Global Boring Tools Market Growth 2023-2029

Global Boring Tools Market Growth 2023-2029

In machining, boring is the process of enlarging a hole that has already been drilled (or cast) by means of a single-point cutting tool (or of a boring head containing several such tools), such as in boring a gun barrel or an engine cylinder. Boring is used to achieve greater accuracy of the diameter of a hole, and can be used to cut a tapered hole. Boring can be viewed as the internal-diameter counterpart to turning, which cuts external diameters.

LPI (LP Information)' newest research report, the “Boring Tools Industry Forecast” looks at past sales and reviews total world Boring Tools sales in 2022, providing a comprehensive analysis by region and market sector of projected Boring Tools sales for 2023 through 2029. With Boring Tools sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Boring Tools industry.

This Insight Report provides a comprehensive analysis of the global Boring Tools landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Boring Tools portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Boring Tools market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Boring Tools and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Boring Tools.

The global Boring Tools market size is projected to grow from US$ 3436.8 million in 2022 to US$ 4923.6 million in 2029; it is expected to grow at a CAGR of 4923.6 from 2023 to 2029.

Onshore segment is expected to be the largest market for drilling tools, by application, in 2017. Approximately 70% of the total oil and gas production in the world takes places at onshore fields. These fields are easier to operate from an exploration perspective and require less capital investment as compared to offshore fields. Formations in onshore wells are more stable during the drilling process than those in offshore. Market demand for drilling tools from onshore segment is also the fastest-growing. US and China with vast onshore reserves present ample market opportunities in this onshore segment.

This report presents a comprehensive overview, market shares, and growth opportunities of Boring Tools market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Drill Bits
Drilling Tubulars
Drilling Motors
Drill Reamers and Stabilizers
Drill Collars
Drill Jars
Drill Swivels
Mechanical Thrusters

Segmentation by application
Onshore
Offshore

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
BIG KAISER
Kennametal
NACHI-FUJIKOSHI
OSG
Sandvik

Key Questions Addressed in this Report

What is the 10-year outlook for the global Boring Tools market?

What factors are driving Boring Tools market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Boring Tools market opportunities vary by end market size?

How does Boring Tools break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.