Drill Bits Global Market Size, Top Manufacturers, Growth Driver, Business Strategies | Industry Leading Key Player Analysis and Forecast to 2023

Drill Bits Market Overview:-

Drill bits are used in oil and gas operations to drill and create holes for oil and gas extraction. The drill bits are rotating apparatus that are made up of the hardest materials and sharp texture to cut into a rock and sediments. The main purpose of the drill bits is to grind, cut, scrape and crush the rock at the bottom of the well. The drill bits industry is changing rapidly with new manufacturing technology and the increasing use of new materials in drill bits production process. Oil and gas being the backbone of global energy industry, drill bits are the primary tool for oil and gas extraction processes.

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The global drill bits market is projected to expand at 9.67% CAGR during the forecast period.

Drill bits are made up materials such as tungsten carbide, diamond for increasing the steel bits strength. Based on specific drilling requirements, different drill bits are employed for desired results. It is possible that, for a single well construction, different drill bits would be used to overcome any challenges in well drilling. On the other hand, drill bits have to be changed on the basis of wear and tear as well. Usually drill bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well. With increased oil and gas exploration activities in recent time, the market for drill bits is expected to witness a significant growth during the forecast period.

Drill Bits Market Key Players:-

The key players in the global drill bits market are Atlas Copco (Sweden), Baker Hughes Inc. (U.S), Cangzhou Great Drill Bits Co., Ltd. (China), ESCO Corporation (U.S), Halliburton Company (U.S.), and Irwin Industrial Tool Company (U.S.). NewTech Drilling Products LLC (Russia) National Oilwell Varco Inc (U.S.), Scientific Drilling International Inc (U.S.), Kingdream Public Limited Company (China), Varel International, Inc (U.S.), Torquato Drilling Accessories, Inc. (U.S.), and Ulterra Drilling Technologies (U.S) are among others.

Market Segmentation:-

The global drill market is segmented on the basis of type of drill and by applications. Based on type, the market is segmented as fixed cutter bits and roller cone cutter bits. In the fixed cutter drill bits, polycrystalline diamond bits and natural diamond bits contribute major share. The roller cone cutter drill bits are further classified as milled-tooth bits and tungsten carbide inserts. Based on application ,the market is segmented as onshore and offshore applications. With advancement in unconventional drilling techniques such as horizontal and vertical drilling activities, drilling activities are expected to witness further increase, which in turn would drive the market for drill bits.

Also, based on application, the onshore drilling application is expected to contribute the most with increasing onshore drilling activities across various regions, around the globe. With directionless drilling, new oil and gas sources are drilled in previous unexplored and unconventional regions. This is expected to drive the market for drill bits. However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drill bits market.



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Global Drill Bits Market Analysis:-

North America is expected to be the largest market for drill bits with increased horizontal drilling and unconventional drilling activities. U.S. has, in recent times, established itself as a major crude oil producing nation with increased onshore drilling activities for extraction of shale oil and gas. In addition to that, the Gulf of Mexico region is witnessing increased oil and gas enhanced recovery projects that can extend the operating life of the maturing oil wells. With increasing shale gas development projects in China, the Asia Pacific region is also expected to witness a rapid growth for the drill bits market. With increasing oil and gas discovery activities in countries such as Indonesia, Australia, and Philippines, the region is expected to witness a huge demand for drill bits.



Table Of Content:-

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market Size Estimation

2.5 Forecast Model

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3 Market Dynamics

3.1 Introduction

3.2 Market Drivers

3.3 Market Restraints

3.4 Market Opportunities

3.5 Market Trends

Continued..........

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