Rock Cutting Tools Market Segment Forecasts Up to 2023

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Rock Cutting Tools Market for Oil and Gas

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Forecast 2015 - 2023

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REPORT DESCRIPTION

Heavy Industries have the major share in the market of machine tools and cutting tools being more

than50% of the market’srevenue generator globally. The heavy industries primarily includes the machines

used in energy and mining sector. The oil and gas and mining industries processes havehostile conditions

that has severe effect on the material used in equipment. These conditions has led to the rise in demand

for efficient equipment in cutting and machine tools categories.The exploration of new reserves,

particularly of shale oil in several region around the world, has helped in increasing the demand for

equipment used in oil and gas industry. The exploration and other upstream activities, requires cutting into

the rock covering the digging surfaces on lands or sea beds.

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The rock cutting equipment such as drill bits are used in upstream activities for onshore as well as offshore

exploration.These drill bits are placed on the tip of drillstring. Usually a rotating equipment, the drill bit has

two or three cones made of hard materials such as steel, natural and synthetic diamonds, and tungsten

carbide. The drill bits can be divided into category as rolling cutter bits and fixed cutter bits. The mining

sector is another major user of...