Drill Bits for Oil & Gas Industry Application Market, By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts (insert bits), Fixed cutter bits, Polycrystalline diamond bits (PDC) and Natural diamond bits), By Region (North America, Europ

Drill Bits for Oil & Gas Industry Application Market, By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts (insert bits), Fixed cutter bits, Polycrystalline diamond bits (PDC) and Natural diamond bits), By Region (North America, Europe, Asia-PacificRoW) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

A drilling bit is used in petroleum exploration to drill a wellbore through various layers of rock formations to access oil or natural gas resources. It penetrates the subsurface rock formations. In recent years, oilfield drilling has turned out to be an intricate part of the overall oil industry strategy. Today, exploration and extraction of crude oil from the ground is crucial for any company involved in oil and gas business.
Market Dynamics:
Increasing number of gas processing units is expected to propel growth of the global drill bits for oil and gas industry application market. For instance, in October 2021, PJSC LUKOIL, a crude petroleum and natural gas extraction company, announced to add a second gas processing unit that will enable increased production of petrochemicals from northern Caspian Sea natural gas at subsidiary Stavrolen LLC’s petrochemical complex in Budennovsk, Stavropol Region, and Russia.
Moreover, increasing demand for drilling is also expected to aid in growth of the market. For instance, in October 2021, Equinor Energy AS, an energy company, amounted a contract to COSL Offshore Management AS, a drilling services provider, to drill four wells on Statfjord Øst, in the Tampen area in the North Sea, starting in spring 2023.
Key features of the study:
This report provides in-depth analysis of the global drill bits for oil and gas industry application market, and provides market size (US$ Million ) and compound annual growth rate (CAGR%) for the forecast period (2022-2028), considering 2021 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global drill bits for oil and gas industry application market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Atlas Copco, Varel International Inc., Baker Hughes, Inc., Smith International, Inc., National Oil-well Varco, Inc., Halliburton Inc., Scientific Drilling International Inc., Torquato Drilling Accessories Inc., and Kingdream Public Limited Company
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global drill bits for oil and gas industry application market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global drill bits for oil and gas industry application market

Detailed Segmentation:
Global Drill Bits for Oil and Gas Industry Application Market, By Product Type:
Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)
Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

Global Drill Bits for Oil and Gas Industry Application Market, By Region Type:

North America
By Product:
Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)
Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

By Sub region
Canada
U.S.

Europe
By Product:
Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)
Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

By Sub region
U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe

Asia-Pacific
By Product:
Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)
Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

By Sub region
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific

RoW
By Product:
Roller cone bits
Milled-tooth bits
Tungsten carbide inserts (insert bits)
Fixed cutter bits
Polycrystalline diamond bits (PDC)
Natural diamond bits

Company Profiles
Atlas Copco
Varel International Inc.
Baker Hughes, Inc.
Smith International, Inc.
National Oil-well Varco Inc.
Halliburton Inc.
Scientific Drilling International Inc.
Torquato Drilling Accessories Inc.
Kingdream Public Limited Company