Call +1(917) 993 7467 or connect with one of our experts to get full access to the most comprehensive and verified construction projects happening in your area. Close Section
Global PDC Drill Bit Market Report- Market Trends and Outlook to 2028

Global PDC Drill Bit Market Report- Market Trends and Outlook to 2028

Market Research Reports | Q1 2024 | Report ID: BR0341

About the Report

The anticipated growth in the investment cycle in the Oil and Gas industry, accelerating FIDs for offshore drilling, continuing recovery of US Drilling, and an increasing number of projects in the Gulf of Mexico are contributing to the growth of the Global PDC Bit market. A tightening supply, high oil and gas prices, steadily rising land rig activity around the world, Oil production outages in Libya, protests in Kazakhstan increasing the risks of a production outage, the Ukraine crisis all point to greater activity in the oil and gas sector.


However, growing inflation in the US, UK, and Europe poses some doubts about the extent of the rise in drilling activity. Despite doubts on future oil and gas prices, a market analysis of the seasonality of oil prices showcases trends in oil prices, which rise in the summer half of the year and tend to decline from November until March.


With their high Rate of Penetration (ROP), greater strength and solidity, and longer durability (due to the absence of moving parts and bearings), PDC drill bits have proliferated the global bit market accounting for over 80% of the footage drilled globally. Despite their initially high investment, PDC drill bits are efficient in bringing down the cost per unit interval drilled and economical. 


Introduced in the 1970s by General Electric Company (GE), the PDC drill bit uses synthetic diamond disks called "cutters" to shear through rock by a scraping motion. The extreme resistance of diamond to abrasive wear makes it possible to use the shearing action of cutters for drilling. PDC bits are inherently more efficient than roller cone bits and their crushing action. The PDC cutter, the main component of the drill bit, is an aggregation of synthetic diamonds. Clusters of diamond grit are aggregated into larger masses of crystals with random orientation. These aggregated crystals are shaped into cutting surfaces called "diamond tables" or "wafers."


Based on the material of the body, PDC bits are classified into Matrix and Steel bits. Matrix bits are hard, brittle composite materials consisting of tungsten carbide grains metallurgically bonded with a softer, tougher, metallic binder. The greater strength of steel allows for complex bit profiles and hydraulic designs. Steel bits also have the advantage of easy repair. Another classification is based on the number of blades. 


Market Trends


Though PDC drill bits account for over 90% of footage drilled globally, they have reached their technical limit for market penetration. PDC bits often lack steerability and suffer from durability issues in highly transitional and interbedded formations, along with having more vibrations at bigger bit sizes.


With advancements in bit design and technology, hybrid bits with the advantages of roller cone bits and PDC bits are cost-effective, have faster ROP, and reduce the number of trips. In applications where conventional PDC bits are ineffective, such as drilling gravel, boulders, or other conglomerates that typically destroy PDC cutters, hybrid bits prove resourceful. Hybrid bits are creating a market segment for themselves in the following applications :


1. traditional roller-cone applications that are rate-of-penetration (ROP) limited


2. large-diameter PDC bit and roller-cone-bit applications that are torque or weight-on-bit (WOB) limited


3. highly interbedded formations where high torque fluctuations can cause premature failures and limit the mean operating torque


4. motor and/or directional applications where a higher ROP and better build rates and tool face control are desired


An industry analysis indicates that almost all the major companies producing PDC drill bits also offer Hybrid Bits. Baker Hughes, Schlumberger, and Halliburton are a few notable companies that offer hybrid bits.


Regional Analysis


North America


In North America, US Shale fields responsible for US oil gains have less than six months of Drilled but uncompleted wells (DUCs) remaining. Unless top US Shale producers start drilling new wells, oil production in the US could be limited. As of February 2022, the United States DUC count has dropped 48% in two years. The EIA had estimated a fall in DUCs from 4830 in November to 4616 in December. January's DUC count has fallen much lower in a similar trend, decreasing by 191 to 4,466 DUCs. Hard times are predicted for oil markets as higher demand for oil is forecasted while oil and gas investments have failed to rebound at the same pace


According to the EIA, gas production is estimated to grow in the long term, driven by end-user consumption and opportunities to sell natural gas internationally through LNG exports. Shale gas and associated natural gas from oil plays are the primary contributors to this long-term growth. More than half of the growth in shale gas production between 2020 and 2050 is expected to come from shale gas plays in the Appalachian Basin in the East region and most of the remaining growth from plays in the Gulf Coast and Southwest regions. EIA projects associated natural gas will return to 2019 levels in 2024 and then steadily increase at a modest rate through 2050, primarily driven by increased drilling in the Permian Basin. In the long term, because of expected increases in international demand for natural gas, EIA expects US LNG exports to more than double between 2020 and 2029.


The Ukraine- Russia crisis invigorates the US oil and gas industry as the EU searches for new crude energy sources. In January 2022 alone, the US shipped way more natural gas than Russia supplied to the EU. Despite growing concerns and conservative expectations of US Oil companies' shareholders, limited supply, growing demand, and surging oil prices hint at an increase in drilling activity in the US. However, amidst recovery from the global pandemic and resurging air travel, this backdrop is bound to put more pressure on the oil supply. Oil Companies are planning on increasing production.


For example, Exxon Mobil declared that it would boost its production by 25% in the Permian basin in Texas, and Chevron plans to up its output there by 10%. Private companies have been boosting production, and they typically account for 20% of increased volume, but that number is forecasted to be 50% this year. Devon Energy announced in its earnings release a higher-than-expected production. 


With plans to be a significant LNG Exporter, and to produce enough oil, the US is bound to witness rising drilling activity in its numerous oil plays. According to the EIA, crude oil production is set to increase to 8.707 million barrels per day in March in the seven most prolific U.S. shale basins - marking a 109,000 bpd increase (1.3%)from February's 8.598 million bpd, and an increase of 271,000 bpd from January's production.




It is interesting to observe that, despite the collective goal of the EU to transition to green energy, the United Kingdom government has permitted more drilling activity in the North Sea. In contrast, the Danish Parliament has decided to cancel all future licensing for oil and gas extraction.


With its reinforced focus on Carbon control and its carbon emission scheme, Europe is highly reliant on Natural gas for its energy needs. Gas imports meet 60% of Europe's energy needs. Norway and Russia are among major suppliers of gas in Europe. Over-reliance on a few countries for its energy needs will prove to be a tricky situation for the European Union, especially with Russia trying to use its natural gas supplies as a weapon in an economic war. Therefore, it stands to be seen if the energy crisis combined with the severe winter can move the European union to warm up to the idea of permitting drilling and granting Exploration and Production licenses.


About the Report

What we cover in the report?

PDC Bit Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

PDC Drill Bit Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on PDC Bit Market demand.

PDC Drill Bit Market Size and Demand Forecast

The report provides Global PDC Drill Bit Market size and demand forecast until 2027, including year-on-year (YoY) market growth rates and CAGR.

PDC Drill Bit Market Industry Analysis

The report examines the critical elements of the PDC Bit industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the PDC Bit industry's state of competition and profitability.

PDC Drill Bit Market Segmentation & Forecast

The report dissects the Global PDC Bit Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America- United States, Canada, Mexico, and Rest of North America

Europe- Germany, France, United Kingdom (UK), Russia, and Rest of Europe

Asia Pacific- China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world- Middle East, Brazil, Nigeria, South Africa, South America and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the PDC Bit industry. In general, each company profile includes - company overview, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the global market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

Get a free sample copy of the PDC drill Bit Market report by clicking the "Download a Free Sample Now!" button at the top of the page.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Body Type
    • 5.1.1 Matrix
    • 5.1.2 Steel
  • 5.2 By Location
    • 5.2.1 Onshore  
    • 5.2.2 Offshore

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Latin America
  • 6.4 Asia Pacific
  • 6.5 Rest of the World

7. Key Company Profiles

  • 7.1 Smith Bits, A Schlumberger Company
  • 7.2 Halliburton Co.,
  • 7.3 Baker Hughes, A GE Company
  • 7.4 National Oilwell Varco, Inc.
  • 7.5 Ulterra Drilling Technologies L.P.
  • 7.6 Varel International Inc
  • 7.7 Shear Bits Ltd
  • 7.8 Taurex Drill Bits, a Intervale Capital Company
  • 7.9 Drillformance

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the PDC drill bit market.             
  • Equip yourself with rigorous analysis and forward-looking insight into the PDC drill bit market across various regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market data and forecasts to understand how the demand for PDC drill bit technologies and applications evolve over the next five years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • PDC drill bits manufacturers and suppliers
  • Oil & gas drilling operators
  • Investor Community
  • Financing Companies
  • Government Bodies & Industry Organizations
  • Other Stakeholders

  What's included

Report - Global PDC Drill Bit Market Outlook to 2028.pdf
Market Data - Global PDC Drill Bit Market Outlook to 2028.xls

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact for other payment options.

We can provide quarterly and half yearly report updates. Please contact for more information.

Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.

Yes, if you'd like to select certain sections of the report, please contact

The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at

If for any reason you're not satisfied with the report, just email us at We will make sure it's resolved!

We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460


Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy .