Enhanced Oil Recovery Market Report and Forecast 2025-2034

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.

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

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 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.