Global PDC Drill Bits Market Report and Forecast 2024-2032

Global PDC Drill Bits Market Outlook

The global PDC drill bits market reached a value of about USD 4.61 billion in 2023. The industry is further expected to grow at a CAGR of about 3.7% in the forecast period of 2024-2032 to reach a value of around USD 6.41 billion by 2032.

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Latin America Expected to Grow Fastest in the Forecast Period

In order to explore oil and gas reserves, PDC drills are required to excavate the region. Currently, North America has the highest share in the PDC drills because of a high number of oil and natural gas exploratory missions, combined with readily available technology for the same. These companies also require considerable financial assistance which is made available through large investments. In the forecast period, the market for PDC drills is expected to rise with a high rate in the Latin American sector because of the presence of rich oil and natural gas reserves. Overall, since the demand for oil and natural gas is increasing, the market for PDC drills is expected to grow both in terms of growth rate and value.

PDC Drill Bits: Market Segmentation

PDC drill bits are drilling tools used primarily in the field of drilling in oil exploration. PDC – Polycrystalline Diamond Compact – is a tough material which has a synthetic diamond fused to a stout shoulder for appropriate impact, since diamond is the hardest material. The stout shoulder is made from a tungsten carbide substrate, which is also a tough substance. The drilling apparatus is mainly dependent on four different entities in the drill viz., cutters, cutting structure, blades, and bit body.

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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 can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Exploratory Missions Bolstering the Market Growth

PDC drill bits are required for oil and natural gas exploratory missions and as the demand for oil and natural gas grows, the number of such exploratory missions is also bound to increase, which, in turn, is expected to increase the demand for these drill bits. Since PDC drill bits are relatively more efficient than other materials used in exploratory missions, they are preferred over other conventional apparatuses. Despite government regulations about environmental damages in oil and natural gas exploration, the industry is expected to grow because of increasing investments and technological advancements in the complementary tools required alongside PDC drill bits.

Key Industry Players in the Global PDC Drill Bits Market

The report gives a detailed analysis of the following key players in the global PDC drill bits market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Baker Hughes Company
• NOV Inc.
• Xi’am Landrill Oil Tools Co. Ltd.
• Rockpecker Limited
• Schlumberger Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report