Global oilfield drill bits market was valued at US$ 5.60 Billion in 2016, according to Global Oilfield Drill Bits Market Report by Drill Bit Type (Roller Cone Bits and Fixed Cutter Bits), by Application (Onshore and Offshore). The oilfield drill bits market is expected to register a CAGR of 6.1% over the forecast period (2017-2025) to reach US$ 9.49 billion by 2025. Drill bits play a major role in E&P activities as they are used in the drilling of boreholes. The type of drill bit chosen depends on the formation. The major factors propelling the growth of this market include increasing demand for crude oil and natural gas from countries globally. With the recovery of the oil and gas industry after the slump in oil prices in 2014, demand for drill bits is expected to increase due to E&P projects being undertaken.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 250 market data tables* and 60 figures* on "Oilfield drill bits Market” - Global forecast to 2025.
Key Trends and Analysis of Oilfield Drill Bits Market:
Based on the drill bit type, the roller cone bits held a dominant position in the market in 2016 and is expected retain its dominance over the forecast period. Higher strength and durability offered by fixed cutter bits, such as PDC and diamond bits is a major factor contributing to increasing demand of these bits in the market. Diamond has a hardness of 10 on the Mohrs’ scale, owing to which diamond bits are preferred in hard and abrasive formations. However, use of diamond for the manufacturing of these drill bits considerably increases its manufacturing costs, which is a major factor expected to restrain the demand for diamond bits in the market over the forecast period.
Key Takeaways of the Market:
Some of the major players operating in the global oilfield drill bits market are Baker Hughes Inc., Drill Master Inc,, National Oilwell Varco Inc., Schlumberger, Scientific Drilling International Inc., Ulterra Drilling Technologies, Atlas Copco AB and Halliburton Inc., among others.