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By 2030, experts predict that the global market for drill bits will have expanded to almost $4.68 billion at a CAGR of 8.00%.
Drill bits are used in the rotary drilling method, which is used to find and study hydrocarbons like crude oil and natural gas, by excavating rock and creating a cylinder. Companies are investing heavily in cutting-edge technologies for efficient drilling operation in order to maximise oil and gas output, as drilling is the initial stage in hydrocarbon discovery. From 3.5 inches to 30 inches, the drill bits cover a wide range of diameters to meet your every drilling need. Different applications call for different sized drill bits to meet the necessary penetration.
The market for drill bits is divided into submarkets based on the different types of drills available. There are no moving elements in fixed cutter bits, and they break rock by shearing and scraping. Both PDC and natural diamond are used in the fixed cutter bits. Most drilling operations, especially those involving hard formations, directional wells, or shale gas formations, use PDC drill bits. When drilling into extremely tough and abrasive material, diamond bits are the tool of choice. When the pieces of a roller cone's steel body rotate, the cutters on the bits grind and crush the rock. Soft and sticky formations are ideal for drilling using roller cone bits. With a tungsten carbide milled tooth Roller cone bits are the bits used to make inserts. Milled tooth is more affordable than other tool kinds and works well with softer rock. Tungsten carbide is extremely hard and can be used to drill through tough, abrasive rock.
Information on the latest trends, trade regulations, import/export analysis, production analysis, value chain optimisation, market share, impact of domestic and localised market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical markets, and more are all included in this report on the global drill bit market. Contact Data Bridge industry Research to receive an Analyst Brief on the drill bit industry; our experts will assist you in making educated business decisions that will lead to increased sales.
Due to their indispensable nature in the mining industry, drill pipes have seen rising demand alongside the uptick in mining activity. For instance, the Portuguese mining contractor announced recently that it had signed a contract with the Gamsberg zinc mine in South Africa's Northern Cape for £220,3 million (US$ 263.8 million) through its African affiliate. Project planning began in April 2021, and its completion could take up to 96 months. The project included activities such as site preparation, blasting, drilling, and trash and ore excavation. Coal India Ltd (CIL) has approved 32 mining projects with an estimated investment of INR 47,300 crore (US$ 43.6 million) in March 2021 towards its eventual objective of producing 1 billion tonnes of coal by 2023-2034. As a result, the growth of the drill bits market would be greatly aided by the expansion of the mining industry.
The extraction of natural resources like crude oil relies heavily on drill pipe. Drill pipe prices are hampered by the unpredictability of crude oil demand. For example, on April 21, 2020, Brent crude prices (the industry benchmark for petroleum prices) hit a new low not seen since December 10, 1998, at $9.12 a barrel. After rising steadily from February 2002, the price of a barrel of India's Crude Oil Basket (COB) fell to a historic low of $19.90 in April 2020. In the first eleven months of 2020-21, the average price of COB in India was around $42.72 per barrel, which is nearly a 30% decrease from the average price of COB in 2019-20. Estimates for 2020-21 show that the COB's budget will increase by nearly 35% compared to the initial projections.
Report Coverage
Global Drill Bits research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Drill Bits report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Drill Bits competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Drill Bits market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Drill Bits market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Drill Bits market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Atlas Copco (Sweden), Cangzhou Great Drill Bits Co. Ltd. (China), Baker Hughes Inc. (U.S), Halliburton Company (US), Irwin Industrial Tool Company (US), ESCO Corporation (U.S), NewTech Drilling Products LLC (Russia), Scientific Drilling International Inc (US), Varel International Inc (US), National Oilwell Varco Inc (US), Kingdream Public Limited Company (China), Ulterra Drilling Technologies (U.S), Torquato Drilling Accessories Inc. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Drill Bits market based on the below-mentioned segments:
Global Drill Bits Market, By Type
Fixed Cutter Bits
Roller Cone Cutter Bits
Global Drill Bits market, By Application
On Shore Drilling
Off Shore Drilling
Global Drill Bits market, Regional Analysis
Drill bits are used in the rotary drilling method, which is used to find and study hydrocarbons like crude oil and natural gas, by excavating rock and creating a cylinder. Companies are investing heavily in cutting-edge technologies for efficient drilling operation in order to maximise oil and gas output, as drilling is the initial stage in hydrocarbon discovery. From 3.5 inches to 30 inches, the drill bits cover a wide range of diameters to meet your every drilling need. Different applications call for different sized drill bits to meet the necessary penetration.
The market for drill bits is divided into submarkets based on the different types of drills available. There are no moving elements in fixed cutter bits, and they break rock by shearing and scraping. Both PDC and natural diamond are used in the fixed cutter bits. Most drilling operations, especially those involving hard formations, directional wells, or shale gas formations, use PDC drill bits. When drilling into extremely tough and abrasive material, diamond bits are the tool of choice. When the pieces of a roller cone's steel body rotate, the cutters on the bits grind and crush the rock. Soft and sticky formations are ideal for drilling using roller cone bits. With a tungsten carbide milled tooth Roller cone bits are the bits used to make inserts. Milled tooth is more affordable than other tool kinds and works well with softer rock. Tungsten carbide is extremely hard and can be used to drill through tough, abrasive rock.
Information on the latest trends, trade regulations, import/export analysis, production analysis, value chain optimisation, market share, impact of domestic and localised market players, opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical markets, and more are all included in this report on the global drill bit market. Contact Data Bridge industry Research to receive an Analyst Brief on the drill bit industry; our experts will assist you in making educated business decisions that will lead to increased sales.
Due to their indispensable nature in the mining industry, drill pipes have seen rising demand alongside the uptick in mining activity. For instance, the Portuguese mining contractor announced recently that it had signed a contract with the Gamsberg zinc mine in South Africa's Northern Cape for £220,3 million (US$ 263.8 million) through its African affiliate. Project planning began in April 2021, and its completion could take up to 96 months. The project included activities such as site preparation, blasting, drilling, and trash and ore excavation. Coal India Ltd (CIL) has approved 32 mining projects with an estimated investment of INR 47,300 crore (US$ 43.6 million) in March 2021 towards its eventual objective of producing 1 billion tonnes of coal by 2023-2034. As a result, the growth of the drill bits market would be greatly aided by the expansion of the mining industry.
The extraction of natural resources like crude oil relies heavily on drill pipe. Drill pipe prices are hampered by the unpredictability of crude oil demand. For example, on April 21, 2020, Brent crude prices (the industry benchmark for petroleum prices) hit a new low not seen since December 10, 1998, at $9.12 a barrel. After rising steadily from February 2002, the price of a barrel of India's Crude Oil Basket (COB) fell to a historic low of $19.90 in April 2020. In the first eleven months of 2020-21, the average price of COB in India was around $42.72 per barrel, which is nearly a 30% decrease from the average price of COB in 2019-20. Estimates for 2020-21 show that the COB's budget will increase by nearly 35% compared to the initial projections.
Report Coverage
Global Drill Bits research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Drill Bits report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Drill Bits competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Drill Bits market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Atlas Copco (Sweden), Cangzhou Great Drill Bits Co. Ltd. (China), Baker Hughes Inc. (U.S), Halliburton Company (US), Irwin Industrial Tool Company (US), ESCO Corporation (U.S), NewTech Drilling Products LLC (Russia), Scientific Drilling International Inc (US), Varel International Inc (US), National Oilwell Varco Inc (US), Kingdream Public Limited Company (China), Ulterra Drilling Technologies (U.S), Torquato Drilling Accessories Inc. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Drill Bits Market from 2021 to 2030.
- Market Forecast for Drill Bits Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Drill Bits competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Drill Bits
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Drill Bits market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Drill Bits market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Atlas Copco (Sweden), Cangzhou Great Drill Bits Co. Ltd. (China), Baker Hughes Inc. (U.S), Halliburton Company (US), Irwin Industrial Tool Company (US), ESCO Corporation (U.S), NewTech Drilling Products LLC (Russia), Scientific Drilling International Inc (US), Varel International Inc (US), National Oilwell Varco Inc (US), Kingdream Public Limited Company (China), Ulterra Drilling Technologies (U.S), Torquato Drilling Accessories Inc. (US)
Primary Target Market
- Market Players of Drill Bits
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Drill Bits market based on the below-mentioned segments:
Global Drill Bits Market, By Type
Fixed Cutter Bits
Roller Cone Cutter Bits
Global Drill Bits market, By Application
On Shore Drilling
Off Shore Drilling
Global Drill Bits market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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