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The global oil and gas drill bit market is expected to reach USD 7.62 billion by 2022, according to a new report by Grand View Research, Inc. Increasing E&P activities on account of increasing energy demand is expected to remain a key driving factor for global oil and gas drill bit market over the forecast period. Shift in trend towards developing unconventional reserves such as tight gas, shale and CBM is also expected to have a positive influence on the market growth. Hydrocarbon extraction from these reserves requires highly durable bit with improved performance and rate of penetration (ROP).

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