About Drill Bits
Drill bits are cutting instruments that are fitted in power drills and are used for cutting holes in materials such as plastic, wood, and metal. They are available in various sizes and shapes. It is also used for tapping, spot-facing, reaming, etc. There are a wide range of advantages, such as high efficiency, ease of use, low-cost maintenance, etc. Emerging economics and infrastructure development are key factors in driving the drill bit market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 7.1% |
The drill bit market is highly competitive. Competition among existing players is due to the stiff market share occupied by leading players. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Drill Bits market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Baker Hughes company (United States), SLB (United States), NOV. Inc (United States), Sandvik AB (Sweden), Milwaukee tool (United States), Ulteraa (United States), Fastening system (United States), Eastern Driller manufacturing (United States), Atlas Copco AB (Sweden), Cangzhou great drills bits co (China), Hole products (United States), Boart Longyear (United States) and Patterson-UTI (United are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Halliburton (United States), Rockpecker limited (United Kingdom), Professional drilling engineering (India), Schlumberger Ltd (United States), Varel energy solution (United States), Epirock (Sweden), Murray and Roberts holdings Ltd. (South Africa), Caterpillar Inc (United States), Rockmore international (United States) and Universal field robot (Australia).
Segmentation Overview
AMA Research has segmented the market of Global Drill Bits market by , Application (Petroleum, Geothermal Well, Natural Gas, Mining, Woodworking and Construction) and Region.
On the basis of geography, the market of Drill Bits has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Twist Drill will boost the Drill Bits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Polycrystalline Diamond Cutter will boost the Drill Bits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channels, the sub-segment i.e. Online Retailers will boost the Drill Bits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Carbon Steel will boost the Drill Bits market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising uses of multi material drill bits
Market Growth Drivers:
Increasing drilling operation such as exploration and production crude natural and oil gas and Growing expanding of construction industries
Challenges:
Increasing complexity of drilling operations and Rising raw material costs such as tungsten carbide and diamond
Restraints:
Torsional and axial vibration can damage to drill string components during downhole drilling operations and Regulatory compliances and environmental concern in drill bits
Opportunities:
Advancement of data analytics for revolutionize drilling practises and Advancement of smart technology and automation in drill bits
Market Leaders and their expansionary development strategies
In July 2023 Patterson UTI energy Inc, a leading provider of drilling and completions services in the US had acquired the Ulterra drilling technologies L.P a global provider of specialized drill bit solution. The acquisition will expand operational and technology portfolio strengthen company’s position. and In January 2023, Hole products, an American manufacturer and supplier of wide range of drilling tools and equipment’s had acquired the Atom bits, a Canadian manufacturer of diamond drill bits and tool. The acquisition, will expand company’s excellent service and range of products.
In August 2023, Boart Longyear, a leading provider of drilling equipment and performance tooling has launched the IMPAKT line of drill bits. The new IMPAKT bit eliminates the deadpool, improving the drills string energy transfer and overall drilling performance. and In October 2022, Nov Inc has launched the premium pregasus series drill bits for large diameter applications. The new premium pregasus drill bits reduced the torsional vibrations, superior hydraulic and cutter cooling efficiency.
Key Target Audience
Supplier, Manufacturer, Research Organization, Government Regulatory and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.