Northbrook, IL -- (SBWIRE) -- 05/10/2021 -- According to the new market research report "PDC Drill Bits Market by Type (Matrix Body and Steel Body), Size of PDC Cutter (Less than 9 mm, 9–14 mm, 15–24 mm, and Above 24 mm), Number of Blades (Less than 6, 6–10, and Above 10), and Region (North America, Asia Pacific, and Europe) - Global Forecast to 2023", The PDC drill bits market is expected to grow from an estimated USD 3.66 Billion in 2018 to USD 4.54 Billion by 2023, at a CAGR of 4.41% during the forecast period. This growth can be attributed to factors such as increasing oil & gas drilling activities in the world and need for advanced techniques for faster drilling in less downtime.

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The matrix body segment is estimated to hold the largest share of PDC drill bits market, by type, during the forecast period

The matrix body segment held the largest share of the PDC drill bits market in 2017 and is expected to grow at a decent pace during the forecast period. The large market share of this segment can be attributed to the rising demand for faster drilling with less wear and tear of drill bits in medium-hard and hard formations.

The 6–10 blade segment was estimated to be the largest segment of the PDC drill bits market, by number of blades, in 2017

The 6–10 blade segment was estimated to be the largest segment of the PDC drill bits market, by number of blades, in 2017. The 6–10 blades of PDC drill bits are mainly used for higher Rate of Penetration (ROP) drilling in medium-hard formations. Countries such as the US, China, Saudi Arabia, and Oman are showing rapid growth in the 6–10 blades PDC drill bits segment because of the recent increase in shale gas production and oil drilling.

North America: The leading regional market in PDC drill bits

In this report, the PDC drill bits market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is estimated to be the largest market for PDC drill bits. The increasing shale gas exploration & production in the region is the major factor for the growth of the market.

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The report provides an in-depth understanding of the competitive landscape and includes profiles of some of the leading players in the PDC drill bits market. The key players include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), Varel (US), Atlas Copco (Sweden), Ultera (US), Drill Master International (US), Sichuan Chuanshi Diamond Bit (China), Torquato (US), Rubicon Oilfield International (US), and Western Drilling tools (Canada), Shear bits (Canada), Volgaburmash (Russia). These players adopted various strategies, such as new product launches, contracts & agreements, and mergers & acquisitions to increase their global presence and market share.

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