Oil & Gas Drill Bits Market Size To Reach $11.3 Billion By 2030

Oil & Gas Drill Bits Market Growth & Trends

The global oil & gas drill bits market size is estimated to reach USD 11.3 billion by 2030, registering a CAGR of 9.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing E&P activities on account of increasing energy demand is expected to remain a key driving factor for global oil and gas drill bit market over the forecast period. Shift in trend towards developing unconventional reserves such as tight gas, shale and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires highly durable bit with improved performance and rate of penetration (ROP). 

Roller-cone downhole components particularly those fabricated from tungsten carbide inserts are designed to operate in conventional formations and offer excellent rate of penetration (ROP) in initial stage of drilling. These products have less longevity as compared to the fixed cutter bit particularly when used in unconventional reserves. Fixed cutters are estimated to witness high growth as compared to the conventional tricone counterparts. High durability along with enhanced operability in most of the unconventional reserves coupled with increasing popularity of diamond cutters in the industry is expected to steer product demand in foreseeable future.

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Oil & Gas Drill Bits Market Report Highlights

• By type, the roller cone cutter bits dominated the market with a share of 32.3% in 2023, owing to their low costs and suitability for soft and conventional formations.

• Diamond-impregnated drill bits are expected to emerge as the fastest-growing segment with a CAGR of 11.3% over the forecast period, owing to increased demand for energy globally leading to a surge in oil and gas exploration activities.

• In 2023, the onshore application segment dominated the market, owing to the rising exploration activities of oil and gas reserves due to increased demand for oil and gas resources.

Oil & Gas Drill Bits Market Report Highlights

Grand View Research has segmented the global oil & gas drill bits market based on type, application, and region:

Oil & Gas Drill Bits Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Roller Cone Cutter Bits

• Milled-tooth Bits

• Tungsten Carbide Inserts

• Fixed Cutter Bits      

• Diamond Impregnated

• Polycrystalline Diamond Compact (PDC)

Oil & Gas Drill Bits Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Onshore

• Offshore

Oil & Gas Drill Bits Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Norway

  • Russia

  • France

  • Netherlands

• Asia Pacific

  • China

  • India

  • Australia

  • Malaysia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Oil & Gas Drill Bits Market

• SLB

• Atlas Copco

• Baker Hughes Company

• Halliburton Company

• NOV

• Varel International, Inc.

• Sandvik AB

• Torquato Drilling Accessories, Inc.

• Ulterra Drilling Technologies, LP

• Kingdream Public Limited Company

• Scientific Drilling International

• Western Drilling Tools Inc.