Drill Bit Market

Drill Bit Market

Drill Bit Market Forecasts to 2030 - Global Analysis By Design (Roller Cone Bits and Fixed Cutter Bits), Functionality, Material, Location of Deployment, End User and By Geography

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Published: 2024 ID: SMRC25964

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Drill Bit Market is accounted for $1.8 billion in 2023 and is expected to reach $3.0 billion by 2030 growing at a CAGR of 7.5% during the forecast period. A drill bit is a cutting tool used with a drill machine to create cylindrical holes in various materials, including wood, metal, plastic, and masonry. Typically made of high-speed steel (HSS) or tungsten carbide, drill bits come in a variety of shapes and sizes to accommodate different drilling tasks and materials. The basic design consists of a shank that fits into the drill chuck, a body with spiral flutes for chip removal, and a pointed tip for cutting into the material. Drill bits may feature specialized coatings or geometries to enhance performance, such as reducing friction, increasing durability, or improving chip evacuation.

According to the United States is one of the largest crude oil and natural gas producers, which accounted for more than 18% and 23% of global oil and gas production, respectively, in 2020.  

Market Dynamics: 


Increasing oil and gas exploration and development activities

Increasing demand for drill bits drives innovation in the industry, leading to the development of advanced drill bit designs and materials. Manufacturers invest in research and development to improve drilling efficiency, durability, and performance, catering to the evolving needs of the oil and gas sector. In addition companies invest in advanced drilling technologies and equipment, including high-performance drill bits, to access previously untapped reserves encourages the market growth.


Shift towards renewable energy

The focus of drilling activities might shift towards geothermal energy exploration and infrastructure development for renewable projects. While some drill bits might be adaptable, entirely new drill bit designs might be needed for these applications. This could create a niche market for renewable-specific drill bits, but it wouldn't necessarily offset the decline in traditional oil and gas drilling hampering the growth of the market.


Unconventional field developments

Unconventional resources like shale oil and gas are trapped in tight rock formations. These formations require drill bits with unique designs compared to conventional drilling. Features like advanced cutting structures, resilient bearings, and optimized hydraulics become crucial to handle the high pressure, extreme temperatures, and demanding drilling conditions encountered. This need for specialized drill bits translates to a rise in demand for the drill bit market.


Limited access to resources 

Advancements in drill bit technology are crucial for improving performance, durability, and efficiency in drilling operations. Limited access to certain resources, like rare earth elements used in some advanced drill bit coatings, can hinder the development of new and improved drill bit designs. This could slow down innovation in the drill bit market and make it harder for manufacturers to stay competitive.

Covid-19 Impact

Lockdown measures and reduced demand for oil and gas led to project delays and cancellations, affecting the sales of drill bits. However, increased demand for drilling in sectors like mining and infrastructure partially offset the decline. The market adapted with cost-cutting measures, remote operations, and emphasis on digitalization. Recovery efforts were hindered by ongoing uncertainties, but gradual reopening and vaccination efforts contributed to market stabilization and cautious optimism for future growth.

The roller cone bits segment is expected to be the largest during the forecast period

The roller cone bits segment is estimated to have a lucrative growth, because roller cone bits have intensified competition within the drill bit market, with manufacturers striving to innovate and differentiate their products to gain a competitive edge. Companies invest in research and development to introduce new technologies and features that enhance performance, reliability, and cost-effectiveness, driving market growth and evolution.

The diamond-tipped segment is expected to have the highest CAGR during the forecast period

The diamond-tipped segment is anticipated to witness the highest CAGR growth during the forecast period, as they are renowned for their exceptional durability and wear resistance. The hardness and strength of diamonds make them highly resistant to abrasion, allowing diamond-tipped bits to maintain sharpness and cutting efficiency over extended periods. This durability translates to longer bit life and reduced downtime for operators, driving demand for diamond-tipped drill bits in the market.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period like other regions, the Asia Pacific drill bit market benefits from technological advancements, including improved designs, materials, and manufacturing processes. Companies focus on developing specialized drill bits to enhance performance and efficiency in challenging drilling environments. Further mining is a crucial industry in many Asia Pacific countries, supplying minerals and metals for various sectors. Exploration, extraction, and tunneling activities in mining operations require drill bits, driving demand in this sector.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to construction projects, including residential, commercial, and infrastructure development, require drilling for foundations, utility installations, and other purposes. This sector contributes to the overall demand for drill bits in North America. Moreover environmental regulations and concerns regarding drilling activities, particularly in sensitive areas such as offshore sites or ecologically rich regions, can impact drilling operations and subsequently affect the demand for drill bits.

Key players in the market

Some of the key players in the Drill Bit Market include Atlas Copco AB, Baker Hughes Company, Boart Longyear Limited, Drillco Tools Inc., Halliburton Company, Hunting PLC, Mitsubishi Materials Corporation, National Oilwell Varco, Inc., NewTech Drilling Products LLC, Nippon Steel Corporation, Rubicon Oilfield International Holdings, L.P., Sandvik AB, Schlumberger Limited, TechnipFMC plc, Tenaris S.A., Torquato Drilling Accessories, Inc., Ulterra Drilling Technologies, L.P., Varel International Energy Services, Inc. and Weatherford International plc  

Key Developments:

In April 2024, Halliburton launches first-of-its-kind Superfill™ II Diverter. The innovative operating glass seat provides an open internal flow path with no restrictions once the diverter is closed. 

In April 2024, Nippon Steel’s Acquisition of U. S. Steel Approved by U. S. Steel Stockholders, the acquisition of United States Steel by Nippon Steel was approved by U. S. Steel’s stockholders at a special meeting of stockholders

In February 2024, Atlas Copco has supplied a QES 60 power generator for the successful installation of the world’s first 16-megawatt offshore wind turbine, in southeast China's Fujian Province. 

Designs Covered:
• Roller Cone Bits
• Fixed Cutter Bits
Functionalities Covered:
• Twist Drill Bits 
• Countersink Drill Bits 
• Hole Saw Drill Bits 
• Masonry Drill Bits 
• Other Functionalities 

Materials Covered:
• Carbide
• Cobalt Steel
• Diamond-Tipped
• High-Speed Steel
• Other Materials

Location of Deployments Covered:
• Onshore
• Offshore

End Users Covered:
• Construction 
• Mining 
• Oil & Gas 
• Water Well 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary                  
2 Preface                   
 2.1 Abstract                  
 2.2 Stake Holders                 
 2.3 Research Scope                 
 2.4 Research Methodology                
  2.4.1 Data Mining                
  2.4.2 Data Analysis                
  2.4.3 Data Validation                
  2.4.4 Research Approach                
 2.5 Research Sources                 
  2.5.1 Primary Research Sources               
  2.5.2 Secondary Research Sources               
  2.5.3 Assumptions                
3 Market Trend Analysis                 
 3.1 Introduction                 
 3.2 Drivers                  
 3.3 Restraints                 
 3.4 Opportunities                 
 3.5 Threats                  
 3.6 End User Analysis                 
 3.7 Emerging Markets                 
 3.8 Impact of Covid-19                 
4 Porters Five Force Analysis                 
 4.1 Bargaining power of suppliers                
 4.2 Bargaining power of buyers                
 4.3 Threat of substitutes                
 4.4 Threat of new entrants                
 4.5 Competitive rivalry                 
5 Global Drill Bit Market, By Design                
 5.1 Introduction                 
 5.2 Roller Cone Bits                 
 5.3 Fixed Cutter Bits                 
6 Global Drill Bit Market, By Functionality                
 6.1 Introduction                 
 6.2 Twist Drill Bits                 
 6.3 Countersink Drill Bits                
 6.4 Hole Saw Drill Bits                 
 6.5 Masonry Drill Bits                 
 6.6 Other Functionalities                
7 Global Drill Bit Market, By Material                
 7.1 Introduction                 
 7.2 Carbide                  
 7.3 Cobalt Steel                 
 7.4 Diamond-Tipped                 
 7.5 High-Speed Steel                 
 7.6 Other Materials                 
8 Global Drill Bit Market, By Location of Deployment               
 8.1 Introduction                 
 8.2 Onshore                  
 8.3 Offshore                  
9 Global Drill Bit Market, By End User                
 9.1 Introduction                 
 9.2 Construction                 
 9.3 Mining                  
 9.4 Oil & Gas                  
 9.5 Water Well                 
 9.6 Other End Users                 
10 Global Drill Bit Market, By Geography                
 10.1 Introduction                 
 10.2 North America                 
  10.2.1 US                 
  10.2.2 Canada                 
  10.2.3 Mexico                 
 10.3 Europe                  
  10.3.1 Germany                 
  10.3.2 UK                 
  10.3.3 Italy                 
  10.3.4 France                 
  10.3.5 Spain                 
  10.3.6 Rest of Europe                
 10.4 Asia Pacific                 
  10.4.1 Japan                 
  10.4.2 China                 
  10.4.3 India                 
  10.4.4 Australia                 
  10.4.5 New Zealand                
  10.4.6 South Korea                
  10.4.7 Rest of Asia Pacific                
 10.5 South America                 
  10.5.1 Argentina                
  10.5.2 Brazil                 
  10.5.3 Chile                 
  10.5.4 Rest of South America               
 10.6 Middle East & Africa                
  10.6.1 Saudi Arabia                
  10.6.2 UAE                 
  10.6.3 Qatar                 
  10.6.4 South Africa                
  10.6.5 Rest of Middle East & Africa               
11 Key Developments                  
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures             
 11.2 Acquisitions & Mergers                
 11.3 New Product Launch                
 11.4 Expansions                 
 11.5 Other Key Strategies                
12 Company Profiling                  
 12.1 Atlas Copco AB                 
 12.2 Baker Hughes Company                
 12.3 Boart Longyear Limited                
 12.4 Drillco Tools Inc.                 
 12.5 Halliburton Company                
 12.6 Hunting PLC                 
 12.7 Mitsubishi Materials Corporation               
 12.8 National Oilwell Varco, Inc.                
 12.9 NewTech Drilling Products LLC                
 12.10 Nippon Steel Corporation                
 12.11 Rubicon Oilfield International Holdings, L.P.              
 12.12 Sandvik AB                 
 12.13 Schlumberger Limited                
 12.14 TechnipFMC plc                 
 12.15 Tenaris S.A.                 
 12.16 Torquato Drilling Accessories, Inc.               
 12.17 Ulterra Drilling Technologies, L.P.               
 12.18 Varel International Energy Services, Inc.               
 12.19 Weatherford International plc                
List of Tables                   
1 Global Drill Bit Market Outlook, By Region (2021-2030) ($MN)              
2 Global Drill Bit Market Outlook, By Design (2021-2030) ($MN)              
3 Global Drill Bit Market Outlook, By Roller Cone Bits (2021-2030) ($MN)             
4 Global Drill Bit Market Outlook, By Fixed Cutter Bits (2021-2030) ($MN)             
5 Global Drill Bit Market Outlook, By Functionality (2021-2030) ($MN)             
6 Global Drill Bit Market Outlook, By Twist Drill Bits (2021-2030) ($MN)             
7 Global Drill Bit Market Outlook, By Countersink Drill Bits (2021-2030) ($MN)            
8 Global Drill Bit Market Outlook, By Hole Saw Drill Bits (2021-2030) ($MN)             
9 Global Drill Bit Market Outlook, By Masonry Drill Bits (2021-2030) ($MN)             
10 Global Drill Bit Market Outlook, By Other Functionalities (2021-2030) ($MN)            
11 Global Drill Bit Market Outlook, By Material (2021-2030) ($MN)             
12 Global Drill Bit Market Outlook, By Carbide (2021-2030) ($MN)              
13 Global Drill Bit Market Outlook, By Cobalt Steel (2021-2030) ($MN)             
14 Global Drill Bit Market Outlook, By Diamond-Tipped (2021-2030) ($MN)             
15 Global Drill Bit Market Outlook, By High-Speed Steel (2021-2030) ($MN)             
16 Global Drill Bit Market Outlook, By Other Materials (2021-2030) ($MN)             
17 Global Drill Bit Market Outlook, By Location of Deployment (2021-2030) ($MN)            
18 Global Drill Bit Market Outlook, By Onshore (2021-2030) ($MN)             
19 Global Drill Bit Market Outlook, By Offshore (2021-2030) ($MN)             
20 Global Drill Bit Market Outlook, By End User (2021-2030) ($MN)             
21 Global Drill Bit Market Outlook, By Construction (2021-2030) ($MN)             
22 Global Drill Bit Market Outlook, By Mining (2021-2030) ($MN)              
23 Global Drill Bit Market Outlook, By Oil & Gas (2021-2030) ($MN)             
24 Global Drill Bit Market Outlook, By Water Well (2021-2030) ($MN)             
25 Global Drill Bit Market Outlook, By Other End Users (2021-2030) ($MN)             
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.      

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at info@strategymrc.com

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