A
drill bit is a cutting device that is attached at the end of a drill string. It
is used to create cylindrical holes majorly of circular cross section. Drill
bit is hollow and has jets to allow for the expulsion of the drilling fluid.
They are manufactured using various materials, with steel and tungsten carbide
being the common material used.
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Drill
bits comes in many sizes and have various uses. Most common type of drill bits
used in the industry are Steel tooth Rotary bits. Diamond compact bits are
stronger than the steel bits and uses synthetic diamonds. Diamond bits can
drill extremely hard surfaces as industrial diamonds are implanted in them. In
order to increase the life of a drill bit various types of coatings are carried
out such as Black oxide, Titanium nitride, Titanium aluminum nitride, Titanium
carbon nitride and Zirconium nitride. Coating provides heat resistance and
lubricity to the drill bits as well as acts as corrosion resistant. Some of the
major drivers of the drill bit market are increase in number of construction
projects and increased investments in drilling. However, high cost of the metal
used in the making of drill bit can hinder the growth of the drill bit
market.
Some
of the key players in the manufacturing of drill bits are Atlas Copco Secoroc
AB, Cangzhou Great Drill Co. Ltd, Baker Hughes Inc, Champion Cutting Tool
Corporation, Driltec LLC, Guizhou Sinodrills Equipment Co. Ltd, Haliburton
Company, NewTech Drilling Products LLC, Irwin Industrial Tool Company, Rock
River Tool Inc, and Varel International Inc among others.
This
research report analyzes this market depending on its market segments, major
geographies, and current market trends. Geographies analyzed under this
research report include
·
North
America
·
Asia
Pacific
·
Europe
·
Rest
of the World
This
report provides comprehensive analysis of
·
Market
growth drivers
·
Factors
limiting market growth
·
Current
market trends
·
Market
structure
·
Market
projections for upcoming years
This
report is a complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the coming years.
It includes analysis of recent developments in technology, Porter’s five force
model analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing market
players and new entrants along with detailed value chain analysis.
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