Global Chemical Enhanced Oil Recovery Market Industry Trends and Forecast is projected to reach USD 1,223.99 million by 2025, at a CAGR of 5.7% during the forecast period of 2018 to 2025. Amount of crude oil that can be extracted from an oil field can be increase using enhance oil recovery technique. The another term for enhanced oil recovery is tertiary recovery. According to the us department of energy, there are three primary techniques for EOR namely thermal recovery, gas injection, and chemical injection.
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Market Definition: Global Chemical Enhanced Oil Recovery (EOR / IOR) Market
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.
Segmentation: Global Chemical Enhanced Oil Recovery Market
The global market for chemical enhanced oil recovery by the following sub-categories is presented
By Product Type
• Water soluble Polymers
• Surfactants Polymer gels
• Biopolymers
• Alkaline Chemicals
• Others
By Application
• Chemical
• Petrochemical
• Onshore
• Offshore
By Technique
• Polymer flooding
• Surfactant-Polymer Flooding
• Alkaline-Surfactant-Polymer Flooding
By Origin
• Petro-Based
• Bio-based
By Geography
• North America
• South America
• Europe
• Asia-Pacific
• Middle East and Africa
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Major Market Drivers:
• Increasing crude oil production
• Growth in deep drilling operations
Market Restraint:
• Declining oil prices hindering the chemical EOR
Competitive Landscape: Global Chemical Enhanced Oil Recovery (EOR / IOR) Market
The global chemical enhanced oil recovery (EOR / IOR) 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: Global Chemical Enhanced Oil Recovery (EOR / IOR) Market
Some of the major players in chemical enhanced oil recovery (EOR / IOR) market Albemarle Corporation, Ashland, BASF SE, Baker Hughes Incorporated, Champion Technology Services, Inc., The Dow Chemical Company, DuPont, Halliburton, Huntsman, Kemira, Oil Chem Technologies, Schlumberger Limited, Shell Chemicals, Solvay, Stepan Company, Ecolab (TIORCO), CPGE, North American Operation (Sasol), Surtek, Inc. and many more.
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Research Methodology: Global Chemical Enhanced Oil Recovery (EOR / IOR) Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
FACTORS DRIVING GLOBAL CHEMICAL ENHANCED OIL RECOVERY MARKET
• Increasing crude oil production
• Growth in deep drilling operations
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