Drill Bits Market Research Report – Forecast to 2027

Drill Bits Market Research Report by Type (Fixed cutter bits (Natural diamond and Polycrystalline diamond), roller cone cutter (Milled-tooth Bits and Tungsten Carbide Inserts), Application (Onshore and Offshore) and Region – Forecast till 2027

ID: MRFR/E&P/1083-HCR | February 2021 | Region: Global | 120 pages

Drill Bits Market Scenario


Drill bits are used in oil and gas operations to drill and create holes for oil and gas extraction. The drill bits are rotating apparatus that are made up of the hardest materials and sharp texture to cut into a rock and sediments. The main purpose of the drill bits is to grind, cut, scrape and crush the rock at the bottom of the well. The drill bits industry is changing rapidly with new manufacturing technology and the increasing use of new materials in drill bits production process. Oil and gas being the backbone of global energy industry, drill bits are the primary tool for oil and gas extraction processes.


Drill bits are made up materials such as tungsten carbide, diamond for increasing the steel bits strength. Based on specific drilling requirements, different drill bits are employed for desired results. It is possible that, for a single well construction, different drill bits would be used to overcome any challenges in well drilling. On the other hand, drill bits have to be changed on the basis of wear and tear as well. Usually drill bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well. With increased oil and gas exploration activities in recent time, the market for drill bits is expected to witness a significant growth during the forecast period.


The global drill market is segmented on the basis of type of drill and by applications. Based on type, the market is segmented as fixed cutter bits and roller cone cutter bits. In the fixed cutter drill bits, polycrystalline diamond bits and natural diamond bits contribute major share. The roller cone cutter drill bits are further classified as milled-tooth bits and tungsten carbide inserts. Based on application ,the market is segmented as onshore and offshore applications. With advancement in unconventional drilling techniques such as horizontal and vertical drilling activities, drilling activities are expected to witness further increase, which in turn would drive the market for drill bits.


Also, based on application, the onshore drilling application is expected to contribute the most with increasing onshore drilling activities across various regions, around the globe. With directionless drilling, new oil and gas sources are drilled in previous unexplored and unconventional regions. This is expected to drive the market for drill bits. However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drill bits market.


North America region is expected to be the largest market for drill bits, as the region is leading with more onshore wells. With regulation support, new drilling activities are carried out across the region. This is closely followed by the Asia Pacific region, where China is contributing majorly to the growth of drill bits market with increased onshore drilling activities. The drill bits market in Europe region is driven by the enhanced oil recovery projects in the North Sea region.


The global drill bits market is projected to expand at 7% CAGR during the forecast period.


Market Segmentation


 drill bits market


Global Drill Bits Market


North America is expected to be the largest market for drill bits with increased horizontal drilling and unconventional drilling activities. U.S. has, in recent times, established itself as a major crude oil producing nation with increased onshore drilling activities for extraction of shale oil and gas. In addition to that, the Gulf of Mexico region is witnessing increased oil and gas enhanced recovery projects that can extend the operating life of the maturing oil wells. With increasing shale gas development projects in China, the Asia Pacific region is also expected to witness a rapid growth for the drill bits market. With increasing oil and gas discovery activities in countries such as Indonesia, Australia, and Philippines, the region is expected to witness a huge demand for drill bits.


Key Players


The key players in the global drill bits market are Atlas Copco (Sweden), Baker Hughes Inc. (U.S), Cangzhou Great Drill Bits Co., Ltd.  (China), ESCO Corporation (U.S), Halliburton Company (U.S.), and Irwin Industrial Tool Company (U.S.). NewTech Drilling Products LLC  (Russia) National Oilwell Varco Inc (U.S.), Scientific Drilling International Inc (U.S.), Kingdream Public Limited Company (China), Varel International, Inc (U.S.), Torquato Drilling Accessories, Inc. (U.S.), and Ulterra Drilling Technologies (U.S) are among others.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 4.64 BillionValue
  CAGR   7% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Atlas Copco (Sweden), Baker Hughes Inc. (U.S), Cangzhou Great Drill Bits Co., Ltd. (China), ESCO Corporation (U.S), Halliburton Company (U.S.), and Irwin Industrial Tool Company (U.S.). NewTech Drilling Products LLC (Russia) National Oilwell Varco Inc (U.S.), Scientific Drilling International Inc (U.S.), Kingdream Public Limited Company (China), Varel International, Inc (U.S.), Torquato Drilling Accessories, Inc. (U.S.), and Ulterra Drilling Technologies (U.S)
  Key Market Opportunities   Rapidly with new manufacturing technology
  Key Market Drivers

  • Increasing use of new materials in drill bits production process
  • Horizontal and vertical drilling activities
  • Drilling activities are expected to witness further increase


  • Frequently Asked Questions (FAQ) :


    The global drill bits market is maturing at a whopping 9.67% CAGR over the review period of 2017 to 2023.

    A few significant players of the global drill bits market are Kingdream Public Limited Company (China), Torquato Drilling Accessories, Inc. (U.S.), Varel International, Inc (U.S.), and Ulterra Drilling Technologies (U.S) are among others.

    The fixed cutter drill bits segment is slated to drive market growth over the review period.

    The onshore segment is likely to witness the highest demand in the drill bits market.

    The North American region is expected to witness the highest growth.

    Table of content

    1 Executive Summary

    2 Scope of the Report

    2.1 Market Definition

    2.2 Scope of the Study

    2.2.1 Definition

    2.2.2 Research Objective

    2.2.3 Assumptions

    2.2.4 Limitations

    2.3 Research Process

    2.3.1 Primary Research

    2.3.2 Secondary Research

    2.4 Market size Estimation

    2.5 Forecast Model

    3 Market Dynamics

    3.1 Introduction

    3.2 Market Drivers

    3.3 Market Restraints

    3.4 Market Opportunities

    3.5 Market Trends

    4 Market Landscape

    4.1 Porter’s Five Forces Analysis

    4.1.1 Threat of New Entrants

    4.1.2 Bargaining power of buyers

    4.1.3 Bargaining power of suppliers

    4.1.4 Threat of substitutes

    4.1.5 Segment rivalry

    4.2 Value Chain/Supply Chain Analysis

    5 Global Drill Bits Market, By Type

    5.1 Introduction

    5.2 Fixed Cutter Bits

    5.2.1 Market Estimates & Forecast, 2020-2027

    5.2.2 Market Estimates & Forecast by Region, 2020-2027

    5.2.3 Polycrystalline Diamond Bits

    5.2.3.1 Market Estimates & Forecast, 2020-2027

    5.2.3.2 Market Estimates & Forecast by Region, 2020-2027

    5.2.4 Natural Diamond Bits

    5.2.4.1 Market Estimates & Forecast, 2020-2027

    5.2.4.2 Market Estimates & Forecast by Region, 2020-2027

    5.3 Roller Cone Cutter Bits

    5.3.1 Market Estimates & Forecast, 2020-2027

    5.3.2 Market Estimates & Forecast by Region, 2020-2027

    5.3.3 Milled-tooth Bits

    5.3.3.1 Market Estimates & Forecast, 2020-2027

    5.3.3.2 Market Estimates & Forecast by Region, 2020-2027

    5.3.4 Tungsten Carbide Inserts

    5.3.4.1 Market Estimates & Forecast, 2020-2027

    5.3.4.2 Market Estimates & Forecast by Region, 2020-2027

    6 Global Drill Bits Market, By Application

    6.1 Introduction

    6.2 On Shore Drilling

    6.2.1 Market Estimates & Forecast, 2020-2027

    6.2.2 Market Estimates & Forecast by Region, 2020-2027

    6.3 Off Shore Drilling

    6.3.1 Market Estimates & Forecast, 2020-2027

    6.3.2 Market Estimates & Forecast by Region, 2020-2027

    7 Global Drill Bits Market, By Region

    7.1 Introduction

    7.2 North America

    7.2.1 Market Estimates & Forecast, 2020-2027

    7.2.2 Market Estimates & Forecast by Type, 2020-2027

    7.2.3 Market Estimates & Forecast by Application, 2020-2027

    7.2.4 U.S.

    7.2.4.1 Market Estimates & Forecast, 2020-2027

    7.2.4.2 Market Estimates & Forecast by Type, 2020-2027

    7.2.4.3 Market Estimates & Forecast by Application, 2020-2027

    7.2.5 Canada

    7.2.5.1 Market Estimates & Forecast, 2020-2027

    7.2.5.2 Market Estimates & Forecast by Type, 2020-2027

    7.2.5.3 Market Estimates & Forecast by Application, 2020-2027

    7.3 Europe

    7.3.1 Market Estimates & Forecast, 2020-2027

    7.3.2 Market Estimates & Forecast by Type, 2020-2027

    7.3.3 Market Estimates & Forecast by Application, 2020-2027

    7.3.4 U.K

    7.3.4.1 Market Estimates & Forecast, 2020-2027

    7.3.4.2 Market Estimates & Forecast by Type, 2020-2027

    7.3.4.3 Market Estimates & Forecast by Application, 2020-2027

    7.3.5 Norway

    7.3.5.1 Market Estimates & Forecast, 2020-2027

    7.3.5.2 Market Estimates & Forecast by Type, 2020-2027

    7.3.5.3 Market Estimates & Forecast by Application, 2020-2027

    7.3.6 Russia

    7.3.6.1 Market Estimates & Forecast, 2020-2027

    7.3.6.2 Market Estimates & Forecast by Type, 2020-2027

    7.3.6.3 Market Estimates & Forecast by Application, 2020-2027

    7.3.7 Rest of Europe

    7.3.7.1 Market Estimates & Forecast, 2020-2027

    7.3.7.2 Market Estimates & Forecast by Type, 2020-2027

    7.3.7.3 Market Estimates & Forecast by Application, 2020-2027

    7.4 Asia Pacific

    7.4.1 Market Estimates & Forecast, 2020-2027

    7.4.2 Market Estimates & Forecast by Type, 2020-2027

    7.4.3 Market Estimates & Forecast by Application, 2020-2027

    7.4.4 China

    7.4.4.1 Market Estimates & Forecast, 2020-2027

    7.4.4.2 Market Estimates & Forecast by Type, 2020-2027

    7.4.4.3 Market Estimates & Forecast by Application, 2020-2027

    7.4.5 Australia

    7.4.5.1 Market Estimates & Forecast, 2020-2027

    7.4.5.2 Market Estimates & Forecast by Type, 2020-2027

    7.4.5.3 Market Estimates & Forecast by Application, 2020-2027

    7.4.6 Indonesia

    7.4.6.1 Market Estimates & Forecast, 2020-2027

    7.4.6.2 Market Estimates & Forecast by Type, 2020-2027

    7.4.6.3 Market Estimates & Forecast by Application, 2020-2027

    7.4.7 Rest of Asia Pacific

    7.4.7.1 Market Estimates & Forecast, 2020-2027

    7.4.7.2 Market Estimates & Forecast by Type, 2020-2027

    7.4.7.3 Market Estimates & Forecast by Application, 2020-2027

    7.5 Rest of the World

    7.5.1 Market Estimates & Forecast, 2020-2027

    7.5.2 Market Estimates & Forecast by Type, 2020-2027

    7.5.3 Market Estimates & Forecast by Application, 2020-2027

    8 Competitive Landscape

    9 Company Profile

    9.1 Atlas Copco (Sweden)

    9.1.1 Company Overview

    9.1.2 Product/Services Offering

    9.1.3 Financial Overview

    9.1.4 Key Developments

    9.1.5 Strategy

    9.1.6 SWOT Analysis

    9.2 Baker Hughes Inc. (U.S)

    9.2.1 Company Overview

    9.2.2 Product /Services Offering

    9.2.3 Financial Overview

    9.2.4 Key Developments

    9.2.5 Strategy

    9.2.6 SWOT Analysis

    9.3 Cangzhou Great Drill Bits Co., Ltd. (China)

    9.3.1 Company Overview

    9.3.2 Product /Services Offering

    9.3.3 Financial Overview

    9.3.4 Key Developments

    9.3.5 Strategy

    9.3.6 SWOT Analysis

    9.4 ESCO Corporation (U.S)

    9.4.1 Company Overview

    9.4.2 Product /Services Offering

    9.4.3 Financial Overview

    9.4.4 Key Developments

    9.4.5 Strategy

    9.4.6 SWOT Analysis

    9.5 Halliburton Company (U.S.)

    9.5.1 Company Overview

    9.5.2 Product /Services Offering

    9.5.3 Financial Overview

    9.5.4 Key Developments

    9.5.5 Strategy

    9.5.6 SWOT Analysis

    9.6 Irwin Industrial Tool Company (U.S.)

    9.6.1 Company Overview

    9.6.2 Product /Services Offering

    9.6.3 Financial Overview

    9.6.4 Key Developments

    9.6.5 Strategy

    9.6.6 SWOT Analysis

    9.7 NewTech Drilling Products LLC (Russia)

    9.7.1 Company Overview

    9.7.2 Product /Services Offering

    9.7.3 Financial Overview

    9.7.4 Key Developments

    9.7.5 Strategy

    9.7.6 SWOT Analysis

    9.8 National Oilwell Varco Inc (U.S.)

    9.8.1 Company Overview

    9.8.2 Product /Services Offering

    9.8.3 Financial Overview

    9.8.4 Key Developments

    9.8.5 Strategy

    9.8.6 SWOT Analysis

    9.9 Scientific Drilling International Inc (U.S.)

    9.9.1 Company Overview

    9.9.2 Product /Services Offering

    9.9.3 Financial Overview

    9.9.4 Key Developments

    9.9.5 Strategy

    9.9.6 SWOT Analysis

    9.10 Kingdream Public Limited Company (China)

    9.10.1 Company Overview

    9.10.2 Product /Services Offering

    9.10.3 Financial Overview

    9.10.4 Key Developments

    9.10.5 Strategy

    9.11 Varel International, Inc (U.S.)

    9.11.1 Company Overview

    9.11.2 Product /Services Offering

    9.11.3 Financial Overview

    9.11.4 Key Developments

    9.11.5 Strategy

    9.11.6 SWOT Analysis

    9.12 Torquato Drilling Accessories, Inc. (U.S.)

    9.12.1 Company Overview

    9.12.2 Product /Services Offering

    9.12.3 Financial Overview

    9.12.4 Key Developments

    9.12.5 Strategy

    9.12.6 SWOT Analysis

    9.13 Ulterra Drilling Technologies (U.S)

    9.13.1 Company Overview

    9.13.2 Product /Services Offering

    9.13.3 Financial Overview

    9.13.4 Key Developments

    9.13.5 Strategy

    9.13.6 SWOT Analysis

    List of Tables

    Table 1 Global Drill Bits Market: By Region, 2020-2027

    Table 2 North America Drill Bits Market: By Country, 2020-2027

    Table 3 Europe Drill Bits Market: By Country, 2020-2027

    Table 4 Asia Pacific Drill Bits Market: By Country, 2020-2027

    Table 5 RoW Drill Bits Market: By Country, 2020-2027

    Table 6 Global Drill Bits Market, by Type, By Regions, 2020-2027

    Table 7 North America Drill Bits Market, by Type, By Country, 2020-2027

    Table 8 Europe Drill Bits Market, by Resin type, By Country, 2020-2027

    Table 9 Asia Pacific Drill Bits Market by Type, By Country, 2020-2027

    Table 10 RoW Drill Bits Market by Type, By Country, 2020-2027

    Table 11 Global Drill Bits Market by Application Market: By Regions, 2020-2027

    Table 12 North America Drill Bits Market by Application: By Country, 2020-2027

    Table 13 Europe Drill Bits Market by Application: By Country, 2020-2027

    Table 14 Asia Pacific Drill Bits Market by Application: By Country, 2020-2027

    Table 15 RoW Drill Bits Market by Application: By Country, 2020-2027

    Table 16 Global Drill Bits Market, by Type, By Regions, 2020-2027

    Table 17 North America Drill Bits Market, by Type, By Country, 2020-2027

    Table 18 Europe Drill Bits Market, by Type, By Country, 2020-2027

    Table 19 Asia Pacific Drill Bits Market, by Type, By Country, 2020-2027

    Table 20 RoW Drill Bits Market, by Type, By Country, 2020-2027

    Table 21 Global Drill Bits Market: By Region, 2020-2027

    Table 22 Global Drill Bits Market: By Region, 2020-2027

    Table 23 Global Drill Bits Market: By Region, 2020-2027

    Table 24 North America Drill Bits Market, By Country

    Table 25 North America Drill Bits Market, by Type

    Table 26 North America Drill Bits Market, by Application

    Table 27 North America Drill Bits Market, By Type

    Table 29 Europe: Drill Bits Market, By Country

    Table 30 Europe: Drill Bits Market, by Type

    Table 31 Europe: Drill Bits Market, by Application

    Table 32 Europe: Drill Bits Market, By Type

    Table 34 Asia Pacific: Drill Bits Market, By Country

    Table 35 Asia Pacific: Drill Bits Market, by Type

    Table 36 Asia Pacific: Drill Bits Market, by Application

    Table 37 Asia Pacific: Drill Bits Market, By Type

    Table 39 RoW: Drill Bits Market, By Region

    Table 40 RoW Drill Bits Market, by Type

    Table 41 RoW Drill Bits Market, by Application

    Table 42 RoW Drill Bits Market, By Type




    List of Figures

    FIGURE 1 RESEARCH PROCESS OF MRFR

    FIGURE 2 TOP DOWN & BOTTOM UP APPROACH

    FIGURE 3 MARKET DYNAMICS

    FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS

    FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS

    FIGURE 6 PORTER’S FIVE FORCES ANALYSIS

    FIGURE 7 VALUE CHAIN ANALYSIS

    FIGURE 8 GLOBAL DRILL BITS MARKETSHARE, BY TYPE, 2020 (%)

    FIGURE 9 GLOBAL DRILL BITS MARKET, BY TYPE, 2020-2027 (USD MILLION)

    FIGURE 10 GLOBAL DRILL BITS MARKETSHARE, BY TYPE, 2020 (%)

    FIGURE 11 GLOBAL DRILL BITS MARKET, BY TYPE, 2020-2027 (USD MILLION)

    FIGURE 12 GLOBAL DRILL BITS MARKET SHARE (%), BY REGION, 2020

    FIGURE 13 GLOBAL DRILL BITS MARKET, BY REGION, 2020-2027 (USD MILLION)

    FIGURE 14 NORTH AMERICA DRILL BITS MARKETSHARE (%), 2020

    FIGURE 15 NORTH AMERICA DRILL BITS MARKETBY COUNTRY, 2020-2027 (USD MILLION)

    FIGURE 16 EUROPE DRILL BITS MARKETSHARE (%), 2020

    FIGURE 17 EUROPE DRILL BITS MARKETBY COUNTRY, 2020-2027 (USD MILLION)

    FIGURE 18 ASIA PACIFIC DRILL BITS MARKETSHARE (%), 2020

    FIGURE 19 ASIA PACIFIC DRILL BITS MARKETBY COUNTRY, 2020-2027 (USD MILLION)

    FIGURE 20 REST OF THE WORLD DRILL BITS MARKETSHARE (%), 2020

    FIGURE 21 REST OF THE WORLD DRILL BITS MARKETBY COUNTRY, 2020-2027 (USD MILLION)