The new report by Expert Market Research titled, ‘Global PDC Drill Bits Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global PDC drill bits market, assessing the market based on its segments like type, size, number of blades, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 4.43 Billion
- Forecast CAGR (2023-2028): 4%
- Forecast Market Size (2028): USD 5.48 Billion
The global PDC drill bit market is driven by the growing demand for natural oil and gas. Increasing oil exploration to meet the growing global demand is expected to propel the market for PDC drill bit. Additionally, the preference of PDC drill bits over other material due to its better efficiency and lower wear and tear will further catalyse the growth in the forecast period. Moreover, the increasing investments and technological advancements in oil and gas sector will aid in the growth of global PDC drill market.
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Industry Definition and Major Segments
PDC (Polycrystalline Diamond Compact) drill bits are composed of diamond infused tungsten carbide substrate. It is used in drilling for oil exploration. The drilling apparatus is mainly dependent on four different entities in the drill viz., cutters, cutting structure, blades, and bit body.
The PDC drill bits industry can be segmented by type into:
- Matrix Body
- Steel Body
The market can be differentiated on the basis of the size of the PDC cutter as:
- Less Than 9 mm
- 9 mm to 24 mm
- Above 24 mm
The market can be segmented on the basis of number of blades into:
- Less Than 6
- 6-10
- Above 10
It may be divided on the basis of application into:
- Onshore
- Offshore
The regional markets for PDC drill bits include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Regionally, North America is the largest shareholder in the global PDC drill bit market. This can be attributes to discovery of shale oil in USA. Moreover, increasing oil search mission carried out by USA along with advance assisting technology for searching oil fields, area expected to aid the growth of regional PDC drill bit market. Meanwhile Middle East and Africa are expected to have a rapid growth due to presence of major oil fields. Moreover, recent discoveries of offshore oilfields will propel the demand for PDC drill bits in the forecast period.
Key Market Players
The major players in the market are Baker Hughes Company, NOV Inc., Xi’am Landrill Oil Tools Co. Ltd., Rockpecker Limited, Schlumberger Limited, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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