The Global Chemical Enhanced Oil Recovery Market (EOR / IOR) accounted for USD 743.2 million in 2016 and is projected to grow at a CAGR of 5.2% during the forecast period of 2017 to 2024.
According to a new report published by Data Bridge Market Research Titled, Global Chemical Enhanced Oil Recov…EOR / IOR) Market By Type (Water Soluble Polymers, Surfactants, Polymer Gels, Biopolymers, Alkaline Chemicals) By Application (Onshore, Offshore) By Technique (Polymer Flooding, Surfactant-Polymer Flooding, Alkaline-Surfactant-Polymer Flooding ) By Origin (Petro-Based, Bio-Based) – Industry Trends and Forecast to 2024
The Global Chemical Enhanced Oil Recovery Market (EOR / IOR) report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Enhanced oil recovery (EOR / IOR) is a method of extraction of oil and gas from the well after the primary and secondary method. EOR uses different materials such as gas, water, chemicals and others as injection in the well and force the oil & gas to come out.
The chemical EOR is the method in which the chemicals are used for the same. There is a growing demand for chemical enhanced oil recovery (EOR / IOR) in both onshore and offshore operation of oil extraction, which is expected to be one of the major drivers of the market over the next seven years.
Major Market Drivers:
- Increasing crude oil production
- Growth in deep drilling operations
- Declining oil prices hindering the chemical EOR
- The chemical enhanced oil recovery (EOR / IOR) market is segmented on the basis of type into water soluble polymers, surfactants, polymer gels, biopolymers, alkaline chemicals and others.
- On the basis of application, the market is segmented into chemical, petrochemical and onshore and offshore.
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- On the basis of technique, the market is segmented into polymer flooding, surfactant-polymer flooding and alkaline-surfactant-polymer flooding.
- On the basis of origin, the market is segmented into petro-based and bio-based.
- On the basis of geography, the chemical enhanced oil recovery (EOR / IOR) market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
The global chemical enhanced oil recovery market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors:
- Albemarle Corporation,
- Ashland, BASF SE,
- Baker Hughes Incorporated,
- Champion Technology Services, Inc.,
- The Dow Chemical Company,
- Oil Chem Technologies,
- Schlumberger Limited,
- Shell Chemicals,
- Stepan Company,
- Ecolab (TIORCO),
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