USD 7 billion
Drilling Bits Market Size, Share, Growth Analysis, By Type(Fixed Cutter Bits, and Roller Cone Cutter Bits), By Application(Onshore, and Offshore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2045 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
61
|Figures:
71
Drilling Bits Market Insights
Global drilling bits market size was valued at USD 7 billion in 2022 and is poised to grow from USD 7.41 billion in 2023 to USD 11.73 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
Drilling bits are cutting tools that are used to drill or remove materials. Rapidly increasing mining and construction activity around the world is forecasted to bolster the demand for drilling bits over the coming years. Increasing investments in the oil & gas industry to satisfy the surging demand for energy around the world has resulted in increased exploration activity thereby driving drilling bit sales as well. Advancements in drilling technologies and growing advancements in material technology are also slated to create new opportunities for drilling bit manufacturers across the forecast period and beyond. High use of drilling machines in construction applications will also create new growth potential for drilling bit suppliers in the long run.
Increasing interest of the general population in DIY projects and growing availability of DIY plans are also forecasted to benefit the sales of drilling bits over the coming years. The Asia Pacific region is estimated to emerge as the most opportune space for drilling bit suppliers in the long run on the back of growing urbanization and rising infrastructure development activity.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Onshore
Fastest Growth
Offshore
Growth Rate
5.9% CAGR
Global Drilling Bits Market ($ Bn)
Country Share for North America Region (%)
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Drilling Bits Market Segmental Analysis
The global drilling bits market is segmented based on type, application, and region. In terms of type, the market is segmented into fixed cutter bits and roller cone cutter bits. Based on application, the market is bifurcated into onshore and offshore. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Fixed cutter drilling bits account for a dominant share of the global drilling bits marketplace. This high market share can be ascribed to their wide application scope in industries such as mining and oil & gas. Growing demand for geothermal power around the world is also estimated to favor the high market share of fixed cutter drilling bits in the long run. Better thermal and abrasion resistance as compared to other types of drilling bits allows this segment to hold prominence.
Meanwhile, roller cone drilling bits are estimated to witness a robust hike in demand across the forecast period. The growth for this segment can be linked to the versatility and adaptability of roller cone bits for different applications. These types of drill bits are perfect for use in unconventional applications.
Analysis by Application
The onshore application segment accounts for a dominant share of the global drilling bits demand outlook at present. A growing number of onshore drilling activities and the rising popularity of geothermal power generation are key factors that could bolster the growth in this segment over the coming years. High investments in the oil & gas industry coupled with rising mining activity also contribute to the massive market share of the onshore segment.
Meanwhile, increasing demand for offshore power plants around the world is slated to boost sales of drilling bits for offshore applications going forward. Increasing investments in the development of new offshore energy facilities around the world are slated to promote drilling bits market growth via this segment across the forecast period.
Global Drilling Bits Market By Application
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Drilling Bits Market Regional Insights
Extensive investments in oil & gas drilling operations allow North America to account for a dominant share of the global drilling bits demand outlook. Rapid adoption of advanced drilling technologies and the use of advanced materials for manufacturing drilling bits also contribute to the high market share of North America in the global landscape. Canada and the United States are slated to be the leading markets in this region for drilling bits companies in the future. The rise of DIY (Do it Yourself) trend in the countries is also a key factor that is slated to boost the demand for power tools and thereby drilling bits as well.
Meanwhile, the demand for drilling bits in the Asia Pacific region is slated to increase at a rapid pace over the coming years. High investments in infrastructure development and rising drilling activity are predicted to be the key factors driving drilling bits market growth in this region. Growing investments in oil & gas exploration activities are creating new opportunities for drilling its market players in this region. China and India are slated to be the leading countries for drilling bit companies in the Asia Pacific region. High availability of cheap raw materials and labor in this region will push drilling bits manufacturers to set up their production facilities to boost their profitability going forward.
Global Drilling Bits Market By Region
- Largest
- Fastest
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Drilling Bits Market Dynamics
Drivers
High Demand for Oil & Gas
- Rapidly increasing world population has catalyzed the demand for energy, and this has resulted in increased oil & gas exploration activities, which in turn is forecasted to augment drilling bits market growth in the future.
Rise in Construction and Mining Activity
- Increasing urbanization and industrialization has resulted in high demand for infrastructure development around the world thereby driving sales of drilling bits as well. High use of drilling machines in construction and mining activities will further bolster drilling bits market growth.
Restraints
Volatility in Oil & Gas Prices
- Most drilling bits are used in the oil & gas industry and the products of this industry have a highly volatile pricing pattern. A sudden increase or decrease in oil & gas prices could impact drilling activity and thereby also slow down sales of drilling bits as well.
Regulatory Hurdles
- Creating drill bits that are perfectly suitable for all kinds of applications is a challenge for manufacturers as there is no standardization of regulations in this industry space. Different compliance and regulatory norms for several drilling products make it difficult for market players to scale their production and this could hurt market development in the long run.
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Drilling Bits Market Competitive Landscape
Drilling bit manufacturers can focus on utilizing advanced materials to improve the integrity and capability of their products. drilling bits market players can also emphasize the development of rental services to amplify their business reach and bolster revenue generation potential as well. Companies can also partner and collaborate with organizations working in the mining, construction, and oil & gas industries to maximize their sales in the future. Market players should also focus on the optimization of their manufacturing capabilities to maximize their profit margins.
Top Player’s Company Profiles
- Scientific Drilling International Inc (US)
- Torquato Drilling Accessories Inc. (US)
- Cangzhou Great Drill Bits Co. Ltd. (China)
- Halliburton Company (US)
- OTS International
- Atlas Copco (Sweden)
- Kingdream Public Limited Company (China)
- Ulterra Drilling Technologies (US)
- Varel International Inc (US)
- ESCO Corporation (US)
- Drilformance
- Baker Hughes Inc. (US)
- National Oilwell Varco Inc (US)
- Century Products
- Weatherford International plc
- Bellwether Resource International
Recent Developments
- In April 2023, Sandvik, a renowned Swedish engineering company known for its industrial expertise, announced the launch of a new drill bit. The Sandvik RR340 is a single seal roller bearing rotary drill bit designed to provide 45% more service life to customers as compared to other alternatives.
- Epiroc, a leading supplier of drilling products, announced the launch of its new drill bit back in May 2022. The new product is called Powerbit X and is protected with diamonds.
- In January 2023, toolant, a supplier of high-quality tools at affordable prices, announced the launch of its new drill bits. The new four-step drill bits could increase the drilling efficiency up to 4 times.
Drilling Bits Key Market Trends
- Adoption of Automation: Increasing proliferation of technology and adoption of advanced manufacturing practices has led to growing automation in the drilling industry. Companies need to come up with drilling bits that can be used with automated systems and are advanced enough for unconventional drilling operations. Moreover, drilling bit manufacturers can also integrate automation in their manufacturing process to increase profitability and precision.
Drilling Bits Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, increasing investments in the oil & gas industry coupled with rapidly increasing mining activity around the world are projected to bolster the demand for drilling bits over the coming years. However, the volatility in oil & gas pricing is estimated to slow down drilling bits market growth to a certain extent in the long run. High adoption of geothermal energy will also create new opportunities for drilling bits companies in the future. North America accounts for a prominent chunk of the global drilling bits market share owing to the presence of a robust oil & gas industry. Growing adoption of automated drilling technologies could create new opportunities for drilling bits market players in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7 billion |
| Market size value in 2031 | USD 11.73 billion |
| Growth Rate | 5.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Drilling Bits Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Drilling Bits Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Drilling Bits Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Drilling Bits Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Drilling Bits Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Drilling Bits Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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