developing untapped resources |
Covid-19 Scenario-
- The chemical enhanced oil recovery (EOR) market experienced significant growth despite facing obstacles. This growth can be attributed to the depletion of oil resources and the growing concern for environmental preservation.
- Also, since the lifting of COVID-19 restrictions, major national institutions and oil producers worldwide started increasing their investments in oil recovery technology that can enhance the quality and lifespan of oil wells. This renewed focus on improving oil recovery technology has had a positive impact on the growth of the market.
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.
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On the basis of origin, the water-based segment emerged as the largest revenue holder by acquiring more than half of the global chemical enhanced oil recovery market share in 2021 and is anticipated to continue this trend during the forecast period. The bio-based segment, on the other hand, would showcase the fastest CAGR of 5.4% during the forecast period.
On the basis of type, the alkaline chemicals segment emerged as the highest revenue holder by acquiring nearly half of the global chemical enhanced oil recovery market share in 2021 and is anticipated to dominate during the forecast period. The biopolymers segment, on the other hand, would display the fastest CAGR of 5.6% throughout the forecast period.
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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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.
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