North America Remained the Largest Tungsten Carbide Drill Bits Market

Tungsten carbide 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.

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This report covers the market analysis for tungsten carbide drill bits such as roller cone and fixed cutters used in oil and gas industry. The stakeholders for this study include tungsten carbide drill bits manufacturers, players involved in Exploration and Production (E&P) activities.
The market overview section of the report demonstrates the market dynamics and trends such as the drivers, restraints and opportunities that influence the current nature and future status of this field. Impact factors such as market attractiveness analysis and Porter's five forces analysis have also been explained in the market overview section of the report, in order to give a thorough analysis of the overall competitive scenario in the global drill bits for oil and gas industry application market.

Few years back, advancements in drill bit technology moved at an accelerating pace as drilling engineers are continuously designing bits to drill efficiently with improved rates of penetration in terms of speed and durability. The growth of the drill bits market for oil and gas industry is primarily driven by technological advancements in drill bit designs and rising exploration activities worldwide. Rising demand for energy from both developed and developing economies is the major factor driving the global market for oilfield equipment such as field production machinery, drilling equipment and others. This increased world energy demand along with high oil and natural gas prices are fuelling investment in drilling across the globe. Moreover, offshore drilling activity is expected to encourage offshore exploration & production (E&P) activities in across the world. Thus, rising exploration and drilling activities worldwide are expected to create substantial demand for drill bits in the coming years.

The global tungsten carbide drill bits for oil and gas industry application market is categorized on the basis of drill bits type. Tungsten carbide drill bits for oil and gas industry application are broadly classified as roller cone and fixed cutters. The roller cone type further includes milled-tooth bits and tungsten carbide inserts. The types of fixed cutters studied in the report include polycrystalline diamond bits (PDC) and natural diamond bits. The market revenue and forecast for each product type has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019.
In terms of geographical distribution, the global tungsten carbide drill bits market has been classified into four regions, namely, North America, Europe, Asia-Pacific and Rest of the World. This section includes market revenue and forecast for the tungsten carbide drill bits for oil and gas industry application market in each regional market, in terms of USD million.

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