DUBLIN–(BUSINESS WIRE)–The “Global Oil and Gas Drill Bits Market By Material (Steel, Diamond & Tungsten Carbide), By Type (Fixed Cutter Bits & Roller Cone Bits), By Application (Offshore & Onshore), By Region, Competition, Forecast & Opportunities, 2024″ report has been added to ResearchAndMarkets.com’s offering. The global oil and gas drill bits market stood at 3.3 billion in 2018 and is projected to grow at a CAGR of 6.8% during 2019-2024 to reach $ 5.5 billion by 2024, owing to increasing shale gas exploration activities and rising demand for customized drilling bits that can handle unconventional rock formation. These drill bits are widely used during shale gas exploration. With increasing shale gas exploration, the demand for these drill bits is also growing. The drill bits industry is changing rapidly with new manufacturing technology and increasing use of new materials in drill bits production process. Based on application, the global oil and gas drill bits market has been categorized into onshore drilling and offshore drilling. The onshore drilling application is expected to account for the largest market share in coming year...