The most commonly used material used in drill bit construction is the steel but it is not the simple stainless steel that we get in our homes rather it is the low carbon steel or the HSS or the high speed steel.
The low carbon steel is used only in the woodworking whereas for hard materials the HSS is used as the heat generated is enough to destroy any other material.
The other materials used are tungsten carbide and diamond and also cobalt mixed steels. In most cases the high cost limits the entire drill to be of the same material and only the tip is used of special material.
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