"Actionable Insights to Fuel Your Growth"
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.
To gain extensive insights into the market, Request for Customization
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.
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.
· 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
· Above 10
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry