Global Chemical Enhanced Oil Recovery (EOR / IOR) Market Report 2021: Market to Reach $1 Billion by 2026 - Critical for Unlocking the Potential of Unrecoverable Oil Reserves
Global Chemical Enhanced Oil Recovery (EOR/IOR) Market to Reach $1 Billion by 2026
Global Chemical Enhanced Oil Recovery (EOR/IOR) market is projected to register moderate growth over the near-to-long term. The market, estimated at US$776.4 Million in 2020 is projected to reach US$1 Billion by 2026, registering a compounded annual growth rate (CAGR) of 4.9% over the analysis period.
While primary and secondary recovery methods are capable of extracting around 20-40% of the oil from a reservoir, EOR techniques can recover around 30-60% of the total reservoir oil. At a certain point, during the well`s life, the cost of recovering an additional barrel of oil is higher than the market value. Thus, under normal conditions, the well is deserted after recovering one-third of the original oil in place, leaving two-thirds under the ground.
Secondary recovery methods are normally used to repressure the reservoir and drive out some of the remaining oil. Enhanced oil recovery (EOR/IOR) is a technique for increasing the amount of crude oil that can be extracted from an oil field. The most advanced EOR methods are tertiary recovery methods, which include gas flooding, thermal recovery, and chemical recovery. Enhanced oil recovery techniques, include water flooding, steam injection, and hydrocarbon gas-injection methods in existing deep, light oil reservoirs to prolong the life of oil and gas reservoirs.
Other Enhanced Oil Recovery (EOR) Techniques include Microbial Recovery and Thermal Enhancement Recovery. Microbial recovery involves injecting bacteria and nutrients into the reservoir. The bacterium multiplies and biochemically manufactures surfactants and polymers.
Though the demand for energy has declined considerably due to the COVID-19 pandemic, long-term demand is expected to remain stable led by rising energy needs of the world. The rapid depletion of existing fossil fuel resources, and the need to increase production from existing wells is leading to the rising demand for enhanced oil recovery techniques. With oil reserves depleting rapidly and existing reserves maturing, there is growing need for technologies that can extract oil from challenging geologies.
Given the fact that the age of `easy oil` has come to an end, and the industry is moving towards producing in tough sources such as highly tight oil fields, ultra-deep offshore fields, extra heavy oils reservoirs, and naturally fractured reservoirs, the challenge of recovery has increased. Emphasis is also on extracting crude oil from existing oil fields that can no longer produce oil using conventional techniques.
All of these factors coupled with the need to improve overall efficiency of extraction operations are fueling growth in the EOR chemicals market. Besides the rising production of crude oil, opportunities for the market are also emerging from the significant increase in deep drilling projects.
There is especially high demand for the chemicals for increasing output in mature onshore fields. With demand for chemical EOR technique growing in onshore as well offshore oilfields, the market for EOR chemicals is poised for growth. Chemical EOR market is being fostered by sustained focus on innovations as in case of hybrid processes, and the shift towards bio-based chemicals owing to its eco-friendly attribute.
The recent years have witnessed the emergence of nanotechnology with potential applications in the oil & gas industry. Nanofluid, referring to the application of nanotechnology to base fluid such as oil, gas, or water, is known to offer a solution to several issues related to oil & gas industry.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and a Looming Global Recession
2020 Marked as a Year of Disruption & Transformation
Amidst the COVID-19 Pandemic, Oil & Gas Sector Confronts Challenging Times
Impact of COVID-19 Pandemic on Oil and Gas Producers in Developing Countries
Enhanced Oil Recovery (EOR): Critical for Unlocking the Potential of Unrecoverable Oil Reserves
Types of EOR Techniques
Chemical Enhanced Oil Recovery (cEOR): A Highly Effective EOR Method
Global Market Prospects & Outlook
Competition
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 69 Featured)
BASF SE
Beijing Hengju Chemical Group Corp
ChampionX
Chevron Phillips Chemical Company LLC
Clariant AG
Halliburton Company
Huntsman Corporation
Kemira Oyj
Oil Chem Technologies LLC
Sasol Limited
Shell Chemicals
SNF
The Dow Chemical Company
3. MARKET TRENDS & DRIVERS
Energy Demand and the Need to Increase Crude Oil Production: A Significant Opportunity for Chemical EOR Market
Oil and Gas Companies Set to Adjust Spending in Near Term
Rise in Number of Mature Oil Fields Augurs Well for the EOR Chemicals Market
A Glance at Select Chemical EOR Projects Worldwide
With Renewables Unable to Meet Energy Needs, Sustained Demand for Fossil Fuels to Accelerate Market Growth
Market to Benefit from the Trend towards Exploration of Unconventional Resources & Deep Drilling Projects
Polymer Flooding: The Primary cEOR Method
Polyacrylamide (PAM) for Seamless Processing of Subsurface Applications
New Polymers Come to Fore in cEOR Applications
Bio-based Polymer Materials Gain Traction
Magnetic Nanoparticles (MNPs) Effective in Contaminant Removal in Polymer Flooding Process
TRF Technique to Detect Residual Polymers in Water On-Site
Alkaline Flooding Solutions Continue to Find Demand
Consistent Demand for Surfactant Flooding Solutions
Alkaline-Surfactant-Polymer Flooding: Popular Combination Flooding Method
Microbial Enhanced Oil Recovery: An Eco-Friendly Alternative to Petro-based EOR Chemicals
MEOR Technology Developments in China: An Overview
Rising Prominence of Hybrid Materials in Chemical EOR Methods
Companies Focus on Innovative Chemicals to Maximize Oil Recovery
Green Nanoparticles for EOR Processes
Green Surfactants Drive Advancements in Enhanced Oil Recovery (EOR) Techniques
Types and Uses of Surfactants in CEOR
Green Surfactants Emerge as Eco-Friendly Alternatives
Lignin Black Liquor As Sacrificial Agent in Enhanced Oil Recovery Process
Chemical EOR: A Potential Solution for Cleaner and More Energy
