Drill bits are used in oil and gas operations to drill and create holes for oil and gas extraction. The drill bits are rotating apparatus that are made up of the hardest materials and sharp texture to cut into a rock and sediments. The main purpose of the drill bits is to grind, cut, scrape and crush the rock at the bottom of the well. The drill bits industry is changing rapidly with new manufacturing technology and the increasing use of new materials in drill bits production process. Oil and gas being the backbone of global energy industry, drill bits are the primary tool for oil and gas extraction processes.

Drill bits are made up materials such as tungsten carbide, diamond for increasing the steel bits strength. Based on specific drilling requirements, different drill bits are employed for desired results. It is possible that, for a single well construction, different drill bits would be used to overcome any challenges in well drilling. On the other hand, drill bits have to be changed on the basis of wear and tear as well. Usually drill bits are selected based on the type of formation encountered by the drilling operators, and based on the type of drilling activity as well. With increased oil and gas exploration activities in recent time, the market for drill bits is expected to witness a significant growth during the forecast period.

The global drill market is segmented on the basis of type of drill and by applications. Based on type, the market is segmented as fixed cutter bits and roller cone cutter bits. In the fixed cutter drill bits, polycrystalline diamond bits and natural diamond bits contribute Brad Point Forstner Bit Manufactures major share. The roller cone cutter drill bits are further classified as milled-tooth bits and tungsten carbide inserts. Based on application, the market is segmented as onshore and offshore applications. With advancement in unconventional drilling techniques such as horizontal and vertical drilling activities, drilling activities are expected to witness further increase, which in turn would drive the market for drill bits.

Also, based on application, the onshore drilling application is expected to contribute the most with increasing onshore drilling activities across various regions, around the globe. With directionless drilling, new oil and gas sources are drilled in previous unexplored and unconventional regions. This is expected to drive the market for drill bits. However, stringent government regulations surrounding the onshore drilling activities are expected to act as a restraint for the drill bits market.
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North America region is expected to be the largest market for drill bits, as the region is leading with more onshore wells. With regulation support, new drilling activities are carried out across the region. This is closely followed by the Asia Pacific region, where China is contributing majorly to the growth of drill bits market with increased onshore drilling activities. The drill bits market in Europe region is driven by the enhanced oil recovery projects in the North Sea region.