Oil and Gas Drill Bit Market Size Worth USD 13.54 Billion

January 11, 2024 08:59 ET | Source: Emergen Research Emergen Research

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global oil and gas drill bit market size was USD 7.94 Billion in 2022 and is expected to register a revenue CAGR of 5.7% during the forecast period. Rising demand for customized drilling bits for handling unconventional rock formation, increasing energy use across the globe, increasing exploration and production activities, and growing advancements in oil and gas extraction techniques are expected to drive market revenue growth. Pilling Foundation

Oil and Gas Drill Bit Market Size Worth USD 13.54 Billion

Increasing adoption of customized drilling bits in recent years is driving revenue growth of the global market. Global demand for customized drilling bits is growing rapidly due to the handling of unconventional rock formations and increasing requirement for storing oil and natural gas resources. Adoption of drilling bits is expected to rise over the next ten years, in parallel with rising demand for oil and gas from approximately 2.25 barrels per day (bpd) in 2022 to roughly 105.7 bpd by 2030. Most of this demand will be driven by drill bits used in oil and gas industrial applications, particularly in petroleum.

Oil and gas drill bit, known for its exceptional increased efficiency and performance properties, emerges as an indispensable material in the production of oil and gas resources. Consequently, manufacturers in the oil and gas drill bit market are witnessing a substantial uptick in orders and sales volumes, as they play a pivotal role in meeting the rapidly rising demand for petroleum.

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On 24 September 2020, the Australian high-purity aluminum manufacturer, Altech Chemicals Ltd. announced significant progress in the development of a specialized High-Purity Aluminum (HPA) tailored for use in manufacturing anodes for lithium-ion batteries. Through their proprietary HPA blend, Altech has devised a process to substantially diminish the formation of a lithium-ion layer on graphite anodes. This blend, named ‘Anode Grade APC01’ and ‘Anode Grade ALC01,’ is poised to enhance Coulombic Efficiency (CE) right from the initial charging cycle. The coating is expected to boost cycling stability, elevate high-rate performance, and enable rapid charging.

However, stringent government regulation on the usage of drilling bits poses a significant barrier to market revenue growth. Usage of drilling bits poses safety risks to workers due to its highly harsh drilling conditions. The complex and resource-intensive drilling process involves wear and teeth breakage, requiring advanced technology, maintenance of equipment, and skilled labor, all of which contribute to higher operational expenses. Stringent quality control measures further increase production costs. This prompts potential buyers to explore more cost-effective alternatives, which is restraining revenue growth of the market.

On the basis of type, the global oil and gas drill bit market is segmented into roller cone bits and fixed cutter bits. Roller cone bits segment accounted for largest revenue share in the global oil and gas drill bit market in 2022 due to rising adoption of this product to generate oil and gas owing to its capability to produce petroleum and natural gas.

On 06 July 2022, Halliburton Company introduced the new Hedron fixed-blade polycrystalline diamond compact (PDC) drill platform. These drills combine the latest technology with industry-leading customization processes to provide customers with high-performance, application-specific designs. As a result of multiple technologies, Hedron drills are the most robust and intelligent in the market. Halliburton designed it using the DatCISM (Design at the Customer Interface) process and his proprietary iBitS modeling and simulation software. This allows the design team to customize each bit to the customer's unique challenges.

On the basis of application, the global oil and gas drill bit market is segmented into offshore and onshore. Onshore oil and gas segment accounted for largest revenue share in the global oil and gas drill bit market in 2022 due to rising demand for oil and gas extraction from land.  Onshore fields generate crude oil and natural gas from the earth’s crust, and oil and gas drill bits are a good mechanism adopted for extraction of natural resources. Onshore fields offer the potential for easier access to equipment and machinery lowering transportation costs and fewer environmental risks.

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North America accounted for largest market share in 2022 due to increasing consumption of petroleum in countries across the region, especially in U.S. and Canada. According to U.S. Energy Information Administration, in 2022, the United States imported about 8.33 million barrels per day (bpd) of oil from 80 countries. Petroleum includes crude oil, Gas-Liquid Hydrocarbons (LGL), refined petroleum products such as gasoline and diesel fuel, and biofuels.

Europe is expected to register a moderately fast market growth rate during the forecast period due to increasing extraction of petroleum in countries across the region especially in U.K., Germany Italy, and Spain owing to the rapid expansion of oil and gas industry. According to European Commission in 2021, EU refineries produced 521. 0 Million Tonnes of Oil Equivalent (Mtoe) from petroleum products. This represents a slight recovery of 3.2% compared to 2020, which recorded the lowest quantity ever produced, with output falling largely due to COVID-19 travel restrictions that have reduced demand for transportation fuel. In 2021, the largest producer is Germany (94.4 Mtoe), followed by Italy (70.2 Mtoe), the Netherlands (60.3 Mtoe) and Spain (59.3 Mtoe).

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Major Companies and Competitive Landscape

The global oil and gas drill bit market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective oil and gas drill bits. Some of the major companies included in the global oil and gas drill bit market report are:

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For the purpose of this report, Emergen Research has segmented global oil and gas drill bit market on the basis of type, application, end-use, and region:

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Oil and Gas Drill Bit Market Size Worth USD 13.54 Billion

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