DRILL BITS FOR OIL AND GAS INDUSTRY APPLICATION MARKET ANALYSIS
The drill bits for oil and gas industry Market size is valued at US$ 6.9 Bn in 2024 and is expected to reach US$ 10.9 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Drill Bits For Oil And Gas Industry Trends:
Adoption of composite materials for drill bits: The adoption of composite materials for drill bits is having a major impact on the drill bits for oil and gas industry. Composite materials like diamond-impregnated bits, Polycrystalline diamond bits PDC bits, and matrix bits are becoming increasingly popular as they provide more advantages than conventional steel bits. Composite bits last significantly longer than steel bits, as they are more durable and able to withstand high temperatures and pressures underground. This reduces downtime spent replacing bits and saves on operating costs for drilling companies.
Figure 2. Drill Bits For Oil And Gas Industry Share (%), by product , 2024
Drill Bits For Oil And Gas Industry Application Market Report Snapshots
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