Albany, NY -- (SBWIRE) -- 02/17/2016 -- Drill bits for Oil and Gas industry application market volume was 2,597 hundred units in 2012 and is expected to see a growth at 4.9% CAGR during 2013 - 2019. With continuous developments in materials, designs and technology for drill bits and rising worldwide exploration activities, drill bit market is expected to experience steady growth in the coming years.

There are two major types of drill bits used for oil and gas drilling activities, namely roller cone bits and fixed cutter bits. Rolling cone bits are further classified as tungsten carbide inserts and milled-tooth bits. The cutters in the fixed cutter bits that are available in the market are PDC (polycrystalline diamond cutters) and natural diamond cutters. Drill bits market by volume was dominated by the rollers cone bits in 2012. However, due to higher efficiency and durability, fixed cutter bits such as PDC bits are gaining popularity in market. PDC cutters significantly improve the drilling operation and penetration rate in abrasive formations. However, cost of such technologically advanced product is very high.

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Small scale miners find it challenging to adopt such advanced product as it increases the total cost of operation. Moreover, use of drill bits is determined by its actual cost to benefit ratio. Commonly drilling activities for higher depths (3000 and above meter) or for hard/abrasive surfaces, PDC drill bits are recommended, as they help in reducing total time of drilling activity by minimizing frequent stops required for repair/replacement of drill bits.

Geographically, North America is expected to remain the largest market for drill bits due to the growth of exploration and production activities in this region. Oil rig counts in the U.S is rising continuously, reflecting enhanced oil drilling activities in the region. North America's share was estimated to be 35.7% of the global drill bits volume share in 2012.

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Worldwide, a large number of companies offer drilling equipment for deepwater, unconventional, conventional oil and gas explorations. Companies providing restoration (repair and replacement) services hold strong growth potential considering cost of new drill bit replacement. Some of the major participants in the drill bit industry include Baker Hughes, Inc., Tercel Bits, Ulterra Drilling Technologies, National Oilwell Varco, Inc., Halliburton, Inc., Varel international, Inc., Scientific Drilling International, Inc., and Atlas Copco AB, among others.

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