Market Executive Summary

The global market for Carbon Dioxide Enhanced Oil Recovery was estimated to be worth US$ 2369 million in 2024 and is forecast to a readjusted size of US$ 3384 million by 2031 with a CAGR of 5.3% during the forecast period 2025-2031.

Growth Drivers for the Carbon Dioxide Enhanced Oil Recovery (CO2 EOR) Market

1. Increased Global Focus on Maximizing Oil Recovery from Existing Fields

As conventional oil reservoirs mature, the pressure to extract residual oil efficiently is intensifying. CO? EOR is emerging as a cost-effective technique that helps maximize output without drilling new wells—making it a sustainable and economically attractive solution.

2. Proven Efficiency of CO? in Reducing Crude Oil Viscosity

The use of over 90% pure carbon dioxide has shown to reduce oil viscosity by up to 80% and improve oil-water interfacial tension. This significantly boosts sweep efficiency and increases the recovery rate of residual oil in mature fields.

3. Government Incentives for Carbon Capture, Utilization, and Storage (CCUS)

Supportive regulatory frameworks and incentives in the U.S., Canada, and parts of Europe are pushing the adoption of CO? EOR, aligning with broader carbon emission reduction goals while also enhancing energy security.

Carbon dioxide purity above 90?n be used to increase oil recovery. After carbon dioxide is dissolved in water in the formation, it can increase the viscosity of water by 20% to 30%. After the carbon dioxide is dissolved in the oil, the volume of the crude oil is expanded, the viscosity is reduced by 30% to 80%, and the oil-water interfacial tension is reduced, which is beneficial to increase the oil recovery rate, improve the oil washing efficiency and collect residual oil.

North American market for Carbon Dioxide Enhanced Oil Recovery was valued at $ million in 2024 and will reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.

Asia-Pacific market for Carbon Dioxide Enhanced Oil Recovery was valued at $ million in 2024 and will reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.

Europe market for Carbon Dioxide Enhanced Oil Recovery was valued at $ million in 2024 and will reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.

The global key companies of Carbon Dioxide Enhanced Oil Recovery include Exxon Mobil Corporation, BP plc, Total SE, China Petroleum and Chemical Corporation, Royal Dutch Shell, Chevron Corporation, Petroleo Brasileiro S.A.-Petrobras, NK Lukoil PAO, Cenovus Energy Inc, Equinor ASA, etc. In 2024, the global five largest players hold a share approximately % in terms of revenue.

This report aims to provide a comprehensive presentation of the global market for Carbon Dioxide Enhanced Oil Recovery, focusing on the total sales revenue, key companies market share and ranking, together with an analysis of Carbon Dioxide Enhanced Oil Recovery by region & country, by Type, and by Application.

The Carbon Dioxide Enhanced Oil Recovery market size, estimations, and forecasts are provided in terms of sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Carbon Dioxide Enhanced Oil Recovery.

Global Carbon Dioxide Enhanced Oil Recovery Companies Covered

Exxon Mobil Corporation, BP plc, Total SE, China Petroleum and Chemical Corporation, Royal Dutch Shell, Chevron Corporation, Petroleo Brasileiro S.A.-Petrobras, NK Lukoil PAO, Cenovus Energy Inc, Equinor ASA, Abu Dhabi National Oil Company, Air Products and Chemicals Inc., Occidental Petroleum Corp., Chesapeake Energy, China National Offshore Oil Corporation, ConocoPhillips, Halliburton Company, Schlumberger N.V., Kinder Morgan, Inc.

Global Carbon Dioxide Enhanced Oil Recovery Market, by Region

North America (U.S., Canada, Mexico)

Europe (Germany, France, UK, Italy, etc.)

Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)

South America (Brazil, etc.)

Middle East and Africa (Turkey, GCC Countries, Africa, etc.)

Global Carbon Dioxide Enhanced Oil Recovery Market, Segment by Type

Natural CO2 Deposits

Carbon Capture and Storage

Industrial CO2

Others

Global Carbon Dioxide Enhanced Oil Recovery Market, Segment by Application

Miscible EOR

Immiscible EOR

Recent Developments in the CO? Enhanced Oil Recovery Market

1. Expansion by Oil Majors into Low-Carbon EOR Projects

Leading players like ExxonMobil, Chevron, BP, and Royal Dutch Shell are investing heavily in CO? EOR projects, often as part of their long-term energy transition strategies. These projects are being integrated with carbon capture and storage (CCS) initiatives to create closed-loop systems.

2. Asia-Pacific and Middle East Emerging as Growth Hotspots

While North America continues to lead, countries in the Asia-Pacific and Middle East regions are exploring CO? EOR to improve extraction from aging oil fields, driven by domestic energy demands and favorable geology.

3. Rise in Industrial and Captured CO? Sources

There’s an increasing use of industrial CO? and carbon captured from anthropogenic sources (such as power plants and refineries), creating synergies between EOR operations and climate change mitigation efforts.

Market Trends for the CO? Enhanced Oil Recovery Market

1. Shift Toward Miscible EOR Techniques

Among the applications, miscible CO? EOR—where CO? completely mixes with oil—is gaining traction due to its higher recovery efficiency. It is particularly effective in light and medium oil fields, influencing new project designs.

2. Integration of CO? EOR with Carbon Capture Infrastructure

Operators are increasingly integrating EOR operations with carbon capture and storage (CCS) infrastructure, turning a conventional oil recovery process into a carbon-negative solution—a trend being embraced globally.

3. Natural CO? Sources Still Dominate, But CCS Is Catching Up

While natural CO? deposits are still widely used, the push toward sustainability is accelerating the shift to captured CO?. This transition opens new market opportunities for CCUS technology providers and industrial gas suppliers.

Chapter Outline

Chapter 1: Introduces the report scope of the report, global total market size. This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 2: Detailed analysis of Carbon Dioxide Enhanced Oil Recovery company competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.

Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 5: Revenue of Carbon Dioxide Enhanced Oil Recovery in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.

Chapter 6: Revenue of Carbon Dioxide Enhanced Oil Recovery in country level. It provides sigmate data by Type, and by Application for each country/region.

Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product revenue, gross margin, product introduction, recent development, etc.

Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.

Chapter 9: Conclusion.

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