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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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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