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Chemical Enhanced Oil Recovery (EOR) Market Forecast to Reach $1.11 Billion by 2025

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Chemical Enhanced Oil Recovery (EOR) Market Forecast to Reach $1.11 Billion by 2025

May 01
00:26 2021
Chemical Enhanced Oil Recovery (EOR) Market Forecast to Reach $1.11 Billion by 2025

Chemical Enhanced Oil Recovery (EOR) Market
The Growing Popularity Chemical Products Such as Polymers, Surfactants, Alkalis and Polymeric Surfactants, Is Likely to Aid in the Market Growth of Chemical Enhanced Oil Recovery.

Chemical Enhanced Oil Recovery (EOR) Market is forecast to reach $1.11 billion by 2025, after growing at a CAGR of 5.1% during 2020-2025. With the rise in chemical products such as polymers, surfactants, alkalis and polymeric surfactants, the chemical enhanced oil recovery market is growing. Growing public interest towards sustainable and environment-friendly products will further enhance the overall market demand for Chemical Enhanced Oil Recovery during the forecast period.

Chemical Enhanced Oil Recovery (EOR) Market Segment Analysis – By Type

Gas injection is the most used type of chemical Enhanced Oil Recovery, which uses gases such as natural gas, nitrogen, or carbon dioxide (CO2) that expand in a reservoir to push additional oil to a production wellbore, or other gases that dissolve in the oil to lower its viscosity and improves its flow rate. Carbon dioxide EOR (CO2-EOR) is the method that is gaining the most popularity. While initial CO2-EOR developments used naturally occurring carbon dioxide deposits, technologies have been developed to inject CO2 created as byproducts from industrial purposes. Whereas according to the US’s energy department’s fossil energy, gas injection accounts for nearly 60 percent of EOR production in the United States.

Chemical Enhanced Oil Recovery (EOR) Market Segment Analysis – By Technique/Method

Polymer flooding is the most widely used technique around the world for Chemical Enhanced oil recovery. Polymer flooding is used under certain reservoir conditions that lower the efficiency of a regular waterflood, such as fractures or high-permeability regions that channel or redirect the flow of injected water, or heavy oil that is resistant to flow. Adding a water-soluble polymer to the waterflood allows the water to move through more of the reservoir rock, resulting in a larger percentage of oil recovery. In polymer flooding, a water-soluble polymer is added into the floodwater. This increases the viscosity of water.

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Chemical Enhanced Oil Recovery (EOR) Market Segment Analysis – By Application

By Pass Oil holds a significant growth for chemical enhanced oil recovery market. Bypass oil filtration features a secondary filter with the purpose of eliminating nearly all contaminants from motor oil. Bypass filters have high capacities and eliminate much smaller particles than full-flow filters, including soot. Bypass filters reduce engine wear and increase oil volume, but their high efficiencies mean they also have higher restriction and must be used in conjunction with a full-flow filter.

Chemical Enhanced Oil Recovery (EOR) Market Segment Analysis – By End Use

On shore segments holds the primary market for chemical enhanced oil recovery market. hydrocarbon gas injection projects in onshore sandstone reservoirs have made a relatively marginal contribution in terms of total oil recovered in Canada and the U.S. other than on the North Slope of Alaska, where large natural gas resources are available for use that do not have a transportation system to markets. It is important to mention that in this paper we refer to EOR gas methods using hydrocarbon gases such as Water-Alternating-Gas (WAG) injection schemes, enriched gases or solvents and its combinations. Therefore, hydrocarbon gas injection as pressure maintenance or double displacement strategies are not considered EOR methods for purposes of this review.

Chemical Enhanced Oil Recovery (EOR) Market Segment Analysis – By Geography

North America dominated the Chemical Enhanced Oil Recovery Market with a share of more than xx%. EOR production has been concentrated majorly in countries such as US, Mexico and Others. EOR has become a niche business among oil and service companies, and the requisite skills, technologies and expertise are not widely available. Five midsize oil and gas companies currently operate the majority of CO2-EOR projects in the United States. The systemic application of all available EOR technologies across the global conventional crude oil resource base could in theory unlock up to 300 billion barrels of oil. However, with much of the easy-to-produce oil already recovered from U.S. oil fields, producers have attempted several tertiary, or enhanced oil recovery (EOR), techniques that offer prospects for ultimately producing 30 to 60 percent, or more, of the reservoir’s original oil in place.

Chemical Enhanced Oil Recovery (EOR) Market Drivers

Increasing production of crude oil

The methods of enhancing recovery of heavy crude oil explore the importance of enhanced oil recovery and how it has grown in recent years due to the increased needs to locate unconventional resources such as heavy oil, shale, and bitumen. Unfortunately, petroleum engineers and managers are not always well-versed in the enhancement methods available when needed or the most economically viable solution to maximize their reservoir’s productivity. Various recovery methods have been explored to extract heavy oil from deep reservoirs or oil spills.

Implementation of Stringent Environment Regulations

Governments globally are focusing on boosting the fuel economy in accordance with standards of the Corporate Average Fuel Economy; and fuel additives help in the reduction of vehicular emission. At present, fuel additives are required to meet the inevitably strict vehicular emission standards, as developing countries like China, and India are updating instructions to control emissions which will further boost the adoption of fuel additives. So, this will encourage the market player to pay attention towards boosting the fuel economy with the help of Enhanced Oil Recovery (EOR) Market.

Chemical Enhanced Oil Recovery (EOR) Market Challenges

Impact of COVID 19

The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for chemical enhanced oil recovery market.

Growing demand for battery electric vehicles

The shift towards electric vehicles in the developed and developing nations would hamper the growth of existing IC engine vehicles and also impact the Chemical Enhanced Oil Recovery Market over the forecast timeframe. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero emission targets under the “Paris Climate Accord”, in 2017, France government has announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric powered vehicles by 2040.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Chemical Enhanced Oil Recovery Market. In 2019, the market of Chemical Enhanced Oil Recovery has been consolidated by the top five players accounting for xx% of the share. Major players in the Chemical Enhanced Oil Recovery Market are Dubai Petroleum, Canadian Natural Resources Ltd, Cenovus Energy Ltd, ConocoPhillips Canada Resources Corporation, EnCana Corporation, BP Canada Energy Company and the others., among others.

Acquisitions/Technology Launches

In May 2019, canadian natural resources limited has completed the acquisition of substantially all of the assets of devon canada corporation calgary, alberta.

Key Takeaways

North America dominates the Chemical Enhanced Oil Recovery Market owing to the growing oils wells and oil production.

The growing popularity chemical products such as polymers, surfactants, alkalis and polymeric surfactants, is likely to aid in the market growth of chemical enhanced oil recovery.

Increasing adoption of sustainable and environment friendly products, implementation of stringent government regulations related to vehicular emissions will increase the market demand for chemical enhanced oil recovery in the near future.

Increasing demand for battery electric vehicles and the ban on diesel and gasoline vehicles going forward in the European countries will create hurdles for the Chemical Enhanced Oil Recovery Market.

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