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Drill Bits Market For Oil & Gas Industry (By Product, Roller Cone Bits, Fixed Cutter Bits) – Growth, Future Prospects & Competitive Analysis, 2016-2023

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Drilling is the primary process in the exploration and production of crude oil from a reservoir. In this process, rocks are crushed to form a cylindrical hole in the earth’s surface using drill bits to extract the crude oil. Drill bits made up of various materials such as diamond, tungsten, and carbide are widely used in the oil and gas industry. Drill bits are segmented on the type, i.e., roller cone drill bits and fixed cutter drill bits. Roller cone drill bits are the most popular type of drill bit used for the drilling of conventional wells. The roller cone drill bits segment is expected to be the most dominant segment over the forecast period. While the fixed cutter bits are in place, segment growth is augmented by increasing production of non-conventional shale gas and tight oil.

Growing energy demand due to an increase in automobiles due to rapid urbanization, especially in emerging economies of Asia Pacific such as India and China, is expected to drive the demand for fossil fuels, which in turn is influencing oil producers to increase oil production. This, in turn, is expected to spur the growth of the global drill bit market for the oil and gas industry. An increase in the exploration and production of sand formations coupled with new drilling techniques such as hydraulic fracturing, or “fracking,” is anticipated to impel the demand for polycrystalline diamond bits (PCD).

The oil and gas industry has witnessed a shift in exploration and production operations from conventional to non-conventional oil and gas exploration. Growing production of shale gas since 2010, coupled with increasing ultra-deepwater drilling activities in the U.S. Gulf of Mexico, is expected to drive the demand for drill bits over the forecast period (2016–2023). Moreover, an increasing rig count for offshore drilling is also anticipated to fuel the demand for drill bits over the forecast period.

The global drill bit market for oil and gas has been estimated to be valued at US$ 5.4 billion by the end of 2016 and is expected to attain revenues of US$ 8.2 billion by 2023, expanding at a CAGR of 6.1% during the forecast period of 2016–2023.

Purpose of the Report

The purpose of this strategic research study titled “Global Drill Bits Market for Oil & Gas Industry: Growth, Future Prospects, Competitive Analysis, and Forecast, 2016–2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global drill bit market.

  • Target Audience
  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers and Buyers
  • Product Suppliers and Buyers
  • Research Institutes

On the basis of product type, the global drill bit market is categorized into the following types:

  • Roller cone bits
  • Milled-tooth bits
  • Tungsten carbide inserts (insert bits)
  • Fixed cutter bits
  • Polycrystalline diamond bits (PDC)
  • Natural diamond bits

Hydrocarbon extraction involves various processes such as seismic surveys, drilling, production, and others. Various equipment, such as rigs, drill bits, tubes, pumps, and gauges, are used in drilling and the production of equipment. Drilling operations are one of the prime operations in hydrocarbon extraction and involve the creation of a cylindrical hole in the earth’s crust. Drill bits are used for crushing or cutting rocks to create cylindrical holes in the earth’s crust. The drill bit market in the oil and gas industry is gaining traction with growing oil production activities across the globe. Increased demand for energy coupled with advancements in the technology of extraction from nonconventional shale gas exploration is expected to augment the growth of the drill bits market over the forecast period (2016–2022).

On the basis of product type, the drill bit market can be segmented into roller-cone and fixed cutter bits.

Roller cone drill bits are the most common drill bit used in drilling to extract hydrocarbons. The segment is anticipated to be the most dominant segment among product types due to its low cost and because it is convenient for soft formations. However, the segment is expected to lose market share to the fixed cutter bits segment due to the growing exploration and production of shale gas, which requires hard rock drilling at higher depths. Roller cone drills can be subdivided into milled-tooth bits and tungsten carbide inserts (insert bits).

Fixed-cutter bit segments are expected to gain traction over the forecast period owing to the growing production of non-conventional shale gas exploration and deep-water drilling activities. Fixed cutter bits are widely used for crushing rocks found in deep-water drilling and the drilling of shale rocks. The fixed cutter bit segment can be sub-segmented into polycrystalline diamond bits (PDC) and natural diamond bits. The polycrystalline diamond bits segment is anticipated to grow at a significant rate over the forecast period due to its high penetration rate and adaptability to diverse rock formations.

Growing demand for oil and natural gas in key consuming economies such as China and India is expected to drive new projects of oilfield exploration, which in turn is anticipated to fuel demand for drill bits over the forecast period (2016–2023).

On the basis of geography, the global drill bit market is segmented into the following categories:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

The global drill bit market for the oil and gas industry is expected to gain momentum with the recovery of oil prices. The oil and gas industry has witnessed a shift in exploration and production operations from conventional to non-conventional oil and gas exploration. Drilling of sand formations increased offshore drilling, and growing deep-water and ultra-deepwater drilling have fuelled the demand for specialized drill bits with a better rate of penetration.

North America contributed the highest revenue share in the global drill bit market, with a contribution that is estimated to be more than 35% by the end of 2016. Following it, MEA stood in second place in the same year. High oil reserves coupled with a low per-barrel production cost in the region are projected to spur the exploration of new wells in the region, which in turn is anticipated to intensify the demand for drill bits over the forecast period.

Asia Pacific is expected to register significant growth after 2018 owing to high reserves of shale gas in China coupled with increasing research and development in shale gas exploration by Chinese oil producers. Besides this, increasing oil production activities in Russia and other countries of Europe are expected to spur the growth of the drill bit market over the forecast period (2016–2023).

1. Preface
1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase II-Expert Panel Review
1.2.4. Assumptions
1.2.5. Approach Adopted

2. Executive Summary
2.1. Global Drill Bits Market for Oil & Gas Industry Market Snapshot
2.1.1. Global Drill Bits Market for Oil & Gas Industry Market by Product Type, 2015
2.1.2. Global Drill Bits Market for Oil & Gas Industry Market by Geography,2015

3. Global Drill Bits Market for Oil & Gas Industry Market Dynamics
3.1. Market Overview
3.2. Value Chain Analysis
3.3. Drivers
3.4. Challenges
3.5. Future Prospects
3.6. Impact Analysis of Drivers and Challenges
3.7. Porter’s Five Force Analysis
3.7.1. Bargaining Power Of Suppliers
3.7.2. Bargaining Power Of Buyers
3.7.3. Threat Of Substitutes
3.7.4. Threat Of New Entrants
3.7.5. Industry Rivalry

4. Global Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
4.1. Overview
4.1.1. Market Share Analysis by Product Type, 2015 vs. 2023
4.1.2. Attractive Investment Proportion by Product Type
4.2. Roller cone bits
4.2.1. Milled-tooth bits
4.2.2. Tungsten carbide inserts (insert bits)
4.3. Fixed cutter bits
4.3.1. Polycrystalline diamond bits (PDC)
4.3.2. Natural diamond bits

5. Global Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Geography, 2013 – 2023
5.1. Overview
5.1.1. Market Share Analysis by Geography, 2015 vs. 2023
5.1.2. Attractive Investment Proportion by Geography
5.2. North America Drill Bits Market for Oil & Gas Industry Market Analysis, 2013 – 2023
5.2.1. North America Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Country, 2013 – 2023
5.2.1.1. U.S.
5.2.1.2. Canada
5.2.2. North America Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
5.2.3. Roller cone bits
5.2.3.1. Milled-tooth bits
5.2.3.2. Tungsten carbide inserts (insert bits)
5.2.4. Fixed cutter bits
5.2.4.1. Polycrystalline diamond bits (PDC)
5.2.4.2. Natural diamond bits
5.3. Europe Drill Bits Market for Oil & Gas Industry Market Analysis, 2013 – 2023
5.3.1. Europe Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Region, 2013 – 2023
5.3.1.1. E.U. 7
5.3.1.2. CIS
5.3.1.3. Rest of Europe
5.3.2. Europe Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
5.3.3. Roller cone bits
5.3.3.1. Milled-tooth bits
5.3.3.2. Tungsten carbide inserts (insert bits)
5.3.4. Fixed cutter bits
5.3.4.1. Polycrystalline diamond bits (PDC)
5.3.4.2. Natural diamond bits
5.4. Asia Pacific Drill Bits Market for Oil & Gas Industry Market Analysis , 2013 – 2023
5.4.1. Asia Pacific Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Country, 2013 – 2023
5.4.1.1. China
5.4.1.2. India
5.4.1.3. Japan
5.4.1.4. Rest of Asia Pacific
5.4.2. Asia Pacific Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
5.4.3. Roller cone bits
5.4.3.1. Milled-tooth bits
5.4.3.2. Tungsten carbide inserts (insert bits)
5.4.4. Fixed cutter bits
5.4.4.1. Polycrystalline diamond bits (PDC)
5.4.4.2. Natural diamond bits
5.5. Latin America Drill Bits Market for Oil & Gas Industry Market Analysis , 2013 – 2023
5.5.1. Latin America Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Country, 2013 – 2023
5.5.1.1. Brazil
5.5.1.2. Mexico
5.5.1.3. Rest of Latin America
5.5.2. Latin America Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
5.5.3. Roller cone bits
5.5.3.1. Milled-tooth bits
5.5.3.2. Tungsten carbide inserts (insert bits)
5.5.4. Fixed cutter bits
5.5.4.1. Polycrystalline diamond bits (PDC)
5.5.4.2. Natural diamond bits
5.5.5. Middle East & Africa (MEA) Drill Bits Market for Oil & Gas Industry Market Analysis , 2013 – 2023
5.5.6. MEA Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Region, 2013 – 2023
5.5.6.1. GCC
5.5.6.2. Rest of MEA
5.5.7. MEA Drill Bits Market for Oil & Gas Industry Market Size (US$ BN), By Product Type, 2013 – 2023
5.5.8. Roller cone bits
5.5.8.1. Milled-tooth bits
5.5.8.2. Tungsten carbide inserts (insert bits)
5.5.9. Fixed cutter bits
5.5.9.1. Polycrystalline diamond bits (PDC)
5.5.9.2. Natural diamond bits

6. Company Profiles
6.1. Competitive Dashboard
6.2. Key Players
6.2.1. Halliburton, Inc.
6.2.1.1. Business Description
6.2.1.2. Financial Information
6.2.1.3. Product Positions/Portfolio
6.2.1.4. Key Developments
6.2.2. Baker Hughes
6.2.3. National Oilwell Varco.
6.2.4. Varel
6.2.5. Torquado Drilling Accessories Inc.
6.2.6. Palmer Bit
6.2.7. National Oilwell Varco
6.2.8. Other notable players

List of Figures

Figure 1: Global Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, 2016-2023
Figure 2: Global Drill bits Market for oil & gas industry YOY Growth Comparison, 2016-2023
Figure 3: Global Drill bits Market for Oil & Gas Industry YOY (%) Comparison by Product Type, 2016-2023
Figure 4: Global Drill bits Market for Oil & Gas Industry Share (%) Analysis Forecast, by Product Type, 2016-2023
Figure 5: Global Drill bits Market for Oil & Gas Industry Investment Proportion by Product Type, 2016-2023
Figure 6: Global Drill bits Market for Oil & Gas Industry YOY(%) Comparison by Geography, 2016-2023
Figure 7: Global Drill bits Market for oil & gas industry Market Share (Value%) Analysis, by Geography, 2016-2023
Figure 8: Global Drill bits Market Investment Proportion by Geography, 2016-2023
Figure 9: North America Drill bits Market Value (US$ BN Bn) Forecast by Country, 2016-2023
Figure10: North America Drill bits Market Share Analysis by Country, 2016-2023
Figure11: North America Drill bits Market Investment Proportion by Country
Figure12: Europe Drill bits Market Value (US$ BN Bn) Forecast by Country, 2016-2023
Figure13: Europe Drill bits Market Share Analysis by Country, 2016-2023
Figure14: Europe Drill bits Market Investment Proportion by Country, 2016-2023
Figure15: Asia Pacific Drill bits Market Value (US$ BN Bn) Forecast by Country, 2016-2023
Figure16: Asia Pacific Drill bits Market Share Analysis by Country, 2016-2023
Figure17: Asia Pacific Drill bits Market Investment Proportion by Country, 2016-2023
Figure18: Middle East & Africa Drill bits Market Value (US$ BN Bn) Forecast by Country, 2016-2023
Figure19: Middle East & Africa Drill bits Market Share Analysis by Country, 2016-2023
Figure 20: Middle East & Africa Drill bits Market Investment Proportion by Country, 2016-2023
Figure 21: Latin America Drill bits Market Value (US$ BN Bn) Forecast by Country, 2016-2023
Figure 22: Latin America Drill bits Market Share Analysis by Country, 2016-2023
Figure 20: Latin America Drill bits Market Investment Proportion by Country, 2016-2023

List of Tables

Table 1: Global Drill bits Market for Oil & Gas Industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 2: Global Drill bits Market for Oil & Gas Industry Value (US$ BN Bn) Forecast, by Geography, 2016-2023
Table 3: North America Drill bits Market oil & gas industry Value (US$ BN Bn) Forecast, by Country, 2016-2023
Table 4: North America Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 5: Europe Drill bits Market oil & gas industry Value (US$ BN Bn) Forecast, by Country, 2016-2023
Table 6: Europe Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 7: Asia Pacific Drill bits Market oil & gas industry Value (US$ BN Bn) Forecast, by Country, 2016-2023
Table 8: Asia Pacific Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 9: Middle East & Africa Drill bits Market oil & gas industry Value (US$ BN Bn) Forecast, by Country, 2016-2023
Table 10:Middle East & Africa Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 11: Latin America Drill bits Market oil & gas industry Value (US$ BN Bn) Forecast, by Country, 2016-2023
Table 12: Latin America Drill bits Market for oil & gas industry Value (US$ BN Bn) Forecast, by Product Type, 2016-2023
Table 13: Halliburton, Inc.: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage))
Table 14 Baker Hughes: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 15 National Oilwell Varco: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 16 Varel: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 17 Torquado Drilling Accessories Inc.: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 18 Palmer Bit: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 19 National Oilwell Varco: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)

Frequently Asked Questions

What is the size of Drill Bits Market?

The market for Drill Bits Market is expected to reach US$ 8.2 Bn By 2023.

What is the Drill Bits Market CAGR?

The Drill Bits Market is expected to see significant CAGR growth over the coming years, at 6.1%.

What is the Forecast period considered for Drill Bits Market?

The report is forecasted from 2016 To 2023.

What is the base year considered for Drill Bits Market?

The base year of this report is 2015.

Who are the major players in this market?

Halliburton, Inc, National Oilwell Varco., National Oilwell Varco, Torquado Drilling Accessories Inc. are some of the major players in the global market.

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