Drill Bit Market Forecasts to 2028 – Global Analysis By Application (Offshore Drilling, Onshore Drilling), End User (Automotive Industry, Construction Industry, Aerospace Industry, Oil and Gas Industry), and By Geography
According to Stratistics MRC, the Global Drill Bit market is accounted for $5.51 billion in 2020 and is expected to reach $11.48 billion by 2028 growing at a CAGR of 9.6% during the forecast period. Some of the key factors propelling the market growth include rapidly increasing global population and urbanization, rapid shift towards natural gas and renewable energy resources, and growing unconventional field development activities. However, the volatile nature of crude oil prices is anticipated to hinder the growth of the market.
Drill bits are used in oil and gas operation to drill and make holes for oil and gas withdrawal. The bits are revolving equipment that is made up of the hardest materials and spiky texture to incise a rock and sediments. The major function of the drill bits is to cut, grind, scratch and squash the rock at the base of the 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.
By type, fixed cutter bit is anticipated to grow at a significant rate through the forecast period, due to its high frequency & speed of rotations, rising fabrication of non conventional shale gas exploration and deep water drilling activities, the strong consciousness of consumers about the efficiency of this drill bit uses in carving both hard & soft rock formations.
On the basis of geography, North America region is projected to have considerable market growth during the forecast years, owing to the advent of shale gas, rising crude oil and natural gas demand and large proven resources in Canada and the Gulf of Mexico, growing E&P activities in shale plays, the introduction of horizontal drilling technology, and increasing expenditure on drilling of shale deposits on account of deployment of enhanced oil recovery in the U.S.
Some of the key players in Drill Bit market include Varel International Energy Services Inc., National-Oilwell Varco Inc., Sandvik AB, Rockpecker Limited, Atlas Copco AB, Halliburton Company, Landrill Oil Tools Co., Ltd., Xi'an Landrill Oil Tools Co. Ltd, Scientific Drilling International Inc, Schlumberger Limited, Weatherford International plc, Kingdream Public Ltd, ESCO Corporation, Baker Hughes Company, Torquato Drilling Accessories, Inc., Palmer Bit Co., Ulterra Drilling Technologies LP, and NewTech Drilling Products LLC.
Types Covered:
• Fixed Cutter Bit
• Roller Cone Bit
Technologies Covered:
• Cobalt Drill Bits
• Concrete Drill Bits
• High-Speed Steel (HSS) Drill Bits
• Carbide-Tipped Drill Bits
• Diamond Core Drill Bits
• Composite Drill Bits
• Plastic Drill Bits
Applications Covered:
• Offshore Drilling
• Onshore Drilling
End Users Covered:
• Automotive Industry
• Construction Industry
• Aerospace Industry
• Oil and Gas Industry
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
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 UAE
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 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- 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 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 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 Type
5.1 Introduction
5.2 Fixed Cutter Bit
5.2.1 Natural Diamond Bits
5.2.2 Polycrystalline Diamond Compact (PDC) Drill Bits
5.2.3 Synthetic Diamond Bits
5.3 Roller Cone Bit
5.3.1 Tungsten Carbide Inserts (Insert Bits)
5.3.2 Milled-Tooth Bits
6 Global Drill Bit Market, By Technology
6.1 Introduction
6.2 Cobalt Drill Bits
6.3 Concrete Drill Bits
6.4 High-Speed Steel (HSS) Drill Bits
6.5 Carbide-Tipped Drill Bits
6.6 Diamond Core Drill Bits
6.7 Composite Drill Bits
6.8 Plastic Drill Bits
7 Global Drill Bit Market, By Application
7.1 Introduction
7.2 Offshore Drilling
7.3 Onshore Drilling
8 Global Drill Bit Market, By End User
8.1 Introduction
8.2 Automotive Industry
8.3 Construction Industry
8.4 Aerospace Industry
8.5 Oil and Gas Industry
9 Global Drill Bit Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Varel International Energy Services Inc.
11.2 National-Oilwell Varco Inc.
11.3 Sandvik AB
11.4 Rockpecker Limited
11.5 Atlas Copco AB
11.6 Halliburton Company
11.7 Landrill Oil Tools Co., Ltd.
11.8 Xi'an Landrill Oil Tools Co. Ltd
11.9 Scientific Drilling International Inc
11.10 Schlumberger Limited
11.11 Weatherford International plc
11.12 Kingdream Public Ltd
11.13 ESCO Corporation
11.14 Baker Hughes Company
11.15 Torquato Drilling Accessories, Inc.
11.16 Palmer Bit Co.
11.17 Ulterra Drilling Technologies LP
11.18 NewTech Drilling Products LLC
List of Tables
1 Global Drill Bit Market Outlook, By Region (2019-2028) ($MN)
2 Global Drill Bit Market Outlook, By Type (2019-2028) ($MN)
3 Global Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
4 Global Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
5 Global Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
6 Global Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
7 Global Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
8 Global Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
9 Global Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
10 Global Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
11 Global Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
12 Global Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
13 Global Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
14 Global Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
15 Global Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
16 Global Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
17 Global Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
18 Global Drill Bit Market Outlook, By Application (2019-2028) ($MN)
19 Global Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
20 Global Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
21 Global Drill Bit Market Outlook, By End User (2019-2028) ($MN)
22 Global Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
23 Global Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
24 Global Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
25 Global Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
26 North America Drill Bit Market Outlook, By Country (2019-2028) ($MN)
27 North America Drill Bit Market Outlook, By Type (2019-2028) ($MN)
28 North America Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
29 North America Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
30 North America Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
31 North America Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
32 North America Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
33 North America Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
34 North America Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
35 North America Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
36 North America Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
37 North America Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
38 North America Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
39 North America Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
40 North America Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
41 North America Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
42 North America Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
43 North America Drill Bit Market Outlook, By Application (2019-2028) ($MN)
44 North America Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
45 North America Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
46 North America Drill Bit Market Outlook, By End User (2019-2028) ($MN)
47 North America Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
48 North America Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
49 North America Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
50 North America Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
51 Europe Drill Bit Market Outlook, By Country (2019-2028) ($MN)
52 Europe Drill Bit Market Outlook, By Type (2019-2028) ($MN)
53 Europe Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
54 Europe Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
55 Europe Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
56 Europe Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
57 Europe Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
58 Europe Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
59 Europe Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
60 Europe Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
61 Europe Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
62 Europe Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
63 Europe Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
64 Europe Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
65 Europe Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
66 Europe Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
67 Europe Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
68 Europe Drill Bit Market Outlook, By Application (2019-2028) ($MN)
69 Europe Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
70 Europe Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
71 Europe Drill Bit Market Outlook, By End User (2019-2028) ($MN)
72 Europe Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
73 Europe Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
74 Europe Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
75 Europe Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
76 Asia Pacific Drill Bit Market Outlook, By Country (2019-2028) ($MN)
77 Asia Pacific Drill Bit Market Outlook, By Type (2019-2028) ($MN)
78 Asia Pacific Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
79 Asia Pacific Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
80 Asia Pacific Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
81 Asia Pacific Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
82 Asia Pacific Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
83 Asia Pacific Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
84 Asia Pacific Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
85 Asia Pacific Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
86 Asia Pacific Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
87 Asia Pacific Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
88 Asia Pacific Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
89 Asia Pacific Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
90 Asia Pacific Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
91 Asia Pacific Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
92 Asia Pacific Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
93 Asia Pacific Drill Bit Market Outlook, By Application (2019-2028) ($MN)
94 Asia Pacific Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
95 Asia Pacific Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
96 Asia Pacific Drill Bit Market Outlook, By End User (2019-2028) ($MN)
97 Asia Pacific Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
98 Asia Pacific Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
99 Asia Pacific Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
100 Asia Pacific Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
101 South America Drill Bit Market Outlook, By Country (2019-2028) ($MN)
102 South America Drill Bit Market Outlook, By Type (2019-2028) ($MN)
103 South America Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
104 South America Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
105 South America Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
106 South America Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
107 South America Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
108 South America Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
109 South America Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
110 South America Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
111 South America Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
112 South America Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
113 South America Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
114 South America Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
115 South America Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
116 South America Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
117 South America Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
118 South America Drill Bit Market Outlook, By Application (2019-2028) ($MN)
119 South America Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
120 South America Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
121 South America Drill Bit Market Outlook, By End User (2019-2028) ($MN)
122 South America Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
123 South America Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
124 South America Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
125 South America Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
126 Middle East & Africa Drill Bit Market Outlook, By Country (2019-2028) ($MN)
127 Middle East & Africa Drill Bit Market Outlook, By Type (2019-2028) ($MN)
128 Middle East & Africa Drill Bit Market Outlook, By Fixed Cutter Bit (2019-2028) ($MN)
129 Middle East & Africa Drill Bit Market Outlook, By Natural Diamond Bits (2019-2028) ($MN)
130 Middle East & Africa Drill Bit Market Outlook, By Polycrystalline Diamond Compact (PDC) Drill Bits (2019-2028) ($MN)
131 Middle East & Africa Drill Bit Market Outlook, By Synthetic Diamond Bits (2019-2028) ($MN)
132 Middle East & Africa Drill Bit Market Outlook, By Roller Cone Bit (2019-2028) ($MN)
133 Middle East & Africa Drill Bit Market Outlook, By Tungsten Carbide Inserts (Insert Bits) (2019-2028) ($MN)
134 Middle East & Africa Drill Bit Market Outlook, By Milled-Tooth Bits (2019-2028) ($MN)
135 Middle East & Africa Drill Bit Market Outlook, By Technology (2019-2028) ($MN)
136 Middle East & Africa Drill Bit Market Outlook, By Cobalt Drill Bits (2019-2028) ($MN)
137 Middle East & Africa Drill Bit Market Outlook, By Concrete Drill Bits (2019-2028) ($MN)
138 Middle East & Africa Drill Bit Market Outlook, By High-Speed Steel (HSS) Drill Bits (2019-2028) ($MN)
139 Middle East & Africa Drill Bit Market Outlook, By Carbide-Tipped Drill Bits (2019-2028) ($MN)
140 Middle East & Africa Drill Bit Market Outlook, By Diamond Core Drill Bits (2019-2028) ($MN)
141 Middle East & Africa Drill Bit Market Outlook, By Composite Drill Bits (2019-2028) ($MN)
142 Middle East & Africa Drill Bit Market Outlook, By Plastic Drill Bits (2019-2028) ($MN)
143 Middle East & Africa Drill Bit Market Outlook, By Application (2019-2028) ($MN)
144 Middle East & Africa Drill Bit Market Outlook, By Offshore Drilling (2019-2028) ($MN)
145 Middle East & Africa Drill Bit Market Outlook, By Onshore Drilling (2019-2028) ($MN)
146 Middle East & Africa Drill Bit Market Outlook, By End User (2019-2028) ($MN)
147 Middle East & Africa Drill Bit Market Outlook, By Automotive Industry (2019-2028) ($MN)
148 Middle East & Africa Drill Bit Market Outlook, By Construction Industry (2019-2028) ($MN)
149 Middle East & Africa Drill Bit Market Outlook, By Aerospace Industry (2019-2028) ($MN)
150 Middle East & Africa Drill Bit Market Outlook, By Oil and Gas Industry (2019-2028) ($MN)
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