Oilfield Drill Bits Market, by Drill Bit Type, Application, and Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast, 2022 - 2028

Oilfield Drill Bits Market, by Drill Bit Type, Application, and Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast, 2022 - 2028

Oilfield drill bits are important tools used in the drilling of boreholes in the exploration of oil and gas activities. The drill bits are selected depending on the type of formation that is being drilled. Drill bits produce drill cuttings which can be removed later using drilling mud. Irrespective of type of drill bit, these bits need to suffice two main conditions that include maximizing the formations rate of penetration (ROP) while providing a long and sturdy service life.
Market Dynamics
Growing demand for oil and is, in turn, fuelling growth of global oilfield drill bits market. The rising demand for crude oil to be used as fuel, coupled with the recovering oil and gas industry globally is expected to propel demand for oilfield drill bits globally.
North America dominated the oilfield drill bits market in 2016. This is majorly due to the shale boom in the US. Some of the major players in the shale industry are the Permian, Eagle Ford, Marcellus, and Barnett. This has resulted in an increase in E&P activities in this region, which in turn is expected to result in an increase in the demand for oilfield drill bits in the North American region.
The Middle East is witnessing an increase in E&P activities after the recent oil slump of 2014. Apart from the Middle East other regions such as Europe, Asia Pacific and Africa are also expected to see an increase in oil and gas projects being undertaken during the forecast period. The rising demand for fuel especially amongst the emerging nations of Africa and Middle East has augmented the demand for oil and gas in these regions.  For instance, in September 2017, PetroSA and Russia based Rosgeo signed a US$ 400 million agreement to develop oil and gas reserves off the coast of South Africa. In June 2016, in Angola, state-owned Sonangol announced a gas discovery in the Kwanza Basin which is estimated to hold 813 million barrel of oil equivalent. BP Plc holds a block in the discovered field in a joint venture with Sonangol. This, in turn, is expected to boost the demand for oilfield drill bits globally.
Key features of the study:

This report provides in-depth analysis of the oilfield drill bits market, market size (US$ Bn), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year..
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market. It provides valuable insights about market drivers, restraints, opportunities, new product launches or approval, pipeline products, regional outlook, and competitive strategy adopted by the leading players.
It profiles leading players in the global oilfield drill bits market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, and future plans.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions with respect to their future product launch, market expansion, and marketing tactics.
The global oilfield drill bits market report caters to various stakeholders in this industry, including investors, product developers, distributors, oil and gas companies and service provider companies.
Stakeholders would greatly benefit in decision-making through the various strategy matrices used in analyzing the oilfield drill bits market.

Detailed Segmentation:

Global Oilfield Drill Bits Market, By Drill Bit Type

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

Global Oilfield Drill Bits Market, By Application:

Onshore
Offshore

Global Oilfield Drill Bits Market, By Geography:

North America

U.S.

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Canada

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Europe

U.K.

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Germany

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Italy

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Denmark

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Norway

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Russia

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Rest of Europe

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Asia-Pacific

China

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

India

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Japan

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

ASEAN

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Australia

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

South Korea

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Rest of Asia Pacific

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Latin America

Brazil

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Mexico

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Argentina

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Rest of Latin America

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Africa

Nigeria

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Angola

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Algeria

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Libya

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Gabon

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Rest of Africa

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Middle East

Saudi Arabia

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Israel

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

UAE

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Rest of Middle East

By Drill Bit Type:

Roller Cone Bits

Tungsten Carbide Insert Bits
Milled Tooth Bits

Fixed Cutter Bits

Polycrystalline Diamond Compact (PDC) Drill Bits
Impregnated Bits
Diamond Bits

By Application

Onshore
Offshore

Company Profiles

Baker Hughes Inc.*

Company Overview
Product Portfolio
Financial Performance
Key Strategies
Recent Developments
Future Plans

Drill Master Inc.
Schlumberger
Halliburton Inc.
National Oilwell Varco Inc
Ulterra Drilling Technologies
Atlas Copco AB.
Scientific Drilling International Inc.

 “*” marked represents similar segmentation in other categories in the respective section.