
According to a new market report Drill Bits for Oil and Gas Industry Application Market (Milled-tooth bits, Tungsten carbide inserts, Polycrystalline diamond bits (PDC) and Natural diamond bits) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019, published by Transparency Market Research, the market, in terms of volume, for drill bits globally is forecast to reach 3,605 hundred units by 2019. Growing energy demand and rising exploration and production (E&P) activities worldwide along with the need to contain drilling cost and time, are some of the key factors responsible for drill bits market growth. Advancements in the manufacturing process and drill bits material composites, along with the improvements in bit design are further supporting the market growth.