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Oil and Gas Drill Bit Market Segmentation and Major key Players Analysis 2022

Increasing E&P activities on account of increasing energy demand is expected to remain a key driving factor for global oil and gas drill bit market over the forecast period. Shift in trend towards developing unconventional reserves such as tight gas, shale and CBM is also expected to have a positive influence on the market growth.

The Global Oil and Gas Drill Bit Market is expected to reach USD 7.62 billion by 2022, according to a new report by Grand View Research, Inc.


Hydrocarbon extraction from these reserves requires highly durable bit with improved performance and rate of penetration (ROP). Roller-cone bit were the largest product segment accounted for over 70% of total market volume in 2014. Roller-cone downhole components particularly those fabricated from tungsten carbide inserts are designed to operate in conventional formations and offer excellent rate of penetration (ROP) in initial stage of drilling.

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These products have less longevity as compared to the fixed cutter bit particularly when used in unconventional reserves. Fixed cutters are estimated to witness high growth as compared to the conventional tricone counterparts. High durability along with enhanced operability in most of the unconventional reserves coupled with increasing popularity of diamond cutters in the industry is expected to steer product demand in foreseeable future.

Top Players of Oil and Gas Drill Bit Market:

Major companies operating in the global oil and gas drill bit market include Schlumberger, Baker Hughes, Atlas Copco, Halliburton, Varel International, Inc., National Oil-well Varco, Inc., Kingdream Public Limited Company and Torquado Drilling Accessories Inc.

Market Segmentation of Oil and Gas Drill Bit Market:

The Global Oil and Gas Drill Bit Market Segmented on the basis of Product and Region.

By Products:

    Roller-cone bit
  • Miller-tooth bit
  • Tungsten carbide inserts
    Fixed cutter bit
  • Polycrystalline diamond cutters (PDC)
  • Natural/synthetic diamond cutter
By Region:

    North America
    Europe
    Asia Pacific
    Rest of the world (RoW)

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