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Global Chemical Enhanced Oil Recovery (EOR / IOR) Market to Reach $1 Billion by 2026SAN FRANCISCO, July 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Chemical Enhanced Oil Recovery (EOR / IOR) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace. FACTS AT A GLANCE Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry ABSTRACT- 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. China represents the largest regional market for Chemical Enhanced Oil Recovery (EOR / IOR), accounting for an estimated 41.5% share of the global total in 2020. The market, estimated at US$321.8 Million in 2020 is projected to reach US$500.9 Million by the end of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.5% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Chemical Enhanced Oil Recovery (EOR / IOR), supported by various factors conducive to healthy growth. Polymer Flooding Segment to Reach $560.1 Million by 2026 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. More MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS Connect With Us on LinkedIn Follow Us on Twitter Journalists & Media
View original content to download multimedia:https://www.prnewswire.com/news-releases/global-chemical-enhanced-oil-recovery-eor--ior-market-to-reach-1-billion-by-2026-301331343.html SOURCE Global Industry Analysts, Inc. |