TMR, a market intelligence company based in the USA, reports that the global drill bits market could grow at a CAGR of 4.9% between 2013 and 2019.

The market had an estimated a total volume of 2,597 hundred units in 2012.

There are two primary types of drill bits utilized for gas and oil drilling activities: fixed cutter bits and roller cone bits. The roller cone bits can be further classified as milled-tooth bits and tungsten carbide inserts.

According to the TMR report, the elevating demand for energy from both developing and developed economies is the main factor driving the global oilfield equipment market. Additionally, growing interest in offshore drilling is predicted to boost activities pertaining to offshore exploration and production (E&P) worldwide. Thus, increase in onshore and offshore drilling activities and exploration across the globe is likely to lead to considerable demand for drill bits in the forthcoming future.

The report can be found here.

This story is reprinted from material from TMR, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.