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

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.