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PDC Drill Bits Market


Energy & Power
Drilling Equipment

The global PDC drill bits market is estimated to grow at a CAGR of 4.41% from 2018 to 2023, to reach a projected market size of USD 4.54 Billion by 2023. The market growth is likely to be driven by the increase in oil & gas drilling activities around the world.

The report segments the PDC drill bits market, by type, into matrix body and steel body. The matrix body segment is estimated to hold the largest share of the market in 2017. The matrix body can withstand an impact load and is capable of drilling medium-hard to hard formations. These advantages are expected to drive the market for the matrix body type PDC drill bits.

The PDC drill bits market, by size of PDC cutter, is segmented into less than 9 mm, 9–14 mm, 15–24 mm, and above 24 mm. The 15–24 mm market has the largest market share in 2017 and is estimated to grow at the highest rate during the forecast period. The 15–24 mm PDC cutter is used for drilling medium-hard and hard formations with a higher ROP, which is one of the major driving factors for the growth of the 15–24 mm market.

The report further segments the PDC drill bits market, by number of blades, into less than 6, 6–10, and above 10. The 6–10 number of blades are having the largest market share for PDC drill bits. Higher ROP and less down-time for 6–10 number of blades are the major factors for the largest market share.

PDC Drill Bits Market

The US is estimated to be the largest and the fastest-growing market for PDC drill bits during the forecast period. The market growth in the region can be attributed to the recent developments in oil & gas drilling activities in the US, Canada, and Mexico. The increase in the shale gas exploration & production is also likely to boost the demand for PDC drill bits in the region during the forecast period.

The growth of the PDC drill bits market is hampered by the restrictions imposed by various government of different countries on hydrocarbon-based fuel sources.

The key players in PDC drill bits market include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), Varel (US), Atlas Caopco (Sweden), Ulterra (US), Torquato (US), Drill master international (US), Sichuan Chuanshi Diamond Bit (China), Rubicon Oilfield International (US), Western Drilling Tolls (Canada), Shear bits (Canada), Volgaburmash (Russia), and YPP (Iran).

These companies together hold a major share of the global PDC drill bits market.

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