Original Title: Market Development of China's Petroleum Drill Bit Industry in 2020 According to the "China Petroleum Bit Market Research and Investment Forecast Report (2020 Edition)" released by Stumpage Information Consulting, bit is one of the important downhole tools. From the analysis of crude oil production cost, down the hole bit , crude oil production cost mainly includes exploration cost, development cost and oil production cost, of which drilling cost accounts for about one third. The most effective measure to reduce the cost of drilling is to improve the life of bit and drilling efficiency, so it is extremely important to increase the technology update of bit. Many countries in the world have increased investment in the development of high-efficiency bits and new products. In the future, the development of bit material technology should be strengthened, and the continuous development of superhard material technology will further promote the improvement of the quality and performance of PDC compacts,dth rock bit, roller bit teeth and other cutting elements. All countries in the world are still pursuing better bit material technology tirelessly in this respect. At present, there is still a big gap between China and foreign advanced countries in bit material technology. We should make full use of foreign advanced talents and technical conditions to promote the material research of key components such as PDC compacts and cemented carbide teeth, and form new technologies with independent intellectual property rights. Return to Sohu to see more Responsible Editor:. wt-dthtools.com