Chemical Enhanced Oil Recovery (EOR) Market Report 2023-2033: Surging Demand For Crude Oil Amidst Depleting Reserves Is Driving The Market Growth

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The "Chemical Enhanced Oil Recovery (EOR) Market Report 2023-2033" has been added to ResearchAndMarkets's offering.
World revenue for the Chemical Enhanced Oil Recovery (EOR) Market is forecast to surpass US$936.2 million in 2023, with strong revenue growth predicted through to 2033. The work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.
Surging Demand for Crude Oil Amidst Depleting Reserves Is Driving the Market Growth
As conventional oil reserves deplete, the global demand for crude oil remains unabated. Chemical Enhanced Oil Recovery (EOR) techniques, including polymer flooding and surfactant-polymer flooding, have become pivotal in extracting additional oil from mature fields. This demand is prominent in regions like the Middle East, where countries like Saudi Arabia and Iraq extensively employ chemical EOR methods to sustain oil production levels. The technique ensures a continued supply of oil by recovering otherwise unrecoverable reserves, thus driving the chemical EOR market.
The Fluctuation of Oil Prices Hinders the Growth of the Market
The Chemical Enhanced Oil Recovery (EOR) market, like many sectors within the energy industry, is significantly impacted by the fluctuation of oil prices. These price fluctuations have a profound influence on the market's growth and development. When oil prices experience volatility, it creates a climate of uncertainty within the energy sector. Oil companies and operators must carefully assess the economic viability of their EOR projects, as the cost-effectiveness of implementing chemical EOR methods can be directly tied to prevailing oil prices. During periods of low oil prices, the financial feasibility of EOR initiatives may come into question, as the expenses associated with chemical formulations and injection processes may outweigh the benefits of increased oil recovery.

Market Dynamics

Market Driving Factors

  • Increase in Crude Oil Production Driving the Market Growth
  • Increased Number of Matured Wells Driving the Market Growth
  • Rising Deep Drilling Operations Driving the Market Growth

Market Restraining Factors

  • Negative Impact on the Environment Hinder the Market Growth
  • Presence Fluctuations in Oil Prices Hinder the Market Growth
  • The Presence of Alternative Oil Recovery Technology

Market Opportunities

  • Extensive Investment in R&D for Developing Untapped Resources
  • Discovery of New Oilfields Presents Opportunities for the Market
  • Nanotechnology Utilized in New Enhanced Oil Recovery Method

Segments Covered in the Report

Market Segment by Type

  • Offshore
  • Onshore

Market Segment by Origin

  • Petro-based
  • Bio-based
  • Water-based

Market Segment by Chemical Type

  • Water-soluble Polymers
  • Surfactants
  • Polymer Gels
  • Biopolymers
  • Alkaline Chemicals

Market Segment by Technique

  • Polymer Flooding (PF)
  • Surfactant-Polymer (SP) Flooding
  • Alkali-Surfactant-Polymer (ASP) Flooding
  • Micellar Flooding
  • Low Tension Gas Flooding (LTG)
  • Other Technique

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.

Forecasts to 2033 and other analyses reveal commercial prospects

  • In addition to revenue forecasting to 2033, this new study provides you with recent results, growth rates, and market shares.
  • You will find original analyses, with business outlooks and developments.
  • Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising chemical enhanced oil recovery (EOR) prices and recent developments.

The report also includes profiles and for some of the following leading companies, with a focus on this segment of these companies' operations:

  • Air Liquide
  • Baker Hughes Company
  • BP Plc
  • Chevron Phillips Chemical Company
  • Croda International
  • Haliburton Corporation
  • Linde Plc
  • Royal Dutch Shell Plc
  • Schlumberger Limited
  • Secure Energy Services
  • Suncor Energy Inc.
  • TechnipFMC plc
  • Titan Oil Recovery
  • Ultimate EOR Services
  • XYTEL Corporation

In summary, the 420+ page report provides you with the following knowledge:

  • Revenue forecasts to 2033 for Chemical Enhanced Oil Recovery (EOR) Market, 2023 to 2033 Market, with forecasts for type, origin, chemical type, and technique, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
  • Revenue forecasts to 2033 for four regional and 20 key national markets - See forecasts for the Chemical Enhanced Oil Recovery (EOR) Market, 2023 to 2033 market in North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Also forecasted is the market in the US, Canada, Brazil, Germany, France, UK, Italy, China, India, Indonesia, Thailand, Malaysia among other prominent economies.
  • Prospects for established firms and those seeking to enter the market - including company profiles for 15 of the major companies involved in the Chemical Enhanced Oil Recovery (EOR) Market, 2023 to 2033.

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