The global enhanced oil recovery market attained a value of nearly USD 74.04 Billion in 2023. The market is further expected to grow at a CAGR of 7.20% during the forecast period of 2024-2032 to reach a value of USD 138.43 Billion by 2032.
Base Year
Historical Year
Forecast Year
| Global Enhanced Oil Recovery Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 74.04 |
| Market Size 2032 | USD Billion | 138.43 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 7.2% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 8.3% |
| CAGR 2024-2032 - Market by Country | India | 9.5% |
| CAGR 2024-2032 - Market by Country | China | 7.9% |
| CAGR 2024-2032 - Market by Chemical Outlook | Alkali-Surfactant-Polymer (ASP) Formulations | 8.2% |
| CAGR 2024-2032 - Market by Application | Onshore | 8.1% |
| Market Share by Country 2023 | Japan | 4.1% |
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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%.
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The enhanced oil recovery market can be segmented into technology, chemical outlook, and application.
The industry can be broadly categorised based on its technology into:
The industry can be divided based on its chemical outlook as:
On the basis of application, the industry can be divided as:
| CAGR 2024-2032 - 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% |
The EMR report looks into the regional enhanced oil recovery markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific regions.
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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.
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:
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.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Chemical Outlook |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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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In 2023, the market attained a value of nearly USD 74.04 Billion.
The market is projected to grow at a CAGR of 7.20% between 2024 and 2032.
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 2024-2032 to reach USD 138.43 Billion by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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