Oil and Gas Drill Bit Market Size, Share, Growth Analysis, By Type(Roller cone cutter bits, and fixed cutter bits), By Application(Onshore, and offshore), By Region - Industry Forecast 2024-2031

Oil and Gas Drill Bit Market was valued at USD 5.31 billion in 2022, and is expected to rise from USD 5.84 billion in 2023 to reach a value of USD 12.56 billion by 2031, at a CAGR of 10.04% during the forecast period (2024–2031).

The oil and gas drill bit market is highly competitive in nature on account of the presence of many players worldwide. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Schlumberger Limited', 'Atlas Copco', 'Baker Hughes', 'Halliburton Company (USA)', 'Baker Hughes Company (USA)', 'National Oilwell Varco, Inc. (USA)', 'Varel International, Inc. (USA)', 'Tricone Drill Bits, LLC (USA)', 'Smith Bits - A Schlumberger Company (USA)', 'Sandvik AB (Sweden)', 'Torquato Drilling Accessories, Inc. (USA)', 'Ulterra Drilling Technologies, LP (USA)', 'Kingdream Public Limited Company (China)', 'Scientific Drilling International (USA)', 'Western Drilling Tools Inc. (Canada)', 'NOV Downhole (USA)', 'Rubicon Oilfield International Holdings, L.P. (USA)', 'Hengli Machinery Co., Ltd. (China)', 'Drillco National Group Inc. (USA)', 'Drill King International, L.P. (USA)', 'NewTech Drilling Products LLC (USA)'

Major factors driving the oil and gas drill bit market are growth in shale gas exploration activities across the globe and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With the increase of shale gas exploration, demand for these drill bits have also increased. According to data published by the U.S. Energy Information Administration, natural gas production globally is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040. This growth in natural gas production is also expected to augment the oil and gas drill bit market.

One of the key trends is that the major companies are showing interest to develop the equipment with good durability and the cost effective to meet the industry standards by maintaining customer needs. Tungsten carbide inserts provide gauge and hard-facing protection to avert bottomhole equipment breakdown from abrasion. It also increases the bottomhole equipment’s overall shelf-life against very hard formations.

North America holds the dominant position among all the regions in the oil and gas drill bit market, accounting for more than 38.6% of the total market volume share. The increased shale gas exploration activities in the region are responsible for the growth of the market. The United States is the prominent country in the region in terms of market share.