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Oil and Gas Drill Bit Market

Global Oil and Gas Drill Bit Market Size, Share, Forecast: By Type: Roller Cone, Fixed Cutter; By Application: Offshore, Onshore; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; 2024-2032

Global Oil and Gas Drill Bit Market Outlook

The global oil and gas drill bit market is expected to grow at a CAGR of 10% in the forecast period of 2024-2032.

 

Global Oil and Gas Drill Bit Market

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Increasing Demand for Fixed Cutter to Augment the Oil and Gas Drill Bit Industry Growth

Based on type, the fixed cutter segment is expected to show a significant growth in the oil and gas drill bit industry. This can be attributed to their great resilience to hard surfaces. Moreover, the market for fixed cutter bits is largely untapped as of now and is expected to enjoy high growth over the forecast period. Within the fixed cutter segment, natural or synthetic diamond cutters are anticipated to propel the market owing to their effective penetration rate in complex rock formations as well as their incredible durability. Meanwhile, the increasing demand for PDC in sandstone and shale formations can be attributed to their suitability for varying rock formations as well as high rate of penetration.

 

Increasing Exploration Activities in North America to Boost the Oil and Gas Drill Bit Industry

Region-wise, North America dominates the global market for oil and gas drill bit owing to the increased exploration and production activities and growing shale gas drilling in the region. Within North America, the United States significantly contributes to the industry growth. Meanwhile, the Asia Pacific is expected to witness a significant growth over the forecast period owing to the increasing population as well as rising automotive industry. Further, the increasing demand for oil in emerging countries like India and China is expected to propel the regional market growth.

 

Oil and Gas Drill Bit: Market Segmentation

Drill bit is a very important oilfield equipment needed for the extraction of gas and oil. These bits are obtained from high-performance metal composites like polycrystalline diamonds, high-speed steel, and tungsten carbide, among others. Drill bits are also coated with metallic coatings based on titanium and cobalt to ensure their durability and high resistance to wear and tear.

 

Global Oil and Gas Drill Bit Market By Distribution Channel

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By type, the market is divided into:

  • Roller Cone
  • Fixed Cutter

While the roller cone segment is further divided into milled-tooth and tungsten carbide, the fixed cutter segment is subdivided into polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters. 

Based on application, the industry can be segmented into:

  • Offshore
  • Onshore

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Oil and Gas Drill Bit Market By Region

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Increasing Demand for Energy to Bolster the Growth of the Oil and Gas Drill Bit Industry

The rapidly increasing population and urbanisation worldwide has given rise to an ever-growing demand for energy. This increased demand for energy has enhanced the rate of fossil fuel extraction globally, which, in turn, is driving the growth of the oil and gas drill bit industry. Although, the increasing awareness regarding environmental depletion is leading to a rise in demand for renewable energy sources, they still are relatively new to the scene and cannot entirely replace the conventional fuels currently. Moreover, the continuous discoveries of unexplored regions for gas and oil extraction are expected to further aid the market.

Over the forecast period, the growing attention towards improving the efficiency of the extraction process at tough locations is expected to augment the industry growth.

 

Key Industry Players in the Global Oil and Gas Drill Bit Market

The report gives a detailed analysis of the following key players in the global oil and gas drill bit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Schlumberger Limited
  • Halliburton Energy Services Inc.
  • Baker Hughes Company
  • NOV Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Roller Cone
  • Fixed Cutter
Breakup by Application
  • Offshore
  • Onshore
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Schlumberger Limited
  • Halliburton Energy Services, Inc. 
  • Baker Hughes Company
  • NOV Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Oil and Gas Drill Bit Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Oil and Gas Drill Bit Historical Market (2018-2023) 
    8.3    Global Oil and Gas Drill Bit Market Forecast (2024-2032)
    8.4    Global Oil and Gas Drill Bit Market by Type
        8.4.1    Roller Cone
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
            8.4.1.3    Breakup by Type
                8.4.1.3.1    Milled-Tooth
                    8.4.1.3.1.1    Historical Trend (2018-2023)
                    8.4.1.3.1.2    Forecast Trend (2024-2032)
                8.4.1.3.2    Tungsten Carbide
                    8.4.1.3.2.1    Historical Trend (2018-2023)
                    8.4.1.3.2.2    Forecast Trend (2024-2032)
        8.4.2    Fixed Cutter
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Polycrystalline Diamond Cutters (PDC)
                    8.4.2.3.1.1    Historical Trend (2018-2023)
                    8.4.2.3.1.2    Forecast Trend (2024-2032)
                8.4.2.3.2    Natural or Synthetic Diamond Cutters
                    8.4.2.3.2.1    Historical Trend (2018-2023)
                    8.4.2.3.2.2    Forecast Trend (2024-2032)
    8.5    Global Oil and Gas Drill Bit Market by Application
        8.5.1    Offshore
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Onshore
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Oil and Gas Drill Bit Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032) 
9    North America Oil and Gas Drill Bit Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Oil and Gas Drill Bit Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Oil and Gas Drill Bit Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Oil and Gas Drill Bit Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Oil and Gas Drill Bit Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Schlumberger Limited
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Halliburton Energy Services, Inc. 
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Baker Hughes Company
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    NOV Inc. 
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Oil and Gas Drill Bit Market: Key Industry Highlights, 2018 and 2032
2.    Global Oil and Gas Drill Bit Historical Market: Breakup by Type (USD Billion), 2018-2023
3.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Type (USD Billion), 2024-2032
4.    Global Oil and Gas Drill Bit Historical Market: Breakup by Application (USD Billion), 2018-2023
5.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Application (USD Billion), 2024-2032
6.    Global Oil and Gas Drill Bit Historical Market: Breakup by Region (USD Billion), 2018-2023
7.    Global Oil and Gas Drill Bit Market Forecast: Breakup by Region (USD Billion), 2024-2032
8.    North America Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    North America Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Europe Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Europe Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Asia Pacific Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Asia Pacific Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Latin America Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Latin America Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Middle East and Africa Oil and Gas Drill Bit Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Middle East and Africa Oil and Gas Drill Bit Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Global Oil and Gas Drill Bit Market Structure

Key Questions Answered in the Report

The global oil and gas drill bit market is projected to grow at a CAGR of 10% between 2024 and 2032.

The major drivers of the market include the increasing activities for exploration and production of gas and oil, rapid urbanisation and industrialisation, and the growing demand for energy.

The key market trends guiding the growth of the market include the growing technological advancements and research and development activities to increase the efficiency of the extraction process.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The leading types of oil and gas drill bit in the market are roller cone (milled-tooth and tungsten carbide) and fixed cutter (polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters).

The major applications in the market are offshore and onshore.

The key players in the global oil and gas drill bit market are Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, and NOV Inc., among others.

Analyst Review

The global oil and gas drill bit market is being driven by the rising activities for exploration and production of gas and oil. Aided by the growing R&D activities, the market is expected to witness a healthy growth in the forecast period of 2024-2032, growing at a CAGR of 10%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is bifurcated into roller cone (milled-tooth and tungsten carbide) and fixed cutter (polycrystalline diamond cutters (PDC) and natural or synthetic diamond cutters). On the basis of application, the industry is divided into offshore and onshore. The major regional markets for oil and gas drill bit are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Schlumberger Limited, Halliburton Energy Services Inc., Baker Hughes Company, and NOV Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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