POLYCRYSTALLINE DIAMOND COMPACT CUTTER MARKET ANALYSIS

Polycrystalline Diamond Compact Cutter MarketSize and Trends

Global polycrystalline diamond compact cutter market was valued at US$ 4,619.6 Mn in 2022 and is expected to reach US$ 6,494.5 Mn, exhibiting a CAGR of 4.35% during the forecast period 2023 to 2030.

Figure 1. Global Polycrystalline Diamond Compact Cutter Market Revenue Share (%), By Region, 2022

Among region, North America held a dominant position in the global polycrystalline diamond compact cutter market in 2022, accounting for 34.6% market revenue share, followed by Asia Pacific and Latin America. Increasing production of oil and gas due to strong focus of key market players in carrying drilling activities in Permian Basin, North America. Rising oil and gas exploration and production in the U.S. is expected to boost the global polycrystalline diamond compact cutter market growth in near future.

Global Polycrystalline Diamond Compact Cutter Market- Trends

Increasing adoption of inorganic strategies

Increasing adoption of inorganic strategies such as new product launches, expansion, collaboration, joint ventures, mergers & acquisitions, partnerships, strategic alliances, takeovers, and others by key market players is expected to boost the global polycrystalline diamond compact cutter market growth in near future. For instance, in February 2019, Rockwell Automation, an industrial automation & data firm, and Schlumberger, a drilling, manufacturing, and processing technology supplier of oil and gas industry, announced that both companies had signed a joint venture agreement to create Sensia. Sensia is the integration of process automation and petrotechnical expertise in order to create a automation specialist in oil and gas production, transportation, and processing.

Rising technological advancement

Rising technological advancement in polycrystalline diamond compact cutter is expected to drive the market growth in near future. For instance, in February 2021, NOC Inc., a global provider of equipment and components that are used in oil and gas drilling, and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry, introduced ION+ polycrystalline diamond compact cutter technology. ION+ cutters feature a wide range of application-specific cutter grades, incorporating refined diamond feeds, higher manufacturing pressure, new non planer interfaces, and thicker diamond tables with enhanced thermal stability.

Global Polycrystalline Diamond Compact Cutter Market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 pandemic had a negative impact on the global oil and gas industry that resulted in reduced exploration activities and lower demand for drilling equipment. Governments considers oil and gas exploration as an essential activity and has exempted exploration from lockdown restrictions. However, pandemic led to either stoppage or slowing down of physical operations of oil and gas companies. Throughout the pandemic, operations weredifficult to maintain due to shortage of labor, and practical difficulties were caused due to social distancing and other precautionary measures. Furthermore, lack of raw materials and equipment hampered inspection, drilling, repair, maintenance, and replacement efforts.