Drill Bits For Oil And Gas Industry Application Market, By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts, Fixed cutter bits, Polycrystalline diamond bits, Natural diamond bits), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2024

Code : CMI4823

Pages :120

Formats :

Excel and PDF

Industry : Energy

Drill Bits For Oil And Gas Industry Application MarketSize and Trends

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