impact of recession on your business
Drill Bit Market

Drill Bit Market Size, Share and Segmentation by Type (Roller Cone Bit, Fixed Cutter Bit), by Location of Deployment (Onshore, Offshore), by Regions and Global Market Report 2022-2028

Report Id: SNS/EQIP/2410 | July 2022 | Region: Global | 125 Pages

Drill Bit Market Overview:

Drill Bit Market Size was esteemed at USD 10.57 billion out of 2021 and is supposed to arrive at USD 14.65 billion by 2028, and develop at a CAGR of 4.78% over the forecast period 2022-2028.

Drill bits are utilized to penetrate and make openings for oil and gas extraction in oil and gas activities. Bores are spinning gadgets made out of the most mind-boggling materials with a sharp surface that are utilized to cut into rocks and silt. The bores' essential capability is to crush, hack, scratch, and pulverize the stone at the well's base.

Drill Bit Market Revenue Graph

The worldwide Drill bits business is being driven by an expansion popular for oil and gas in developing countries because of industrialization, urbanization, and populace development. This is supposed to support the interest in the Drill bits market. Moreover, the Drill bits market is being driven by expansion sought after for quick penetrating with little mileage in hard and medium-hard arrangements. The market is additionally profiting from an expansion in interests in the oil and gas area.

Notwithstanding, boring expenses are high, and government controls on seaward penetrating are severe. These are two principal worries that could slow the market's development. Also, quick headway in eccentric penetrating methods, for example, level and vertical Drill bits are supposed to observe further increment, which sets out adequate open doors for the Drill bits market in the above-referenced estimate period.

Drilling is the essential interaction for investigating and assembling raw petroleum from a tank. In this cycle, rocks are squashed by utilizing drill bits to extricate unrefined petroleum to frame a barrel-shaped opening on the world's surface. drill bits comprising of various materials like jewel, tungsten, and carbide are broadly utilized in the oil and gas industry. drill bits are divided by the sort i.e., roller cone drill bits and fixed bores of the shaper. The most famous bores utilized for finning regular wells are the roller cone drill bits. The fragment with roller cone drill bits is supposed to be the most predominant portion over the figure period, while the development of the section of fixed shaper pieces is upgraded by expanding the creation of non-regular shale gas and tight oil.

Market Dynamics:

Driving Factors:

  • An expansion sought after for oil and gas.

  • Consequence of industrialization, urbanization, and populace development.

Restraining Factors:

  • It is high to penetrate costs.


  • Fast progression in flighty boring methods like flat and vertical penetrating exercises.


  • Government controls on seaward penetrating are severe.

Impact of Covid-19:

With the COVID-19 episode, a few oil and gas projects had been suspended or postponed because of movement boycotts, inventory network interruptions, and low raw petroleum costs. In April 2020, unrefined petroleum costs imploded because of low unrefined petroleum interest because of a few limitations forced because of COVID-19. Low raw petroleum cost decreases the administrator's overall revenue, in this way adversely affecting the upstream exercises and the market considered. Central point driving the boring tool market incorporate expanding oil and gas investigation and improvement exercises, capricious field advancements, and directional penetrating. Besides, the unrefined petroleum cost instability and the endeavors made by the significant nations to move from petroleum derivative-based energy blends to renewables are supposed to ruin the development of the market considered.

Market Estimations:

By Type:

A roller-cone bit is a bore utilized for penetrating through rock, for instance, while boring for oil and gas. drill pieces are connections that are added to the furthest limit of a drill string to play out the slicing important to enter the many stone layers between Earth's surface and oil/gas supplies. When an opening is penetrated, suitable housings might be embedded to seal the wellbore development. Fixed shaper pieces can be either polycrystalline precious stone minimized (PDC) or coarseness hot-squeezed embeds (GHIs). Roller cone pieces can be either tungsten carbide embeds (TCIs) or processed tooth (MT). Fixed shaper apparatuses are intended to cut the stone, while roller cone ones act more by smashing.

By Distribution Channel:

In light of the Distribution Channel, the market is divided into Onshore and Offshore applications. With progression in flighty penetrating methods, for example, level and vertical boring exercises, penetrating exercises are supposed to observe further increment, which thusly would drive the market for boring tools.

Market Segmentation:

By Type

  • Roller Cone Bit

  • Fixed Cutter Bit

By Distribution Channel

  • Onshore

  • Offshore

Drill Bit Market Segment Pie Chart

Regional Analysis:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

North America overwhelms the boring apparatus market and will keep on thriving its strength because of the ascent in even penetrating and capricious penetrating exercises. New penetrating exercises are being done in the district with the assistance of guidelines. Notwithstanding, Asia-Pacific will keep on projecting the most noteworthy development rate in the estimated time of 2022 to 2028 as a result of the developing oil and gas revelation exercises in arising nations.

Key Players:

Ulterra Drilling Technologies, Varel International, Torquato, Kingdream Public Limited Company, Scientific Drilling International, NOV Inc., NewTech Drilling Products, ESCO Group, Great Drill Bits, Irwin Industrial Tool Company, Halliburton Company, Cangzhou, Baker Hughes, and Atlas Copco

Drill Bit Report Scope
Report Attributes Details
Market Size in 2021 US$ 10.57 Billion
Market Size by 2028 US$ 14.65 Billion
CAGR CAGR of 4.78% From 2021 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Roller Cone Bit, Fixed Cutter Bit)
• By Location of Deployment (Onshore, Offshore)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Ulterra Drilling Technologies, Varel International, Torquato, Kingdream Public Limited Company, Scientific Drilling International, NOV Inc., NewTech Drilling Products, ESCO Group, Great Drill Bits, Irwin Industrial Tool Company, Halliburton Company, Cangzhou, Baker Hughes, and Atlas Copco
DRIVERS • An expansion sought after for oil and gas.
• Consequence of industrialization, urbanization, and populace development.
RESTRAINTS • It is high to penetrate costs.

Frequently Asked Questions (FAQ) :

Ans: Roller Cone Bit is projected to make a foothold in the worldwide Drill Bit market.

Ans: The base year calculated in the Drill Bit market report is 2021.

Ans: Ulterra Drilling Technologies, Varel International, Torquato, Kingdream Public Limited Company, Scientific Drilling International, NOV Inc., NewTech Drilling Products, ESCO Group, Great Drill Bits, Irwin Industrial Tool Company, Halliburton Company, Cangzhou, Baker Hughes, and Atlas Copco are the key players covered in the Drill Bit market.

Ans: An expansion sought after for oil and gas and Fast progression in flighty boring methods like flat and vertical penetrating exercises are the elements driving and resulting in opportunities for the Drill Bit Market.

Ans: The Global Drill Bit Market Size is supposed to develop at a CAGR of 4.78% over the forecast period 2022-2028.

Table of Contents


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions


2. Research Methodology


3. Market Dynamics

3.1 Drivers          

3.2 Restraints

3.3 Opportunities

3.4 Challenges


4. Impact Analysis

4.1 Covid 19 Impact Analysis

4.2 Impact of the Ukraine and Russia war


5. Value chain analysis


6. Porter’s 5 forces model


7. PEST analysis


8. Global Drill Bit Market segmentation, By Type

8.1 Roller Cone Bit

8.2 Fixed Cutter Bit


9. Global Drill Bit Equipment Market segmentation, By Distribution Channel

9.1 Onshore

9.2 Offshore


10. Global Drill Bit Equipment Market, by region/ country

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America


11. Company profiles

11.1 Ulterra Drilling Technologies

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 Swot Analysis

11.1.4 The SNS View

11.2 Varel International

11.3 Torquato

11.4 Kingdream Public Limited Company

11.5 Scientific Drilling International, NOV Inc.

11.6 NewTech Drilling Products

11.7 ESCO Group

11.8 Great Drill Bits

11.9 Irwin Industrial Tool Company

11.10 Halliburton Company

11.11 Cangzhou

11.12 Baker Hughes

11.13 Atlas Copco


12. Competitive Landscape

12.1 Competitive Bench Marking

12.2 Market Share Analysis

12.3 Recent Developments


13. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.