Tar Sands Market: Predicted Rapid Growth with Trends, Competition, and Opportunity AnalysisPosted by Kumar on April 6th, 2023 TechSci Research has predicted significant growth in the global tar sands market during the forecast period of 2023-2027 in their report "Tar Sands Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027." Tar sands, also known as oil sands, are a mixture of sand, clay, water, and bitumen - a heavier type of oil. They are primarily concentrated in North America, but they have a significant influence on the global oil market. Although there are approximately 2 trillion barrels of oil reserves worldwide, some of these resources are not recoverable due to technical or economic reasons. Countries with the largest tar sand deposits include Venezuela, Canada, and many Middle Eastern nations. With the depletion of conventional oil reserves, the market is looking towards alternate reserves and technologies to meet the growing energy demands of the global population and rapid industrialization in emerging economies. However, the extraction process causes significant environmental damage and pollution, which could hinder market growth. The global tar sands market is segmented based on component, extraction method, technology, regional distribution, and competitive landscape. The market is divided into four components: clay, sand, water, and bitumen, with the bitumen segment expected to dominate the market share during the forecast period. Techniques used to extract bitumen include chemical treatment and heating. The mining and in-situ extraction methods are used to extract tar sands, with mining being the most preferred due to its economical nature. The market is divided into two technological categories: cyclic steam stimulation and steam-assisted gravity drainage, with both processes using steam to extract oil.
Major operating companies operating in global tar sands market are:
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