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 years, backed by increasing onshore drilling activities across various regions.

With directionless drilling, new oil and gas sources are being drilled in previously unexplored and unconventional regions. This is expected to drive the market for oil and gas drill bits. However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drill bits market.

Oil and gas resources are geographically distributed, and the oil field drill bits market is highly dependent on oil and gas exploration activities. North America is extensively engaged in oil and gas exploration activities and is expected to emerge as the most attractive regional market during the forecast period. Moreover, Brazil, China and Saudi Arabia have significant resources of oil and gas, thereby resulting in huge growth opportunities for the oil and gas drill bit market players.

Some of the major companies operating in the global oil and gas drill bits market are Schlumberger, Baker Hughes, Sandvik, NewTech Drilling Products LLC, National Oil-well Varco Inc. and Halliburton Inc.



5.2.2. By Type (Fixed Cutter Bits - Polycrystalline Diamond Bits, Natural Diamond Bits; Roller Cone Cutter Bits - Milled-Tooth Bits, Tungsten Carbide Inserts)

Cross Rock Drilling Bits

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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