Tar Sands Market to be dominated by North America region through 2027
Technological advancements
and the depleting existing energy reserves are expected to drive the global tar
sands market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Tar Sands Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, the global tar sands market is anticipated to grow
at a significant rate in the forecast period, 2023-2027. Tar sands are
basically concentrated in North America, but they have wide influence over the
global oil market. Tar sands are also known as oil sands and are a combination
of clay, sand, water, and bitumen, which is a heavier kind of oil. These are
mined and processed to extract bitumen which is then processed to make oil. It
has been estimated that approximately 2 trillion barrels of oil reserves exist
across the world, and some of these resources are not economically or
technically recoverable. The largest tar sand deposits are found in Venezuela,
Canada, and many of the countries in the Middle East region. The depleting
conventional oil reserves are making the market players find alternate reserves
and technologies to satisfy the growing demand across the globe. Although
extracting tar sands is not as profitable as extracting from natural reserves
still, it is expected to significant growth in the forecast period to support
the energy demands of the growing population and rapid industrialization in the
emerging economies.
However, substantial
damage to the environment and the increase in pollution during extraction may
hinder the global tar sands market growth in the forecast period.
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data Figures spread through 110 Pages and an in-depth TOC on "Tar Sands Market"
The global tar sands market is
segmented into component, extraction method, technology, regional distribution,
and competitive landscape.
Based on the component, the
market is divided into clay, sand, water, and bitumen. The bitumen segment is
expected to witness significant market share in the forecast period, 2023-2027.
Bitumen is extremely thick and heavy, and it must be diluted before it can
flow; and various techniques are used to pump directly from the ground. Tar
sands are chemically treated and heated to extract the oil, and approximately
75% of the bitumen can be recovered from the sand. The rise in the demand for
more oil production is making the market players invest in new technologies and
extract bitumen from the tar sands.
Based on the extraction
method, the market is bifurcated into mining and in-situ. In mining, large
hydraulic shovels are used to dig up tar sands and load them onto trucks with
the capacity to carry 320 tons per load. After that, the oil is extracted from
the bitumen by using a combination of water, heat, and chemicals and constant
movement. The in-situ extraction method is preferred over its counterpart when
the bitumen deposits are deep for mining to be economical. It makes use of the
steam injection method to heat buried tar sands and facilitate extraction via
conventional walls. The mining method is the most common method and is widely
preferred over the other method owing to its economical nature.
Based on technology, the
market is divided into cyclic steam stimulation, and steam assisted gravity
drainage. The cyclic steam stimulation process is defined as the process which
is carried out by injecting high-pressure steam into an oil well for several
weeks. The oil is melted and pumped out of the wall due to the high pressure
and temperature of steam. Steam assisted gravity drainage is basically a
two-well horizontal process, and the process is done by injecting low steam
into the reservoir to separate sand from oil and gas. Oil gets accumulated in
the bottom and is pumped to the surface.
Major operating companies
operating in global tar sands market are:
- Suncor Energy, Inc.
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- Petróleos de Venezuela, S.A. (PDVSA)
- Eni S.p.A.
- Canadian Oil Sands Limited
- Alberta Oil Sands Inc.
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“North America holds a dominant market
share in the global tar sands market and is expected to maintain its dominance
over the forecast period, 2023-2027. The Alberta oil sands in Canada are one of
the largest sand reservoirs in the world and produce large amounts of oil,
which significantly influences fulfilling global oil requirements. Early
adoption of advanced technologies and the high-end investments by the market
players in research and development activities to find innovative solutions and
improve the extraction and oil production process is expected to propel the
global tar sands market growth over the next five years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Tar Sands Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented
By Component (Clay, Sand, Water and Bitumen), By Extraction Method (Mining,
In-Situ), By Technology (Cyclic Steam Stimulation, Steam Assisted Gravity
Drainage), and By Region”, has evaluated the future growth potential of global tar
sands and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global tar sands market.
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