Rising Dmand for Chemical Enhanced Oil Recovery (EOR / IOR) Market Industry Especially in North America Region

EOR chemicals are mainly used in the mature well and reserves in difficult terrains. EOR is normally done using polymer flooding, surfactant polymer flooding and alkaline surfactant polymer flooding.

The chemical enhanced oil recovery (EOR / IOR) market is a highly fragmented market with a presence of large number of producers. There are many players with strong local presence in their respective regions. The key players in this market are opting for capacity expansions to enhance their market reach into new applications and more eco-friendly products. The major companies in the market are BASF SE (Germany), DuPont (U.S.), Baker Hughes (U.S.), Halliburton (U.S.), and Schlumberger Limited (U.S.)., among others.

The global chemical enhanced oil recovery (EOR / IOR) market size was USD 6.4 billion in 2020 and is expected to reach USD 8.3 billion by 2030, at a CAGR of 3.2% during the forecast period from 2021 to 2030.

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Browse?95 market data tables and?53 figures spread through?150 pages and in-depth TOC on “Chemical Enhanced Oil Recovery (EOR / IOR) Market by Origin (Petro-based, & Bio-based), by Type (Surfactants, Water soluble polymers, Polymer gels, Biopolymers, Alkaline chemicals), by Technique (Polymer flooding, Surfactant-polymer flooding, Alkaline surfactant polymer flooding), by Application (Onshore, & Offshore) - Regional Trend & Forecast"

Surfactants are expected to dominate the EOR chemicals market by type in 2014. North America is estimated to be the largest market for the surfactants in the EOR chemicals market share by value in 2013. Onshore applications are expected to show the highest growth owing to increasing consumption of EOR chemicals, primarily in North America and Europe.

EOR chemicals are essential components for enhancing the efficiency in production of crude oil

EOR chemicals are vital products for obtaining a high level of effectiveness in oil extraction. The primary use of EOR chemicals is in extraction of oil from very deep oil wells, and in wells in which extraction operations have been already done. As the current oil reserves are depleting at a fast rate, the importance of EOR chemicals has increased immensely.

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Fast depleting oil reserves are making consumers shift their focus on extraction operations on existing mature wells, reserves in difficult terrains, and deep drilling activities on and offshore. This trend is leading to growing demand for EOR chemicals. Growing drilling and enhanced oil recovery operations in countries such as China, Brazil, India, and Malaysia are contributing toward the growth of EOR chemicals market.

EOR chemicals are increasingly being used in the onshore as well as offshore extractions. The offshore application is projected to grow at the higher CAGR between 2014 and 2019. The existing mature oil reserves within North America are making this application attractive for the market players.