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Chemical Enhanced Oil Recovery Market

Chemical Enhanced Oil Recovery Market Analysis, By Origin (Petro-based, Bio-based, Water-based), By Type (Water-soluble Polymers, Surfactants, Polymer Gels, Biopolymers, Alkaline Chemicals), By Technique (PF, SP, ASP, ACP), By Application & Region - Global Market Insights 2022 to 2032

Analysis of Chemical Enhanced Oil Recovery Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Chemical Enhanced Oil Recovery Market Outlook (2022-2032)

The global market for chemical-enhanced oil recovery is valued at US$ 800 million  by 2022 and is estimated to reach an approximate size of US$ 1.3 billion by the end of 2032, reveals a new Fact.MR survey.

Worldwide demand for chemical enhanced oil recovery is predicted to advance at 5.1% CAGR over the next ten years.

Methylene Diphenyl Diisocyanate is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 6.5% during 2022 – 2032.

Enhanced oil recovery is a process that enhances oil production from old and matured oil wells and fields and since the number of matured oil fields is increasing the demand for chemically enhanced oil recovery is also expected to rise over the coming years.

The overall decrease in the production of oil in recent ye ars has also bolstered the demand for enhanced oil recovery (EOR) technology and is expected to drive the EOR chemicals market in the future.

Supportive government initiatives, rising investments in the oil & gas industry, advancements in EOR technology, decreasing production from maturing oil fields, and the growing adoption of carbon capture and storage (CCS) systems are prominent factors that are expected to govern market potential in the future.

  • In September 2022, the energy minister of Indonesia, Arifin Tasri announced that the government will launch a second round of oil and gas bidding later this year to bolster the country’s output. The government aims to utilize chemical enhanced oil recovery and exploration of new oil wells to achieve its goals of increased production capacity.

Russia, China, Canada, and Columbia are some of the prominent countries that are using chemical-based EOR technology extensively to enhance their oil production capacity and are expected to be significant markets in the world through 2032.

  • In January 2022, Sinopec, a Chinese oil and gas company headquartered in Beijing announced the completion of a new carbon capture storage (CCS) project, which is a part of its bigger plan to realize a CCS-based enhanced oil recovery proposition. The new unit based in Nanjing city captures carbon dioxide for re-injection into oil reservoirs to enhance oil recovery at the Jiangsu field.
  • In August 2021, using coal gasification technology, J-Power and Schlumberger intended to investigate the viability of manufacturing CO2-free hydrogen. Enhanced oil recovery will be carried out using the carbon dioxide produced by the process.
  • In October 2021, an agreement on collaboration in the execution of oil and gas projects as well as the development of enhanced oil recovery technologies has been signed between Gazprom Neft and the Republic of Tatarstan. The parties concurred to work together to develop the state-of-the-art oil equipment needed by the industry and to establish technological test facilities for cooperative research in Western Siberia and the Volga Federal District.
  • In October 2021, an agreement on cooperation to carry out oil recovery enhancement projects was inked by LUKOIL and Gazprom Neft. The agreement requires collaboration to advance chemical techniques for enhanced oil recovery.

The chemical enhanced oil recovery (EOR) market in China is slated to exhibit evolution at a robust CAGR of 6.5% and demand for chemical enhanced oil recovery in Canada is pegged to increase at 4.5% CAGR throughout the forecast period.

Increasing concerns to control carbon emissions across the world have led to heightened demand for carbon capture and storage (CCS) systems, which are expected to provide lucrative opportunities for prime companies in the enhanced oil recovery market over the next ten years.

A growing focus on environment conservation is also expected to boost the demand for CO2 injection technology which in turn is anticipated to create new opportunities for the enhanced oil recovery market across the forecast period.

However, the volatility in crude oil prices and changing political-economic climate of oil field-controlling countries are factors that could impede the development of the enhanced oil recovery market going forward.

Report Attributes

Details

Market Size (2022)

US$ 800 Million

Projected Market Value (2032F)

US$ 1.32 Billion

Global Market Growth Rate (2022-2032)

5.1% CAGR

Polymer Flooding (PF) Segment Market Value (2032F)

US$ 600 Million

Canada Market Growth Rate (2022-2032)

4.5% CAGR

Key Companies Profiled

  • ChampionX
  • Clariant AG
  • Huntsman Corporation
  • Oil Chem Technologies LLC
  • Shell Chemicals
  • BASF SE
  • SNF
  • The Dow Chemical Company
  • Beijing Hengju Chemical Group Corporation
  • Chevron Phillips Chemical Company LLC
  • Sasol Limited
  • Halliburton Company
  • Kemira Oyj

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How Will Rising Focus on Sustainability Open Up New Opportunities for Enhanced Oil Recovery Market Growth?

“Increasing Demand to Reduce Emissions Promoting Use of CO2 Injection Technology for Oil Recovery”

The world has witnessed some substantial climatic changes in the past few years and this has led to an increased awareness of sustainability and environment conservation, which is expected to pave the way for new chemical enhanced oil recovery applications across the world. Established as well as aspiring companies are focusing on this trend to increase their market share and strengthen their position in the global landscape.

  • In October 2022, Occidental Petroleum Corp., a leading U.S-based oil company announced that it was starting construction on the world’s largest carbon removal plant that is expected to boast a carbon capture of 500,000 tons per year. The plant is being built in collaboration with Carbon Engineering Ltd, a Canadian start-up. Occidental aims to inject the captured carbon dioxide to use it for enhanced oil recovery and create “net-zero oil” that is obtained by injecting more CO2 in oil fields than it emits in the process of extraction.

Increasing investments in research and advancement of enhanced oil recovery technologies are also expected to provide impetus to market potential in the long run.

  • After years of research at the Liberty Resources well site in Bakken, one enhanced oil recovery method has finally proven to improve the production capacity. For this test method, a computer-controlled injection system from EOR ETC, a privately owned United States-based start-up was used. The system enables the containment of gas in the targeted zone and thus lowers production costs by using less gas.

A detailed assessment of all the key drivers, restraints, and market trends has been profiled in this latest chemical enhanced oil recovery market survey by Fact.MR, a market research and competitive intelligence provider.

Chemical enhanced oil recovery market forecast by Fact.MR

Chemical Enhanced Oil Recovery Market

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Country-wise Insights

Why is the United States a Remunerative Market for Chemical Enhanced Oil Recovery?

“Exploration of Unconventional Oil Resources Providing Lucrative Market Opportunities”

The United States market for chemical enhanced oil recovery is anticipated to be the most rewarding one in the North American region over the coming years. The demand in this region can be ascribed to a rising focus on the exploration of unconventional gas and oil resources to meet high demands and reduce dependency on other countries for oil imports. Increasing government spending and rapid commercialization of EOR technology are other factors that could favor the demand for enhanced oil recovery services over the next ten years.

Why is Japan a Bankable Specialty Oilfield Chemicals Market?

“Presence of Key Chemical Companies & High Import of Natural Gas”

Japan is home to some of the most prominent chemical companies in the world and this makes it an attractive market for chemical enhanced oil recovery and other chemical-based applications. The increasing demand for energy in Japan has pushed energy providers in the country to opt for collaborations to increase output and create more energy for the country’s growing demand.

  • In August 2021, J-power, a Japanese energy producer and wholesaler, and Schlumberger, a U.S-based oil service provider announced that they were studying the possibility of production of CO2-free hydrogen using coal gasification technology and will utilize the CO2 from the process for enhanced oil recovery applications.

Such initiatives and supportive government policies are anticipated to uplift the demand for specialty oilfield chemicals in the country and also benefit the market for chemical enhanced oil recovery over the coming years.

What is the Demand Outlook for Chemical Enhanced Oil Recovery in Europe?

“High Focus on Sustainability Providing Attractive Business Scope”

European countries are leading the sustainability charge by adopting some of the most environment-friendly technologies and techniques to achieve net zero carbon emission goals as soon as possible. Germany, France, the United Kingdom, Italy, and Spain are some of the most prominent countries in the European region that are expected to witness a high demand for carbon capture utilization and uplift demand for chemical enhanced oil recovery through CO2 injection technology.

The presence of key oil & gas companies and supportive government initiatives to adopt sustainable technologies are anticipated to favor the market for chemical-enhanced oil recovery in the long run.

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Category-wise Insights

Which Chemical Enhanced Oil Recovery Technique is More Popular?

“Polymer Flooding (PF) Technique to Lead Market Revenue Generation Potential”

Based on technique, the market for chemical enhanced oil recovery is segmented into polymer flooding (PF), surfactant-polymer (SP) flooding, alkali-surfactant-polymer (ASP) flooding, alkali-co-solvent-polymer (ACP) flooding, and low tension gas flooding (LTG).

Polymer flooding technique is predicted to be the most popular technique in the global landscape and its demand is expected to be driven by high adoption and deployment in many projects. This technique has been used for over 40 years and is still being deployed in many oilfields across the world, which is anticipated to drive its demand at a 5.5% CAGR over the next ten years.

  • In August 2022, Ithaca Energy, an oil and gas producer focusing on sustainability filed regulatory paperwork for phase 2 of its EOR program at North Sea’s Captain field. This phase will also use the polymer flooding technique to boost oil recovery and unlock additional 40 million barrels from the site.

Competitive Landscape

Key players in the chemical enhanced oil recovery market are focusing on providing their services to new projects being launched across the world.

  • Oil and Natural Gas Corporation (ONGC), a state entity of India recently awarded two enhanced oil recovery (EOR) projects to SNF Flopam at Jhalora and Becharji fields with the latter being awarded in March of 2022. Becharji field will witness the implementation of Polymer Flooding which is a type of chemical enhanced oil recovery (EOR) technology.

Segments of Chemical Enhanced Oil Recovery Industry Research

  • By Origin:

    • Petro-based
    • Bio-based
    • Water-based
  • By Application:

    • Onshore 
    • Offshore 
  • By Type:

    • Water-soluble Polymers
    • Surfactants
    • Polymer Gels
    • Biopolymers
    • Alkaline Chemicals
  • By Technique:

    • Polymer Flooding (PF)
    • Surfactant-Polymer (SP) Flooding
    • Alkali-Surfactant-Polymer (ASP) Flooding
    • Alkali-Co-solvent-Polymer (ACP) Flooding
    • Low Tension Gas Flooding (LTG)
  • By Region:

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

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The global chemical enhanced oil recovery market is valued at US$ 800 million in 2022.

By 2032, the market for chemical enhanced oil recovery is estimated to reach US$ 1.32 billion.

Demand for chemical enhanced oil recovery is projected to rise at 5.1% CAGR from 2022 to 2032.

Increasing number of maturing oil wells, decreasing oil production, and advancements in EOR technologies are prime factors that will drive market growth.

BASF SE, SNF, The Dow Chemical Company, Beijing Hengju Chemical Group Corporation, Chevron Phillips Chemical Company LLC, Sasol Limited, Halliburton Company, and Kemira Oyj are the prime companies operating in the global market.

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