Drill Bits Market Size, Share and Global Industry Analysis, By Type (High Speed Steel (HSS), Carbon Steel, Carbide, Cobalt Steel, and Others), By Application (Metal, Wood, Construction Materials, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Drill Bits Market Report Overview

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The global drill bits market size is expected to be USD 1795 million in 2022 and is projected to touch USD 2906.25 million by 2031, exhibiting a CAGR of 5.5% during the forecast period.

Drill bits are cutting instruments that are almost invariably circular in cross-section and are used to remove material to produce holes. A twist drill is a tool that is frequently used to drill a circular hole in a workpiece by rotating the tool around a fixed axis. Its chip groove is spiral and curved like a twist, hence its name. Additionally, drill bits need to be replaced due to wear and tear. Typically, drill bits are chosen based on the kind of formation that the drilling operators come across as well as the kind of drilling activity. The market for drill bits is anticipated to have considerable drill bits market growth during the forecast period due to increased oil and gas development activity in recent years.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

The global COVID-19 pandemic has been unprecedented and staggering, with the drill bits market experiencing lower-than anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the drill bits market growth and demand returning to pre-pandemic levels once the pandemic is over.

The coronavirus pandemic may have had a significant negative influence on the oil & gas industry, and the sharp drop in oil prices and significantly decreased end-user demand for oil. Overproduction and weak demand have also resulted in a significant imbalance in oil demand, which has reduced oil and gas drilling activity and posed problems for the market.

LATEST TRENDS

"Increasing Demand from Oil & Gas Industry to Boost Market Growth"

In oil and gas operations, drill bits are used to drill and create holes for the extraction of oil and gas. For cutting through rocks and sediments, drill bits are rotating tools made of the most intricate materials with a sharp roughness. The main job of the drill bits is to grind, cut, scrape, and crush the rock at the bottom of the well. The need for oil and gas in developing countries is rising as a result of industrialization, urbanization, and population growth, which is driving the worldwide drilling industry. This is anticipated to increase demand for drill bits. The requirement for quick drilling in formations with low wear and tear in hard and medium-hard formations is another factor driving the drill bit industry.

Drill Bits Market Segmentation

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• By Types 

Based on type, the market is classified into Print and Apply Labeling & Labeling.

• By Application

Based on application, the market is categorized into Food and Beverage, Pharma, Electronics & Others.

DRIVING FACTORS

"Volatility of Crude Oil Prices to Augment Market Growth"

Increasing oil and gas exploration and development operations, the development of unconventional fields, and directional drilling are key market drivers for drill bits. Additionally, it is anticipated that the market under study will grow slowly due to the volatility of crude oil prices and the efforts being made by the main economies to switch from an energy mix based on fossil fuels to renewables. Due to its advantages over the roller cone bit, the fixed cutter bit segment is anticipated to dominate the market over the forecast period. The greatest drill bit for shale formations is likewise thought to be this one

"Increase Demand for Surgical Drill Bits to Encourage Market Expansion "

The demand for surgical drill bits is being fueled by the rising prevalence of orthopedic conditions such as osteoporosis, spinal traumas, and spinal anomalies. In addition, the industry is being stimulated by the increase in sports injuries. Sports injuries that include fractures and bone dislocations are the most frequent. Drill bits for surgery are widely used to treat fractures, which are a prevalent type of sports injury. In the near future, surgical drill bit volume sales are anticipated to increase due to the increased prevalence of orthopedic problems and sports injuries.

RESTRAINING FACTORS

"High-Cost Maintenance to Impede Market Expansion"

The offshore drilling is subject to rigorous government regulations and hefty drilling expenses. These are the two key issues that could impede market expansion. Additionally, it is anticipated that drilling operations using unconventional techniques, such as horizontal and vertical drilling, would expand quickly, creating a wealth of potential for the drill bit market during the time covered by the aforementioned prediction.

Drill Bits Market Regional Insights

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"Energy Consumption to Foster Growth in North America"

North America is predicted to dominate the drill bits market share. Due to the wide distribution of viable shale gas resources and the ensuing widespread use of hydraulic fracturing technology in nations like the U.S. North America is expected to become a significant drill bit market over the coming years. The growing natural gas exploration procedure will further support the area’s industrial share. The U.S. Energy Information Administration reports that the country's consumption, production, and gross exports of natural gas all increased significantly in 2019. This, in turn, increased demand for drill bit grinding equipment throughout the region

The need for fossil fuels is anticipated to be driven by Asia-Pacific economies like India and China, which will affect which oil producers boost oil output. This is anticipated to spur expansion in the global drill bits market. Demand for polycrystalline diamond bits is anticipated to be driven by a surge in sand formations exploration and production along with novel drilling techniques like hydraulic fracturing or fracking (PCD)

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Deman"

The research provides details on the list of market participants and their activity in the sector. Acquisitions, mergers, technical advancements, collaborations, and increasing production facilities are used to gather and report the information. The companies that produce and introduce new products, the areas where they operate, automation, technology adoption, creating the greatest income, and making a difference with their products are some of the other factors that are looked at for this market

List of Market Players Profiled

• Stanley Black & Decker (U.S.)
• Bosch (Germany)
• Techtronic (Hong Kong)
• Makita (Japan)
• ITW (U.S.)
• Top-Eastern Group (Kerala)
• Metabo (Germany)
• Regal Cutting Tools (U.S.)
• IZAR Cutting Tools (Spain)
• Hartner (Germany)
• RUKO GmbH (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyzes elements that are probably to boost the label market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.