PDC Drill Bits Market Size, Share and Global Trend By Type (Matrix Body, Steel Body), By Cutter Size (Less than 9 mm, 9-14 mm, 15-24 mm, Above 24 mm), By Number of Blades (Less than 6, 6-10, Above 10) and Regional Forecast, 2024-2032

PDC Drill Bits, also known as Polycrystalline Diamond Compact are primarily used in the drilling tools for the oil and gas industry. The fixed-head bits used in the PDC cutters for drilling are called PDC drill bits. Advances in PDC drill bits have sharply increased the penetration rates in oil & gas wells. Though PDC drill bits are more costly than roller cone bits, it has substantially lowered the total drilling cost, as higher rotary speed provides better drill rates and also reduces the chances of deviation. Drilling a horizontal well requires more time than vertical well due to increased length and hence, increases total drilling expenses.

The global PDC drill bits market is segmented into a matrix body and steel body. The matrix body segment is estimated to hold the largest share as it can withstand an impact load and is capable of drilling medium-hard to hard formations. The 15–24 mm PDC drill bits market is estimated to grow at the highest rate due to its usage for drilling medium-hard and hard formations with a higher rate of penetration. The 6–10 number of blades is expected to hold the largest market share for PDC drill bits due to its higher rate of penetration and less downtime.

An increase in oil & gas drilling activities around the world and the need for advanced techniques for faster drilling in less downtime is the major driver for the PDC drill bits market. Because of the high volume of fluid, longer life, and multiple runs, the Matrix PDC drill bit market is expected to grow. These bits also provide enhanced structural and wear-resistant characteristics along with erosion resistance that will increase the demand for the product. In addition, technological improvement in the matrix body has improved the power of the bit brace, the strength of the tensile, and the resistance of the effect that will favorably affect the penetration of the product.

The growth of the PDC drill bits market is hampered by the restrictions imposed by the various government of different countries on hydrocarbon-based fuel sources along with environmental risks caused due to hydrocarbon-based fuel sources.

Key Players Covered

Some of the major companies that are present in PDC drill bits market are Schlumberger, Baker Hughes, a GE company, Halliburton, National Oilwell Varco, Varel International Energy Services, Atlas Copco, Exploration Drill Masters Chile S.A, Rubicon Oilfield International, Sichuan Chuanshi Diamond Bit Co.,Ltd (CSB), SHEAR BITS, Torquato, Ulterra Drilling Technologies L.P., Volgaburmash, Western Drilling Tools Inc., and Yasin Petro Pasargad.

SEGMENTATION 

Regional Analysis

The global PDC drill bits market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America PDC drill bits market is anticipated to be a major player due to recent developments in oil & gas drilling activities in the US and Canada along with an increase in shale gas exploration & production is also likely to boost the demand for PDC drill bits in the region. European nations are expected to witness robust growth in the PDC Drill Bits market due to steady demand from the frozen food sector along with the presence of a large number of industries in the region. In Asia-Pacific countries such as China is showing rapid growth in the 6-10 blades PDC drill bits segment because of the recent increase in shale gas production and oil drilling. In Latin America, economies such as Argentina and Brazil, both the countries have made the oil & gas business more attractive, and the disinvestment scenario has come to an end. As a result, the positive outlook for the oil & gas industry in Latin America is expected to support the market. In the Middle East and Africa countries, such as Oman and Saudi Arabia, are increasingly adopting the PDC drill bits with 6 to 10 blades. This is due to the recent rise in oil drilling activities and the production of shale gas.

Key Industry Developments

• In Jun 2019, Baker Hughes, a GE company and C3.ai today announced a joint venture agreement bringing together BHGE's full-stream oil and gas knowledge with C3.ai's unique AI software suite to produce digital transformation technologies that drive fresh rates of oil and gas production.
• In Feb 2019, Rockwell Automation, the world's biggest industrial automation and data firm, and Schlumberger, the world's leading reservoir characterization, drilling, manufacturing and processing technology supplier for the oil and gas industry, announced that they have signed a fresh joint venture agreement, for creating Sensia, the first fully integrated digital oilfield automation solutions provider. 
• In Jul 2018, TETRA Technologies, Inc. and Halliburton, a global oil services company, today announced a global joint marketing and development agreement to sell and distribute TETRA's proprietary TETRA CS Neptune filling fluids. The cooperative arrangement also encourages and encourages further growth of other oil and gas drilling and completion fluids depending on their corresponding technology and resource capacities.