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Report Overview

The global enhanced oil recovery market attained a value of nearly USD 79.37 Billion in 2024. The market is further expected to grow at a CAGR of 7.20% during the forecast period of 2025-2034 to reach a value of USD 159.08 Billion by 2034.

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

Compound Annual Growth Rate

7.2%

Value in USD Billion

2025-2034


Enhanced Oil Recovery Market Outlook

*this image is indicative*

Global Enhanced Oil Recovery Market Report Summary Description Value
Base Year USD Billion 2024
Historical Period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion 79.37
Market Size 2034 USD Billion 159.08
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 7.20%
CAGR 2025-2034 - Market by Region Asia Pacific 8.3%
CAGR 2025-2034 - Market by Country India 9.5%
CAGR 2025-2034 - Market by Country China 7.9%
CAGR 2025-2034 - Market by Chemical Outlook Alkali-Surfactant-Polymer (ASP) Formulations 8.2%
CAGR 2025-2034 - Market by Application Onshore 8.1%
Market Share by Country 2024 Japan 4.1%

Global Enhanced Oil Recovery Market By Chemical

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Market Segmentation

Enhanced recovery of oil, also known as tertiary recovery, is the removal of crude oil from an oil field that cannot otherwise be extracted. Enhanced oil recovery can extract 30% to 60% or more of the oil of a reservoir, compared to 20% to 40%.

The industry can be broadly categorised based on its technology into:

  • Thermal
  • Gas Injection
  • Chemical
  • Others

The industry can be divided based on its chemical outlook as:

  • Surfactants
  • Polymers
  • Alkaline Chemicals
  • Alkali-Surfactant-Polymer (ASP) Formulations
  • Foamers
  • Others

On the basis of application, the industry can be divided as:

  • Onshore
  • Offshore

On the basis of region, the industry can be divided as:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

CAGR 2025-2034 - Market by Country
India 9.5%
China 7.9%
Canada 6.8%
Germany 5.9%
Italy 5.0%
USA XX%
UK XX%
France XX%
Japan 5.0%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

Market Analysis

Enhanced oil recovery is a method of chemical, thermal, or physical mobilization of immobile residual oil. Tertiary recovery is needed for the production of liquid hydrocarbons using different methods like reservoir re-pressurizing techniques or artificial airlifts, which during the forecast period will increase the market growth. Companies are trying to improve infrastructure and technology to extract oil from reservoirs as demand for oil is anticipated to accelerate in the years ahead. Because of the challenge of processing crude from onshore sources, companies have also begun extracting oil from offshore sources, which will have a positive impact on the industry growth. As crude oil prices fluctuate dramatically, it is difficult for oilfield service companies to maintain cash flows and overall profitability, which may hinder the growth of the market. Nevertheless, companies are investing heavily in R&D activities to develop better assets, produce oil as quickly as possible, and prepare a better strategy for the recovery of the market.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global enhanced oil recovery market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Halliburton Energy Services, Inc
  • Royal Dutch Shell plc
  • Schlumberger Limited
  • Chevron Phillips Chemical Company LLC
  • TechnipFMC plc
  • National Aluminium Company Limited
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the market attained a value of nearly USD 79.37 Billion.

The market is projected to grow at a CAGR of 7.20% between 2025 and 2034.

The major drivers of the industry such as growing demand for energy, rapid industrialisation and urbanisation, shift towards oil recovery from offshore sources, growing demand for crude oil for downstream applications, increased focus on developing aged wells, and growing technological advancements are expected to aid the market growth.

The key market trends guiding the growth of the market include the growing investment by the government and private organisations in research and development activities and the development of efficient method for oil extraction.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Thermal, gas injection, and chemical technologies, among others are the major segments available in the industry.

The major chemical outlook segments in the industry are surfactants, polymers, alkaline chemicals, alkali-surfactant-polymer (ASP) formulations, and foamers, among others.

Onshore and offshore segments are the significant applications of enhanced oil recovery.

The major players in the industry are Halliburton Energy Services, Inc., Royal Dutch Shell plc, Schlumberger Limited, Chevron Phillips Chemical Company LLC, TechnipFMC plc, and National Aluminium Company Limited, among others.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 159.08 Billion by 2034.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Chemical Outlook
  • Application
  • Region
Breakup by Technology
  • Thermal
  • Gas Injection
  • Chemical
  • Others
Breakup by Chemical Outlook
  • Surfactants
  • Polymers
  • Alkaline Chemicals
  • Alkali-Surfactant-Polymer (ASP) Formulations
  • Foamers
  • Others
Breakup by Application
  • Onshore
  • Off-Shore
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Halliburton Energy Services, Inc
  • Royal Dutch Shell plc
  • Schlumberger Limited
  • Chevron Phillips Chemical Company LLC
  • TechnipFMC plc
  • National Aluminium Company Limited
  • Others
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