Global Chemical Enhanced Oil Recovery (EOR/IOR) Market, By Product Type (Sheets, Rods and Tubes), Grades (Standard, Reinforced, Impact Modified, Recycled, Ultraviolet (UV) Stabilized and Special Grade), Application (Gears, Engineering Parts and Medical Delivery Devices), End User Industry (Electrical and Electronics, Transportation, Medical, Food Packaging, Consumer Goods and Appliances, Building and Construction and Other End-user Industries) – Industry Trends and Forecast to 2030.
Chemical Enhanced Oil Recovery (EOR/IOR) Market Analysis and Size
The global chemical enhanced oil recovery (EOR/IOR) market is expanding due to factors such as increased adoption in developing economies such as India and China, diverse applications in onshore and offshore sectors, rising government R&D investments, and growing industrialization in developing nations.
Data Bridge Market Research analyses that the global chemical enhanced oil recovery (EOR/IOR) market which was USD 999.26 million in 2022, is expected to reach USD 1,580.69 million by 2030, and is expected to undergo a CAGR of 5.90% during the forecast period of 2023 to 2030. “Sheets” dominates the product type segment of the global chemical enhanced oil recovery (EOR/IOR) market due to versatile applications, from construction to packaging, making it a highly sought-after product type. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Chemical Enhanced Oil Recovery (EOR/IOR) Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable to 2015-2020)
|
|
Quantitative Units
|
Revenue in USD Million, Pricing in USD and Volumes in Units
|
|
Segments Covered
|
Product Type (Sheets, Rods and Tubes), Grades (Standard, Reinforced, Impact Modified, Recycled, Ultraviolet (UV) Stabilized and Special Grade), Application (Gears, Engineering Parts and Medical Delivery Devices), End User Industry (Electrical and Electronics, Transportation, Medical, Food Packaging, Consumer Goods and Appliances, Building and Construction and Other End-user Industries)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
|
|
Market Players Covered
|
Schlumberger Limited (U.S.), Baker Hughes Company (U.S.), Halliburton Company (U.S.), Nalco Champion (U.S.), BASF SE (Germany), Solvay S.A. (Belgium), AkzoNobel N.V. (Netherlands), Chevron Phillips Chemical Company LP (U.S.), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Dow Chemical Company (U.S.), Occidental Petroleum Corporation (U.S.), Weatherford International plc (Switzerland), Praxair, Inc. (U.S.)
|
|
Market Opportunities
|
|
Market Definition
Chemical enhanced oil recovery (EOR/IOR) pertains to the industry focused on the use of chemicals and associated techniques to optimize and enhance the extraction of hydrocarbons from oil reservoirs. It involves the deployment of various chemical agents and solutions to improve oil production rates, increase reservoir sweep efficiency, and reduce interfacial tension, ultimately maximizing oil recovery from both conventional and unconventional sources, such as mature fields and tight reservoirs.
Global Chemical Enhanced Oil Recovery (EOR/IOR) Market Dynamics
Drivers
- Growing Demand of Oil
Escalating global energy consumption, driven by industrialization and population growth, fuels the adoption of chemical enhanced oil recovery (EOR/IOR) techniques. With conventional oil reserves depleting, EOR/IOR offers a means to extract more hydrocarbons, meeting the mounting demand.
- Advancements in EOR Technologies
Ongoing research and development efforts are yielding more efficient and cost-effective EOR methods. Innovations such as nanotechnology and improved chemical formulations enhance oil recovery rates, making EOR/IOR increasingly attractive for operators seeking to maximize production and reserves.
Opportunities
- Expanding EOR in Unconventional Reservoirs
The proliferation of unconventional resources, including shale oil and gas, presents a substantial opportunity for EOR application. These reservoirs often require specialized chemical treatments and techniques to enhance production, opening up new markets and revenue streams.
- Increasing Environmental Concerns
Heightened environmental awareness and stricter regulations drive the demand for eco-friendly EOR/IOR solutions. The opportunity lies in developing and implementing sustainable practices, such as utilizing biodegradable or low-impact chemicals, aligning with both ecological responsibilities and industry profitability.
Restraints/Challenges
- Regulatory Hurdles and Compliance Requirement
Stringent environmental regulations and compliance requirements can create barriers to the widespread adoption of EOR/IOR methods. Meeting these regulatory standards, which vary by region, may necessitate substantial adjustments and investment, potentially slowing market growth.
- High Implementation Costs
While EOR/IOR promises enhanced oil recovery, the substantial initial investment required for infrastructure development and chemical procurement can pose a financial challenge for some oil operators. Cost considerations and funding constraints may limit the widespread adoption of these techniques.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In February 2022, SNF's EOR technique, utilizing polymer flooding and modular skids, enhances oil recovery by 20%, costing $3 to $6 per extra barrel while significantly lowering CO2 emissions, with over 300 global projects and plug-and-pump facilities.
Global Chemical Enhanced Oil Recovery (EOR/IOR) Market Scope
The global chemical enhanced oil recovery (EOR/IOR) market is segmented on the basis of product type, grades, application, and end user industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Sheets
- Rods
- Tubes
Grades
- Standard
- Reinforced
- Impact Modified
- Recycled
- Ultraviolet (UV) Stabilized
- Special Grade
Application
- Gears
- Engineering Parts
- Medical Delivery Devices
End User Industry
- Electrical and Electronics
- Transportation
- Medical
- Food Packaging
- Consumer Goods and Appliances
- Building and Construction
- Other End-user Industries
Global Chemical Enhanced Oil Recovery (EOR/IOR) Market Regional Analysis/Insights
The global chemical enhanced oil recovery (EOR/IOR) market is analysed and market size insights and trends are provided by country, product type, grades, application, and end user industry referenced above.
The countries covered in the global chemical enhanced oil recovery (EOR/IOR) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
North America dominates the global chemical enhanced oil recovery (EOR/IOR) market due to its extensive oil reserves and advanced EOR technologies.
Asia-Pacific is anticipated to be the highest-growing region in the global chemical enhanced oil recovery (EOR/IOR) market due to increasing energy demand and expanding oil exploration activities.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Chemical Enhanced Oil Recovery (EOR/IOR) Market Share Analysis
The global chemical enhanced oil recovery (EOR/IOR) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global chemical enhanced oil recovery (EOR/IOR) market.
Some of the major players operating in the global chemical enhanced oil recovery (EOR/IOR) market are:
- Schlumberger Limited (U.S.)
- Baker Hughes Company (U.S.)
- Halliburton Company (U.S.)
- Nalco Champion (U.S.)
- BASF SE (Germany)
- Solvay S.A. (Belgium)
- AkzoNobel N.V. (Netherlands)
- Chevron Phillips Chemical Company LP (U.S.)
- Exxon Mobil Corporation (U.S.)
- Royal Dutch Shell plc (Netherlands)
- Dow Chemical Company (U.S.)
- Occidental Petroleum Corporation (U.S.)
- Weatherford International plc (Switzerland)
- Praxair, Inc. (U.S.)
SKU-