Enhanced Oil Recovery Market Report 2026

The enhanced oil recovery market size has grown strongly in recent years. It will grow from $47.9 billion in 2025 to $52.19 billion in 2026 at a compound annual growth rate (CAGR) of 9%. The growth in the historic period can be attributed to declining production from mature oilfields, historical volatility in crude oil prices, expansion of onshore oil exploration, proven effectiveness of thermal recovery methods, availability of conventional chemical flooding technologies.

The enhanced oil recovery market size is expected to see strong growth in the next few years. It will grow to $73.4 billion in 2030 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing global energy demand, rising investments in enhanced recovery technologies, focus on improving recovery rates from existing reserves, technological advances in chemical formulations, growing adoption of CO2 based recovery methods. Major trends in the forecast period include increasing adoption of CO2 injection techniques, rising use of polymer and chemical flooding, growing focus on maximizing mature oilfield output, expansion of thermal EOR in heavy oil reservoirs, increasing pilot testing of microbial EOR methods.

The increasing demand for oil and gas is expected to drive the growth of the enhanced oil recovery market in the coming years. Oil and gas encompass industries involved in the discovery, transportation, and processing of hydrocarbons into finished products that are essential for global energy and industrial applications. This rising demand is fueled by global economic growth, industrialization, and higher energy consumption, prompting companies to invest in technologies that maximize extraction from existing reserves. Enhanced oil recovery supports the energy sector by improving hydrocarbon production efficiency, extending the operational life of oil fields, and meeting growing energy requirements. For example, in June 2023, the Energy Information Administration reported that global oil demand is projected to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in oil and gas exploration, extraction, and production are expected to grow 11% year on year to a record USD 528 billion in 2023. Consequently, the rising demand for oil and gas is fueling the growth of the enhanced oil recovery market.

Major players in the enhanced oil recovery market are concentrating on creating innovative products, such as PHASETREAT WET, to enhance oil extraction efficiency while minimizing environmental impact. PHASETREAT WET is a chemical treatment formulated for enhanced oil recovery (EOR) processes, especially in challenging reservoirs with high water content. It functions by altering the properties of the water and oil phases, which improves oil mobility and facilitates its flow to production wells. For instance, in June 2023, Clariant Oil Services, a UK-based manufacturer, introduced PHASETREAT WET, utilizing nanoemulsion technology to reduce demulsifier dosages by up to 75%, significantly decreasing carbon emissions in oil and gas operations. This innovative method not only boosts operational efficiency but also aligns with sustainability efforts within the industry.

In November 2023, ExxonMobil, a US-based natural gas firm, acquired Denbury Inc. for $4.9 billion. ExxonMobil intends to improve its carbon capture capabilities, significantly decrease greenhouse gas emissions, and reinforce its leadership in low-carbon technologies. Denbury Inc., a US-based oil and natural gas company, specializes in enhanced oil recovery (EOR) techniques, particularly utilizing carbon dioxide injection.

Major companies operating in the enhanced oil recovery market are British Petroleum PLC, Shell PLC, Exxon Mobil Corporation, The PJSC Lukoil Oil Company, Chevron Corporation, Halliburton Company, Baker Hughes Company, Schlumberger Limited, Petróleo Brasileiro S.A., Cenovus Energy Inc., China Petrochemical Corporation, Husky Energy Inc., Pioneer Natural Resources Company, Apache Corporation, Imperial Oil Limited, Suncor Energy Inc., Canadian Natural Resources Limited, MEG Energy Corp., EOG Resources Inc., Anadarko Petroleum Corporation, Continental Resources Inc., Whiting Petroleum Corporation, Denbury Resources Inc., QEP Resources Inc., Laredo Petroleum Inc.

North America was the largest region in the enhanced oil recovery market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enhanced oil recovery market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the enhanced oil recovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The enhanced oil recovery market includes revenues earned by entities by providing services such as in situ combustions (ISC) and steam injection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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