Oil and Gas Drill Bit Industry Analysis Report up to 2022

The dip in the oil prices in the last few years has tremendously affected the E&P in oil and gas sector, hence
restricting the development of new technologies in the drill bit industry. Growing concern of E&P companies to
reduce operating costs along with rising requirement for optimized drilling performance have enforced OEM
manufacturers to improvise bit design and performance. Changing customer preference for cost-effective
equipment owing to of technological advancements have created opportunities for future development. Also,
sustainability of the market depends on the supply of raw materials, product development and majorly on the
prices.
Product Insights:
On the basis of product different types of drill bits are that have been considered include fixed cutter bits and
roller cone cutter. Roller cone bits are sub-divided into tungsten carbide bits and milled-tooth bits. Also, the
fixed cutter are further divided as polycrystalline diamond bits (PDC) and natural diamond bits. Roller cone bits
are more efficient in soft formations as compared to other down-hole tools. Recent developments of sealed
bearings are corrosion free and have minimum failure risks.
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Milled-tooth cutting is applicable for scraping exploitation in soft formation. While Tungsten Carbide inserts are
used for hard-facing and gauge protection from abrasion failure And these inserts have better durability even
in extreme hard formation.
PDC bits are leading product segment in the North American market owing to increased efficiency, durability,
higher penetration level of more than 3000 meters and drilling operations, despite its higher costs. The demand
has been increased in U.S. and Canada owing to their phenomenal properties. This type of bits is significantly
being employed in the present scenario as they assist in less operating time in drilling by reducing any shear and
tear.
Roller cone drills have largest product segment covering more than 70% of the market share globally in 2014,
and is anticipated to cross over net worth of USD 1060 million by 2022. R These bits are used to drill downhole
by cutting or fracturing with tooth-shaped elements. Cost effectiveness of the application of these bits is the
primary factor anticipated to drive the market in the next eight years. However, they can lose market share as
fixed cutters are more effective for encountering hard rock even for deeper wells.