PDC Drill Bits Market is expected to foresee significant growth. LAMEA to lead the growth!

The PDC drill bits market is estimated to grow at a CAGR of ~5% during the forecast period. Factors, such as increased exploration activity and focus on the development of new oil and gas fields, are expected to drive the market for PDC drill bits. Drilling activities, especially footage drilled, are expected to drive the demand for PDC drill bits. In addition, major players are investing in new offshore drilling sites is further expected to drive the market growth. For instance, in 2020, Royal Dutch Shell submitted plans for seismic activity and exploratory drilling in its West Harrison Bay license in the Beaufort Sea just offshore from the National Petroleum Reserve in Alaska, U.S. In its 5-year plan, the company suggests conducting seismic studies to update geological data and finalize well and reservoir design in 2021-22 and begin and subsequently expand exploratory drilling in 2023-24.

During the Covid-19 pandemic in early 2020, the majority of the countries and regions witnessed a countrywide lockdown. This has impacted the overall demand for oil and gas. According to U.S. Energy Information Administration, globally a decline of almost 9% in the overall demand for oil and gas was witnessed in 2020 for the first time since the global recession of 2009. Majority of the decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for oil and gas is expected to come to normal post-2020.

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Based on type, the market is bifurcated into matrix body and steel body. Among these, matrix body category to witness strong growth during the forecast period and is expected to hold a significant market share by 2027. Matrix body fixed cutters contain tungsten carbide material which provides improved wear resistance and erosion. In applications of high fluid volume or high sand, matrix body bits offer longer life and multiple bit runs. Due to these advantages matrix body drill bits to witness higher CAGR during the forecast period.

Based on size, the market is bifurcated into Less than 9 mm, 9–14 mm, 15–24 mm, and Above 24 mm. Among these, 15–24 mm to witness the fastest growth during the forecast period. This is mainly due to its high use for drilling medium-hard and hard formations with a higher rate of penetration (ROP), which is one of the major driving factors for the growth of the 15–24 mm market. In addition, petroleum and hydrothermal investigations in deep geological formations lead to manufacturing new bits materials able to drill at a higher temperature, in more abrasive and harder geological fields. Such innovating materials, sintering processes, and design, recently developed to improve drill bits hardness and fracture toughness, also require new strategies in quality assessment.

On the basis of application, the market has been categorized into onshore and offshore. In 2020, onshore held a significant share in the market. This is mainly due to optimism associated with the recovery of crude oil prices, onshore projects are expected to record significant growth over the forecast period. This, in turn, is expected to drive the demand for PDC drill bits.

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For a better understanding of the market adoption of PDC Drill Bits, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and LAMEA (Brazil, Mexico, Saudi Arabia, U.A.E, and Rest of LAMEA). During the forecast period, the LAMEA region to witness lucrative growth owing to rising oil and gas exploration activities.

Some of the major players operating in the market include Baker Hughes Company, Halliburton Company, Landrill Oil Tools Co. Ltd, NOV Inc., Rockpecker Limited, Sandvik AB, Schlumberger Limited, Schoeller-Bleckmann Oilfield Equip AG, Ulterra Drilling Technologies LP, and Weatherford International PLC.

PDC Drill Bits Market Segmentation

Market Insight, by Type

• Matrix Body
• Steel Body

Market Insight, by Size

• Less than 9 mm
• 9–14 mm
• 15–24 mm
• Above 24 mm

Market Insight, by Application

• Onshore
• Offshore

MARKET INSIGHTS BY REGION

• North America PDC Drill Bits Market
  • US
  • Canada
  • Rest of North America
• Europe PDC Drill Bits Market
  • Germany
  • UK
  • France
  • Spain
  • Rest of Europe
• APAC PDC Drill Bits Market
  • China
  • India
  • Australia
  • Thailand
  • Rest of APAC
• LAMEA PDC Drill Bits Market
  • Brazil
  • Saudi Arabia
  • U.A.E.
  • Mexico
  • Rest of LAMEA

Top Company Profiles

• Schlumberger Limited
• Baker Hughes Company
• Halliburton Company
• Landrill Oil Tools Co. Ltd
• NOV Inc.
• Rockpecker Limited
• Sandvik AB
• Schoeller-Bleckmann Oilfield Equip AG
• Ulterra Drilling Technologies LP
• Weatherford International PLC