Onshore Drilling Fluids Market Share

North American Market Forecast   

The North American onshore drilling fluids market is projected to hold largest revenue share of 43% by 2037. The growth of the market can be expected to owing to the large consumption of petroleum and petroleum products. As per U.S. Energy Information Administration revealed that in 2021, the United States consumed an average of about 19.89 million barrels of petroleum per day or a total of about 7.26 billion barrels of petroleum. Also, the high demand of energy by the American population is another growth factor of the market in the region. In 2021, total U.S. primary energy consumption was equal to about 97 quadrillions Btu, as stated by U.S. Energy Information Administration.

APAC Market Statistics

The Asia Pacific onshore drilling fluids market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. Market growth in the region is also expected on the account of rising consumption of oil in the region. Even though Japan's oil consumption has been progressively reducing along with the nation's overall declining total energy use, oil continues to be the major energy source in the country, making up around 40% of its total energy supply. Moreover, Japan is significantly reliant on the importation of crude oil, around 80-90% of the oil is imported from the Middle East. Furthermore, rise in the number of onshore oil wells present in the region and the rising demand for oilfield chemicals are also expected to drive the market growth. In India, there are around 85 oil wells in just Digboi region.